Proof of Funds (Express Entry)

[vishalg]

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

I don't know how that works, usually a joint account with parents doesn't work.
I think someone else should throw some light on this if they have had this experience.

To make things simpler, get the funds from your parents in your account, get a gift deed and you're good to go.

 

[Visitor89]

I don't know how that works, usually a joint account with parents doesn't work.
I think someone else should throw some light on this if they have had this experience.

To make things simpler, get the funds from your parents in your account, get a gift deed and you're good to go.

The problem is that I'm in Canada and the account is in India, well no problem ill try to sort this out, Thanks so much

 

[One_Topsy]

The problem is that I'm in Canada and the account is in India, well no problem ill try to sort this out, Thanks so much

Open an account in your name. Get them to do a transfer + Gift deed + Affidavit

After all they will give you the money right? So it doesn't matter if they send $12k to you in Canada

Otherwise wait till June and apply under CEC

 

[connect2prashanth]

Question:
1. We have 90 days to respond/apply after we receive the ITA, Having said that, we could use around 2 months of those 90 days to contribute to the 6 months statement?
(Continuation of 1.) I do two or more fixed deposits from my account under my name in the same bank today 02/25/2017. And let us assume I get the ITA by June 2017. March to June, 4 months plus 2 months from the 90 day period. Will this work out good to show 6 months old FD?

2. And also let me know if I deposit the funds in FD today and use it as proof after 3 months (May/June 2017) to apply, Is that acceptable?

3. Please enlighten more if the FD proofs have some other documents to be submitted as FD generally do not reflect in general bank statements.

4. My spouse and our 1 child, are not part of the application and are not going to travel with me. In this case, Should I show funds for $12,300 or $18,825?

Thanks in Advance

 

[moderator1983]

Question:
1. We have 90 days to respond/apply after we receive the ITA, Having said that, we could use around 2 months of those 90 days to contribute to the 6 months statement?
(Continuation of 1.) I do two or more fixed deposits from my account under my name in the same bank today 02/25/2017. And let us assume I get the ITA by June 2017. March to June, 4 months plus 2 months from the 90 day period. Will this work out good to show 6 months old FD?
Absolutely fine. It must include past 6 months details from the date of issuance of the letter.

2. And also let me know if I deposit the funds in FD today and use it as proof after 3 months (May/June 2017) to apply, Is that acceptable?
You should show the source of the funds, that you used for FD. As if the FD, included as PoF should also be 6 months old.

3. Please enlighten more if the FD proofs have some other documents to be submitted as FD generally do not reflect in general bank statements.
In my case I asked the bank (AXIS) you include the details in the letter. And its bank letter that you'll be submitting/uploading with your application and not the bank statements.

4. My spouse and our 1 child, are not part of the application and are not going to travel with me. In this case, Should I show funds for $12,300 or $18,825?
Sorry, I don't have any answer, seniors may help.

Thanks in Advance

 

[vishalg]

Question:
1. We have 90 days to respond/apply after we receive the ITA, Having said that, we could use around 2 months of those 90 days to contribute to the 6 months statement?
(Continuation of 1.) I do two or more fixed deposits from my account under my name in the same bank today 02/25/2017. And let us assume I get the ITA by June 2017. March to June, 4 months plus 2 months from the 90 day period. Will this work out good to show 6 months old FD?

2. And also let me know if I deposit the funds in FD today and use it as proof after 3 months (May/June 2017) to apply, Is that acceptable?

3. Please enlighten more if the FD proofs have some other documents to be submitted as FD generally do not reflect in general bank statements.

4. My spouse and our 1 child, are not part of the application and are not going to travel with me. In this case, Should I show funds for $12,300 or $18,825?

Thanks in Advance

1. & 2. It is good to maintain a 6 months average balance of the required fund but not mandatory as long as you can prove that funds (available at the time of application submission) are yours only and not borrowed from anyone. If there is any significant credit in your account then you have prove the source of funds..
3. While asking for the letter from bank, you will get all savings and investment details along with any loan/credit card details. It will reflect there. Axis bank can provide such a letter.
4.The minimum fund requirement remains the same even if your family members are not accompanying you, so it stays $18,825 in your case.

 

[connect2prashanth]

Thank you so much for a quick reply!
+1 for you!

 

[connect2prashanth]

1. & 2. It is good to maintain a 6 months average balance of the required fund but not mandatory as long as you can prove that funds (available at the time of application submission) are yours only and not borrowed from anyone. If there is any significant credit in your account then you have prove the source of funds..
3. While asking for the letter from bank, you will get all savings and investment details along with any loan/credit card details. It will reflect there. Axis bank can provide such a letter.
4.The minimum fund requirement remains the same even if your family members are not accompanying you, so it stays $18,825 in your case.

Thanks!! +1 to you too!!

 

[harish21jun]

Dear all,

For POF, I got one page letter from Canadian bank on letter head mentioning account numbers opening dates and average balance for over 1 and 2 years respectively along with liabilities details. It does not have seal or stamp but has account manager contact details and signature, is this good enough?

 

[mmpro]

Hi,

I received my ITA in the 8th Feb draw. have an important and urgent query regarding Proof of Funds.

I received payment CAD 12000 from a vendor in Jan and Feb in 2 tranches (6000 each) as commission for a project. I executed my duties while i was running my own venture (freelancer) during July 2016 and was not employed anywhere at that time. I received these payments in my Savings Account in Jan and Feb this year.

My query is that can i show these payments in my Proof of Funds given the fact that the duties i executed in this transaction were from the field related to the job duties i mentioned in my previous employment. I have the letter from the Vendor clearly showing the tranche wise payments with all payment details. I also have Savings bank Account statement to support the same.

Request your revert.

Regards

 

[Msq123]

Open an account in your name. Get them to do a transfer + Gift deed + Affidavit

After all they will give you the money right? So it doesn't matter if they send $12k to you in Canada

Otherwise wait till June and apply under CEC

Hi,
Whats an affidavit?
I have got gift deed and prrof of transfer though !

 

[spth38]

Hi guys,

Not sure if this is okay as PoF:

I have an account with enough fund for EE but, at the same bank, I also have mortgage loan for an apartment under my mom's name. (I'm paying the mortgage for my mom's apartment.) The overall balance is negative if they count everything.

Do you think I should open a new bank account and put money in there for 6 months? Thanks.

Cheers,
Kelvin

 

[neil1290]

Hi guys,

For the PoF, I would be showing incremental balances over the past 3 months which is going to be funds given by my parents. Would like to know what additional documentation would be required to prove that the funds are mine to use and given to me by my parents.

Thanks.

 

[DelPiero07]

Hi guys,

For the PoF, I would be showing incremental balances over the past 3 months which is going to be funds given by my parents. Would like to know what additional documentation would be required to prove that the funds are mine to use and given to me by my parents.

Thanks.

Declaration from your parents that the money is a gift and not a loan + proof of transfer

 

[Stanlee]

Hi guys,

Not sure if this is okay as PoF:

I have an account with enough fund for EE but, at the same bank, I also have mortgage loan for an apartment under my mom's name. (I'm paying the mortgage for my mom's apartment.) The overall balance is negative if they count everything.

Do you think I should open a new bank account and put money in there for 6 months? Thanks.

Cheers,
Kelvin

Mortgage is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about mortgage, they are more concerned if the applicant has availed a loan to meet the POF requirements, which I believe is not the case for you (since you have already maintained the required funds). If you choose to mention it, it will not impact your application. Also, you need not open a new bank account. You can use the LOE to explain.