Proof of Funds (Express Entry)
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I have a bank account in Pakistan and I have maintained 30,00,000 PKR from December 2014. In between I withdrew the money many times and put it back. I did not know that CIC required 6 months average balance. My parents have a loan account, they borrowed money from me and I gave it to them. Problem is that I have taken back the money but the average of 6 months balance is not what is required because since july my funds were in their account. Kindly help me in this regard.
Thanks
Thanks
A variation of 10-15% between average balance and present balance is probably within acceptable norms - it wouldn't lead to suspicions about borrowed funds. If that is the case here AND your present balance is sufficiently high to cover your particular POF situation, no worries on this front.FaizanAli46 said:
Hello,
I received ITA under Canadian Experience category. I am an inland applicant with 1.5 years of Canadian work experience. As CEC applicants are exempted to prove funds, I am planning to declare "0" as how much cash I can bring to Canada, so that I am not required to submit bank letter etc as part of document checklist uploads. Did any one file application with "0" cash and successful in getting the PR? Thanks.
I received ITA under Canadian Experience category. I am an inland applicant with 1.5 years of Canadian work experience. As CEC applicants are exempted to prove funds, I am planning to declare "0" as how much cash I can bring to Canada, so that I am not required to submit bank letter etc as part of document checklist uploads. Did any one file application with "0" cash and successful in getting the PR? Thanks.
what if I maintain balance of CAD 39000 (PKR 30,00,000) in my bank account for next 3 months (as I have no any nomination yet, expected after 14th October), it will boost my 6 months average balance to 19000 and then withdraw all money except that amount mentioned on CIC website and get Bank Letter from my bank. Is it okay..? we are 2 applicants.. Me n my spouse.. So we have to show atleast CAD 15000 for immigration purpose.Asivad Anac said:
This will be a problem.FaizanAli46 said:
CIC explicitly checks for such suspiciously large credits into the account because these may indicate the presence of borrowed funds. They can, and will, ask you for source of funds.
I had funds in my accounts all over the year but in july my parents borrowed money from me. They gave me my money back so isnt it okay?Asivad Anac said:
I will send bank letter instead of bank statement. Do CIC check accounts balances from bank?
CIC wouldn't take your word for this. There has to be documentation and explanation supporting such assertions.FaizanAli46 said:
You can send the bank letter but CIC might ask for bank statements. They asked anujgupta84 for detailed explanations before granting the PPR.
I have an ITA, and have to submit my application by 20th October. I am 'legally separated', so my points calculation is as if I was a single applicant. I am assuming the funds required to be shown are minimum CAD 11,931.
Now here comes the issue. Do I need to show that I have these funds in my Bank account currently or should I have had a bank balance over that amount over the entirety of the last 6 months?
My current funds are as follows:
960 CAD (approximately) - Savings Bank Account
14600 CAD (approx.) - FD's with Bank
500 CAD (approx.) - Principal Amount of Recurring Deposit with Bank
1200 CAD (approx.) - Unit Linked Insurance Plan (not sure if this will be considered)
250 CAD (appox.) - Mutual Funds (not sure if they are considered)
3150 CAD (approx.) - Public Provident Fund (which may not be considered as it cannot be liquidated as per my wishes)
As you can see the see, the picture currently is decently rosy. The position 6 months ago was as follows:
1400 CAD (approximately) - Savings Bank Account
2500 CAD (approx.) - FD's with Bank
12000 CAD (approx.) - Unit Linked Insurance Plan
250 CAD (approx.) - Mutual Funds
3150 CAD (approx.) - Public Provident Fund
Now, I have a couple of issues which depending on how the CIC treats them could make or break my application.
1. I had the majority of my funds in Unit Linked Insurance Plan for the majority of the last 6 months. If my holdings in Unit Linked Insurance Plan are not considered as Proof of Funds, then I would not be considered to have had the funds in the last 6 months. I liquidated my 12000 CAD holdings in the month of August and made an FD of the same amount. But if CIC does not consider ULIP, then only my FD's and Savings Bank Account might be considered. My Savings Bank Account balance has varied and dipped under 100 CAD as well a couple of times in between April and August, so basically it would mean the 2500 CAD which was FD's in Banks. Does anyone have any idea how CIC takes a view of balances throughout the 6 months and how things might be considered in this particular case?
2. The ULIP that I had invested in was such that I could have liquidated at any time after 5 years and got either surrender value or fund value, whichever was more. Fund value was more throughout and I could have liquidated any time after 2012. It is my mistake that I did not liquidate this sooner, but the fund value was growing and was over 12000 CAD from April to August. Should I get a letter from ICICI Prudential explaining the product and explaining to CIC that I could have liquidated these funds at any time and that the holdings were over 12000 CAD? Would that suffice? I am not even sure ICICI Prudential will give any such thing in writing, but no harm in trying.
Please enlighten me on these 2 points, which are vexing me a lot.
If my application is going to get rejected based on this funds issue, would I be better off declining the invitation and saving the processing fees? I could then perhaps reenter my Express Entry profile in January, as I would still be getting 459 points and should hopefully thus get an ITA again in some draw. By that time, I would have had the minimum amount in my Bank account as well throughout the tenure.
All the funds are mine. Infact, I will get a settlement amount of 12000 CAD when my divorce goes through on October 31. However, my application will have to go before that unfortunately.
Sorry for making you read a lot, but informed opinions would really be appreciated.
Now here comes the issue. Do I need to show that I have these funds in my Bank account currently or should I have had a bank balance over that amount over the entirety of the last 6 months?
My current funds are as follows:
960 CAD (approximately) - Savings Bank Account
14600 CAD (approx.) - FD's with Bank
500 CAD (approx.) - Principal Amount of Recurring Deposit with Bank
1200 CAD (approx.) - Unit Linked Insurance Plan (not sure if this will be considered)
250 CAD (appox.) - Mutual Funds (not sure if they are considered)
3150 CAD (approx.) - Public Provident Fund (which may not be considered as it cannot be liquidated as per my wishes)
As you can see the see, the picture currently is decently rosy. The position 6 months ago was as follows:
1400 CAD (approximately) - Savings Bank Account
2500 CAD (approx.) - FD's with Bank
12000 CAD (approx.) - Unit Linked Insurance Plan
250 CAD (approx.) - Mutual Funds
3150 CAD (approx.) - Public Provident Fund
Now, I have a couple of issues which depending on how the CIC treats them could make or break my application.
1. I had the majority of my funds in Unit Linked Insurance Plan for the majority of the last 6 months. If my holdings in Unit Linked Insurance Plan are not considered as Proof of Funds, then I would not be considered to have had the funds in the last 6 months. I liquidated my 12000 CAD holdings in the month of August and made an FD of the same amount. But if CIC does not consider ULIP, then only my FD's and Savings Bank Account might be considered. My Savings Bank Account balance has varied and dipped under 100 CAD as well a couple of times in between April and August, so basically it would mean the 2500 CAD which was FD's in Banks. Does anyone have any idea how CIC takes a view of balances throughout the 6 months and how things might be considered in this particular case?
2. The ULIP that I had invested in was such that I could have liquidated at any time after 5 years and got either surrender value or fund value, whichever was more. Fund value was more throughout and I could have liquidated any time after 2012. It is my mistake that I did not liquidate this sooner, but the fund value was growing and was over 12000 CAD from April to August. Should I get a letter from ICICI Prudential explaining the product and explaining to CIC that I could have liquidated these funds at any time and that the holdings were over 12000 CAD? Would that suffice? I am not even sure ICICI Prudential will give any such thing in writing, but no harm in trying.
Please enlighten me on these 2 points, which are vexing me a lot.
If my application is going to get rejected based on this funds issue, would I be better off declining the invitation and saving the processing fees? I could then perhaps reenter my Express Entry profile in January, as I would still be getting 459 points and should hopefully thus get an ITA again in some draw. By that time, I would have had the minimum amount in my Bank account as well throughout the tenure.
All the funds are mine. Infact, I will get a settlement amount of 12000 CAD when my divorce goes through on October 31. However, my application will have to go before that unfortunately.
Sorry for making you read a lot, but informed opinions would really be appreciated.
Also, having read through the thread, it was mentioned that FD's of 5 years might not be considered.
Why is that?
2500 CAD of my funds that I've had throughout the last 6 months are in 5 year FD's. The Bank letter mentions that they are not lien marked and can be remitted to make any payment in foreign exchange.
Why is that?
2500 CAD of my funds that I've had throughout the last 6 months are in 5 year FD's. The Bank letter mentions that they are not lien marked and can be remitted to make any payment in foreign exchange.
Not aware of any such requirement. Any funds which are liquid can be considered as POF.Freestyler said:
Thanks for replying, Asivad Anac. The majority of the funds (12000 CAD) were acquired from selling the ULIP's in August. So I guess I will have to get the paper trail and proof from ICICI Prudential that the policies were in my name and were liquidated in August into my Bank Account.
I have problem related to POF. I am salaried person and do not have such huge amount e.g. 15000 approx. for me and my spouse. My father is willing to provide these funds. Can I show those funds as my POF?
can I submit Bank Balance certificate without 6 months average balance? is average balance mandatory to be mentioned?
If a show those funds as POF do I also have to provide 6 months bank statement which shows 6 months average balance?
Do I also have to show proof that where my father get this money from?
If I attach notarized affidavit signed and sealed by Commissioner of oath, would it be okay as it is not a problem for me to produce affidavit, is this document would be enough to show that I own money?
Do I also have to attach bank statement of my father?
Regards
Bing
can I submit Bank Balance certificate without 6 months average balance? is average balance mandatory to be mentioned?
If a show those funds as POF do I also have to provide 6 months bank statement which shows 6 months average balance?
Do I also have to show proof that where my father get this money from?
If I attach notarized affidavit signed and sealed by Commissioner of oath, would it be okay as it is not a problem for me to produce affidavit, is this document would be enough to show that I own money?
Do I also have to attach bank statement of my father?
Regards
Bing