Proof of Funds (Express Entry)

[fatani]

Hey asivad one more question I have a bank account opened 1 year ago and have around 17000 Cad but it was deposited in whole after i opened my account and then their is no transaction in that account. So will it be a right idea to get the letter from the bank of monthly average and provide it to bank?

 

[joelmath]

Sorry for re-posting, but could anybody please comment on this and ease my mind a little? I'm sending my docs to a translator really soon, as my ITA expiring date is looming, and I have to decide which documents to send.

Do I need to explain where the money came from, if my salary (stated in the reference letter from my employer) is really low? Do I need to provide my parents' financial history/employment records to explain where they got the money from?

If your bank letters complies with all the information that CIC requires, then there is no need to explain the source of funds. Having said that, if you could get a gift declaration from your parents it will only help your application. You absolutely do not need to provide your parents financial history.

And finally - do I need to translate the six months of transactions? Frankly, I'm not really comfortable with giving those papers to a translator. If I do have to do that, can I give the general bank letter (without the transactions) to a translator, and translate the transactions tables myself?

Again, if the bank letter covers all the information, statements are not needed.

 

[ellia]

Thanks a lot, joelmath!

 

[Manju Sagwal]

Hello Friends,

I have few doubts for my case, and would be great if I can get some opinions from you.

I am just done with my IELTS with 8 bands last month, and planning to complete my WES by January, 2016. As of today, going by Express Entry – Comprehensive Ranking System (CRS) Criteria webpage, I would be around 454 points when I create my profile. So, I am confident and hopeful that I would receive ITA after I be in pool.

Doubts are related to POF. I plan to open a new bank account this week and will have around 750000 INR (ie. 15K CAD) transferred, next week, in one shot as a gift from my brother. I shall keep this monies in this newly opened account till I create my EE profile and run for ITA. I plan to create my EE profile and begin my chase for ITA in April, 2016. April months bank statement, will be the Fifth month statement after I opened this bank account. So, in all best or worst cases, if I receive ITA soon or late, at the time of submitting documents I would have 6 months of statements with me.

Doubts are:
1. I would not be doing any withdrawals or deposits to this account in these six(or more) months. -> Will this be fine in CIC's view? Does CIC bother about or sceptical about absence of transactional activities?

Absence of transaction should not be an issue.

2. Bank Letter would show Account Opened Date of November 2015, which would be just before Six/(more) Months as well. -> Can this be a cause of rejection?

No.

3. I shall make a case that I shall submit Bank statements from December, 2016 onwards. So, initial 750000 INR deposit would be in November month and would not appear from December onwards statements. -> In such case as well, Do I have to arrange Letter from my brother that He gave this monies as gift and would be fine If I use the monies as my settlement funds?

Better to show the Gift deed from your brother to justify the source of funds. If you can reasonably justify these funds without the gift deed, it should be fine too.

Please share your views on my case, would be great help.

Thank you

 

[meme6868]

Hi, I have some questions regarding the proof of fund.
I had term deposit of CND 20,000 for one year. Then I lent it all to my cousin in September this year. He is going to give the money back to me next week.
1. Can I still use the bank statement for my account as proof of fund?
2. Does my cousin need to produce any affidavit?
3. The official language in my country is not English. Should I just provide the affidavit in English, or do I need to produce an affidavit in other language and have it translated and notarized?

Thank you so much!!!

 

[Manju Sagwal]

Hi, I have some questions regarding the proof of fund.
I had term deposit of CND 20,000 for one year. Then I lent it all to my cousin in September this year. He is going to give the money back to me next week.
1. Can I still use the bank statement for my account as proof of fund? -CIC ask for the 6 months average balance in your bank account. So, in the bank certificate the Bank needs to mention the average balance in your account in latest 6 months.So lending money to your cousin for 3 months would have reduced the average balance but you can use this statement as a proof of fund.
2. Does my cousin need to produce any affidavit? - No
3. The official language in my country is not English. Should I just provide the affidavit in English, or do I need to produce an affidavit in other language and have it translated and notarized? - Better to take the certificate of funds from your Bank in English (if they can provide). Else translation is the only option.

Thank you so much!!!

 

[sun_shine]

Hi guys,

Just want to confirm this, I have the following accounts with two CANADIAN banks:

Bank A:
cash & investment 20k

Bank B:
cash 5k
mortgage -100k (on a house in Canada)

For providing proof of fund, do I need to provide statement of BOTH banks?? or could statement from bank A be sufficient?? Also, if I provide statement from both banks, would CIC think my available settlement fund is 20+5-100 = under zero??? please clarify!! thanks!!!

 

[SahiSh]

Dear All

Can somebody just share the content for self declaration in case of holding joint account as POF

 

[StAnger]

Hi guys,

Just want to confirm this, I have the following accounts with two CANADIAN banks:

Bank A:
cash & investment 20k

Bank B:
cash 5k
mortgage -100k (on a house in Canada)

For providing proof of fund, do I need to provide statement of BOTH banks?? or could statement from bank A be sufficient?? Also, if I provide statement from both banks, would CIC think my available settlement fund is 20+5-100 = under zero??? please clarify!! thanks!!!

Personally i would go with only bank A.

 

[cpn]

Hi guys,

If my bank letter mention that I hold deposits and investments with the Bank of approximately xxxxx an that these funds are fully free of any liens, debts and/or encumbrances and are maintained and available for immediate transfer as of February, 2015, for example, is it ok to meet the funds requirement or it necessary to explicity mention average balance?

Thanks in advance.

 

[cpn]

Guys,

May the current and average balance in the past six months be the same?

Thanks a lot.

 

[StAnger]

Hi guys,

If my bank letter mention that I hold deposits and investments with the Bank of approximately xxxxx an that these funds are fully free of any liens, debts and/or encumbrances and are maintained and available for immediate transfer as of February, 2015, for example, is it ok to meet the funds requirement or it necessary to explicity mention average balance?

Thanks in advance.

The average balance depicts any large transactions which may be due to loan. If you send them 6 months statement that should cover the clause of average balance.

 

[cpn]

The average balance depicts any large transactions which may be due to loan. If you send them 6 months statement that should cover the clause of average balance.

StAnger,

Thank you for your prompt response.

 

[Bitto]

Have a question to senior members.

I am going to create my EE profile on March-2016. I dont have sufficient balance in my account right now but planned to open a Fixed Deposit for CAD 15000 by February-2016 which will be shown as gift from my mother. Is there any problem???

If i planned to create EE profile in March-16 since when I have to show Bank solvency??

 

[Sanazeh]

Hi All,

I got an ITA and I am gathering all my documents. I have one questions regarding Proof of Funds. The required fund amount is in my spouse's bank account but I am the principal applicant. However, he will be traveling with me. Is this accepted as POF or I need to have this amount in my own bank account? We can get it transferred but then it will not have 6 months history, while we have been maintaining our balance in his account over a year for this purpose.

Has anyone faced this and what did you finally do in your case? Did you transfer the money in your own account or sent husband's bank statement as proof of fund? What was the outcome?

Will appreciate any help from the ones who have gone through this.

Thanks,