Proof of Funds (Express Entry)

[Asivad Anac]

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?

Possible. Must be shown as gift rather than a loan. Check a thread by anujgupts84 for comprehensive documentation requirements.

can I submit Bank Balance certificate without 6 months average balance? is average balance mandatory to be mentioned?

No. CIC explicitly asks for this. If this isn't provided, you must provide 6 months of bank statements.

If a show those funds as POF do I also have to provide 6 months bank statement which shows 6 months average balance?

Yes.

Do I also have to show proof that where my father get this money from?

No.

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?

Necessary but not sufficient on its own.

Do I also have to attach bank statement of my father?

Not necessary. Relevant statement can be attached to show the act of money transfer.

Regards
Bing

 

[sgemini]

Guys, I think I screwed up. :'(

I had funds in mutual funds (debt and liquid funds). Soon after receiving the ITA (17th draw), I started redemption. My average account balance used to be INR 30k. In last 11 days, the balance has jumped to INR 700,000. I was under impression that I can just show the amount in one savings account and all will be done.

From what I have read on this forum, we have to show avg balances and a spike will raise red flags. So, I think I should attach a letter of explanation and account statement to prove my point. Hope it will be all right.

 

[vishal2390]

Guys, I think I screwed up. :'(

I had funds in mutual funds (debt and liquid funds). Soon after receiving the ITA (17th draw), I started redemption. My average account balance used to be INR 30k. In last 11 days, the balance has jumped to INR 700,000. I was under impression that I can just show the amount in one savings account and all will be done.

From what I have read on this forum, we have to show avg balances and a spike will raise red flags. So, I think I should attach a letter of explanation and account statement to prove my point. Hope it will be all right.

you could have shown your investments. that works as a proof of funds as well.
anyways you can get balance sheet of investments and bank accounts which can connect a line between these recent transactions. they will consider it valid.

 

[sgemini]

yeah right. Thanks Vishal

 

[KNinja]

Someone was refused for submitting printed statements. Don't chance it - get them stamped/signed physically by the bank authorities.

Hey Asiavd

Need some assistance regarding Proof of Funds
I recieved PT Notification of Interest from Ontario few days back........I have got FDs worth 6120 CAD in my Salary Account (thats the only account i have). I left my job in december last year and dont have much funds in my Saving Account. I am going to get funds transferred from my Father's Account in my account to bring funds to the level of around 15000 CAD in aggregate (including FDs)........
Would those be considered as unencumbered, unobjectionable and readily tranferable Funds?....as it is a gift from my father.
Am i supposed to show required funds in Saving Account only or the funds in form of FDs in the account can also be included ?
Shall i furnish them my last 6 months Bank Statement or would Balance Certificate suffice?
In order to show them proof of Salary credit in my account while i was working....am i supposed to provide them my account statement from the date i started working till i left the job?

I am getting jittery ........your early response would be deeply appreciated.
Thanx in advance

 

[Asivad Anac]

Hey Asiavd

Need some assistance regarding Proof of Funds
I recieved PT Notification of Interest from Ontario few days back........I have got FDs worth 6120 CAD in my Salary Account (thats the only account i have). I left my job in december last year and dont have much funds in my Saving Account. I am going to get funds transferred from my Father's Account in my account to bring funds to the level of around 15000 CAD in aggregate (including FDs)........
Would those be considered as unencumbered, unobjectionable and readily tranferable Funds?....as it is a gift from my father.
Am i supposed to show required funds in Saving Account only or the funds in form of FDs in the account can also be included ?
Shall i furnish them my last 6 months Bank Statement or would Balance Certificate suffice?
In order to show them proof of Salary credit in my account while i was working....am i supposed to provide them my account statement from the date i started working till i left the job?

I am getting jittery ........your early response would be deeply appreciated.
Thanx in advance

You can showcase the gift from your father as POF. Follow anujgupta84's instructions in the below thread.

http://www.canadavisa.com/canada-immigration-discussion-board/a-complete-way-to-nail-source-of-fund-dilemma-t349224.0.html

 

[Farhanzahid]

Please answer my questions.

1- I have required amount in my account since two months not from six months, is it sufficient or need for last six months?
2- My wife and my account balance fulfills the funds requirement should i transfer amount from my wifes account to mine to fulfill total amount requirement or separate account statements are sufficient?

 

[Asivad Anac]

Please answer my questions.

1- I have required amount in my account since two months not from six months, is it sufficient or need for last six months?

Not mandatory. You will have to prove that you haven't borrowed the money. You will also have to provide 6 months average balance and explain why the balance 6 months earlier was lower than the balance 2 months ago. If it was gradually accumulated, that won't be a problem but any sudden large credits will be questioned.

2- My wife and my account balance fulfills the funds requirement should i transfer amount from my wifes account to mine to fulfill total amount requirement or separate account statements are sufficient?

No one has yet confirmed whether this is possible. CIC explicitly asks for POF from the PA. To be safe, either convert your wife's account into a joint account along with you or ask your wife to transfer the money to your account and provide a signed self-declaration from them that this money is a gift not a loan hence need not be returned to them at any point in time.

 

[zanny]

Guys, I think I screwed up. :'(

I had funds in mutual funds (debt and liquid funds). Soon after receiving the ITA (17th draw), I started redemption. My average account balance used to be INR 30k. In last 11 days, the balance has jumped to INR 700,000. I was under impression that I can just show the amount in one savings account and all will be done.

From what I have read on this forum, we have to show avg balances and a spike will raise red flags. So, I think I should attach a letter of explanation and account statement to prove my point. Hope it will be all right.

You did the right thing. Mutual funds are not considered for PoF (not explicitly mentioned). The money has to be in your bank account.

I am doing the same and i am in the same boat as you. Average balance was some INR 30k. My wife account had INR 400k and my mutual funds redemption is around INR 400k.

I am attaching a letter from my wife, who is a co-applicant, that her savings were towards our savings for movement to canada and that she has transferred the money to me as a gift with no recourse.

I am also attaching a letter of sale of financial assets with details of each mutual fund - along with paper trail (redemption receipts, mutual fund statements post redemption, account details with highlighted line items on redemption). I will mention that the mutual funds (they were on my name) were my long term savings which i have liquidated to fund my move to canada.

I am also attaching my last 5yrs of EPF balance to just push my average balance. Overall I am showing close to CAD 17k for two people


I hope both of us are safe.

Asivad, you expert advice can help settle few nerves here.

 

[Asivad Anac]

You did the right thing. Mutual funds are not considered for PoF (not explicitly mentioned). The money has to be in your bank account.
I hope both of us are safe.

Asivad, you expert advice can help settle few nerves here.

Your explanation is extremely comprehensive and POF should not be a problem. sgemini needs to do roughly the same.

 

[KNinja]

You did the right thing. Mutual funds are not considered for PoF (not explicitly mentioned). The money has to be in your bank account.

I am doing the same and i am in the same boat as you. Average balance was some INR 30k. My wife account had INR 400k and my mutual funds redemption is around INR 400k.

I am attaching a letter from my wife, who is a co-applicant, that her savings were towards our savings for movement to canada and that she has transferred the money to me as a gift with no recourse.

I am also attaching a letter of sale of financial assets with details of each mutual fund - along with paper trail (redemption receipts, mutual fund statements post redemption, account details with highlighted line items on redemption). I will mention that the mutual funds (they were on my name) were my long term savings which i have liquidated to fund my move to canada.




I am also attaching my last 5yrs of EPF balance to just push my average balance. Overall I am showing close to CAD 17k for two people


I hope both of us are safe.

Asivad, you expert advice can help settle few nerves here.

Hey Guys

What i could understand from your discussion is that funds which we are supposed to show as POF are the ones present in our Account.....but i was planning to show FDs (which of course are not reflected in account balance itself) as POF. Would that be fine?

 

[duckirha]

I am expecting to get ITA from next draw. In the mean time I am preparing my documents. Experts, please advise me what to do in my situation..

Last time SINP accepted my spouse's fund, but CIC clearly mentioned that the principal applicant must provide the proof of funds. In my cases, most of my monies are in my wife's term deposit account which is credited/paid from my savings account. How can I show my wife's fund as my monies?

Secondly, my father-in-law borrowed from me about 17,000 $CAN 2 years back, if he deposit the monies to my account, CIC will accept it? Or how can I prove that he took loan from me and now he paid?

Experts, please advise me urgently. Many thanks.

 

[GusCunha]

Hey guys and Asivad.

I have a few questions related to PoF and hope you can help me.

1. I have around CAD$17,000, converted from my country's currency. However, this money isn't in my bank account, it is invested in fixed income. I have access to part of that money anytime I need it. So, if I get the average balance of my bank account, it won't show the necessary funds, but the 6 months statement will show this money going from my bank account to the brokerage firm. I also can get statements that show my invested money. Is it enough to use as PoF (the bank statements and the fixed income statements)?

The only issue about that invested money is that a small part of it is only accessible in May/2016. Is it a problem for CIC?

2. Another problem that I may have is that my country's economy is unstable, so my country's currency is losing it's value. So, I was thinking about making some investments in US$, which would keep my savings from losing it's value. If I make those investments, can I use it's statements as PoF as well?

Another option to solve this problem would be opening an account in Canada (which is possible), but I'm afraid I may need to go to the bank to get necessary documents, which would be impossible for me from here.

Thank you in advance and let me know if anything is confusing, I can try to explain better.

 

[Asivad Anac]

Hey guys and Asivad.

I have a few questions related to PoF and hope you can help me.

1. I have around CAD$17,000, converted from my country's currency. However, this money isn't in my bank account, it is invested in fixed income. I have access to part of that money anytime I need it. So, if I get the average balance of my bank account, it won't show the necessary funds, but the 6 months statement will show this money going from my bank account to the brokerage firm. I also can get statements that show my invested money. Is it enough to use as PoF (the bank statements and the fixed income statements)?

The only issue about that invested money is that a small part of it is only accessible in May/2016. Is it a problem for CIC?

That will be a problem if your POF (after factoring this in) is less than the required amount in your particular situation. It also depends on the paperwork you attach to prove that the money belongs to you alone.

2. Another problem that I may have is that my country's economy is unstable, so my country's currency is losing it's value. So, I was thinking about making some investments in US$, which would keep my savings from losing it's value. If I make those investments, can I use it's statements as PoF as well?

Provided the money is exclusively available to and is more than the required amount based on the conversion rate of the day you get the letter from your financial institution, the currency it is held in doesn't matter.

Another option to solve this problem would be opening an account in Canada (which is possible), but I'm afraid I may need to go to the bank to get necessary documents, which would be impossible for me from here.

Thank you in advance and let me know if anything is confusing, I can try to explain better.

 

[sgemini]

I am also attaching a letter of sale of financial assets with details of each mutual fund - along with paper trail (redemption receipts, mutual fund statements post redemption, account details with highlighted line items on redemption). I will mention that the mutual funds (they were on my name) were my long term savings which i have liquidated to fund my move to canada.

I am also attaching my last 5yrs of EPF balance to just push my average balance. Overall I am showing close to CAD 17k for two people

Your explanation is extremely comprehensive and POF should not be a problem. sgemini needs to do roughly the same.

Thanks Asivad and Zanny, will follow the same procedure.