Proof of Funds (Express Entry)

[Afroz436]

Hi,

I'm new to here and would like to clear my confusion about proof of funds, any suggestions highly valuable.

Do I need to maintain 12300 CAD (single applicant) throughout the 6 months before I get a letter from bank?
or
monthly deposit in the account (say 2000$ in the 1st month and 3000$ in a 2nd month etc ) and final statement with total amount will it be okay for POF?

apart from that, if I get a gift deed from my father would I need to share his six months statement also or just last transaction which he transferred to my account?
gift deed should be before ITA or Doesn't matter really?

Thanks in advance.

 

[Akhehicols]

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

Thank you so much for your candid response.

I look forward to additional comments/suggestions from the house.

 

[nbt11]

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?

Your FD alone is enough for the POF. It is 6 months old, so there won't be any questions as on for source of your FD.
Cheers

 

[nbt11]

Hi,

I'm new to here and would like to clear my confusion about proof of funds, any suggestions highly valuable.

Do I need to maintain 12300 CAD (single applicant) throughout the 6 months before I get a letter from bank?
or
monthly deposit in the account (say 2000$ in the 1st month and 3000$ in a 2nd month etc ) and final statement with total amount will it be okay for POF?

apart from that, if I get a gift deed from my father would I need to share his six months statement also or just last transaction which he transferred to my account?
gift deed should be before ITA or Doesn't matter really?

Thanks in advance.

Hi Afroz,

All the questions you asked were answered before, but I'll summarize it for you.

Maintaining it for 6 months is not a mandatory thing. It is advisable though. There won't be any questions regarding the source of funds if your account has that balance for >= 6 months.
When you get a letter from the bank, post ITA, while submitting your application, that letter just gives the total balance as on that date and probably the 6 month average. Now, CIC will expect you to show the proofs if there is a significant increase in those funds between months, to clarify that you haven't borrowed it from anywhere.
So, it doesn't matter when you deposit your funds as long as you have correct paperwork which states that all of this is your money.
If your dad is gifting you the amount at any point of time (less than 6 months before submitting), you have to get a gift deed saying that it's a gift from your father and you don't have to give it back to anyone.

Hope it's clear. Cheers

 

[Dockrrish]

guys i have a doubt. should we clear our loans before we apply for visa?

 

[Afroz436]

Hi Afroz,

All the questions you asked were answered before, but I'll summarize it for you.

Maintaining it for 6 months is not a mandatory thing. It is advisable though. There won't be any questions regarding the source of funds if your account has that balance for >= 6 months.
When you get a letter from the bank, post ITA, while submitting your application, that letter just gives the total balance as on that date and probably the 6 month average. Now, CIC will expect you to show the proofs if there is a significant increase in those funds between months, to clarify that you haven't borrowed it from anywhere.
So, it doesn't matter when you deposit your funds as long as you have correct paperwork which states that all of this is your money.
If your dad is gifting you the amount at any point of time (less than 6 months before submitting), you have to get a gift deed saying that it's a gift from your father and you don't have to give it back to anyone.

Hope it's clear. Cheers

Hello nbt11,

Thank you so much for your clarification.
It means, if my dad is gifting me that amount then no need to submit his source of funds(like his bank statement) and these funds must be in cash also, am i correct? . what i need to get is, a gift deed and an affidavit(?)
thanks again

 

[nbt11]

Hello nbt11,

Thank you so much for your clarification.
It means, if my dad is gifting me that amount then no need to submit his source of funds(like his bank statement) and these funds must be in cash also, am i correct? . what i need to get is, a gift deed and an affidavit(?)
thanks again

His bank statement is not required... he transfers it to your account and yes just get a gift deed and an affidavit. That should be enough.
Cheers

 

[Afroz436]

His bank statement is not required... he transfers it to your account and yes just get a gift deed and an affidavit. That should be enough.
Cheers

Thank you, I wish your process will be completed soon. Good luck.

 

[nbt11]

Thank you, I wish your process will be completed soon. Good luck.

Thank you Wish you the same

 

[omarkhan]

Dear all:

I wonder if I have to show the account statement of my provident fund also, or would the statement of account that has my pof be sufficient?

Also, I have cashed used some amount of provident fund a few months ago and that amount is being debited from my salary in small chunks each month. Should I repay it all before declaring pof. I am not even sure if its considered a loan as its my own money after all. Please suggest. Thank you.

 

[nimit12]

Hi, I've been unemployed for the past 6 months and have been receiving funds of approximately 20,000 INR per month from my father for helping me run my expenses. These funds are not borrowed and I've spent them as per my circumstances.
I'm planning to apply for OINP and was wondering if I'll have to get a gift deed made for each of these transactions.
Alternatively, should I combine all these amounts and get one gift deed? Or is it enough if I only get a gift deed made for the last transfer which was 13,000 CAD as a gift towards my settlement funds?
Any help will be appreciated!

 

[nbt11]

Dear all:

I wonder if I have to show the account statement of my provident fund also, or would the statement of account that has my pof be sufficient?

Also, I have cashed used some amount of provident fund a few months ago and that amount is being debited from my salary in small chunks each month. Should I repay it all before declaring pof. I am not even sure if its considered a loan as its my own money after all. Please suggest. Thank you.

Are you saying that you withdrew your provident fund and it is in your account?
If yes, show your bank balance and the source of income proof would be your Provident fund statement.

It's okay if some money is being from there as long as it meets the minimum requirement. Just make sure there is no significant outflow, it raises a question from CIC
Cheers.

 

[Lordnath]

Hi Guys, I am so worried about my application right now. Due to the large inflow of funds into my account from my family, my bank is investigating me for money laundering. It is quite laughable but a serious issue. I have given them all evidence of the purpose of the funds. I like preparing for worst case scenarios, so if this bank decide to close my account and release my funds (they've done this to a friend before), how do I continue to satisfy the POF requirements with a new bank account? I received AOR today.

 

[nbt11]

Hi, I've been unemployed for the past 6 months and have been receiving funds of approximately 20,000 INR per month from my father for helping me run my expenses. These funds are not borrowed and I've spent them as per my circumstances.
I'm planning to apply for OINP and was wondering if I'll have to get a gift deed made for each of these transactions.
Alternatively, should I combine all these amounts and get one gift deed? Or is it enough if I only get a gift deed made for the last transfer which was 13,000 CAD as a gift towards my settlement funds?
Any help will be appreciated!

I guess, gift deed for just the 13000 CAD would be enough. I'm not sure about how you are going to explain the 20k you have been receiving every month.. "if" CIC asks.. they generally don't, but I'm not sure...

 

[omarkhan]

Are you saying that you withdrew your provident fund and it is in your account?
If yes, show your bank balance and the source of income proof would be your Provident fund statement.

It's okay if some money is being from there as long as it meets the minimum requirement. Just make sure there is no significant outflow, it raises a question from CIC
Cheers.

Actually I withdrew it 7 months ago so it won't reflect in my bank statement. Its just that a very small amount is being deducted each month from my salary. My question is if I should show the statement of provident fund account also or is that unnecessary.