Proof of Funds (Express Entry)

[JordanaF]

Hi everybody!
I'm new here

Does someone know if money like "travel money" in a kind of card (like Visa travel money..) could be used as a proof of funds? At CIC website I saw we have another option "travelers cheque" and I found that these cards are the modern version of those cheques.
A guy from an immigration agency told me yes, because it's rastreble and I can show how long the money are there..
I hope he is right, because let my money in a bank is not possible now.

 

[One_Topsy]

Hi everybody!
I'm new here

Does someone know if money like "travel money" in a kind of card (like Visa travel money..) could be used as a proof of funds? At CIC website I saw we have another option "travelers cheque" and I found that these cards are the modern version of those cheques.
A guy from an immigration agency told me yes, because it's rastreble and I can show how long the money are there..
I hope he is right, because let my money in a bank is not possible now.

Travel Money, travelers cheques can be cashed..so yes

You must however be able to show relevant info, such as purchase and balance etc.

 

[corolla110]

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.

To be in safe side yes. Even if you show POF by liquidating assets or gift deed, I advice you to show the six month bank statement.
If you liquidate any assets or received a gift deed you have to show a sale deed agreement or affadavit from lender to justify the sudden inflow of cash to your account.
Brows through relevant forums and you will find plenty of such cases.

 

[abeblawy]

1-Does anybody know whether the saving certificates in dollars (period maybe for 3 to 5 years) can be counted in the proof of funds amount or should all the money be liquidated?
2-Can my credit cards limit be included in the proof of funds as well?

appreciate your help

 

[barusahib2013]

I wanted to know what document will support to show my salary as i was paid cash in hand by my employer during my previous job. kindly suggest

 

[Kazem]

Hello,

My situation is that I am in a Sales role at my company and, apart from a monthly salary, I get paid a yearly sales commission. Now there is no particular schedule on which this commission is paid to me; I just withdraw from the company however much I need each month.

Now due to this, a hefty amount has been collecting in my name at my company's fund, but I don't have a strong Bank Statement.

I will definitely ask my company to pay me a larger amount (around CAD 12-13,000) but naturally it'll appear in my account as a balloon payment.

My question is; can I get an official letter from my company stating that I have $X amount in my name (which includes Sales Commission, Gratuity and Provident Fund), and which is liable to be paid to me upon my request (Sales Commission) or upon my departure from the company (Gratuity + PF)?

I can even have my company write this letter on an official Notarized Stamp Paper.

Considering the amount will not be in my account for 6 months, will this document satisfy the authorities that the money is indeed my own?

 

[vishalg]

Hello,

My situation is that I am in a Sales role at my company and, apart from a monthly salary, I get paid a yearly sales commission. Now there is no particular schedule on which this commission is paid to me; I just withdraw from the company however much I need each month.

Now due to this, a hefty amount has been collecting in my name at my company's fund, but I don't have a strong Bank Statement.

I will definitely ask my company to pay me a larger amount (around CAD 12-13,000) but naturally it'll appear in my account as a balloon payment.

My question is; can I get an official letter from my company stating that I have $X amount in my name (which includes Sales Commission, Gratuity and Provident Fund), and which is liable to be paid to me upon my request (Sales Commission) or upon my departure from the company (Gratuity + PF)?

I can even have my company write this letter on an official Notarized Stamp Paper.

Considering the amount will not be in my account for 6 months, will this document satisfy the authorities that the money is indeed my own?

I did not understand your question.
You are entitled for yearly commission, which you get quarterly/monthly/half-yearly/annually. This would be mentioned in your paystub. You can show that.
You have to show the source of funds for any significant amount either through paystub, letter from employer on letterhead.
PF (final figure as on date)on a letter along with PF account statement.
Gratuity along with the figure ( final figure as on date)( I am not sure if employer would write the figure on the letter) . Gratuity is a benefit that you are getting.

 

[vishalg]

I wanted to know what document will support to show my salary as i was paid cash in hand by my employer during my previous job. kindly suggest

Pay stubs or any letter by your employer stating the salary/month (on letterhead).

 

[Aashy09]

For 6 month bank statement do we need to show/maintain $12k? For 6 months

 

[Kazem]

I did not understand your question.
You are entitled for yearly commission, which you get quarterly/monthly/half-yearly/annually. This would be mentioned in your paystub. You can show that.
You have to show the source of funds for any significant amount either through paystub, letter from employer on letterhead.
PF (final figure as on date)on a letter along with PF account statement.
Gratuity along with the figure ( final figure as on date)( I am not sure if employer would write the figure on the letter) . Gratuity is a benefit that you are getting.

Hi Vishalg,

Actually I don't get paid the yearly commission according to any particular schedule; as mentioned, I withdraw some amount each month. So if i now ask my company to pay me a large amount, and show a pay stub or company bank statement showing the cheque number debiting that amount into my account, will that be acceptable to CIC? I can accompany this with an official letter from my company stating that they paid me my commission and that it is, in fact, mine.

Secondly, I can include a PF and Gratuity letter stating the amounts due to me as well.

What do you think, would this be acceptable?

 

[vishalg]

Hi Vishalg,

Actually I don't get paid the yearly commission according to any particular schedule; as mentioned, I withdraw some amount each month. So if i now ask my company to pay me a large amount, and show a pay stub or company bank statement showing the cheque number debiting that amount into my account, will that be acceptable to CIC? I can accompany this with an official letter from my company stating that they paid me my commission and that it is, in fact, mine.

Secondly, I can include a PF and Gratuity letter stating the amounts due to me as well.

What do you think, would this be acceptable?

if you can get a letter/paystub mentioning the amount, it is accepted.
Similarly a letter mentioning PF and gratuity due to you and will be released when you resign shall also work.
All the best

 

[vishalg]

For 6 month bank statement do we need to show/maintain $12k? For 6 months

it is not mandatory for you to show average of 12k. But at the time of submission of application, current balance should be above the minimum requirements. If there is a significant increase in the average funds over the months then you have show the source of funds. Avg balances are asked in order to find out if the applicant has taken any loan to fulfill POF

 

[Kazem]

if you can get a letter/paystub mentioning the amount, it is accepted.
Similarly a letter mentioning PF and gratuity due to you and will be released when you resign shall also work.
All the best

Thanks a bunch, man. This is very helpful!

 

[prabag]

Hello Vishalg,
Gratuity is accepted by CIC?
If Gratuity statement taken on Letterhead and stamp on it, will it be accepted?
Kindly suggest.
Thanks in advance.

 

[vishalg]

Hello Vishalg,
Gratuity is accepted by CIC?
If Gratuity statement taken on Letterhead and stamp on it, will it be accepted?
Kindly suggest.
Thanks in advance.

I don't know for sure, no one has ever taken statement with a figure, but it is similar to PF if an employer can write the figure on the letterhead and can confirm they will release it upon resignation then I think it should be accepted