Proof of Funds (Express Entry)

[Dave2017]

Ask your father to give you the money as a gift by withdrawing through the FD.

Thanks for the reply Kaushal. But does that gift need to be a notarized gift deed document?

 

[kaushalyap]

Thanks for the reply Kaushal. But does that gift need to be a notarized gift deed document?

Yes it should be a notarized one, also mention the transfer details,account nos in it as well.

 

[mpitillo]

Hey guys, I was wondering if you could help me out.

My partner and I are applying for Express Entry in the following months, where he is the principal applicant and I am added as the common-law partner. We are planning to provide both our bank documentations as POF, as we only reach the total amount when calculated altogether.

We do not have a joint account. What we have is our individual bank accounts on our own name. Because he is the principal applicant, I was wondering what is the "official" way to provide my bank information to be used as an addendum to his POF? Would it be as simple as providing everything asked on CIC website? So pretty much the same info twice, but one under his account/name and one in my account/name? Or do I need to also write a letter saying that "he is allowed" to use my money? I was with the impression that a letter wouldn't be needed, as I am also applying for EE as the common-law applicant.

Finally, in regards to the requirement of showing our average balance for the past 6 months in the bank. Would that be for the current month, plus the last 5? Or current month + 6 past months? i.e.: So let's say that I am sending my POF today. Would my bank need to show my balance of May + all the way back to November 2016? Or would that be from May to all the way back to December 2016?

I just want to make sure that I am providing the right documentation. I am not sure if we had the total amount of ~16k for all 6 months, but it is pretty close to it. By the time we submit the POF the final balance should be over 16k though. This should be alright, right?

Thanks a lot for your time!

Anyone?

Thanks!

 

[vishalg]

Hey guys, I was wondering if you could help me out.

My partner and I are applying for Express Entry in the following months, where he is the principal applicant and I am added as the common-law partner. We are planning to provide both our bank documentations as POF, as we only reach the total amount when calculated altogether.
totally fine to show both accounts
We do not have a joint account. What we have is our individual bank accounts on our own name. Because he is the principal applicant, I was wondering what is the "official" way to provide my bank information to be used as an addendum to his POF? Would it be as simple as providing everything asked on CIC website? So pretty much the same info twice, but one under his account/name and one in my account/name? Or do I need to also write a letter saying that "he is allowed" to use my money? I was with the impression that a letter wouldn't be needed, as I am also applying for EE as the common-law applicant.
Just get bank letters for both accounts. Dependent partner can provide a declaration that she allows him to utilize the funds for immigration purpose and she will be accompanying him upon receiving the COPR
Finally, in regards to the requirement of showing our average balance for the past 6 months in the bank. Would that be for the current month, plus the last 5? Or current month + 6 past months? i.e.: So let's say that I am sending my POF today. Would my bank need to show my balance of May + all the way back to November 2016? Or would that be from May to all the way back to December 2016?
current balance as of today and average since Nov 2016
I just want to make sure that I am providing the right documentation. I am not sure if we had the total amount of ~16k for all 6 months, but it is pretty close to it. By the time we submit the POF the final balance should be over 16k though. This should be alright, right?
fine
Thanks a lot for your time!

 

[mpitillo]

Thanks a lot for the reply, vishalg.

In regards to the 6 months average balance, would the letter from the bank show6 different balances per individual months, or it would only need showing two balances, one for the current money in my account today and the other one being an unique balanced based on the average of the last 6 months?

Meaning:

- The average amount in the account for each of the six months (i.e. six averages); or
- The average amount in the account across six months (i.e. a single average)?

Thanks again!

 

[hamgha]

Thanks a lot for the reply, vishalg.

In regards to the 6 months average balance, would the letter from the bank show6 different balances per individual months, or it would only need showing two balances, one for the current money in my account today and the other one being an unique balanced based on the average of the last 6 months?

Meaning:

- The average amount in the account for each of the six months (i.e. six averages); or
- The average amount in the account across six months (i.e. a single average)?



Thanks again!

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-format-6-month-average-t489335.0.html

 

[vishalg]

Thanks a lot for the reply, vishalg.

In regards to the 6 months average balance, would the letter from the bank show6 different balances per individual months, or it would only need showing two balances, one for the current money in my account today and the other one being an unique balanced based on the average of the last 6 months?

Meaning:

- The average amount in the account for each of the six months (i.e. six averages); or
- The average amount in the account across six months (i.e. a single average)?

Thanks again!

I have given 6 average figures( one for each month). Don't know if someone has shared one figure across 6 months.

 

[mpitillo]

I have given 6 average figures( one for each month). Don't know if someone has shared one figure across 6 months.

Hey Vishalg, thanks again!

Yes, I read that some people have given 6 average figures. I just found weird, because when we read what it says in the CIC page, it sounds like they want ONE average based on the last 6 months. Which made me assume that this is ONE number equivalent to the balance when calculating how much you had at the end of each month, in a period of 6 months. LOL

" The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months."

Thanks for the help though. Did you get your PR already then? Do you know of a template for this letter online?

 

[maver]

Hi,
I've more than the required amount (around 28K cad) in my bank account. Since I'm planning to close out my car loan in the following months, I told in my application that I'll be bringing 20K cad for two people. But my bank letter still shows all the money I have. Do you think it is ok? I don't want to be understood that I'm misrepresenting myself.

 

[vishalg]

Hey Vishalg, thanks again!

Yes, I read that some people have given 6 average figures. I just found weird, because when we read what it says in the CIC page, it sounds like they want ONE average based on the last 6 months. Which made me assume that this is ONE number equivalent to the balance when calculating how much you had at the end of each month, in a period of 6 months. LOL

" The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months."
I don't have it handy, can share tomorrow,
if needed. But you it is not a fixed format you can make your own just make sure that all requested information is mentioned on the letter
Thanks for the help though. Did you get your PR already then? Do you know of a template for this letter online?
I am still in process but know a few people who have received PPR. Hopefully, we all will get it soon

 

[vishalg]

Hi,
I've more than the required amount (around 28K cad) in my bank account. Since I'm planning to close out my car loan in the following months, I told in my application that I'll be bringing 20K cad for two people. But my bank letter still shows all the money I have. Do you think it is ok? I don't want to be understood that I'm misrepresenting myself.

don't withdraw until you submit your application. Post submission you can do that and also if you're keeping it above the LICO there is no problem. Cic is only concerned about the minimum funds.

 

[bunnybunny]

Hi guys, I need your advice.

I just got my ITa a few days ago. I have a joint account with my Father, the money here was previously transferred from my account (basically source of fund for joint =mine).

Tomorrow I'm going to change joint back to my name only. Would it be a problem that Im doing this AFTER getting my ITA?

If joint acc is now under my name, what other documents do I need to legally prove money is mine? (E.g. Gift deed but it doesn't seem to apply here).

 

[vishalg]

Hi guys, I need your advice.

I just got my ITa a few days ago. I have a joint account with my Father, the money here was previously transferred from my account (basically source of fund for joint =mine).

Tomorrow I'm going to change joint back to my name only. Would it be a problem that Im doing this AFTER getting my ITA?
No problem
If joint acc is now under my name, what other documents do I need to legally prove money is mine? (E.g. Gift deed but it doesn't seem to apply here).
if the bank letter mentions your name only along with the original account opening date then worries at all.

 

[bunnybunny]

Thank you! I don't understand what you mean by "original opening date". I think it Mentions both our names, not only mine. it was opened as a joint. the money, however came from another bank account... this bank acc is the one with my name).

Is this a problem? To be on the safe side, should I get an affidavit?

 

[vishalg]

Thank you! I don't understand what you mean by "original opening date". I think it Mentions both our names, not only mine. it was opened as a joint. the money, however came from another bank account... this bank acc is the one with my name).

Is this a problem? To be on the safe side, should I get an affidavit?

the bank letter ( for the account you intend to show as POF) is the joint one ( I hope my understanding is correct). Let's say you opened joint account in July 2016 get the complete ownership tomorrow. So the bank letter should mention your name along with account opening date as July 2016. The letter should not mention your father's name.