Proof of Funds (Express Entry)

[neil1290]

Thanks. Would the declaration have to be given in the form of a letter from my parents?

 

[Stanlee]

Thanks. Would the declaration have to be given in the form of a letter from my parents?

You can look on the forum for Gift Deed format.

 

[tahminaml]

hello,
I dont have minimum amount of CAD12300 in my savings count but i have fixed deposit....will that be a problem or if it is a problem what should i do??? shall i transfer some money into my savings account and wait for 6 months before applying??? plz help

 

[Stanlee]

hello,
I dont have minimum amount of CAD12300 in my savings count but i have fixed deposit....will that be a problem or if it is a problem what should i do??? shall i transfer some money into my savings account and wait for 6 months before applying??? plz help

The money in FD is good enough.

 

[Visitor89]

Sorry guys I think this question has been asked before but please help.

I have a joint account with my father, it has 21,000 in it. he said he can put 16000 FD in my name in the same bank account. Do you think this FD should be good enough for me and my spouse to apply for EE? or it cannot be a joint account at all.

Note: its a joint account but FD will be on my name

 

[Stanlee]

Sorry guys I think this question has been asked before but please help.

I have a joint account with my father, it has 21,000 in it. he said he can put 16000 FD in my name in the same bank account. Do you think this FD should be good enough for me and my spouse to apply for EE? or it cannot be a joint account at all.

Note: its a joint account but FD will be on my name

You cannot show joint accounts with parents or siblings as POF. You can show joint accounts with spouse, provided the spouse is accompanying.

For the FD get the funds transferred to your bank account and then create an FD and show it as gift from father.

 

[spth38]

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. Alos, you need not open a new bank account. You can use the LOE to explain.

I'm relieved. thanks a lot for your explanation. ;D

 

[prabag]

Hello Expert,
Need opinion.
I received ITA on 22nd Feb 2017.
Related to Proof of funds for family of 4 people, i have put CAD25000 in EOI.
Now, to show this fund, I have:
1. Employee provident fund: Rs 10.5 lakhs in INR in my name (Primary applicant);
2. Rs 7 lakhs INR in wife's account, wife is accompanying.
3. Rs 4.5 lakhs in mutual fund in my name;
4. Rs 1.5 lakhs in mutual fund in my wife's name.
My question are:
1. Is above funds are ok to show as it is?
2. Employee provident fund is accepted by CIC?
3. Should fund in wife's account is ok or Should I transfer to my account?
4. Mutual funds are accepted by CIC or Should I liquidate it?
5. Do I need to do some affidavit for it, Is there any format for it?
6. Also 6 months statement is needed or only balance certificate is ok?
Kindly suggest.
Thanks in advance.

 

[tahminaml]

Hello Expert,
Need opinion.
I received ITA on 22nd Feb 2017.
Related to Proof of funds for family of 4 people, i have put CAD25000 in EOI.
Now, to show this fund, I have:
1. Employee provident fund: Rs 10.5 lakhs in INR in my name (Primary applicant);
2. Rs 7 lakhs INR in wife's account, wife is accompanying.
3. Rs 4.5 lakhs in mutual fund in my name;
4. Rs 1.5 lakhs in mutual fund in my wife's name.
My question are:
1. Is above funds are ok to show as it is?
2. Employee provident fund is accepted by CIC?
3. Should fund in wife's account is ok or Should I transfer to my account?
4. Mutual funds are accepted by CIC or Should I liquidate it?
5. Do I need to do some affidavit for it, Is there any format for it?
6. Also 6 months statement is needed or only balance certificate is ok?
Kindly suggest.
Thanks in advance.

6 months statement needed with the balance equal to or exceeding minimum amount to be shown

and as long as i know pf is not considered

 

[vishalg]

Hello Expert,
Need opinion.
I received ITA on 22nd Feb 2017.
Related to Proof of funds for family of 4 people, i have put CAD25000 in EOI.
Now, to show this fund, I have:
1. Employee provident fund: Rs 10.5 lakhs in INR in my name (Primary applicant);
2. Rs 7 lakhs INR in wife's account, wife is accompanying.
3. Rs 4.5 lakhs in mutual fund in my name;
4. Rs 1.5 lakhs in mutual fund in my wife's name.
My question are:
1. Is above funds are ok to show as it is?
2. Employee provident fund is accepted by CIC?
3. Should fund in wife's account is ok or Should I transfer to my account?
4. Mutual funds are accepted by CIC or Should I liquidate it?
5. Do I need to do some affidavit for it, Is there any format for it?
6. Also 6 months statement is needed or only balance certificate is ok?
Kindly suggest.
Thanks in advance.

1. EPF is considered (depends on how much you would be able to withdraw post taxes, if any), get your EPF ledger signed and stamped at your EPF Office. Haven't come across a case where someone has shown just shown EPF for entire POF. Someone else can give his inputs here.

2. Spouse's funds are also considered. Spouse needs to give a declaration that she is okay with you utilizing the funds.
3. & 4. Mutual funds are not accepted. Liquidate them.
5. I don't think you would need any affidavit but don't know your details. But you do need to provide source of funds if there have been any significant credits in your account in last 6 months and need to prove that the credited funds are yours and not borrowed.
6. Reference letter from bank is required where they would mention all your savings and investments accounts (last 6 months average balance) along with Loans/credit cards outstanding.

 

[prabag]

First of All Visahlg, thank you for your valuable advice. I have some questions in addition to the above.
1. EPF is considered (depends on how much you would be able to withdraw post taxes, if any), get your EPF ledger signed and stamped at your EPF Office. Haven't come across a case where someone has shown just shown EPF for entire POF. Someone else can give his inputs here.
Quest: I have certificate from Employer, Do I need to take from EPF office as well? Should I attach any letter that I can withdraw this amount anytime?

2. Spouse's funds are also considered. Spouse needs to give a declaration that she is okay with you utilizing the funds.
Quest: Do She need to give any affidavit mentioning that She is in the application and she is willing to give the whole fund for PR purpose and I am having uncontrolled access for this fund.
3. & 4. Mutual funds are not accepted. Liquidate them.
Quest: If MF are liquidated, hudge amount will be deposited in account. Does that an issue?
5. I don't think you would need any affidavit but don't know your details. But you do need to provide source of funds if there have been any significant credits in your account in last 6 months and need to prove that the credited funds are yours and not borrowed.
6. Reference letter from bank is required where they would mention all your savings and investments accounts (last 6 months average balance) along with Loans/credit cards outstanding.
Quest: Do I have to take reference letters from banks? What for this is required?

 

[vishalg]

1. Some people have just downloaded the EPF statements from the website and uploaded UAN and took a letter from employer that they(Employers) will release the EPF amount upon their resignation and before migrating to Canada. Some people have gone to EPF office and got their EPF ledger stamped. I guess both ways work.
2. A simple letter is fine, no affidavits required here.
3. No issues here, you just need to write an LOE that the funds credited in your account are via MF liquidation and attach a proof of liquidation.
4. This is a mandatory requirement. CIC needs to be sure that you have not taken any loan for POF. You have to take such letters (signed and stamped and on letterhead). The letters should be from all the banks and for all accounts that you are showing for POF.

 

[prabag]

1. Some people have just downloaded the EPF statements from the website and uploaded UAN and took a letter from employer that they(Employers) will release the EPF amount upon their resignation and before migrating to Canada. Some people have gone to EPF office and got their EPF ledger stamped. I guess both ways work.
2. A simple letter is fine, no affidavits required here.
3. No issues here, you just need to write an LOE that the funds credited in your account are via MF liquidation and attach a proof of liquidation.
4. This is a mandatory requirement. CIC needs to be sure that you have not taken any loan for POF. You have to take such letters (signed and stamped and on letterhead). The letters should be from all the banks and for all accounts that you are showing for POF.

Thank you for your valuable guidance, really appreciated and much needed at this point of time.
1. To be on safe side, Should I do affidavit for wife's fund? as on her account, almost 60% fund is shown.
2. Is there any concern having almost 60% fund in wife's account?
3. Also Is there any concern showing more fund than required? EPF is Rs 10 Lakhs, other than above.
Thank in advance.
At what stage you are Currently?Best luck.........

 

[vishalg]

Thank you for your valuable guidance, really appreciated and much needed at this point of time.
1. To be on safe side, Should I do affidavit for wife's fund? as on her account, almost 60% fund is shown.
2. Is there any concern having almost 60% fund in wife's account?
3. Also Is there any concern showing more fund than required? EPF is Rs 10 Lakhs, other than above.
Thank in advance.
At what stage you are Currently?Best luck.........

1. Not required, as she is accompanying, a simple letter would do.
2. No
3. Not at all
I have submitted my application on 22nd Feb, now waiting patiently

 

[prabag]

1. Not required, as she is accompanying, a simple letter would do.
2. No
3. Not at all
I have submitted my application on 22nd Feb, now waiting patiently

You are great.......
Thank you for your quick feedback.
Where are you from? Pune/Mumbai?
Wish you best luck.....