Proof of Funds (Express Entry)

[One_Topsy]

I complete 1 year in June 2017. But this means I need to wait 3 years more to be considered under CEC? I think in that case ill rather apply under skilled labour category then

Wait till June 2017 for CEC or you have to show PoF

 

[One_Topsy]

Lol, I got confused so i read again. For now, I am under FSW then. I have around 490 points as I did my masters from Canada, my job offer won't be valid as it is on yearly term basis. I have sufficient funds but in a joint account with my family. Should I go ahead and apply under FSW or wait till June 2017 and then apply under CEC?

Please advise

How do you mean joint account with your family?

If it is for EE, the money has to be in an account solely in your name, except if the joint account holder is an accompanying spouse.

 

[Visitor89]

Wait till June 2017 for CEC or you have to show PoF

I will start my profile now, I do have around 21,000 in a joint account with my mother and father since 6 months, although it was transferred to a new bank recently. I can still show the transfer receipt.

This should work for funds right?

Thanks all +1 for all of you

 

[One_Topsy]

I will start my profile now, I do have around 21,000 in a joint account with my mother and father since 6 months, although it was transferred to a new bank recently. I can still show the transfer receipt.

This should work for funds right?

Thanks all +1 for all of you

Sorry, I don't think a joint account with your parents will work.

 

[Visitor89]

Sorry, I don't think a joint account with your parents will work.

Ah snap, I'll check with my family if they can move these funds to my account then. I saw about gift deed affidavits etc. I'll have to use those then. In worst case if i can't show funds, ill wait for June 2017 to apply under CEC then.

So do I need to have these funds while I start my profile or I should have these at the time I submit my express entry application?

Do you know if the same joint account rule applies for SINP also?

 

[Visitor89]

Sorry, I don't think a joint account with your parents will work.

also i was seing this:

You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada.

so udner PGWP i do have a valid job, although it is on term. it cannot work?

 

[DelPiero07]

Working in Canada on a PGWP does not constitute having a valid job offer.

 

[Visitor89]

Working in Canada on a PGWP does not constitute having a valid job offer.

Sorry for too many questions. I'm glad I came to this thread here otherwise I would have made a blunder. Would my 1-year experience in Canada with PGWP count though?

So in short what it means is that I can apply under FSW now but i would need funds to be in my account

or, if i cannot show funds then i need to wait till June 2017 to complete my 1 year and then apply under CEC

 

[DelPiero07]

Sorry for too many questions. I'm glad I came to this thread here otherwise I would have made a blunder. Would my 1-year experience in Canada with PGWP count though?

So in short what it means is that I can apply under FSW now but i would need funds to be in my account

or, if i cannot show funds then i need to wait till June 2017 to complete my 1 year and then apply under CEC

Your work experience will count.

You can apply now but you need to show the minimum required funds.

You can also apply in June and you won't have to show POF.

 

[Visitor89]

Your work experience will count.

You can apply now but you need to show the minimum required funds.

You can also apply in June and you won't have to show POF.

Awesome, Thanks.

If possible please help me with 2 last questions:
1) Do I need to have fund as soon as I submit my EE profile or once they invite me?
2) if I try to apply for SINP, once they open the pool. Can I show joint account funds for SINP or the same rule applies that the funds need to be under my account and not joint with family

Thanks again

 

[vishalg]

Awesome, Thanks.

If possible please help me with 2 last questions:
1) Do I need to have fund as soon as I submit my EE profile or once they invite me?
2) if I try to apply for SINP, once they open the pool. Can I show joint account funds for SINP or the same rule applies that the funds need to be under my account and not joint with family

Thanks again

1. Mandatory to have funds at the time of application submission. but you have to give average balance for 6 months and if there has been a large credit in your account then you have to show the source of funds and prove that the funds are yours only and not borrowed from anyone.
2. Joint account with spouse/child is ok, but not with parents/siblings/any other relative.

 

[Visitor89]

1. Mandatory to have funds at the time of application submission. but you have to give average balance for 6 months and if there has been a large credit in your account then you have to show the source of funds and prove that the funds are yours only and not borrowed from anyone.
2. Joint account with spouse/child is ok, but not with parents/siblings/any other relative.

Looks like ill have to wait until June 2017 to apply under CEC then. I'll try to see if my family can transfer money to my name and then provide me with the gift deed or some affidavit and then apply for SINP and FSW

 

[Visitor89]

Sorry, I don't think a joint account with your parents will work.

I talked to my family and they asked if they can keep the joint account and under the joint account do a fixed deposit by my name only. Any idea if this can work. I'. really sorry for asking too many dumb questions. Thanks a lot for your help

 

[vishalg]

I talked to my family and they asked if they can keep the joint account and under the joint account do a fixed deposit by my name only. Any idea if this can work. I'. really sorry for asking too many dumb questions. Thanks a lot for your help

I am sorry, i don't understand this. How would they able to do an FD on your name in their account.
Would be better if you make an FD in your account.

 

[Visitor89]

I am sorry, i don't understand this. How would they able to do an FD on your name in their account.
Would be better if you make an FD in your account.

We have an account that has my name, mother and father's name. They have 21000 in that account and they are saying that they can do a Fixed deposit and put my name only on the FD. Sorry that it is a bit tricky