Proof of Funds (Express Entry)

[luckyx27]

Need Help!.

Proof of Funds:

My spouse and my child (one) will be accompanying me after receiving PR. Therefore In view to that I have saved around 18,850 (Round 19,000 CAD). Amount is in my account (under my name) since more then four years. The breakup of 19,000 CAD collection is as follows:

1. Last year Bonus: 5500 $ CAD
2. Saving at home (In the form of Cash): 7000 $ CAD
3. Remaining 6500 $ CAD saved from three month salary.

Queries:
1. Do I need to give any proof (gift deed/pay slips/etc) for any of the above money.
2. Since money is there for more then four (04) months do I need to give any bank statement.
3. Am i missing something. Please advice

Regards,

1. Yes you have to make a gift deed(better from your brother, father or spouse)
2. You have to make a gift deed if there is a big transaction in your account during last six months. Bank statement of last six month is mandatory in any case. I hope it is clear now.
If 4 months already passed just wait for 2 more months and then you dont need to prove any thing. Just the bank statement will be enough.

 

[pino1130]

I'm not very sure... I told this considering the fact that your FD gets matured and is in your account.. (large amount of inflow..but you have a proof), and you are putting out the whole of it (40% to FD again, 60% to parents...large amount of outflow..).. Hmm, but any of this is not affecting your minimum requirement... Sorry, I'm honestly not sure I told that considering there is a large amount of outflow from your account but it's nothing wrong going on there... but CIC might be thinking that you owe a considerable amount of money to someone and may ask questions... but again not sure.. :|

thanks for your help

 

[abcvita2012]

Did you hear about anyone who was rejected because a car loan outstanding balance meant he doesn't have the required liquid cash?

 

[nbt11]

Did you hear about anyone who was rejected because a car loan outstanding balance meant he doesn't have the required liquid cash?

I haven't but it's a valid case I guess... if you owe something which makes a significant difference to your own balance...then it's pretty obvious that they would reject the application... (I think, please correct me if I'm wrong)

 

[abcvita2012]

I haven't but it's a valid case I guess... if you owe something which makes a significant difference to your own balance...then it's pretty obvious that they would reject the application... (I think, please correct me if I'm wrong)

Some people say that since it's not a personal loan then it's fine.

 

[nbt11]

Some people say that since it's not a personal loan then it's fine.

Oh, is it? I didn't know this. Thank you...

 

[PEIlove]

Your FD is steady from 12 months? You will be asked for the source of income proof when there is a sudden raise in funds in the past 3-6 months.. You don't have any problem mate. You are all set... Good luck Cheers

thanks

 

[Al Mahmud]

Hey good people,
When I submitted my application for PR, I had fund equivalent to 20500CAD but due to change in conversion rate, current fund is equivalent to 19450CAD. I declared in my EE profile that I will bring 20000CAD and LICO amount is 18825CAD. Should I be worried about it?

 

[beetee]

Please can someone help clarify my issue below.

Before ITA I have filled my spouse work experience, but we are unable to get the reference letter from one of his former employer after ITA.

Is it safe to remove my spouse foreign work experience from the profile considering the fact that i will be using his FD as POF though I am the primary applicant?

Also is it safe to use my spouse FD alone ?

 

[DelPiero07]

Hey good people,
When I submitted my application for PR, I had fund equivalent to 20500CAD but due to change in conversion rate, current fund is equivalent to 19450CAD. I declared in my EE profile that I will bring 20000CAD and LICO amount is 18825CAD. Should I be worried about it?

Not at all, as long as you're above the LICO amount you're good to go.

 

[DelPiero07]

Please can someone help clarify my issue below.

Before ITA I have filled my spouse work experience, but we are unable to get the reference letter from one of his former employer after ITA.

Is it safe to remove my spouse foreign work experience from the profile considering the fact that i will be using his FD as POF though I am the primary applicant?

Also is it safe to use my spouse FD alone ?

If we're talking foreign work experience then yes, you can safely remove it as it is irrelevant to the principal applicant's application.

You can use the spouse's FD as long as he/she is accompanying to Canada.

 

[beetee]

If we're talking foreign work experience then yes, you can safely remove it as it is irrelevant to the principal applicant's application.

You can use the spouse's FD as long as he/she is accompanying to Canada.

Thanks for your response, for the POF do i need to attach any LOE from my spouse stating that I can have access to the money.

 

[Akhehicols]

Hello guys,

I'm from Nigeria and got an ITA on May 17. I work in Lagos but plan to use savings in my Dom account in the US as basis for proof of funds. Hope this is fine moreso as I do not make instalmental/monthly payments into this account. The balance is a bit above the minimum of ~CAD23,000 (equivalent) required.

My main question is do I need my US bank's official letter since I can readily obtain monthly statements online on the said account?

Thanks in advance.
Ehi

 

[nbt11]

Hello guys,

I'm from Nigeria and got an ITA on May 17. I work in Lagos but plan to use savings in my Dom account in the US as basis for proof of funds. Hope this is fine moreso as I do not make instalmental/monthly payments into this account. The balance is a bit above the minimum of ~CAD23,000 (equivalent) required.

My main question is do I need my US bank's official letter since I can readily obtain monthly statements online on the said account?

Thanks in advance.
Ehi

No, I think just those won't work. But I could be wrong.
You don't have any way to get the bank's official letter for that account? If not, I think you can transfer those to your local account (you'll probably incur conversion rates), and get the letter from here. And in your LOE mention that it is your own account and then attach the statements for that US account to prove that you have those funds from a long time.

Again, I could be wrong about this. Any expert's opinion will be useful on this.
Cheers

 

[nordic_dreams]

Your FD is steady from 12 months? You will be asked for the source of income proof when there is a sudden raise in funds in the past 3-6 months.. You don't have any problem mate. You are all set... Good luck Cheers

Hi @nbt11 I actually have similar confusion regarding FDs. mine is about 6months old and same amount..no incoming or outgoing except interest goes to my current account.It is about 13kCAD worth. now question is this FD alone meets the LICO requirement.Do i need any sort of extra "source of income" documents for this FD?