Proof of Funds (Express Entry)

[Maverick28]

dear seniors

would like to seek your advice:

i have a joint account with my mom with a balance of about 50k cad. about one week ago, i transferred 15k to a newly opened bank account with my name only. the joint account that we have is all my money.

i am planning to:
1) ask for bank balance for both accounts as at xx apr 17
2) explain that the funds are fully mine and how i transferred the 15k over to under my name only
3) provide last 6 months transaction history that is printed from online banking (it costs $20/month to get the bank to print statement!) to show that bank balance is high -> prob started with about 45k 6 months ago. and to also show salary deposited directly over the 6 months.

do you think this is reasonable and sufficient enough? thank you.

This should be more than sufficient.

 

[naliniparthiban]

Dear senior members,

Kindly advise. I have declared a family of 3. I am the primary applicant & my spouse & my child are dependent.

1. For POF I plan to take 7 L as gift deed from my father and 4 Las from my spouse. Is this ok?

2. I am aware in spouse name funds can be but I'm looking at consolidating all money in my account. Is that ok?

3. 4L funds is in form of5 FD & a matured mutual fund all in my husbands name. What all doc's do I need to show as I get these funds in my account? His FD certificate, mutual fund remittance, anything like that ?

4. I'm also looking at showing his EPF as proof of funds ? Is that ok? If so, what docs should I submit for this?

Thanks a lot in advance. This forum has been very helpful...

 

[Hassanawan1985]

What are requirement for bank statement ? Will they ask for BS from the day (6 months statement from that pzarticular date) i file EE or the day i rec IAT (6 months bank from that particular date)?
Bank statements are only required if the letter from the bank misses few important details like average balances or if you want to highlight certain transactions and proving that the funds are yours.
If you are planning to include bank statements, get it for last 6 months from the date you get them issued.
[/font
]If one dont have enough funds but he or she has agriculture inherited property on his or her name, will that count ?
Assets such as house, land and cars are not considered valid POF unless sold and cash deposited in your account along with a valid 'sale deed' for such transaction.

if we try to proof funds by showing we sold property on our name than what are the supporting documents to prof? will simple sale deed work ?
'sale deed' and same amount being transferred to your account through statement or cheque/ internet banking receipt
Below month ends balances are enough to satisfy visa officer ?

Month End Bal CAD Increase
1 576,947 7,211.84
2 691,595 8,644.94 1,433.10
3 921,595 11,519.94 2,875.00 I would suggest you to upload proof of this transaction
4 926,595 11,582.44 62.50
5 971,595 12,144.94 562.50
6 1,021,595 12,769.94 625.00

for last year i was rec my salary in cash so instead of depositing in bank i bought prize bonds(can be bought anywhere no document required but bonds are issued by central bank) in first three month rapid increase was due to i sold my bonds in open market gradually and deposited in bank to show POF and from 2nd month i started depositing my sal in my bank. is it ok ? i have photo copies of all bonds in bought but due to its nature it can be bought and sold anywhere no docs required.
As long as you can prove the money belongs to you, you are good to go.
Any advice ?

Thank you vishalg for your answer.

I wonder whether VISA officer will accept copies of prize bond or not. I cant provider any other evidence because of the nature of instrument. Prize bonds are issued by state bank of Pakistan, it can be bought from or sold to any individual. Any suggestion ?

are you talking about only 3rd month or 2nd & 3rd ?

 

[Wolverine17]

maybe it is acceptable for a month but depends on the VO. He may accept it or may ask for a revised one. IRCC officers aren't known to follow fixed patterns so can't say for sure.

Is it a reason for rejection

 

[RDGTC]

3) I am an only child so i have my mother on every account ( her name is listed in the letter) as a partner/beneficiary in the event something happens to me she will be ok. It is all my money though, will she need to to submit a notarized letter stating that it is my money?

Hey, I am in a similar position and wondered what you did to show that the funds in the account was completely yours? Thanks much!

 

[vishalg]

Dear senior members,

Kindly advise. I have declared a family of 3. I am the primary applicant & my spouse & my child are dependent.

1. For POF I plan to take 7 L as gift deed from my father and 4 Las from my spouse. Is this ok?Yes

2. I am aware in spouse name funds can be but I'm looking at consolidating all money in my account. Is that ok?yes

3. 4L funds is in form of5 FD & a matured mutual fund all in my husbands name. What all doc's do I need to show as I get these funds in my account? His FD certificate, mutual fund remittance, anything like that ?
If you are consolidating in one account then you need to transfer the above mentioned funds in your account through cheque/internet transfer. Finally you would need to upload 1. Gift Deed and proof of transfer for that gift deed 2. Second gift deed and proof of transfer for this gift deed 3. Letter from the bank mentioning all the requested details. If the bank doesn't provide the averages then you need to get stamped statements
4. I'm also looking at showing his EPF as proof of funds ? Is that ok? If so, what docs should I submit for this?
You can show this. Get your EPF ledger signed and stamped by your PF office

Thanks a lot in advance. This forum has been very helpful...

 

[vishalg]

Thank you vishalg for your answer.

I wonder whether VISA officer will accept copies of prize bond or not. I cant provider any other evidence because of the nature of instrument. Prize bonds are issued by state bank of Pakistan, it can be bought from or sold to any individual. Any suggestion ?
you would need to upload the receipt/ proof of sale of bonds and the similar amount being transferred to your account through your statement. If it is all cash without any receipt then it would be very difficult to prove it.

are you talking about only 3rd month or 2nd & 3rd ?
3rd transaction

 

[vishalg]

Is it a reason for rejection

It can be but chances are low. Probability of them asking for revised POF is high. But you never know with CIC

 

[montylee]

Hi guys,

i have a small query regarding settlement fund requirement: for 3 persons, funds requirement is $18,825 but i specified $25,000 in my EE profile. Now, i have received NOI from Ontario, will i need to show the minimum $18.825 or $25000 in my account?

If i need to show $25000, is it ok to update my EE profile and put around $20000 instead of $25000 (after getting NOI from Ontario)?

 

[Hassanawan1985]

Thank you vishalg for your answer.

I wonder whether VISA officer will accept copies of prize bond or not. I cant provider any other evidence because of the nature of instrument. Prize bonds are issued by state bank of Pakistan, it can be bought from or sold to any individual. Any suggestion ?
you would need to upload the receipt/ proof of sale of bonds and the similar amount being transferred to your account through your statement. If it is all cash without any receipt then it would be very difficult to prove it.

are you talking about only 3rd month or 2nd & 3rd ?
3rd transaction

Vishalg,
Transaction is genuine. I'll have to ask the buyer to sign sale deed for prize bonds sale but it would be a back dated agreement. Will that be acceptable to visa officer ?

3rd month increase is result of prize bonds sale and the receipt was deposited to bank.

 

[vishalg]

Hi guys,

i have a small query regarding settlement fund requirement: for 3 persons, funds requirement is $18,825 but i specified $25,000 in my EE profile. Now, i have received NOI from Ontario, will i need to show the minimum $18.825 or $25000 in my account?

If i need to show $25000, is it ok to update my EE profile and put around $20000 instead of $25000 (after getting NOI from Ontario)?

They are concerned only about the minimum requirement. You can change the figure to 20k

 

[vishalg]

Vishalg,
Transaction is genuine. I'll have to ask the buyer to sign sale deed for prize bonds sale but it would be a back dated agreement. Will that be acceptable to visa officer ?
any legal proof will be valid ( back dated is fine)
3rd month increase is result of prize bonds sale and the receipt was deposited to bank.

 

[sidpune]

Hi Experts,

For POF, am getting a bank letter stating my current date balance, this will be ok right ?

and if Visa officer finds a problem then do they ask for statement or do they simply decline ?

 

[vishalg]

Hi Experts,

For POF, am getting a bank letter stating my current date balance, this will be ok right ?

and if Visa officer finds a problem then do they ask for statement or do they simply decline ?

check the following link. This will give give you idea about what all info is required on the letter. If the average or other info is missing then you need to get the detailed statement ( signed and stamped).
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[Jim robster]

Dear Experts ,

I had a simple query regarding proof of funds document.

Do we have to ask the bank (where we are displaying proof of funds) to convert the amounts in INR to CAD on the letter according to the exchange rate prevailing on the date of issue of the letter??
Or do we provide the entire amounts in INR on the letter?

Amounts as in last 6 months average balances and the final amount?

And if it has to be left in INR , what is the exchange rate CIC will use to convert the aforementioned amount in INR??
Is it going to be

a)The exchange rate on the date of issue of the letter by the bank? OR
b)The exchange rate on the date of submission of the e-APR?


Any help regarding the above clarifications will be greatly appreciated.
Thanks in advance!!