Proof of Funds (Express Entry)

[nbt11]

Just wondering what do you mean by "significant outflows"? You mean if I repay a loan of about 2000 CAD that would raise a question from CIC? Isnt it alright as long as I dont go below the minimum requirement?

I guess it won't be a problem if it doesn't go below the minimum requirement.

Hi again. I have a personal loan against me from the same bank in which i have the settlement funds in my account. I wonder if I should first repay the loan (about CAD 2000) and then get a letter from the bank. And if so, would it be a problem if my statement shows a debit of 2000 dollars just a week before i should my pof? What would you suggest?

If you close the loans it's actually a positive thing, because you can explain that you don't owe anything now. You can put that particular transaction in your LOE stating that this 2000 CAD is to close my loan etc. It's not required though because you don't go below the minimum requirement. You are fine here.

 

[omarkhan]

I guess it won't be a problem if it doesn't go below the minimum requirement.



If you close the loans it's actually a positive thing, because you can explain that you don't owe anything now. You can put that particular transaction in your LOE stating that this 2000 CAD is to close my loan etc. It's not required though because you don't go below the minimum requirement. You are fine here.

You have no idea how much you have been helpful. Thank you and God bless.

 

[ramsur]

Hi experts,

IS it a must to have average of the settlement funds in the account for 6 months?

Is slow build up of salary acceptable having the necessary amount at the end of 6 months?

 

[nbt11]

Guys,

I need your help with respect to POF. I only have one bank account which is a salary account. All my savings are in Gold and I have done a freelance project for a friend worth US 10,000 dollars. Now, I have sold some of the gold and I have receipts to prove that. I also have a legal contract with my friend that explains the services I've provided and the money I have charged.

Now suddenly, my account will go from 1500 USD to around 15,000 USD. Will that be an issue or showing the contract and the sold gold receipts as proof will be enough? Please help as I only have 20 days to go before my ITA expires. Thanks.

Hi,
I think it's fine when you show those legal contract documents and the gold receipts. However, I'm not very sure about this. Sorry

 

[nbt11]

Hi experts,

IS it a must to have average of the settlement funds in the account for 6 months?

Is slow build up of salary acceptable having the necessary amount at the end of 6 months?

Hi please check this... Go through this thread itself, there are a lot of scenarios

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

 

[sysadmin141]

Good day people. My PoF is not in cash. I am going to dispose a landed property and then convert the cash to a Fixed Deposit investment for the next 6 months, hoping that I'd liquidate the investment when I get PPR. Can anyone guide me through this process please? My concern is that there will be a lump sum in my account after the property sale. Thank you.

 

[mnaira]

Friends,

my Bank issued me three letters:
1. Stating that I have no debt, loans or overdraft
2. Listing my current account, date it was opened and current (at the time of printing) available balance
3. Complete statement of my actions (deposits, withdraws, transfers etc) in my account from the past 6 months (14 pages long)

I also got visit card of bank employees who issued me these letters. I will scan them and upload them as one file.

Is this a good PoF?

 

[PreethiM]

Hello guys,

I need your help! I am the primary applicant and my husband is dependent. My mother in law is gifting money to my husband. So there will be a gift deed between her and my husband. My question is
1. Since I am the primary applicant, should my husband transfer money to my account which he received from his mom?
2. If yes, do I need to make a gift deed between my husband and me?
3. If I show funds in my account, and gift deed from my husband will I be asked to submit my husbands bank statement as well? Or will my bank statement is enough?


Thanks n advance

 

[DelPiero07]

Hello guys,

I need your help! I am the primary applicant and my husband is dependent. My mother in law is gifting money to my husband. So there will be a gift deed between her and my husband. My question is
1. Since I am the primary applicant, should my husband transfer money to my account which he received from his mom?
2. If yes, do I need to make a gift deed between my husband and me?
3. If I show funds in my account, and gift deed from my husband will I be asked to submit my husbands bank statement as well? Or will my bank statement is enough?


Thanks n advance

1 - No, if he's accompanying to Canada the money can be in his account.
2 - See #1
3 - See #1

 

[PreethiM]

1 - No, if he's accompanying to Canada the money can be in his account.
2 - See #1
3 - See #1

Thank you so much!

 

[MartinH1337]

Hi everyone,

Quick question about my proof of funds - I went in to my local bank, spoken to the manager, and my bank does not provide proof of fund letters. Being a good customer I managed to get a letter, but it only details the balance within my accounts on the date of the letter. it is on company letterheaded paper and signed, with contact details. I have included my bank statements for the last 6 months as well. Should this be ok? I have explained the situation in my LoE, just wondered if I should be concerned?

Thanks

 

[pravquery]

Hi All,

I am in a fix as to what to do.

I took a personal loan of 20,000 CAD in February and paying monthly EMI. I received ITA in May and my current cash balance is less than 20000.

1. Considering the timelines, is there any chance of my personal loan being construed as borrowing for PoF?

2. Would showing this loan account be risky, since the liabilities>cash

3. If I transfer 14,000 to a different bank without loan, what should I show as proof of transfer? If I show the original bank statement (along with monthly EMI details) will that be a cause of rejection (misrepresentation, deliberately hiding loan?)

Appreciate your help and thanks very much for all the useful information in here.

 

[rekhabishop]

Hi Guys,

I had about CAD 4000 in my account, my brother transferred CAD 4000 and my mother transferred the same amount to me. How do I prove that I have full access and rights over this fund?

I understand that there is something as gift deed, but is that valid in my case? and if it is, what supporting documents do i need to prove so?

P.S. I will be travelling to canada alone.

 

[Rk Gunner]

Hey Guys,

Can you please advice me with my scenario?

I am in US and I just completed my MBA. My parents are back home. I received NOI from Ontario and I have been planning to apply as soon as possible.

But since I dont have enough fund with me in my US bank account, is it ok if I show my parents bank information from my home country as long as I write a letter to Ontario explaining why I am doing this. I dont have a bank account back home and I guess its quite difficult to get the funds transferred over to my US bank from foreign country.

Please help. Thank you

 

[ib19]

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

Hello All,

My mother will be transferring the money sourced by redeeming two mutual funds on her name into my account. The amount will be sufficient to cover the POF requirements. I'm planning to submit the following documents to the authorities. Need your opinions and assistance on whether any further documents are required:-


a. Bank letter stating current saving and term balances

b. FD receipt for the amount deposited

c. Bank Statements (The current and 6 month average funds are extremely low and the gift from mother would be the only large transaction in the past six months, hope that won't be a problem)

d. Gift deed

e. Letter from mother's bank stating the funds in her account are because of the mutual funds (numbers to be mentioned) which were redeemed. Although i know its not necessary, I still want to make sure the authorities understand that the source of money is legitimate.

Request you advice on the same. A big THANK YOU in advance