Proof of Funds (Express Entry)

[vishalg]

Hi guys,
I need a clarification. My CRS is coming to 418 as per the CIC website calculator. I am going to make my express entry profile now. I have a family of three and working in Abu Dhabi presently. My query is regarding the proof of funds. the proof of funds is for my family is coming around 18852 CAD = 53000AED.
Do i need to show this proof of funds before i create my express entry profile or is it after the ITA ?
In addition to that how long shall the money be in my account to be safe.

ideally the funds should be with you at the time of creating profile. But it is mandatory to have required funds before submitting your application i.e. after getting ITA.
Ideally you should maintain the required funds through the process as CIC may ask for revised POF at any time during the evaluation.
Create your profile today/ tomorrow, draw is expected this Wednesday. Good luck.

 

[Sahussain]

ideally the funds should be with you at the time of creating profile. But it is mandatory to have required funds before submitting your application i.e. after getting ITA.
Ideally you should maintain the required funds through the process as CIC may ask for revised POF at any time during the evaluation.
Create your profile today/ tomorrow, draw is expected this Wednesday. Good luck.

Thanks for your quick reply. Would appreciate if you could clarify on the below points
1. Can i show my salary account for POF.
2. How long should the balance be above the POF limit i.e. 53000AED in my case

regards

 

[vishalg]

Thanks for your quick reply. Would appreciate if you could clarify on the below points
1. Can i show my salary account for POF.
Yes
2. How long should the balance be above the POF limit i.e. 53000AED in my case
From today till the time you submit your application ( or get the letter from the bank) you can keep on adding the funds to your account if the funds are lesser than the minimum required amount. However, you would need to give supporting documents for significant funds credited to your account within last 6 months ( from the date you got the letter from bank). These supporting documents would justify your ownership and source of these funds. CIc just wants to ensure that you're not taking any loan for POF
regards

 

[aarchitj]

I cannot find the exchange rates anywhere on cic website. I am writing the LOE and need to the latest INR-CAD exchange rate from their website.

Can anyone help ?

Why do you need the FX rates? Are your funds just near to the borderline?

No, the funds are well above the minimum asking amount. However, I had learned that a lot of members mention the conversion rate and final converted amount in the LOE. And so I wanted to know, from where I should source the exchange rates.

 

[aarchitj]

You won't find it there, visit bank of Canada's website.

Thanks

 

[Vish7]

Thanks Vishal

 

[Vish7]

Since I will show my salary account, it will reflect my personal loan and home loan. Personal loan is from same bank as savings account, so i will get the details in their letter head along with my balance for the bank. However, home loan is from different bank, so I will get a loan summary statement from them. But will these take my POF amount down? Do I need to provide any valuation for my property for which home loan is taken? Do I need to show any credit card statements from other banks where I do not have any sort of account and I only have credit card from that bank?

 

[vishalg]

Since I will show my salary account, it will reflect my personal loan and home loan. Personal loan is from same bank as savings account, so i will get the details in their letter head along with my balance for the bank.
Use LOE to explain and highlight the fact you have not used this for POF
However, home loan is from different bank, so I will get a loan summary statement from them. But will these take my POF amount down?
If the loans are not taken for POF then then don't have any impact. Use the LOE wisely to your advantage.
Do I need to provide any valuation for my property for which home loan is taken?
Not required. EMIs for these loans are to be paid from the your future income.
Do I need to show any credit card statements from other banks where I do not have any sort of account and I only have credit card from that bank?not required.

 

[moonarch]

Dear Vishal
U ve always been very helpful for everyone in this forum...a question i want to ask to you if i am gonna sale gold, so can i sale it to my any relative and who wants to purchase..cz gold usually considers as investment product...so what proof can i share in application do i need to make a sale deed between me and my relative for this transaction?? cz they can trasnfer money from their account...plz help ...

 

[vishalg]

Dear Vishal
U ve always been very helpful for everyone in this forum...a question i want to ask to you if i am gonna sale gold, so can i sale it to my any relative and who wants to purchase..cz gold usually considers as investment product...so what proof can i share in application do i need to make a sale deed between me and my relative for this transaction?? cz they can trasnfer money from their account...plz help ...

There has to be a legal document proving the sale. Selling a relative could be a challenge in terms of producing a sale deed. You might have to visit a lawyer/ notary to get an affidavit made. Not sure how it would work. Would advise you get a legal opinion or check with someone who has done this.
Alternatively, you can sell in the market/ to a jeweller.
If above doesn't work then get a gift from your family and give them the gold. In this scenario, you would need a gift deed and proof of transfer
Hope this helps.

 

[moonarch]

There has to be a legal document proving the sale. Selling a relative could be a challenge in terms of producing a sale deed. You might have to visit a lawyer/ notary to get an affidavit made. Not sure how it would work. Would advise you get a legal opinion or check with someone who has done this.
Alternatively, you can sell in the market/ to a jeweller.
If above doesn't work then get a gift from your family and give them the gold. In this scenario, you would need a gift deed and proof of transfer
Hope this helps.

thnaks for support , but i am already having some other amount using gift deed from my father...so several deeds may cause problems isnt it??

 

[DSpartners]

My passport hasn't been stamped in the PSK when I went for PCC but I have been given the PCC. Is that ok?

 

[vishalg]

thnaks for support , but i am already having some other amount using gift deed from my father...so several deeds may cause problems isnt it??

There is no problem with multiple gift deed. If you're getting the gift from same person then get one gift deed with the mention of all transactions.

 

[vishalg]

My passport hasn't been stamped in the PSK when I went for PCC but I have been given the PCC. Is that ok?

Till sometime back they used to give a copy and stamp on passport. If they've changed it now then I am not aware if it.

 

[DSpartners]

I saw people's passports getting stamped but I wasn't sure for what. In the meanwhile my token number was called and missed track of asking about it. I hope it is not an issue.

If there is someone who has been to the PSK recently, I hope they will reply.