+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Proof of Funds (Express Entry)

vishalg

Champion Member
Oct 14, 2015
1,115
185
NOC Code......
6221
callofduty said:
Hi guys,

I got ITA under PNP. I met cec and pnp before ITA in my ee profile.

my question is do i need proof of funds?

what number do i put in the settlement funds? I was asked to put a number in the questions" how much money does xxx WILL BRING TO CANADA?


thanks,,
for CEC, just write an LOE that you qualify for CEC program and don't need to show funds and upload this in the POF placeholder
 

AkashPatel1990

Star Member
Mar 14, 2017
93
1
bestofluck said:
you do not need a separate letter from bank. The statements having the bank info is also called bank letter.

Thanks. Do I need to get the statement for last six months. And also what all details should be mentioned on the bank statement as suggested by cic
 

Jim robster

Full Member
Mar 29, 2017
27
28
Dear experts,

Been following the detailed discussions on this forum for a while now and I had a specific query.
I plan to get into the EE Pool in mid July 2017 when I complete 1 year work ex. I should have a CRS >450 when I enter and I intend to apply in Sept / Oct whenever I get drawn. Visa office will most likely be NDVO.

I had a few queries regarding proof of funds.
I need to show 12300 cad as Im a single unmarried PA.
I plan to show one primary savings account A where I already possess 2000 cad. I will be transferring 800 cad per month for the next 6 months from my salary account Y so that will be around 5000 cad and a total of 7000 cad.
The remaining balance of 6000 cad I will be transferring in 6 installments of 1000 cad from another joint account X with my father through my user name, to my primary account A. This transfer from joint account X to A will be possible earliest in June when a few FDs mature.
The issue is that - the FDs are very old FDs only in my father’s name where he put money for me to inherit for my personal use so rightfully the funds are mine.

When I show my proof of funds – I plan to show the following documents
1.Proof of all funds in my bank account A in a letter from the financial institution and Statements for the last 6 months.
2.Notarized and signed Letter from my father stating that the funds in account X are mine.
3.Last 6 months bank statements of joint bank account X
4.A detailed letter of explanation with 2 parts to it explaining the source of funds –
part 1 explaining the regular inflow from my salary account Y
part 2 explaining how the balance amount of 6000 cad is from MY savings held in joint account X

Will these 4 documents suffice as proof of funds for CIC and do they adequately cover the bigger inflows of 1000 cad and the subsequent spike in monthly average balances of the later months?
or CIC will ask for more documents to trace the bigger inflows which are arising due to FD maturity in joint account X?

I will attach my pay slips in the proof of work ex document.

Asivad anac , vishalg , anuj gupta kindly throw some light. Will be really grateful for any advise regarding the above situation. :)
 

vishalg

Champion Member
Oct 14, 2015
1,115
185
NOC Code......
6221
Jim robster said:
Dear experts,

Been following the detailed discussions on this forum for a while now and I had a specific query.
I plan to get into the EE Pool in mid July 2017 when I complete 1 year work ex. I should have a CRS >450 when I enter and I intend to apply in Sept / Oct whenever I get drawn. Visa office will most likely be NDVO.

I had a few queries regarding proof of funds.
I need to show 12300 cad as Im a single unmarried PA.
I plan to show one primary savings account A where I already possess 2000 cad. I will be transferring 800 cad per month for the next 6 months from my salary account Y so that will be around 5000 cad and a total of 7000 cad.
The remaining balance of 6000 cad I will be transferring in 6 installments of 1000 cad from another joint account X with my father through my user name, to my primary account A. This transfer from joint account X to A will be possible earliest in June when a few FDs mature.
The issue is that - the FDs are very old FDs only in my father’s name where he put money for me to inherit for my personal use so rightfully the funds are mine.

When I show my proof of funds – I plan to show the following documents
1.Proof of all funds in my bank account A in a letter from the financial institution and Statements for the last 6 months.
if you can get the letter as per CIC requirements then no need of bank statements
2.Notarized and signed Letter from my father stating that the funds in account X are mine.
Since funds are already transferred to your account A, you would need to upload Gift Deed mentioning all relevant transactions and along with it the proof of transfer (cheque/ online transfer receipt/bank statement )
3.Last 6 months bank statements of joint bank account X
This is fine, will act as proof of transfer
4.A detailed letter of explanation with 2 parts to it explaining the source of funds –
part 1 explaining the regular inflow from my salary account Y
part 2 explaining how the balance amount of 6000 cad is from MY savings held in joint account X
you can use this as cover letter and explain the transactions

Will these 4 documents suffice as proof of funds for CIC and do they adequately cover the bigger inflows of 1000 cad and the subsequent spike in monthly average balances of the later months?
bank statements from account X will show such transfers, so no worries
or CIC will ask for more documents to trace the bigger inflows which are arising due to FD maturity in joint account X?
CIC doesn't bother about the credits in your account if you can prove the funds are yours and you can provide the trail of funds.
I will attach my pay slips in the proof of work ex document.
Good to have not mandatory

Asivad anac , vishalg , anuj gupta kindly throw some light. Will be really grateful for any advise regarding the above situation. :)
The documentation is fine.
 

munyrenagie

Newbie
Mar 25, 2017
3
0
Hi

I am in the process of submitting my application after receiving ITA last week. But I am worried about my funding.

I need to show 18000 CAD for family of 3. For the past 5 months I have maintained account balance of 10,000 CAD. Last 3weeks after receiving Provincial nomination I sold one of my car and now my account balance is 29000 CAD. I am worry if this will be accepted when I present my 6months balance because the required amount has only been in my account for less than a month.

Please I need some advice to proceed. This is the only thing holding me back from submitting my application.

Many Thanks
 

DelPiero07

VIP Member
Oct 2, 2016
10,388
2,614
Job Offer........
Pre-Assessed..
munyrenagie said:
Hi

I am in the process of submitting my application after receiving ITA last week. But I am worried about my funding.

I need to show 18000 CAD for family of 3. For the past 5 months I have maintained account balance of 10,000 CAD. Last 3weeks after receiving Provincial nomination I sold one of my car and now my account balance is 29000 CAD. I am worry if this will be accepted when I present my 6months balance because the required amount has only been in my account for less than a month.

Please I need some advice to proceed. This is the only thing holding me back from submitting my application.

Many Thanks
You'll be fine as long as you can provide proof of where this money came from.
 

callofduty

Star Member
Dec 3, 2016
64
3
vishalg said:
for CEC, just write an LOE that you qualify for CEC program and don't need to show funds and upload this in the POF placeholder
I mean my pr ITA is under pnp in ee. my profile shows me I met pnp and cec. I dont need pof?
 

ani8886

Star Member
Jan 14, 2017
60
19
Category........
FSW
NOC Code......
1112
AOR Received.
25-01-2017
Med's Done....
21-06-2017
Passport Req..
14-07-2017
VISA ISSUED...
20-07-2017
LANDED..........
19-11-2017
Hi,

I know a lot has been written and explained on this. But I am still worried about my loans (in Indian Rupees, but hereafter mentioned in CAD equivalent).

1. Education Loan (Unsecured): Taken for my master's degree. About 12000 CAD equivalent is still outstanding. I am paying EMI for about CAD 250 per month, which reflects in my salary account.

2. Home Loan (Secured against the property): The construction is just about to be completed, and the current outstanding is equivalent to CAD 140000 (Quite a high amount). The repayment for the same is not yet started. I cannot undertake property valuation, as there isn't much time remaining for submission of my application.

For Proof of Funds, I am showing following accounts.

1. Joint Account with Spouse: It was originally my spouse' savings account. I recently added my name to it. Currently funds for about CAD 18000 are available. (POF requirement: CAD 16000)

2. My salary account: Not much cash available, but I would show it as I transferred funds to joint account from this account. The salary account has a transaction history with my education loan and home loan accounts.

3. salary account of spouse: Similar to my salary account.

Now the question arises:

Should I mention my home loan account (with such a high amount ~CAD 140000 outstanding) and my education loan account (which is still unsecured).

Cons of disclosing loan accounts: The liabilities are huge, which will reduce my chance of acceptance.

Cons of not disclosing loan accounts: CIC may find out about my loan accounts (as they have transaction history with my salary account) and it might be perceived as misrepresentation.

Seniors, kindly advise. Also, please share your experience on the loan issue.

My submission due date is 26 April.

Thanks in advance.
 

Wolverine17

VIP Member
Mar 28, 2016
3,135
351
ani8886 said:
Hi,

I know a lot has been written and explained on this. But I am still worried about my loans (in Indian Rupees, but hereafter mentioned in CAD equivalent).

1. Education Loan (Unsecured): Taken for my master's degree. About 12000 CAD equivalent is still outstanding. I am paying EMI for about CAD 250 per month, which reflects in my salary account.

2. Home Loan (Secured against the property): The construction is just about to be completed, and the current outstanding is equivalent to CAD 140000 (Quite a high amount). The repayment for the same is not yet started. I cannot undertake property valuation, as there isn't much time remaining for submission of my application.

For Proof of Funds, I am showing following accounts.

1. Joint Account with Spouse: It was originally my spouse' savings account. I recently added my name to it. Currently funds for about CAD 18000 are available. (POF requirement: CAD 16000)

2. My salary account: Not much cash available, but I would show it as I transferred funds to joint account from this account. The salary account has a transaction history with my education loan and home loan accounts.

3. salary account of spouse: Similar to my salary account.

Now the question arises:

Should I mention my home loan account (with such a high amount ~CAD 140000 outstanding) and my education loan account (which is still unsecured).

Cons of disclosing loan accounts: The liabilities are huge, which will reduce my chance of acceptance.

Cons of not disclosing loan accounts: CIC may find out about my loan accounts (as they have transaction history with my salary account) and it might be perceived as misrepresentation.

Seniors, kindly advise. Also, please share your experience on the loan issue.

My submission due date is 26 April.

Thanks in advance.
I think if you have enough funds it will be fine
 

vishalg

Champion Member
Oct 14, 2015
1,115
185
NOC Code......
6221
callofduty said:
I mean my pr ITA is under pnp in ee. my profile shows me I met pnp and cec. I dont need pof?
There are 3 streams under which you qualify 1. CEC 2. FSW 3. FST

PNP gives you the nominations and additional score of 600.
So, if you qualify for CEC, you don't need to show funds.
 

ani8886

Star Member
Jan 14, 2017
60
19
Category........
FSW
NOC Code......
1112
AOR Received.
25-01-2017
Med's Done....
21-06-2017
Passport Req..
14-07-2017
VISA ISSUED...
20-07-2017
LANDED..........
19-11-2017
Wolverine17 said:
I think if you have enough funds it will be fine
Thanks Wolverine17.

Can someone also please suggest whether I should disclose my loan accounts.

I mean, which option is better - (a) Disclose the loan and have a risk of showing heavy debt and a possibility of rejection, or (b) Not disclosing the loan and bear a risk of misrepresentation?
 

Wolverine17

VIP Member
Mar 28, 2016
3,135
351
ani8886 said:
Thanks Wolverine17.

Can someone also please suggest whether I should disclose my loan accounts.

I mean, which option is better - (a) Disclose the loan and have a risk of showing heavy debt and a possibility of rejection, or (b) Not disclosing the loan and bear a risk of misrepresentation?
I dont think that disclosing your loan is considered as mispresentation