Proof of Funds (Express Entry)

[One_Topsy]

Hi I have a question regarding the POF as I got invitation under cec do I have to show the funds even if I'm not working at this point of time. Thanks in advance.

There is no PoF requirement for CEC

 

[prabag]

If the PF details are mentioned on the payslips then it will work.
It is not written on EPF Ledger. The reason of stamping it is to validate the funds available.
Check the withdrawal clause of EPF on their website, it is one of the clauses that you can withdraw the funds after quitting the job and migrating to another country. If your PF account is less than 5 years old, i guess 10% tax would be deducted from the final sum.

Thank you Vishalg.
PF details are mentioned on payslip, every month PF amount is deducted and shown in Payslip.
Yearly PF statement is also given by the employer. I have to take it.
Should we attach payslip for evidence of jobs as well as fund?
Thanks

 

[JangoToronto]

Hi Everyone,

Do I need to have a proof of funds if I am a permanent full time employee(NOC B) in Canada on work permit with less than 1 year experience in Canada. Now, I am obviously not eligible for CEC at this point, so I will fall in FSW category(1 yr exp in India). CIC website mentions we do not need funds if we have a Valid Job Offer (with LMIA I believe). I don't have LMIA. Also, if I check eligibility on CIC, and put <12,000 as funds, it still says I am eligible. How does it work? Thank you!

 

[DelPiero07]

Hi Everyone,

Do I need to have a proof of funds if I am a permanent full time employee(NOC B) in Canada on work permit with less than 1 year experience in Canada. Now, I am obviously not eligible for CEC at this point, so I will fall in FSW category(1 yr exp in India). CIC website mentions we do not need funds if we have a Valid Job Offer (with LMIA I believe). I don't have LMIA. Also, if I check eligibility on CIC, and put <12,000 as funds, it still says I am eligible. How does it work? Thank you!

What kind of work permit do you have?

 

[brilew]

Hello. We have recieved ITA in February. We are currently stuck at POF so I came here to gain some clarity.
My hubby is the primary applicant.
1.We have money in hubby's salary account. As this is the salary he has recieved, Would a bank certificate be enough? Or we need six months statement compulsory?
2. We have MF and SIP's.. Do we liquidate these or can we show them as they are?
3. My father in law plans to give us money, he said he will make an FD in my daughter's name, where he will be the depositor and I will be the nominee. Does this arrangement sound good? The argument is that the FD will be in daughter's name, and we (daughter and me) will be accompanying hubby. Please let us know we are confused about this :-(

 

[One_Topsy]

Hello. We have recieved ITA in February. We are currently stuck at POF so I came here to gain some clarity.
My hubby is the primary applicant.
1.We have money in hubby's salary account. As this is the salary he has recieved, Would a bank certificate be enough? Or we need six months statement compulsory?
2. We have MF and SIP's.. Do we liquidate these or can we show them as they are?
3. My father in law plans to give us money, he said he will make an FD in my daughter's name, where he will be the depositor and I will be the nominee. Does this arrangement sound good? The argument is that the FD will be in daughter's name, and we (daughter and me) will be accompanying hubby. Please let us know we are confused about this :-(

1. You need the 6 months statement so they can see in/outflow of money
2. Not sure what MF and SIP is
3. It is best the FD is in your name/your spouse name and there is a letter to show the money is a gift and not to be returned

 

[corolla110]

Here is what I asked from my bank to add in my bank statement.

1. The statement should be printed on the bank letterhead which includes the bank's name, address, telephone number and e-mail address. It should also include the following,
2. Issue date of the statement
3. Full name of the account holder
4. Passport number of the account holder
5. Address of the account holder
6. Account Type
7. Account Number
8. Account opened date
9. Current Status of the account - active or not
10. Any outstanding debts - such as credit cards and loans
11. Current balance of the account
12. Average balance for the past six months

Hope it will cover all required details.

 

[vishalg]

Here is what I asked from my bank to add in my bank statement.

1. The statement should be printed on the bank letterhead which includes the bank's name, address, telephone number and e-mail address. It should also include the following,
2. Issue date of the statement
3. Full name of the account holder
4. Passport number of the account holder
5. Address of the account holder
6. Account Type
7. Account Number
8. Account opened date
9. Current Status of the account - active or not
10. Any outstanding debts - such as credit cards and loans
11. Current balance of the account
12. Average balance for the past six months

Hope it will cover all required details.

it covers everything.
I doubt they will print 4. (this is not required though)

 

[brilew]

1. You need the 6 months statement so they can see in/outflow of money
2. Not sure what MF and SIP is
3. It is best the FD is in your name/your spouse name and there is a letter to show the money is a gift and not to be returned
[/quote]

Thank you one topsy. But your suggestion and Corolla 110s suggestion is different.. which one do I follow

SIP is systemic investment plans used in MF ie mutual funds.

Thank you for your suggestion about FD. I will do that, it's very helpful.

 

[brilew]

Here is what I asked from my bank to add in my bank statement.

1. The statement should be printed on the bank letterhead which includes the bank's name, address, telephone number and e-mail address. It should also include the following,
2. Issue date of the statement
3. Full name of the account holder
4. Passport number of the account holder
5. Address of the account holder
6. Account Type
7. Account Number
8. Account opened date
9. Current Status of the account - active or not
10. Any outstanding debts - such as credit cards and loans
11. Current balance of the account
12. Average balance for the past six months

Hope it will cover all required details.

Thank you Corolla 110. Your help is highly appreciated. I will follow this format. But still I would love to know if six months bank statement is compulsory.

 

[vishalg]

1. You need the 6 months statement so they can see in/outflow of money
2. Not sure what MF and SIP is
3. It is best the FD is in your name/your spouse name and there is a letter to show the money is a gift and not to be returned


Thank you one topsy. But your suggestion and Corolla 110s suggestion is different.. which one do I follow

SIP is systemic investment plans used in MF ie mutual funds.

Thank you for your suggestion about FD. I will do that, it's very helpful.

1. Bank statement is not mandatory. However, if there are significant increase in the averages between months then you have to show the source of funds. For this reason, people show their bank statements/ proof of transfer (cheque/internet transfers etc.)
2. MFs are not accepted. You have to liquidate them before you can use it as POF and also upload the proof of liquidating MFs

 

[One_Topsy]

1. You need the 6 months statement so they can see in/outflow of money
2. Not sure what MF and SIP is
3. It is best the FD is in your name/your spouse name and there is a letter to show the money is a gift and not to be returned


Thank you one topsy. But your suggestion and Corolla 110s suggestion is different.. which one do I follow

SIP is systemic investment plans used in MF ie mutual funds.

Thank you for your suggestion about FD. I will do that, it's very helpful.

IF you can get a letter from the bank with your final balance and average balance over the 6 months then it's fine, you don't need the 6 month's statement.

 

[Balangb]

Hi...I am expecting ITA by next draw (483 points). For showing POF, I have acquired some money from friends. Now, I have sufficient funds in my name.

1. Shoukd I show it in a Canadian Bank A/C or Indian Bank A/C?
2. Should I need to explain the source of the fund?
3. Is it ok if fund is 1 month old?

Please reply me. It would be greatly appreciated.

Thanks.

 

[DelPiero07]

Hi...I am expecting ITA by next draw (483 points). For showing POF, I have acquired some money from friends. Now, I have sufficient funds in my name.

1. Shoukd I show it in a Canadian Bank A/C or Indian Bank A/C?
2. Should I need to explain the source of the fund?
3. Is it ok if fund is 1 month old?

Please reply me. It would be greatly appreciated.

Thanks.

1 - It doesn't matter.
2 - Yes, you must explain the source - provide a declaration from your friends that the money is a gift no a loan and upload proof of transfer.
3 - Yes

 

[Balangb]

1 - It doesn't matter.
2 - Yes, you must explain the source - provide a declaration from your friends that the money is a gift no a loan and upload proof of transfer.
3 - Yes

Thanks for your reply.