Proof of Funds (Express Entry)

[DelPiero07]

Hi All,

I know this question has been answered several times, but in most cases, people had some funds of their own. My account did not have any funds until last month when my father transferred the required money in two transactions. So my average monthly balance for six months would show an almighty spike. My father does not expect to have the money back, and he can provide this in writing. Can this money work as proof of funds? If yes, which documents I need to provide?

Declaration from your dad that the money is a gift and not a loan + proof of transfer.

 

[nice222]

cic.gc.ca/english/immigrate/skilled/funds.asp

The above link states that all applicants need at least $12,000 to apply.

Where the hell did this rule come from? Why didn't they mention this when the rules came out months ago?

This is an outrage, how are people supposed to come up with that sort of money in 60 days?

Do we need to show the money when we apply for EE or after we get the ITA?

HEY GUYS,

HOW DO I CREATE A NEW TOPIC?

PLEASE ADVICE, NEW TO THIS THING

THANKS TONS

 

[malikirfan]

Declaration from your dad that the money is a gift and not a loan + proof of transfer.

Thanks DelPiero07. That's a sigh of relief. What can be provided as proof of transfer and do I need to provide my average balance statement or bank statement in this case?

 

[DelPiero07]

Thanks DelPiero07. That's a sigh of relief. What can be provided as proof of transfer and do I need to provide my average balance statement or bank statement in this case?

I provided the bank letter following IRCC's requirements (which included av. balance for the past 6 months) + my most recent bank statement to show that amount deposited as gift + the bank cheque that my father gave me.

 

[malikirfan]

I provided the bank letter following IRCC's requirements (which included av. balance for the past 6 months) + my most recent bank statement to show that amount deposited as gift + the bank cheque that my father gave me.

Thanks mate! +1 for you. One final question, my father submitted the cheque himself to my account while I was away. I do not have the copy! ???

 

[DelPiero07]

Thanks mate! +1 for you. One final question, my father submitted the cheque himself to my account while I was away. I do not have the copy! ???

Provide his bank statement so there is a clear link between the amount leaving his account and entering yours.

 

[fabiosmartini]

Guys, I've got some simmilar problem going on here.

I have about 30k CAD$ equivalent in cash (in my actual currency). I have deposited about half that in my saving account about a month ago, and now that I have received my ITA, I must deposit the rest, so I can cover the 23k CAD$ to immigrate with a 4 people family.

I do have that cash money declared in my income tax for the last 3 years, so that is clearly my money. What I intend to do is:

1- Attach those 3 years income tax receipts showing proof the money is mine
2- Attach the savings account bank records (even if it less than 6 months)
3- Write a LOE explaining the whole situation

Should I also attach chequing account records? It has barely 1k CAD$ equivalent in it.

Will that be enough, or should I look for professional assistance?

 

[softwaretesting]

Guys, I transferred amount from my wife's account to my account last week. Amount is almost 50% of POFs. Which all documents I need to include? I am planning a letter from her on plain paper or stamp paper saying she is contributing that amount for Canada PR. She has added same comments while transferring & will be visible in statement that I'm planning to include. What else needs to be done? Notary of that letter or her bank statement Required?

 

[Wolverine17]

Guys i have twp questions,first are timed deposits and certificate of deposit accepted as pof??
Second are post office savings accepted because i have my wifes account bank statement and letter stating total balance,account number and account holder name but opening date and contact info for the post office is not mentioned

 

[hrk777]

Can i show money taken from brother as gift and if yes what i have to do for the same.

 

[DelPiero07]

Can i show money taken from brother as gift and if yes what i have to do for the same.

Your answer is already on this page... yes you can.

 

[Indi88]

Your answer is already on this page... yes you can.

Hey DelPiero

Regarding POF, i had 17500 CAD in my account till December 2016 then i transferred 1000 CAD that month to make it 18500 CAD (for a family of 3). Is this 1000 CAD considered big amount and do i need to mention about that in my LOE? I transferred it from mine own account abroad.

Thanking you

 

[bhardwaj1906]

Hey guys! I submitted my PR application yesterday under EE FSW stream. After submission, I was going through the documents I uploaded and I realised that I had forgotten to attach the Gift deed affidavit that I had received from my parents for providing me some funds for the PR! I have provided bank letters along with 6 months bank statements, but as i didnt include the gift deed affidavit, the POF might look strange as I dont have the required monthly average balance for the last 6 months.
How do I get my affidavit added to my application? :'(

 

[kulyoma]

Hi Vishalg and other experts please.......
Should I declare home loan or not?
Kindly suggest
Thanks in advance.......

Hi there,
I declared my loan. On top of that I made an independent valuation of my real estate by three different appraisal companies and included the average amount of the valuation into my assets.

So I put in assets: savings in banks, cash on salary card, and real estate. I put in liabilities- the loan. I then derived my net worth (assets - liabilities). The amount of net worth without the real estate would have been not enough to comply with the minimum requirement for POF. But I explained in the LOE that I intend to sell the house after I get the ITA and close the loan.

All worked out, my application approved. Good luck!

 

[Lailina]

Have similar to Indi88 question, which amount can be defined as considerable? :

Lets say I had sufficient amount of money on my bank account for several years, then exactly 6 months ago I withdrew some and spent, leaving only less than half. But I have replenished the account to the sufficient level. Lets say I stored more than 10 CAD in 3-4 inputs during last 6 months. Will that be considered as big amount? Will I need to submit anything to clarify?