Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
Yeah get an affidavit from those people that they are returning the amount which you have loaned to them and it should be fine. CIC just wants to know that all the money is your own and you don't owe anything to anyone...
Good luck...Cheers..
Hi I have a question about the proof of fund. Could you give me some suggestions? I live in Canada now and recently I transferred about 3400 CAD from my Oversea account to my Canadian account. I did that through online banking. I can get a electric statement showing from my Oversea account to my Canadian account. My question is do I need to show cic that the money in my Oversea account is over 6 months?
Thanks in advance
Thanks in advance
Query regarding Step by Step procedure for Gift Deed or Fixed Deposit from Parents:
Hello All,
Could someone please help me out with the step by step procedure for the following:
1) Getting a gift deed done from parents
2) Fixed deposit by parents in my name
Please mention the steps and all the documents required for getting the gift deed done (e.g: if a Demand draft or deposit of cash is ok or not, the gift deed, affidavit and notarization, the format for each of them, where the gift deed is done, is there a way we can get it done online?)
And if it is a fixed deposit being done by parents, what the procedure would be.
If someone has got any of the above done from Bangalore or Hyderabad, please mention the places too.
Thank you in advance.
Hello All,
Could someone please help me out with the step by step procedure for the following:
1) Getting a gift deed done from parents
2) Fixed deposit by parents in my name
Please mention the steps and all the documents required for getting the gift deed done (e.g: if a Demand draft or deposit of cash is ok or not, the gift deed, affidavit and notarization, the format for each of them, where the gift deed is done, is there a way we can get it done online?)
And if it is a fixed deposit being done by parents, what the procedure would be.
If someone has got any of the above done from Bangalore or Hyderabad, please mention the places too.
Thank you in advance.
Hi All,
I have a clarification on POF. I have funds which will sum upto 10,000 CAD in one of my bank account and 4500 CAD in another bank account and 4500 is third bank account. Am planning to transfer all the amounts into 10,000 CAD account and show that account as a POF. Is that a right way to showcase that? or should i show it individually?
Also, I have the fund as gift deed from My Mom and Uncle which can sum upto 9000 CAD. Remaining 10000 CAD is the amount which was repayment of fund from my Father-in-law where I have helped him once for his personal needs an year back and he repayed it now. Should i get a LOE stating that it is the repayment amount which is displayed in my account? How I have to justify myself to in such situation.
Any experts, please advise. Thank you in Advance.
Regards,
Siju
I have a clarification on POF. I have funds which will sum upto 10,000 CAD in one of my bank account and 4500 CAD in another bank account and 4500 is third bank account. Am planning to transfer all the amounts into 10,000 CAD account and show that account as a POF. Is that a right way to showcase that? or should i show it individually?
Also, I have the fund as gift deed from My Mom and Uncle which can sum upto 9000 CAD. Remaining 10000 CAD is the amount which was repayment of fund from my Father-in-law where I have helped him once for his personal needs an year back and he repayed it now. Should i get a LOE stating that it is the repayment amount which is displayed in my account? How I have to justify myself to in such situation.
Any experts, please advise. Thank you in Advance.
Regards,
Siju
It's okay if you want to show it in three different accounts or in one single account..but if you are transferring it from those accounts..you will have to mention that in your LOE saying that it's from your own account... and anyway they would be asking for a proof... for those funds...
So if you have all these funds in your accounts for the past six months then a simple bank statement would suffice.. you say that you have a gift deed for a CA$9000.. what about the rest...? You are gonna need proofs for those too.. By the way how much are you going to show? Are you a single applicant?
And yes, you need to mention that in your LOE about that in-law's repayment and get an affidavit signed by him...
You have framed a complex question mate
I tried to put it all together...Bottom line is.. you can show how many ever accounts you want to... it has to meet the minimum requirement and CIC has to believe that you don't owe anything to anyone and all that money is yours... it's a fair and square condition...
Hope this helps.. Cheers Hi guys ...
I understand there is 6 month bank statement is mandatory to show my financial status. Instead if i submit a validated confirmation letter that my father would like to gift me the required amount necessary for immigration, will it acceptable?
I understand there is 6 month bank statement is mandatory to show my financial status. Instead if i submit a validated confirmation letter that my father would like to gift me the required amount necessary for immigration, will it acceptable?
The six months bank statement is not a mandatory thing.. it's just to prove that you have enough Savings in your account... So if there is a high inflow or outflow of cash in that 6 months.. they ask questions about those ..
So to answer your question.. you will have to get a gift deed from your dad for that amount which he's gifting you. Just a confirmation is not sufficient... A notarized gift deed and an affidavit from your father would make it stronger.. and yep that's enough.. this would remove the need for checking your 6 month statement... It's advisable to attach those though..
Hi all, I have 3 questions regarding my POF. Please help to advise. Highly appreciated!
- I'm using my FD as POF, and the FD itself already meets the LICO, do I need to send them my savings account statement (this one can have 6 months average but the balance is very small bc it's a salary account)?
- Do I need to ask the bank to mention "money can be withdrawn at any given time upon customer request" in the bank letter for my FD? In case they don't change their format, how could I mention this statement and get certified for it?
- My FD will mature next month so I intend to break it in two parts. I will withdraw 60% and give to my parents for their personal investment. 40% of it I will continue to deposit it as FD. It still meets the minimum amount required. Will this cause problem? Will CiC see it as the sudden outflow? (I guess this is normal when FD is matured right? Ppl need their money to spend on personal things) thank you!!!
Hi everyone, please help
Actually I am working in UAE and I sent all my money to my brother account over the last four years and now he will transfer that money to my personal account. Will this gift deed be ok for POF or do I need anything else?
I, brother name, S/o R/o Moh, do hereby on dated _ make a repayment of ___________, Rs. ______/ to my brother, -----, S/o ---, R/o ---. I hereby, confirm that my brother, ----- had sent this money to my account over the past 4 years. I confirm that I am a Pakistani resident.
I, further confirm that this transfer is being made out of my own A/c No. in (mention the Bank name & address). I, further confirm that the consideration for this transfer is the repayment for my brother, Imran Riasat and no other consideration.
I, further confirm that the transfer has been made by Cheque No ___________ dated _______ drawn on _____ (mention the Bank name & address). This transfer amount is irrevocable and I have no claim left whatsoever on the said amount and he is free to utilize it in any manner.
PLACE:
DATED: _______________________
(Donor name)
Witness:
The gift as stated above is accepted
Imran Riasat
(Name of receiver)
Actually I am working in UAE and I sent all my money to my brother account over the last four years and now he will transfer that money to my personal account. Will this gift deed be ok for POF or do I need anything else?
I, brother name, S/o R/o Moh, do hereby on dated _ make a repayment of ___________, Rs. ______/ to my brother, -----, S/o ---, R/o ---. I hereby, confirm that my brother, ----- had sent this money to my account over the past 4 years. I confirm that I am a Pakistani resident.
I, further confirm that this transfer is being made out of my own A/c No. in (mention the Bank name & address). I, further confirm that the consideration for this transfer is the repayment for my brother, Imran Riasat and no other consideration.
I, further confirm that the transfer has been made by Cheque No ___________ dated _______ drawn on _____ (mention the Bank name & address). This transfer amount is irrevocable and I have no claim left whatsoever on the said amount and he is free to utilize it in any manner.
PLACE:
DATED: _______________________
(Donor name)
Witness:
The gift as stated above is accepted
Imran Riasat
(Name of receiver)
Thanks a ton for the response. Am traveling with my 2 dependents and as mentioned earlier the sum of 10K CAD + 9K CAD = 19000CAD where i believe is sufficient enough to travel for 3 people. Sorry about the complex question. Thank you so much for helping me out.It's okay if you want to show it in three different accounts or in one single account..but if you are transferring it from those accounts..you will have to mention that in your LOE saying that it's from your own account... and anyway they would be asking for a proof... for those funds...
So if you have all these funds in your accounts for the past six months then a simple bank statement would suffice.. you say that you have a gift deed for a CA$9000.. what about the rest...? You are gonna need proofs for those too.. By the way how much are you going to show? Are you a single applicant?
And yes, you need to mention that in your LOE about that in-law's repayment and get an affidavit signed by him...
You have framed a complex question mate
Bottom line is.. you can show how many ever accounts you want to... it has to meet the minimum requirement and CIC has to believe that you don't owe anything to anyone and all that money is yours... it's a fair and square condition...
Hey @pino1130,
Sorry I have missed to see your question...thanks for your personal message
The FD proof alone is enough for showing the POF and it is a valid way to show it. They wouldn't bother about how much amount you have in your salary account as you are showing the FD proof. I'm not sure how the bank prints the letter for FD proof but yeah it should work..
Your second and third points are a bit confusing.. if your FD is about to mature next month, how are you going to show it as a proof? And usually if the bank doesn't write that line it's okay because FD's start and end dates will be mentioned in the letter...that's enough (my guess)...
So what I think is that, your FD is going to mature anyway...and will be back to your savings account... so give out that amount which you said to your parents.. remaining will anyway meet the minimum requirement..so you will be showing your savings account balance for POF.. All you have to do is mention this in a Letter of explanation... like your source of income was your own FD, you liquidated it/it got matured (attach the proof).. the outflow of cash was to gift your parents to meet personal expenses (maybe better explanation would be required/gift deed).
Hope this helps.. if not let's research for more options.. I'll be happy to help...
You clearly have your own funds...CIC just needs to know that...so only paperwork...
Happy that I was of some help
Seems like you have all the amount which is your own now..without liabilities..Just keep all the paperwork straight forward.. that is enough.
If in doubt, Google through for more answers.
Good luck.. Cheers