Proof of Funds (Express Entry)

[somaya]

Please Seniors I need an urgent advice.

For the proof of fund, I am planning to use my accompanying husband's bank account along with a notarized declaration from him that I can use the money in the account for immigration purposes. In addition, my husband will get the required amount from his brother and we will provide a gift deed for this.

Do you think this will work smoothly?? Did such a situation work with anyone before?
I’ve heard from a consultant here in my country that the bank account should be in the name of the primary applicant or a joint account with spouse? Is that true??

Thanks in advance

 

[can_indian]

Yes you may do so. When I was filing my application, I borrowed the requisite money from my uncle, kept it in my account for a month or so, and then took a bank statement for 6 months (out of which 5 months I had nothing in my account). But the closing balance was more than the requirement

Never mention a word BORROWED to the visa officer. The money has to be yours to use it and not borrowed which you have to return it after wards. If visa officer communicates with you via email/phone and you use the word BORROWED for the funds. That will result in REJECTION.

 

[can_indian]

Hi,

Anyone from India used demand draft to carry proof funds or wire transfer without a canadian bank account.
Does bank require canadian address to issue demand draft or wire transfer

Best way, HDFC Forex Cards.
Might cost you a bit more, but worth it.

It had cost me CAD 20, to bring CAD 4500 from India to Canada in 2011.

 

[can_indian]

Thanks umar! I have also another question. In the forum, I've read that stocks or bonds are not acceptable for POF. But in CIC website there is this paragraph:

How much money should you bring?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than CAN$10,000 into Canada. If you do not tell them, you may be fined, and your funds could be seized. These funds could be in the form of:

cash,
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.), or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

Can we still upload our stock and bond index account statements as part of POF?

Thank you in advance?

No, you cannot upload copy of your stock and bond as POF.

They are telling you that , in case if you are granted visa/PR and you are flying to Canada, you have to declare them in your custom form which they will ask to fill at the airport/border. You have to mention if you have over CAD$10,000. If you do not mention and get caught they will ask to pay fine or may be seize your money. It's all about being truthful. If you over CAD$ 10,000 and you have mention them on the custom paper at the border, you will not have any problem.
Check out below video on Youtube for insight. There is a guy who brings CAD$400,000 and leaves the airport without any problem because he declared. but one girl didn't mentioned it properly and trouble.
https://youtu.be/HmR6Yxz9HB4?t=15m32s

 

[can_indian]

Please Seniors I need an urgent advice.

For the proof of fund, I am planning to use my accompanying husband's bank account along with a notarized declaration from him that I can use the money in the account for immigration purposes. In addition, my husband will get the required amount from his brother and we will provide a gift deed for this.

Do you think this will work smoothly?? Did such a situation work with anyone before?
I’ve heard from a consultant here in my country that the bank account should be in the name of the primary applicant or a joint account with spouse? Is that true??

Thanks in advance

Money must be in principle applicant's bank account. The better option for you would be, add your husband's name in your account. and ask your brother in law(your husband's brother) to make gift deed for you. Check out below thread for references.
http://www.canadavisa.com/canada-immigration-discussion-board/a-complete-way-to-nail-source-of-fund-dilemma-t349224.0.html

 

[kamy]

Best way, HDFC Forex Cards.
Might cost you a bit more, but worth it.

It had cost me CAD 20, to bring CAD 4500 from India to Canada in 2011.

But problem with Forex card is that you can not use it as POF as you don't have anything which shows the amount in your forex card
I believe, you can not transfer to this amount to bank account once opened

 

[can_indian]

But problem with Forex card is that you can not use it as POF as you don't have anything which shows the amount in your forex card
I believe, you can not transfer to this amount to bank account once opened

Let's say you have provided POF of $20,000 in Bank of India. Once you have your passport stamped and you are about to go to Canada, you can simply ask your bank to provide you a card which you can use it internationally or you can get FOREX card from any bank who provides such services. Bank will give you documents showing how much you have refiled in your Forex card.
You are required to provide POF at the border. You can show them that you have $5000 in your Forex card and rest is in your Bank account with latest bank statement.

 

[raiviv]

Dear Friends,
Usually I used to do all spending from my account for home loan, child education etc and my wife salary as saving that was kept in her account.
That's why when I got ITA, I only had 17 % of required POF in my account. I never had a balance of more than 2 lacs in last six months.

Below is my proof of fund plan. Please cross-check and suggest if its on track?

- 50% of the Fund got transferred from my wife to my account (Will get gift deed prepared and also show the transactions of transfer and receive through bank statement of both of us)
- 30% through my own salary . This includes 2 months of my salary for April and May after getting ITA in mid-April
- 20-25% through selling of my company stocks that will be credited to my account within a week from now. (Will show the transaction receipts,also if it is shown in my monthly salary as a transaction then show that as well, any thing else?)

Seniors, please let me know if the above is okay for POF to CIC?

 

[umar32085]

Dear Friends,
Usually I used to do all spending from my account for home loan, child education etc and my wife salary as saving that was kept in her account.
That's why when I got ITA, I only had 17 % of required POF in my account. I never had a balance of more than 2 lacs in last six months.

Below is my proof of fund plan. Please cross-check and suggest if its on track?

- 50% of the Fund got transferred from my wife to my account (Will get gift deed prepared and also show the transactions of transfer and receive through bank statement of both of us)
- 30% through my own salary . This includes 2 months of my salary for April and May after getting ITA in mid-April
- 20-25% through selling of my company stocks that will be credited to my account within a week from now. (Will show the transaction receipts,also if it is shown in my monthly salary as a transaction then show that as well, any thing else?)

Seniors, please let me know if the above is okay for POF to CIC?

Absolutely okay! After crediting your account, just take a bank statement of 6 months. That's it

 

[IrfanLone15]

Hi,

Have three points for clarification?
Received ITA at 435 on 5th April...
Now Questions!!!

1. In my EE profile made a clerical error by mentioning IELTS Refrence Number & Date of Result as 23 Dec 2016. While filling my eAPR, I realized the mistake & have entered correct number mentioned on IELTS TRF & Date of result as 22 Dec 2016. Will this be the reason for Rejection if I submit my Application, if it can be, Should I reject the ITA & enter pool again, wait for 3rd May draw at 435 CRS??

2. I have about 6 years Experience with three Employers , Now One of the employer mentioned in EE profile that amounts about 18 months of Experience, is not providing Refrence Letter in the CIC format, But I have all other supporting documents like Standard Experience letters, Pay Stubs,Email from HR that they cannot provide the CIC format letter, etc. If I remove this Employer from my Work History & transfer it to Personal History. Will it cause a rejection(this employer NOC code is not as primary code for my Eligibility)

3. For proof of Funds, My father transferred the required amount in my account in April post ITA supported by Gift Deed, Affidavit, His Net worth certificate etc. The account he transferred money into was not having any balance for the last 6 Months as I am living abroad & not using that account as my primary account. Should this POF be accepted by CIC???

Need suggestion basis the three scenarios above, Should I reject my ITA & enter pool Again at 435 CRS or Submit the application with LOE??

Much Appreciate for Detailed Response.

 

[Noverahaq]

My funds are in form of fixed deposit in my wife's name and I am main applicant. Would it cause any problem?

 

[jackdawn]

Hi,

Have three points for clarification?
Received ITA at 435 on 5th April...
Now Questions!!!

1. In my EE profile made a clerical error by mentioning IELTS Refrence Number & Date of Result as 23 Dec 2016. While filling my eAPR, I realized the mistake & have entered correct number mentioned on IELTS TRF & Date of result as 22 Dec 2016. Will this be the reason for Rejection if I submit my Application, if it can be, Should I reject the ITA & enter pool again, wait for 3rd May draw at 435 CRS??

Doesnt seem to be a problem here if you have entered the correct details in eAPR

2. I have about 6 years Experience with three Employers , Now One of the employer mentioned in EE profile that amounts about 18 months of Experience, is not providing Refrence Letter in the CIC format, But I have all other supporting documents like Standard Experience letters, Pay Stubs,Email from HR that they cannot provide the CIC format letter, etc. If I remove this Employer from my Work History & transfer it to Personal History. Will it cause a rejection(this employer NOC code is not as primary code for my Eligibility)

If you are claiming points for that experience you cannot remove the same i believe. If possible try to get the letter from your superior . That would suffice

3. For proof of Funds, My father transferred the required amount in my account in April post ITA supported by Gift Deed, Affidavit, His Net worth certificate etc. The account he transferred money into was not having any balance for the last 6 Months as I am living abroad & not using that account as my primary account. Should this POF be accepted by CIC???

As long as the POF is supported by the documents u mentioned above i dont think there should be a problem

Need suggestion basis the three scenarios above, Should I reject my ITA & enter pool Again at 435 CRS or Submit the application with LOE??

Much Appreciate for Detailed Response.

 

[jackdawn]

My funds are in form of fixed deposit in my wife's name and I am main applicant. Would it cause any problem?

You need to collect a letter from you wife stating that she is accompanying you canada on a PR and has no issues giving this money towards proof of funds

 

[umar32085]

Never mention a word BORROWED to the visa officer. The money has to be yours to use it and not borrowed which you have to return it after wards. If visa officer communicates with you via email/phone and you use the word BORROWED for the funds. That will result in REJECTION.

Thank you Hero! But now I have my own savings (through business and salary), so it won't be an issue now

 

[kaushalyap]

Thank you Hero! But now I have my own savings (through business and salary), so it won't be an issue now

My uncle is gifting me the settlement funds and I'm placing it in a fixed deposit. I've inquired from several lawyers and they told me that it is impossible to do a gift deed for cash. What should I do? Please advice.