Proof of Funds (Express Entry)

[+Hummingbird+]

Would really value people's experience on a few points here please.

1. Does the requirement for 6 months' balance only apply to savings, but to credit card balances too? I have provided current credit card balance only, with 6 months' view for savings.

2. I was really messed around by one of my banks when I made my request for a banker's letter. Essentially I didn't get everything I needed in one letter - instead, most details about the account e.g. date opened, contact details for bank were in one letter, then separately the bank sent me statements covering the requested 6-month period. So technically I haven't provided IRCC exactly what is requested in one neat letter, but split across a few documents. However, the bank statements have account number, my name, account type name etc which matches with the letter with date opened / bank contact details. So it should be clear they cover the same accounts and savings...will I be okay?

I'm really worried about how strict IRCC might be about this.

 

[vishalg]

Would really value people's experience on a few points here please.

1. Does the requirement for 6 months' balance only apply to savings, but to credit card balances too? I have provided current credit card balance only, with 6 months' view for savings.
For Credit card they ask only for current details not 6 months
2. I was really messed around by one of my banks when I made my request for a banker's letter. Essentially I didn't get everything I needed in one letter - instead, most details about the account e.g. date opened, contact details for bank were in one letter, then separately the bank sent me statements covering the requested 6-month period. So technically I haven't provided IRCC exactly what is requested in one neat letter, but split across a few documents. However, the bank statements have account number, my name, account type name etc which matches with the letter with date opened / bank contact details. So it should be clear they cover the same accounts and savings...will I be okay?
No worries, all seems fine. Your averages weren't there in the letter so you got bank statements.
No problems at all
I'm really worried about how strict IRCC might be about this.

Don't worry, documents are okay.

 

[drkunalrgupta]

Another important question

Would you need to clear all your debts of credit cards before taking a bank statement? I am trying to maintain extra balance in my savings accounts to compensate for debt, beyond my PIF requirement
Thanks

 

[vishalg]

Another important question

Would you need to clear all your debts of credit cards before taking a bank statement? Not required
I am trying to maintain extra balance in my savings accounts to compensate for debt, beyond my PIF requirement
Thanks

 

[KiranK]

Thanks @KiranK you have been of a great help and thanks again for sharing the list of documents.

is it ok if i get the money credited into my account and get the gift deed done by my friend along with the letter of explanation LOE stating that "this gift is irrevocable and I have no claim left whatsoever on the said gifted amount and he is free to utilise it in any manner." ??

also is FD an option? can i open an FD using this amount now and take a certificate from bank?

You are welcome dear.
Yes, that will help it legitimise the deed more. You can go for FD route also, no problem either way.

 

[tichupichu]

Hi All

I am about to submit my PR application but I am a bit confused.

I don’t have any loan with the bank and my account balance has sufficient balance as POF. However I have taken a House rent advance from my Company for which monthly deductions are made from my salary. This deduction is appearing in my payslips.

My question is do I need to disclose this advance/loan ? will this be netted off against my bank balance to calculate the POF ?

Appreciate urgent help from anyone.

 

[tichupichu]

@KiranK Can you please help with the aforementioend query.

Please also advise if I get some funds transferred from my wife's account (not full POF value but part of it)
Will it be fine ?
or it would be sufficient if I submit an LOE. I dont think so any legal DEED will be required.
What do you think ?

 

[mooncef]

Yes, it will be a good way to go as long as the money is from salary, liquidated asests etc. i.e you have a genuine proof that this means is legitimately yours and not a careful procured loan of some kind.
You are not taking that money as yet to Canada, it will be in your account, it is not being transferred anywhere yet. So till you get your COPR, don't worry about it.
Later after PR you can take the needed cash as much your country allows with you. rest you can get wired accordingly so that no rules are broken.

My parents in law are about to send me a wire from their account ! the thing is they are cash savers not big on using banks ! so what kind of verification would potentialy CIC ask me to show apart from the gift deed ! would they require bank history of my parents in law as well ? in that case would it matter if they see a big deposit ?

 

[moonarch]

Hello Experts
If i sale my car for fund and deposit it my account so i need to show them car sale copy??because amount is just deposited...

 

[Vish7]

I just received my ITA.
Please if you can help me with below queries:
1> My IELTS expires on 11th July? Will I be safe if I submit by eAPR by 25th June? Will I not need to give IELTS again?
2> What if I show provident fund and FD's only for POF. Are Employer contribution and employee contribution both considered for POF? AreFD's from co-operative bank in India valid?
3> I have 10+ years of experience and with the same company. There is no way my company will provide reference letter. I do have all my offer letter, promotion letters, form 16 and a bona fide letter indicating my designation and joining date. I also have a reference letter from 2009 which I had used for Australia PR.
Will this be sufficient to show my experience?

 

[KiranK]

@KiranK Can you please help with the aforementioend query.

Please also advise if I get some funds transferred from my wife's account (not full POF value but part of it)
Will it be fine ?
or it would be sufficient if I submit an LOE. I dont think so any legal DEED will be required.
What do you think ?

Hello
IMO, if the deduction is from your salary, and if you already have the sufficient funds, it means your house rent will be deducted from your salary of upcoming months, if till date the funds are maintained despite any deduction, So it means any future salry you will be getting will be after deduction, so that is no issue at all. The finds will be maintained. As long as you are currently working, no need to tell CIC any information, you are good to go. Then don't need your payslips in PoF, so no problem there.
I f you want money from your wife, you still will have to get a gift deed if it is heavy amount.
Hope it helped.

 

[KiranK]

My parents in law are about to send me a wire from their account ! the thing is they are cash savers not big on using banks ! so what kind of verification would potentialy CIC ask me to show apart from the gift deed ! would they require bank history of my parents in law as well ? in that case would it matter if they see a big deposit ?

No CIC does not need any bank history from your parents, As long as their savings are legitimate and they are tax payers, they can gift you the amount, no need for any other document beside gift deed.
(Like in India you can get it mentioned on the gift deed that. "I donorr xxxx am a tax payer of the country and my PAN no- is xxxxxx)
You can get this information included as per your country's rules to add weight to the deed for CIC.

 

[KiranK]

Hello Experts
If i sale my car for fund and deposit it my account so i need to show them car sale copy??because amount is just deposited...

Yes you will have to show them the proof of sale of car., As CIC doubts any unexplainable heavy deposits in your account.

 

[vishalg]

Hello
IMO, if the deduction is from your salary, and if you already have the sufficient funds, it means your house rent will be deducted from your salary of upcoming months, if till date the funds are maintained despite any deduction, So it means any future salry you will be getting will be after deduction, so that is no issue at all. The finds will be maintained. As long as you are currently working, no need to tell CIC any information, you are good to go. Then don't need your payslips in PoF, so no problem there.
I f you want money from your wife, you still will have to get a gift deed if it is heavy amount.
Hope it helped.

Accompanying spouse just has to sign the no objection declaration irrespective of the amount. No gift deed required

 

[KiranK]

I just received my ITA.
Please if you can help me with below queries:
1> My IELTS expires on 11th July? Will I be safe if I submit by eAPR by 25th June? Will I not need to give IELTS again? Yes, you are good to submit file before expiry date, as your gets frozen after AOR but get it ASAP. Sooner the better.
2> What if I show provident fund and FD's only for POF. Are Employer contribution and employee contribution both considered for POF? AreFD's from co-operative bank in India valid? IMO,You can show provident fund and FD for PoF, its fine. For FD fro Cooperative bank I think you shpuld be fine as long as the ban gives you a certificate and you attach FD slip, but ask someone else also. And IMO, if your in doubt you can better break the Fd and transfer the funds to you saving account, as PoF you can attach the proof of FD that you broke. This way will be better as CIC prefers money in savings. Although FD is also completely acceptable.
3> I have 10+ years of experience and with the same company. There is no way my company will provide reference letter. I do have all my offer letter, promotion letters, form 16 and a bona fide letter indicating my designation and joining date. I also have a reference letter from 2009 which I had used for Australia PR.
Will this be sufficient to show my experience? IMO,Attach all the above documents you mentioned, take a reference letter from a senior/colleague and explain your job duties in it. In an LoE explain that how your employer won't give a reference letter as asked. Give visiting cards of your colleagues etc. So that they have ample proof that your employment was bonafide. Still despite all this I would strongly suggest thsat if you can somehow get a reference letter from employer/CEO/MD/ HR please do.