Proof of Funds (Express Entry)

[mattjp1]

Hi all,

Questions for the proof of funds:

- If we have few bank accounts in different banks, do we need to provide letters from all banks or one bank (where the account has sufficient funds) is enough?
- Does a life insurance policy, count as an "investment acount"?
- If I do not have credit card/loans/debts - should the letter mention it? My bank said they can't mention that I don't have something, only that I have accounts/cards etc... if any.

Thanks in advance.

 

[kennerve]

Hi all,

Questions for the proof of funds:

- If we have few bank accounts in different banks, do we need to provide letters from all banks or one bank (where the account has sufficient funds) is enough?
- Does a life insurance policy, count as an "investment acount"?
- If I do not have credit card/loans/debts - should the letter mention it? My bank said they can't mention that I don't have something, only that I have accounts/cards etc... if any.

Thanks in advance.

You do not need to provide all the banks information. If you got 1 bank that contains sufficient $$ inside, use that account. If you have 50 banks accounts to add up to that required amount, I am afraid you have to show all 50 bank accounts.

Remember: No sudden surge of funds in your account.You will need to provide a LOE to indicate why you have so much funds suddenly (especially in the last 3 to 4 months). if it is a gift from family members, prepare a funds discharge document which I have explained above. You are supposed to provide bank balance for the last 6 months including transactions, account opening date etc.

I am not too sure about life insurance policy - maybe the seniors here can help you on this.

No Credit Card/loans then is good. No need to mention if you dont have any of these.

 

[mattjp1]

You do not need to provide all the banks information. If you got 1 bank that contains sufficient $$ inside, use that account. If you have 50 banks accounts to add up to that required amount, I am afraid you have to show all 50 bank accounts.

Remember: No sudden surge of funds in your account.You will need to provide a LOE to indicate why you have so much funds suddenly (especially in the last 3 to 4 months). if it is a gift from family members, prepare a funds discharge document which I have explained above. You are supposed to provide bank balance for the last 6 months including transactions, account opening date etc.

I am not too sure about life insurance policy - maybe the seniors here can help you on this.

No Credit Card/loans then is good. No need to mention if you dont have any of these.

Thanks a lot!

There are some deposits on my account so the amount bum-up (*edit: in the last six months), however the initial amount was already much above the limit that IRCC asks for the proof of funds. Do you think it's necessary to provide the reason why (I transferred money to myself from another account)?

 

[kennerve]

Thanks a lot!

There are some deposits on my account so the amount bum-up, however the initial amount was already much above the limit that IRCC asks for the proof of funds. Do you think it's necessary to provide the reason why (I transferred money to myself from another account)?

If I interpret this correctly, you have 2 accounts "A" and "B".

1) Does both account have amount above the limit that IRCC requires?
2) Or is your case now you transferred from account B to account A causing A $$ to be above the limit? If a huge amount have been transferred from B to A, it is best to provide both A and B account together with a LOE to support what you have done.

 

[mattjp1]

If I interpret this correctly, you have 2 accounts "A" and "B".

1) Does both account have amount above the limit that IRCC requires?
2) Or is your case now you transferred from account B to account A causing A $$ to be above the limit? If a huge amount have been transferred from B to A, it is best to provide both A and B account together with a LOE to support what you have done.

Correct I have two accounts, in two different banks. Only one account has the sufficient funds required by IRCC. I am transferring money from an account to another, on a regular basis, to make some savings. 6 months ago, the account I want to use for IRCC request/proof of funds, was already above the limit required.
Do you think I need to justify making money transfers to this account, in this case? The amount every month consequently increases with each transfer.. I mean I suspect this is the case for many people.

 

[nbt11]

Hello friends,
I have a quick question regarding the bank account that I hold.

So I had a salary account when I was in my previous company and currently I hold a different salary account.
I have my funds (gifted by my brother) in my new account which was opened in March (End of Feb technically). Will that be a problem if I show this account for the proof of my funds? Because, it's not been 6 months yet and I'm expecting an ITA in the next draw.
Also, could someone please give a sample LOE for explaining the gifted funds?

[EDIT]
I know that there is no particular format for LOE, but I'm having a hard time framing it.
I want to explain two cases, one is gifted funds and the other is my current organization's refusal of a reference letter.

Thanks in advance.

 

[Samnish]

Hi All,

I recieved ITA for me and my wife as dependant on 12th July 2017. Now my concern is for proof of funds, 1. is there any specific limit of amount for which I need to prepare gift deed provided my parents are giving me a part of fund, not entire? If it is then what is the limit?

2. Do I need to provide gift deed, if I transfer money from my wife's account to my account, my wife will be accompanying me too?

3. I didn't have balance till last 6 months, means not nil, but also not required balance , but there were transactions since I deal in stock market. So, now there is inflow of cash obtained from selling those stocks which I owned, some part from my parents and rest from my wife's account. So will this be fine and what supporting documents should I provide?

 

[sysadmin141]

I need help with this, friends...

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.

 

[nbt11]

Hi All,

I recieved ITA for me and my wife as dependant on 12th July 2017. Now my concern is for proof of funds, 1. is there any specific limit of amount for which I need to prepare gift deed provided my parents are giving me a part of fund, not entire? If it is then what is the limit? No, there is no limit for the gift.

2. Do I need to provide gift deed, if I transfer money from my wife's account to my account, my wife will be accompanying me too? No, there is no need to transfer if she's accompanying you. If you still want to transfer, just explain it in LOE.

3. I didn't have balance till last 6 months, means not nil, but also not required balance , but there were transactions since I deal in stock market. So, now there is inflow of cash obtained from selling those stocks which I owned, some part from my parents and rest from my wife's account. So will this be fine and what supporting documents should I provide? You have to provide the proofs for the sale of those stocks and you have to write that in your LOE. For the amount you are getting from your parents, you will need a gift deed. As your wife is accompanying you, there is no need of any proofs (is the balance in her account is stable since 6 months.)

Hey Samnish,
Please find my comments above.
Cheers

 

[nbt11]

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.

If the property is yours and you are selling it, then the proof for that sale alone is enough to explain the inflow of that cash and it adds up for a solid POF.
And, you say that you want to FD it for 6 months? If that is the case before your ITA then you don't even have to worry about the inflow. If not, yeah the proof of the sale is enough.
Cheers

 

[Samnish]

Hey Samnish,
Please find my comments above.
Cheers

Thanks nbt11.

 

[Canadream2017]

Questions about Gift Deed:

- Is it necessary to have the Gift Deed's money staying in MY account for 6 months prior PR application?
- Is it required to show the (the giver's) bank account statement for 6 months? Do they care about the source of money at his/her account?
- What are your recommendations for Proof of Fund through Gift Deed to be successful and acceptable by CIC?

 

[nbt11]

Questions about Gift Deed:

- Is it necessary to have the Gift Deed's money staying in MY account for 6 months prior PR application? Nope
- Is it required to show the (the giver's) bank account statement for 6 months? Do they care about the source of money at his/her account? Nope
- What are your recommendations for Proof of Fund through Gift Deed to be successful and acceptable by CIC? Depends on the sole discretion of the visa officer in all cases, not just gifts.

Please check my comments.
Cheers

 

[sysadmin141]

If the property is yours and you are selling it, then the proof for that sale alone is enough to explain the inflow of that cash and it adds up for a solid POF.
And, you say that you want to FD it for 6 months? If that is the case before your ITA then you don't even have to worry about the inflow. If not, yeah the proof of the sale is enough.
Cheers

Thank you NBT11. Yes, the property is mine, but what really constitutes "proof of sale"? I won't want to leave any vital information or step out.

 

[nbt11]

Thank you NBT11. Yes, the property is mine, but what really constitutes "proof of sale"? I won't want to leave any vital information or step out.

You could provide a copy of the sale deed or something like that.
[EDIT]
You will be giving the details in your LOE that you got these funds by selling this property, and as a solid proof you'll have to attach this sale deed.