Proof of Funds (Express Entry)

[divert2tuhin]

Even if CIC does find out about your liabilities...make sure that the debt you have and the installment you are paying not make a significant difference in the amount you own... for example : if you own 100 and your liabilities are >50..then there is no point in showing the proof of funds... hope you get my point..

Thanks! Understood.

Is it mandatory to provide CC statement?

 

[nbt11]

Thanks! Understood.

Is it mandatory to provide CC statement?

No, it is not mandatory to provide those unless asked for...

 

[baovydo]

Hi guys,

Regarding Settlement funds for OINP, they say this in the Application guide

"Copies of your bank statements for the six months prior to your application submission date.

Supporting Documents Submitted

 Bank statements should include your name or your spouse or common-law partner’s name, account number, transit/institution number, account balance and currency.
 If you provide bank statements in your spouse or common-law partner’s name, you must include a letter from the financial institution and/or your spouse or common-law partner indicating that you have access to these funds.
 If your bank statements do not demonstrate a personal account standing/final balance that meets or exceeds the Low Income Cost-Offs (LICO), you may include proof of fixed term deposits, stocks, mutual funds, investments, and/or pensions, along with a confirmation that these funds can be immediately liquidated and at what value, and that they are free of debt or financial liability."

So it means bank statements are must, and in case they can't show we have enough funds, we need to show them other sources of money (which I believe all of us have - like fixed deposits, gift deeds etc.,) aye?

Regarding the 6 month bank statements, these statements will give details of every transaction in our bank account in the past 6 months right? I can have all these details at my bank, the only thing is that it is not in English and my bank can't provide an English version. Unless I have someone translated them, and get them notarized. How is it with you guys?

Also, they only mention they need bank statements of the past 6 months, so we do not need to show the average balance of our other source of funds (like fixed deposits) in the last 6 months, only the verification of last balance as we submit aye?

Thank you a lot for your advice
Cheers

 

[nbt11]

Hi guys,

Regarding Settlement funds for OINP, they say this in the Application guide

"Copies of your bank statements for the six months prior to your application submission date.

Supporting Documents Submitted

 Bank statements should include your name or your spouse or common-law partner’s name, account number, transit/institution number, account balance and currency.
 If you provide bank statements in your spouse or common-law partner’s name, you must include a letter from the financial institution and/or your spouse or common-law partner indicating that you have access to these funds.
 If your bank statements do not demonstrate a personal account standing/final balance that meets or exceeds the Low Income Cost-Offs (LICO), you may include proof of fixed term deposits, stocks, mutual funds, investments, and/or pensions, along with a confirmation that these funds can be immediately liquidated and at what value, and that they are free of debt or financial liability."

So it means bank statements are must, and in case they can't show we have enough funds, we need to show them other sources of money (which I believe all of us have - like fixed deposits, gift deeds etc.,) aye?

Regarding the 6 month bank statements, these statements will give details of every transaction in our bank account in the past 6 months right? I can have all these details at my bank, the only thing is that it is not in English and my bank can't provide an English version. Unless I have someone translated them, and get them notarized. How is it with you guys?

Also, they only mention they need bank statements of the past 6 months, so we do not need to show the average balance of our other source of funds (like fixed deposits) in the last 6 months, only the verification of last balance as we submit aye?

Thank you a lot for your advice
Cheers

I didn't quite understand your question... but if your FDs or anything...are more than six months old i.e. your bank balance meets the minimum requirement for the past six months... you don't have to worry about anything... And when you have FDs...your bank letter will show that included in your balance..
Is that what you are asking? Please ignore if its not a question at all and you just posted for information...

 

[Tobenfrost]

Dear Members,

Would want to ask a question regarding POF for express entry. I am from Pakistan and have made my profile with my wife as the other accompanying person. My score is 439. The POF requirement is CAD 15,312. I currently have more than the required amount but want to create a foreign currency account to offset local currency devaluation.
Can I create that account before submitting my ITA application and submit it with the application package afterwards? I haven't received my ITA yet though.

Regards.

 

[nbt11]

Dear Members,

Would want to ask a question regarding POF for express entry. I am from Pakistan and have made my profile with my wife as the other accompanying person. My score is 439. The POF requirement is CAD 15,312. I currently have more than the required amount but want to create a foreign currency account to offset local currency devaluation.
Can I create that account before submitting my ITA application and submit it with the application package afterwards? I haven't received my ITA yet though.

Regards.

It's not really necessary to create a foreign currency account.. but if you want to I guess you can and when you transfer your funds into that keep all the necessary documents ready...like the POF of local bank account and also a letter of explanation as on why you transferred to that account.

My suggestion would be to not take those funds out from that account...you are pretty close for an ITA... don't do anything which would jinx up your chances...

 

[baovydo]

I didn't quite understand your question... but if your FDs or anything...are more than six months old i.e. your bank balance meets the minimum requirement for the past six months... you don't have to worry about anything... And when you have FDs...your bank letter will show that included in your balance..
Is that what you are asking? Please ignore if its not a question at all and you just posted for information...

Ohh sorry I may have misled you with my questions. My point is: if my personal account doesn't meet the minimum LICO although my FD does, do I still need to show the 6 month account statements of my personal account? Or only the FD is enough?

My FD was opened in February with only few hundreds CAD, but recently I liquidated my assets and deposited money into the FD. Do I need to show the balance of my FD from the beginning, or only the last balance is enough?
My bank only gave me a verification of the last balance, without mentioning about the changes. Of course if I show CIC my fix-term savings book they could see the changes, and I will explain to them this sudden spike.

Thank you

 

[nbt11]

Ohh sorry I may have misled you with my questions. My point is: if my personal account doesn't meet the minimum LICO although my FD does, do I still need to show the 6 month account statements of my personal account? Or only the FD is enough?

My FD was opened in February with only few hundreds CAD, but recently I liquidated my assets and deposited money into the FD. Do I need to show the balance of my FD from the beginning, or only the last balance is enough?
My bank only gave me a verification of the last balance, without mentioning about the changes. Of course if I show CIC my fix-term savings book they could see the changes, and I will explain to them this sudden spike.

Thank you

Oh well in that case it's not required. If you are showing your FD balance and the proofs for that money... you are good to go.
As a benefit of doubt you can write to CIC and find out...

 

[Neo_says]

Hi team,

I got a nomination from OINP last Monday.
Now, I am an FSW inland applicant with Provincial Nomination and working in Canada. I have an open work permit.
DO I need to show funds in my PR application?
Please advise.

 

[akashbhalla89]

Hi,
I am in mid of my pr application medical passed stage i am getting married in 2 months so i want to add my spouse and as am an inland applicant i will have to visit home country to do that. So, shall i go now and get married or shall i wait for PPR ad then before stamping do the marriage.
If i leave canada do CIC give me an option to send my passport to my own country for stamping?
If not will they allow my entry i have study visa till novemeber this year ?

thanks

 

[nbt11]

Hi team,

I got a nomination from OINP last Monday.
Now, I am an FSW inland applicant with Provincial Nomination and working in Canada. I have an open work permit.
DO I need to show funds in my PR application?
Please advise.

Yes.
Unless you have a valid job offer approved by LMIA... you have to show PoF... Cheers...

 

[Neo_says]

Yes.
Unless you have a valid job offer approved by LMIA... you have to show PoF... Cheers...

Okay, thanks for your reply.
Do this funds need to be in my bank for last 6 months?
After showing proof of funds, Can I withdraw it after week?

 

[nbt11]

Okay, thanks for your reply.
Do this funds need to be in my bank for last 6 months?
After showing proof of funds, Can I withdraw it after week?

If they have been there for 6 months, there won't be so many questions..less paperwork.. that's all...but it's not mandatory... you can have them at any point of time...but you'll have to prove CIC that it's your own..not borrowed/loaned...
N yes once you land in there you are free to use all your money...

 

[Neo_says]

If they have been there for 6 months, there won't be so many questions..less paperwork.. that's all...but it's not mandatory... you can have them at any point of time...but you'll have to prove CIC that it's your own..not borrowed/loaned...
N yes once you land in there you are free to use all your money...

But, I am already in Canada and working.
So, can I use the money after submitting my file and before decision making?

 

[nbt11]

But, I am already in Canada and working.
So, can I use the money after submitting my file and before decision making?

I guess it's better to keep the minimum until the final decision...