Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
What if you're a Federal Skilled Worker? I put 18k or 20k. Is that alright! I earn 30k a year (as scholarship). Thanks!
What if I get my friend to transfer his "more than 6 months old" FD (fixed deposit) in my name AS WELL AS provide me a gift deed. Is that OK as proof?
If yes, then Do I need to attach my friend's own bank statement also?
Please some severe comment on this as there are lot of people using such option like me..
If yes, then Do I need to attach my friend's own bank statement also?
Please some severe comment on this as there are lot of people using such option like me..
I got my ITA on May 17 and just started the process of documentation.
For the rest of the documentation, I got some info from this forum.
It's Proof of Funds that is confusing me. I am from India, working for past 10 years and currently have around 500,000 INR in my account (around 10500 CAD).
To meet the minimum funds criteria for 1 person, I need to have around 600,000 INR (12300+ CAD)
My queries are:
1. Since I am working person and if I wait till August for submitting my application, I will have around 600,000 INR in my account.
Do I still need to show any kind of funds support from my family (gift from father) in order to secure the smooth processing?
My bank statement can show that I am getting around 40,000 INR on monthly basis as my salary which will be added in my account.
Do I need to provide my company salary statement as proof of funds as well?
2. Is it possible for someone to show say $13000 CAD in their account while applying and have more than that once they travel?
Do I still need to show the source of income in this case?
From the time of applying for e-APR till the time I travel, it is very much possible that my bank account will rise upto 700,000 or more due to the regular incoming of the salary.
Do I need to justify that income while traveling or after landing?
3. I have few investments and FD on my name. This will add up additional 200,000 INR of funds & I can get them liquidize any day into my account. Can I show these investments as my PoF as well?
For the rest of the documentation, I got some info from this forum.
It's Proof of Funds that is confusing me. I am from India, working for past 10 years and currently have around 500,000 INR in my account (around 10500 CAD).
To meet the minimum funds criteria for 1 person, I need to have around 600,000 INR (12300+ CAD)
My queries are:
1. Since I am working person and if I wait till August for submitting my application, I will have around 600,000 INR in my account.
Do I still need to show any kind of funds support from my family (gift from father) in order to secure the smooth processing?
My bank statement can show that I am getting around 40,000 INR on monthly basis as my salary which will be added in my account.
Do I need to provide my company salary statement as proof of funds as well?
2. Is it possible for someone to show say $13000 CAD in their account while applying and have more than that once they travel?
Do I still need to show the source of income in this case?
From the time of applying for e-APR till the time I travel, it is very much possible that my bank account will rise upto 700,000 or more due to the regular incoming of the salary.
Do I need to justify that income while traveling or after landing?
3. I have few investments and FD on my name. This will add up additional 200,000 INR of funds & I can get them liquidize any day into my account. Can I show these investments as my PoF as well?
Would suggest to keep a little above the minimum required funds ( at the time of application submission) say 1000$ more to manage exchange rate fluctuations
Thank you Vishal for the reply. Few doubts arose after your replies. Can you pls answer below queries as well.
1. Do I need to show payslips of the last 6 months or the annual salary letter for this?
2. The PoF of the liquidated saving accounts will be credited in my account. Do I need to show the origial bonds/certificate as my proof of income?
Hi all,
I'm hoping someone on here can help with a definitive answer in the subject of debts and POF. I've done some searching and have not seen any definitive answer to my question, certainly not a link to Canadian immigration policy...
My partner and I are preparing to submit our EOI. We will have CRS of 472 so will be expecting an ITA quickly. We have more than the required amount of funds in savings, however if you take into account credit card debts in my partner's name (he is the primary via applicant) our net assets are lower than the required funds. We have not used loans or credit cards to show proof of funds and the money in savings is genuine money saved from our salary. The credit card debt has built up over time.
I know that CIC are primarily concerned with ensuring you didn't borrow money to show for POF and we didn't, but I'm concerned that when we declare all is our debts we will be rejected as we have less than required when taking debts into account. All of our debts are on an unsecured credit card, we have no loans or mortgage.
Can someone put my mind at ease, preferably with a link to the policy that the immigration officials will apply in relation to existing debts?
I'm hoping someone on here can help with a definitive answer in the subject of debts and POF. I've done some searching and have not seen any definitive answer to my question, certainly not a link to Canadian immigration policy...
My partner and I are preparing to submit our EOI. We will have CRS of 472 so will be expecting an ITA quickly. We have more than the required amount of funds in savings, however if you take into account credit card debts in my partner's name (he is the primary via applicant) our net assets are lower than the required funds. We have not used loans or credit cards to show proof of funds and the money in savings is genuine money saved from our salary. The credit card debt has built up over time.
I know that CIC are primarily concerned with ensuring you didn't borrow money to show for POF and we didn't, but I'm concerned that when we declare all is our debts we will be rejected as we have less than required when taking debts into account. All of our debts are on an unsecured credit card, we have no loans or mortgage.
Can someone put my mind at ease, preferably with a link to the policy that the immigration officials will apply in relation to existing debts?
Hi All experienced members,
Question regarding attaching bank statements. Is it considered a red flag if I have a large transaction (say outgoing to pay university fees from my savings, or to pay some money to family). All are OUTGOING transactions and fairly large (3-5K USD), and my balance is still above the min required AFTER the outgoing transactions.
S.
Question regarding attaching bank statements. Is it considered a red flag if I have a large transaction (say outgoing to pay university fees from my savings, or to pay some money to family). All are OUTGOING transactions and fairly large (3-5K USD), and my balance is still above the min required AFTER the outgoing transactions.
S.
No worries if amount is above LICO. Although you have to provide proof of all significant credits in your account within last 6 months.
Hi all members,
Could I use accompanying spouse's account for PoF? Is there any additional affidavit or other docs needed?
Thanks!
Could I use accompanying spouse's account for PoF? Is there any additional affidavit or other docs needed?
Thanks!
Yes, you can. Get a declaration from spouse that s/he allows you to utilize the funds for immigration purpose and s/he will be accompanying you upon receiving the COPR