Proof of Funds (Express Entry)

[kryt0n]

If you're invited under CEC you will just upload a letter stating that you don't have to prove the funds.

If you're invited under fsw then you will have to show evidence of the funds.

Go in and change it to 0funds if you want you'll still be eligible for CEC.

 

[vishalg]

Can anybody please advise on this?

CIC typically checks your eligibility for CEC first and if you don't qualify for that then they check for FSW program, if applicable.

 

[Boviesam]

If you're invited under CEC you will just upload a letter stating that you don't have to prove the funds.

If you're invited under fsw then you will have to show evidence of the funds.

Go in and change it to 0funds if you want you'll still be eligible for CEC.

Thanks kryton
So since its ok to show funds inspite of being working in Canada, I guess I would just let it be $13000 to be on the safer side. I just wanted to confirm that my lawyer is doing it right. No time for risk.
Btw how would CIC decide about which criteria (CEC or FSW ) to give me the ITA in?

 

[kryt0n]

Thanks kryton
So since its ok to show funds inspite of being working in Canada, I guess I would just let it be $13000 to be on the safer side. I just wanted to confirm that my lawyer is doing it right. No time for risk.
Btw how would CIC decide about which criteria (CEC or FSW ) to give me the ITA in?

We don't know for certain. Pattern is CEC first the fsw. However my friend was eligible for both but invited under fsw. If you're happy to show evidence of funds then go ahead as is

 

[pacificislander]

I don't know why my lawyer filed $13000 CAD in the funds' section of my EE profile when I am currently working and authorised to work in Canada (PGWP expiring July 2017).
Does that mean I am supposed to show this much funds in my bank account after deducting my credit card bills?
I guess that's why my profile is showing that I meet both FSW and CEC criteria because I satisfy the funds' requirement.

This is an outdated one. The minimum POF for FSW is 12,300 CAD.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[softwaretesting]

"Purpose

To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
Other documents may also be requested, as necessary.
Individuals who must submit this documentation

The principal applicant"

"You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).

You will need to show proof that you have enough money when you apply to immigrate."

Apologies in advance, as I am pretty sure that someone must have already asked these questions in this thread. Asking as I could not get answers after quick search.

1. Do we need to get Currency conversion rate mentioned in bank statement?

2. What will be the currency conversion rate to be considered for POF? Will it be for date when statement is arranged from Bank or date when application submitted or Date when officer assess our application?

3. Rate of conversion considered by financial institutions is different from International rates, as they include some margins/profit. Which of these 2 rates should we consider?

 

[vishalg]

Apologies in advance, as I am pretty sure that someone must have already asked these questions in this thread. Asking as I could not get answers after quick search.

1. Do we need to get Currency conversion rate mentioned in bank statement?

2. What will be the currency conversion rate to be considered for POF? Will it be for date when statement is arranged from Bank or date when application submitted or Date when officer assess our application?

3. Rate of conversion considered by financial institutions is different from International rates, as they include some margins/profit. Which of these 2 rates should we consider?

1. Not required, local currency is fine
2. Don't know for sure but most likely the date of application submission
3. If financial institution has given the conversion rate then take that, if not given then consider rates given on 'Bank of Canada's website. Would suggest you to keep a little margin for exchange fluctuations.

 

[tahminaml]

My bank statement is from 19th September to 19th March... Does it cover past 6 months?

 

[kryt0n]

My bank statement is from 19th September to 19th March... Does it cover past 6 months?

..... Yes...

 

[babamia]

I have a 6 months bank statement till March 7, 2017.

I am of the opinion that it is still ok enough to be uploaded today(march 20).

Could the disparity in days be unacceptable?

 

[kryt0n]

I have a 6 months bank statement till March 7, 2017.

I am of the opinion that it is still ok enough to be uploaded today(march 20).

Could the disparity in days be unacceptable?

Usually two weeks is acceptable

 

[Tatya_Vinchu]

Do we really need bank statements for past 6 months or just mentioning in the bank letter, average closing balance for past 6 months, along with current outstanding balance enough?

 

[vishalg]

Do we really need bank statements for past 6 months or just mentioning in the bank letter, average closing balance for past 6 months, along with current outstanding balance enough?

bank statements are not mandatory, if you have the letter as per CIC requirements.
If you want to highlight certain transactions in your account then it might be useful.

 

[dexternmn]

Seniors Please advice,

I am primary applicant, and there is a mortgage loan i.e. plot loan in my spouse name and myself as co-applicant, and the remaining tenure for this loan is 3.5 yrs, I too have done insurance on this to make it secured loan. However, every thing is up and running , and no other liabilities or debts, and also I have enough balance as per LICO to support the family of two. I am planning to show my savings accounts statements, and one of my wife's account statement as POF. I have been planning to hide this loan details to reduce any risk. But in one of my statement I have transferred a month EMI stating remarks as 'Loan EMI for Feb17' to some account in order to pay EMI for the particular month. Now I am in dilemma whether or not to show this Loan ?? Can anyone please suggest.

Thanks

 

[Realme]

I have not heard about anyone using their gratuity as there are so many terms and conditions associated with it. For example,
1. if you leave or made to leave before the contract, would you still be eligible for that amount?
2.Nature of taxes applicable and what would be the final amount.
If your answer is yes to 1 then you can go ahead with letter from the employer and with the final figure mentioned in the letter.
There could be other questions/queries applicable to this situation, which I am not aware of.
Seek other's opinion as well.

Thanks Vishalg,my gratuity will be due in July and i plan to submit my application in May.The amount i mentioned is the final amount no taxes applicable.
Since the gap between May and July is not much,i want to include the gratuity as proof of fund.Provide a letter from my employer stating the gratuity.
Do you guys think this is okay?please advice