Proof of Funds (Express Entry)

[mrabbasi]

Hi all,

I'm going to send my documents to be considered for Ontario Human Capital Stream program. Here is what has been asked for proof of funds in the official guide:

Settlement Funds: All applicants must possess sufficient funds and/or income to cover settlement costs in Ontario. Funds must be unencumbered, readily transferable in a convertible currency, and supported by bank statements.

and here

Bank account outside of Canada
If you do not have a personal bank account in Canada, you must provide six months of original up-to-date bank statements from a recognized financial institution. The bank statements must:
 Demonstrate a personal account standing / final balance that meets or exceeds the LICO; AND
 Include the following details:
o Your name;
o Account number;
o Transit and institution number;
o Account balance; and
o Currency.

I've got the needed funds from my father and got a letter from the bank(couldn't attach the link or pic).It has all the needed info except that it shows only remaining balance in local currency and american dollars and not a 6 month statement since this account has not been active during the last few years and It is the only occasion since I could easily get the letter from the bank and then I removed the money and gave it back since in my country we don't let this much money to stay untouched in the bank and we use it in the business. However I don't want to play scams and at the end I'll bring that amount to Canada.

So, do you think is it enough for them to have this letter from bank plus a letter from my dad that this is a gift? If so, what makes my dad's letter official? I'm really confused. I'll appreciate if you can give me the possible options. Thanks

 

[ind2can2015]

Hi Asviad,

First of all thanks for helping us through the EE process. I've seen you answering in almost all the posts.

Second, I've a question regarding POF.

I'm applying for EE as PA and my wife as dependent. So can I show my wife PF as POF for both of as...?

Thanks in advance.

 

[joshi123]

Hi..
I GOT AN ITA in 16th draw..
I am currently working in canada but not on lmia ..i m on a PGWP

How much funds are ennuf in my bank account ?
6000 ?
I can provide my t4 and NOA from last year and my paystubs as well..thanks in advance

 

[Asivad Anac]

Hi Asviad,

First of all thanks for helping us through the EE process. I've seen you answering in almost all the posts.

Second, I've a question regarding POF.

I'm applying for EE as PA and my wife as dependent. So can I show my wife PF as POF for both of as...?

Thanks in advance.

CIC does explicitly ask for POF from the PA. So far, no member has conclusively reported getting a PR based on spouse's funds as POF alone.

 

[srikamesh]

Hi Asivad,

I have an query on POF. In your earlier thread it was mentioned that Home loan need not be revealed to the Visa officials. So, considering that can I take a top up on my existing home loan and keep it in a FD and submit it as POF? Is this advisable?? Kindly advise..

Thanks
KAmesh

 

[dobes]

Hey Asivad, i think till now it was common opinion that 6 months statement needs to be provided. if not, how will you justify the possibly big difference in 6 month average balance and current balance, which may have happened due to a gift?

The person who asked the question didn't have a sudden influx of funds. S/he has had the correct amount the whole time - the only problem is that s/he also makes payments for a home from that account, which statements will show.

Asivad is correct that CIC asks for the average balance over the past 6 months to be in the letter from the bank. You don't have to provide statements at any time.

I provided statements because my bank, after 3 tries, still hadn't managed to put that information in my letter. Since I also had no big deposits or withdrawals during that time, I felt safe including the top page of my statements. But I wouldn't have done that in the OP's position!

 

[$unn¥123]

Is it ok to provide required amount in fixdeposits( FD) as pof

 

[Asivad Anac]

Is it ok to provide required amount in fixdeposits( FD) as pof

Yes. Provided you can prove that the money belongs exclusively to you.

 

[OmarSarfraz]

My bank didn't show average balance. Would that be an issue?

 

[Asivad Anac]

My bank didn't show average balance. Would that be an issue?

If you did not submit 6 months of bank statements, Yes. 6 months average balance is an important metric because it allows CIC to identify if there are any suspiciously large credit activities in your account within the past 6 months.

 

[Maple Rain]

This is making me nervous because I am the PA and all of our POF (bank statement,etc) is under my spouse's name. If we open a joint account and then transfer the whole amount here, the bank account would be considered new as it was just opened. Would this cause a problem as they also ask for a 6 months transaction history?

Thanks in advance!

CIC does explicitly ask for POF from the PA. So far, no member has conclusively reported getting a PR based on spouse's funds as POF alone.

 

[moko369]

Hi guys,

I'm sure this topic has come up once before. My common-law partner and I have graduated from Canadian university and have been working full-time after grad under PGWP for 2 years. We received ITA for FSW on Aug 21. If we are considered inland FSW applicants do we have to meet the requirement of bringing in $14,853 for 2 people? Another issue is that will the funds in our joint bank account be valid for the proof of funds requirement?

Thank you!

 

[Asivad Anac]

This is making me nervous because I am the PA and all of our POF (bank statement,etc) is under my spouse's name. If we open a joint account and then transfer the whole amount here, the bank account would be considered new as it was just opened. Would this cause a problem as they also ask for a 6 months transaction history?

Thanks in advance!

As I said, no one has conclusively confirmed yet that showcasing just the spouse's funds as POF is valid. It might still be fine, just that it hasn't been confirmed so far. Try getting yourself added to their bank account itself and showcase that as POF along with a signed self-declaration from your spouse that they have no reservations against you utilizing those funds as POF.

Alternatively, you can ask your spouse to gift you the required funds into your account and submit that as POF along with a signed self-declaration from the spouse that this is a gift intended to help you showcase POF and that you don't have to return it to them at any point in time. You wouldn't need 6 months transaction history in this case.

If you're planning to utilize your spouse's funds as POF, your spouse will be necessarily required to prove that these funds belong exclusively to them and are not borrowed.

 

[Asivad Anac]

Hi guys,

I'm sure this topic has come up once before. My common-law partner and I have graduated from Canadian university and have been working full-time after grad under PGWP for 2 years. We received ITA for FSW on Aug 21. If we are considered inland FSW applicants do we have to meet the requirement of bringing in $14,853 for 2 people? Another issue is that will the funds in our joint bank account be valid for the proof of funds requirement?

Thank you!

As you are invited under FSW and do not have an LMIA supported job , you are required to show POF. The good news is that you can showcase your joint account funds along with supporting documentation including work authorization status, job offer letter showing salary, pay stubs, T4s, NOAs etc to convince the officer that you are financially stable.

 

[ninauh]

If you qualify under CEC, you are not require to showcase POF. You can choose to let it show 5k or edit that to zero in your post ITA application.

Hello Asivad,
I am in the same situation as Jhaedin and I prefer to set my funds to zero so I do not have the POF requirement anymore. Do I have to attach a LOE to my application since my answer pre-ITA are different from the answers post-ITA?
Please help.
Thanks