Proof of Funds (Express Entry)

[ybhypnotic]

As mentioned by DelPiero u r not required to maintain those funds for 6 months. But if there is a windfall in between which is inconsistent with ur account statement, u need to back it up with valid reason, a document supporting it and an LOE.

Secondly as long as u fulfill the POF criteria during documentation and during landing u r good to go. The immigration officer might check your POF during landing as well

Thank you very much Jackdown. This was helpful. And by 'during documentation' you mean documentation till AOR or till 'decision made'? On POF during landing, my understanding is bank draft is acceptable. Am i right? And will there be any problem if the amount is higher than the amount specified during ITA?

 

[Wilson78]

Hello All,

I have a question about the valid proof of funds accepted by CIC / PNP programs .

Does PF ( provident fund) accepted as a valid proof of fund by CIC or PNP programs ?.

if yes , then what kind of document I should prepare for this ?.

Has anyone got the experience with this ?.

Looking forward to hearing from you all soon.

Thanks

 

[PeachesAndMaples]

Hi, is ur salary not credited to ur same account? If ur pay stubs supports this income it is fine

No. It is deposited in other bank. I would withdraw it then deposit it to my savings account.

 

[Torque]

Yes but what's most important is to provide proof so the officer knows why this discrepancy took place.

Gift deed
Sale proceeds of real estate or other property
Liquidating assets such as stocks, etc

Hi DelPiero07

Can you please advise in my case.

I have received ITA and i really help and advice from the experts on the dilemma i am in, regarding POF.

I work in bank, where I have a personal loan (for purchasing a car) and installment is deducted in monthly basis and the same is reflected in account statement. My salary account is also with this bank, obviously.

To meet my POF requirement, 10 months back, i have made a Fixed Deposit of required amount with other bank (just because the rate of interest is higher).

My questions are -

a) My plan is to provide the FD statement and certificate from other bank, which will cover the POF. I am also planning to cover the balance confirmation certificate issued from my employer bank, which will only contain the ending balance on a given date. I am also planning to provide last credit card statements of three credit cards showing nill balance. Is that okay? Do i need to provide anything more or less?

b) Do i need to provide the account statement of my employer bank? PS. I will provide pay slip for my current job separately, which does not capture the loan installment deduction? Please note, if i provide statement, installment deduction will be shown on statement. Will that create questions and confusions.

I would really appreciate your advice on this issue please.

 

[gzing]

Hey everyone,

I am yet to enter Express entry pool, I have 441 points and I after reading through all the threads here, I feel that I might get an ITA soon.
But I am afraid about Proof of Funds rule, as my situation is something like this:

I took an advance pay of 4 months from my employer to help me buy a house here in India, so my bank account is almost stagnant without my paychecks coming in. I just have $500 in my account at the moment and $500 as an FD. My family would be more than happy to help me with rest of the money with a gift deed for the rest of the amount which is ~ $11000

As I said, I am yet to enter the pool, would it be wise to hold up the enrollment now and enter at a later stage? or should I go ahead and try getting an ITA with the current situation?

Just to add,
My job is remote OK, and I would be able to stay with my current employer even if I move to Canada, and would have a source of income until I find a job in Canada. My current job pays me around CAD 2000/ month.

Is that something I can add to the proof of funds, in addition to the gift deed to make my case look stronger?

 

[ExpressEntryStarr]

Hi Everyone,

Do we need to show the funds required in our bank account for 6 months from before the date of ITA or for 6 months from before the actual date of application?

I am at 441 points so am really hopeful to receive ITA in the next draw, but I have had the required funds in my bank account for about 3 months now; so I was hoping to wait until the very end of the 90 day period and apply then so as to be able to show the funds for a full 6 months from before the date of application. However, if the requirement is for the funds to be present for 6 months before the ITA then it might be a problem. ???

Any suggestions would be really helpful.

 

[DelPiero07]

Hi DelPiero07

Can you please advise in my case.

I have received ITA and i really help and advice from the experts on the dilemma i am in, regarding POF.

I work in bank, where I have a personal loan (for purchasing a car) and installment is deducted in monthly basis and the same is reflected in account statement. My salary account is also with this bank, obviously.

To meet my POF requirement, 10 months back, i have made a Fixed Deposit of required amount with other bank (just because the rate of interest is higher).

My questions are -

a) My plan is to provide the FD statement and certificate from other bank, which will cover the POF. I am also planning to cover the balance confirmation certificate issued from my employer bank, which will only contain the ending balance on a given date. I am also planning to provide last credit card statements of three credit cards showing nill balance. Is that okay? Do i need to provide anything more or less?

b) Do i need to provide the account statement of my employer bank? PS. I will provide pay slip for my current job separately, which does not capture the loan installment deduction? Please note, if i provide statement, installment deduction will be shown on statement. Will that create questions and confusions.

I would really appreciate your advice on this issue please.

1 - Yes that's sufficient.
2 - No need, the account where you meet the minimum required funds (in this case with FD deposits) is enough. The reality is that IRCC is only interested in knowing whether you meet the required funds or not.

 

[DelPiero07]

Hi Everyone,

Do we need to show the funds required in our bank account for 6 months from before the date of ITA or for 6 months from before the actual date of application?

I am at 441 points so am really hopeful to receive ITA in the next draw, but I have had the required funds in my bank account for about 3 months now; so I was hoping to wait until the very end of the 90 day period and apply then so as to be able to show the funds for a full 6 months from before the date of application. However, if the requirement is for the funds to be present for 6 months before the ITA then it might be a problem. ???

Any suggestions would be really helpful.

Not required. As long as there are no suspicious lump sum amounts there is no such rule of having the funds sitting in your account for 6 months.

 

[Torque]

1 - Yes that's sufficient.
2 - No need, the account where you meet the minimum required funds (in this case with FD deposits) is enough. The reality is that IRCC is only interested in knowing whether you meet the required funds or not.

Hi DelPiero07

thanks for your time and advise. Will follow your advise. Be blessed.

Regards

 

[UniToxic]

Good evening!

I've read through a fair amount of the pages in this thread, and I believe this is possible, however, like always, I'd like to make sure what others think.
I'm preparing everything I need to start an Express Entry application, I'm now up to ensuring I have enough funds (or won't be declined based on how my funds would be presented).

The application will be in my name, with my fiance named and declared as coming over with myself.
We both have 2 bank accounts each. A savings account each (which we use for the mortgage), as well as a current account. (where all of our transactions take place)

If I'm understanding correctly all I need to do is get 4 detailed bank letters detailing our accounts, as well as a letter written declaring my fiances accounts will also be used for the relocation and settlement in to Canada and vice versa? Will the IRCC be able to put it all together to see that we have met the minimum funds or would we be forced to forfeit our mortgage accounts and just have a current account each?

Thanks again!

 

[madhouseontheshore]

Hi Seniors

I have been saving up money for POF for sometime now to reach the minimum funds required for a family of 3, and still about a few hundred CAD short. I hope to save enough in the next 3 to 4 months time to reach the minimum amount. I have my WES and IELTS ready but haven;t completed my EE profile yet. Looking at the current trend of CRS scores, I'm hoping to get ITA in the next draw as soon as I submit my EE profile as I have 463 points.

Will it be okay if I submit my six month bank statement as soon as I reach the minimum requirement? The statement would be clearly showing that a/c balance has been gradually increasing and even though the account wouldnt show the required funds in the first 4 months, the minimum requirement would be met towards the ending months of statement. I want to avoid wasting 5 more months if possible just to 'mature' the minimum required funds for 6 months.

TIA.

 

[madhouseontheshore]

CIC website states:
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months".

1) It's the last line that's making me nervous. Do I need to maintain the minimum funds requirement as my average balance for the past six months?

2) Also, my bank account is in Standard Chartered and I checked with them, they have a set format for issuing account maintenance certificate which doesn't include an average balance figure. They said people usually attach six month's bank statement as POF and that would suffice. Has anyone else faced a similar situation?

"The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

3) I haven't checked with SCB whether credit card details could be included on the the same account maintenance certificate, or if a separate certificate can be obtained from SCB for CC. If not, then would attaching my recent credit card statement be enough?

 

[DelPiero07]

Hi Seniors

I have been saving up money for POF for sometime now to reach the minimum funds required for a family of 3, and still about a few hundred CAD short. I hope to save enough in the next 3 to 4 months time to reach the minimum amount. I have my WES and IELTS ready but haven;t completed my EE profile yet. Looking at the current trend of CRS scores, I'm hoping to get ITA in the next draw as soon as I submit my EE profile as I have 463 points.

Will it be okay if I submit my six month bank statement as soon as I reach the minimum requirement? The statement would be clearly showing that a/c balance has been gradually increasing and even though the account wouldnt show the required funds in the first 4 months, the minimum requirement would be met towards the ending months of statement. I want to avoid wasting 5 more months if possible just to 'mature' the minimum required funds for 6 months.

TIA.

That's fine.

 

[DelPiero07]

Good evening!

I've read through a fair amount of the pages in this thread, and I believe this is possible, however, like always, I'd like to make sure what others think.
I'm preparing everything I need to start an Express Entry application, I'm now up to ensuring I have enough funds (or won't be declined based on how my funds would be presented).

The application will be in my name, with my fiance named and declared as coming over with myself.
We both have 2 bank accounts each. A savings account each (which we use for the mortgage), as well as a current account. (where all of our transactions take place)

If I'm understanding correctly all I need to do is get 4 detailed bank letters detailing our accounts, as well as a letter written declaring my fiances accounts will also be used for the relocation and settlement in to Canada and vice versa? Will the IRCC be able to put it all together to see that we have met the minimum funds or would we be forced to forfeit our mortgage accounts and just have a current account each?

Thanks again!

No need to submit two No objection certificates - only the one from the dependent will suffice. People will even argue that since your spouse is accompanying it is not needed but you can play it safe if you feel like it.

 

[DelPiero07]

CIC website states:
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months".

1) It's the last line that's making me nervous. Do I need to maintain the minimum funds requirement as my average balance for the past six months?

2) Also, my bank account is in Standard Chartered and I checked with them, they have a set format for issuing account maintenance certificate which doesn't include an average balance figure. They said people usually attach six month's bank statement as POF and that would suffice. Has anyone else faced a similar situation?

"The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

3) I haven't checked with SCB whether credit card details could be included on the the same account maintenance certificate, or if a separate certificate can be obtained from SCB for CC. If not, then would attaching my recent credit card statement be enough?

1 - No, they want to see the average to know if there is a considerable discrepancy between the current balance and the av. balance of the past 6 months.

2 - Yes, a lot of banks refuse to provide this average so applicants end up submitting their bank statements.

3 - Yes.