Proof of Funds (Express Entry)

[johneast]

Hi I have a question regarding proof of funds for express entry

I've been living and working in Canada on a work permit since March 2015, when we first arrived in Canada we had a lot of funds available, more than the minimum amount. Since then we bought a house so we don't have the minimum amount for our family in cash.

On the website it says you don't need to provide proof of funds if you are authorized to work in Canada and have a valid job offer, both of which apply to me.

So my question is this, when filling in the initial application online should I list the amount we first brought in to the country over two years ago (for which I have supporting Canadian bank statements) or should I put $0 as I am not bringing any money in to the country at this point.

Thanks

 

[DelPiero07]

Hi I have a question regarding proof of funds for express entry

I've been living and working in Canada on a work permit since March 2015, when we first arrived in Canada we had a lot of funds available, more than the minimum amount. Since then we bought a house so we don't have the minimum amount for our family in cash.

On the website it says you don't need to provide proof of funds if you are authorized to work in Canada and have a valid job offer, both of which apply to me.

So my question is this, when filling in the initial application online should I list the amount we first brought in to the country over two years ago (for which I have supporting Canadian bank statements) or should I put $0 as I am not bringing any money in to the country at this point.

Thanks

$0 is fine.

 

[Rk Gunner]

Can I open an online bank account today back in Nepal and ask my parents to transfer money on that account and use it to show POF?

That's a viable option, open online account, ask your parents to deposit money in your account and show that as a proof along with a standard LOE.

As per the posts I have read here, I believe bank account does not necessarily have to be 6 months old. Is that right? And I am also planning to show the statements of my current bank account although it does not have enough funds.

6 month bank statement is required for proving your settlement funds , else, garner a bank balance certificate with a format mentioned in CIC website.

Please some insights is appreciated.

Thank you sundar17feb99 for your response.

An update:
It looks like opening online account requires me to be physically present in Nepal to make my first transaction, so I have opted not to go that route.
Instead, I am seeking the Central Bank Approval to allow others bank to wire transfer the amount. I am hopeful my parents will be able to obtain that approval with the help of the checklist from CIC as proof.

Once, I get the money from them, I am planning to submit my 6 months statements, gift deed or declaration from my dad and the transaction code for my POF. I am also planning to write LOE as you mentioned to explain them the situation. I hope it would suffice.

My fingers are crossed regarding this matter. Next few days are crucial for me.

Anyways, really appreciate your response though.

 

[sundar17feb99]

Thank you sundar17feb99 for your response.

An update:
It looks like opening online account requires me to be physically present in Nepal to make my first transaction, so I have opted not to go that route.
Instead, I am seeking the Central Bank Approval to allow others bank to wire transfer the amount. I am hopeful my parents will be able to obtain that approval with the help of the checklist from CIC as proof.

Once, I get the money from them, I am planning to submit my 6 months statements, gift deed or declaration from my dad and the transaction code for my POF. I am also planning to write LOE as you mentioned to explain them the situation. I hope it would suffice.

My fingers are crossed regarding this matter. Next few days are crucial for me.

Anyways, really appreciate your response though.

Am glad you found out the route. My wishes are with you
Just out of curiosity, from your username I suspect you were an Arsenal fan, are you a gonner like me ?

 

[sundar17feb99]

Thanks.... Friend.... that was a better option, even I feel....it will work better...one..small doubts (u must be thinking...I am Mr.doubt...)....If I put the car sold amount as FD in my name...

Q1.Will I have to meet the criteria of FD being at least 3 months old?
Q2.If I present as FD in my account...should I need to prove its source...ie even for FD should we need to show... Car sale deed?

Thanks in advance....God bless....

CIC doesn't mention anywhere with respect to validity of FD. So we can safely assume, your "3 month old" won't make any scene .
Proofs & LOE were furnished (not must) to nullify any confusion which may arise to the visa officer.

When I verify your settlement fund,
If you submit bank certificate and 6 month bank statement, I will verify of any surge/suspicious transactions which you will be clarifying me with car sale bill & LOE.
If you submit certificate+FD certificate, there won't be any substantial details to verify. Having said that, keep that car sale bill with you and furnish when it has been asked. Also check with the bank, when you can annul the Deposit clause. As in some banks, it is mandatory to hold your FD amount for a fixed time frame (6months - 1year) which varies for each banks.

 

[Abu Shams]

Dear Seniors,

My own fund which I have in my salary account is only 2.5 months old. This is why I am going to get additional fund through Gift Deed from my father, which itself will cover the required amount. Will my fund which is 2.5 months old raise concern since, the gift deed would cover my full PoF without taking my own fund into consideration.

Besides, there is no placeholder for Letter of Explanation, in my case,

Where do I put that explanation? Please help.

 

[Babu2002]

CIC doesn't mention anywhere with respect to validity of FD. So we can safely assume, your "3 month old" won't make any scene .
Proofs & LOE were furnished (not must) to nullify any confusion which may arise to the visa officer.

When I verify your settlement fund,
If you submit bank certificate and 6 month bank statement, I will verify of any surge/suspicious transactions which you will be clarifying me with car sale bill & LOE.
If you submit certificate+FD certificate, there won't be any substantial details to verify. Having said that, keep that car sale bill with you and furnish when it has been asked. Also check with the bank, when you can annul the Deposit clause. As in some banks, it is mandatory to hold your FD amount for a fixed time frame (6months - 1year) which varies for each banks.

I greatly appreciate your knowledge.... Hats of to you....know ....I am very much clear.... with the whole thing....thanks a lot again....may I know which stage of process you r in?....Anyways...keep going....God bless.....

 

[Babu2002]

Dear Seniors,

My own fund which I have in my salary account is only 2.5 months old. This is why I am going to get additional fund through Gift Deed from my father, which itself will cover the required amount. Will my fund which is 2.5 months old raise concern since, the gift deed would cover my full PoF without taking my own fund into consideration.

Besides, there is no placeholder for Letter of Explanation, in my case,

Where do I put that explanation? Please help.

Friend...better convert the funds of your father into FD & show....that would be a better idea...

 

[sundar17feb99]

I greatly appreciate your knowledge.... Hats of to you....know ....I am very much clear.... with the whole thing....thanks a lot again....may I know which stage of process you r in?....Anyways...keep going....God bless.....

Thanks , am humbled and flattered with your compliments.
My score 406, isn't sufficient enough to fetch a direct ITA.
Got NOI from OINP, just when I arranged all the documents and ready to register the application, they kept the stream on-hold

Now am waiting with optimism for re-opening and also preparing for IELTS to increase my CRS. Thanks for your wishes

 

[Babu2002]

Thanks , am humbled and flattered with your compliments.
My score 406, isn't sufficient enough to fetch a direct ITA.
Got NOI from OINP, just when I arranged all the documents and ready to register the application, they kept the stream on-hold

Now am waiting with optimism for re-opening and also preparing for IELTS to increase my CRS. Thanks for your wishes

Don't loose hope.... U have done quite an amount of research... I feel about the various aspects of migration.... From you only I came to know that for FD... its not required to show.... Whether it is one month old FD or 3 months....old...actually consultancies in my area were demanding me to attach at least 3 months old FD & I was informed that ad I am planning to apply for sinp expressentry.... They will reject..my application because FD is not even 3 months old......

 

[sundar17feb99]

Don't loose hope.... U have done quite an amount of research... I feel about the various aspects of migration.... From you only I came to know that for FD... its not required to show.... Whether it is one month old FD or 3 months....old...actually consultancies in my area were demanding me to attach at least 3 months old FD & I was informed that ad I am planning to apply for sinp expressentry.... They will reject..my application because FD is not even 3 months old......

I tried myself to have an FD option, I implied as CIC hasn't denote any validity towards FD deposits. I also know a member who cleared with FD deposit.
But if you feel, the FD should be 3 months old, go with the other option of transacting and explain it in the LOE. it would give you a sign of relief as the FD option of <3month old is untested.
In any circumstances have a sale bill ready in your hand to substantiate your claim.

 

[Newbie1990]

Friend...better convert the funds of your father into FD & show....that would be a better idea...

FD means Fixed Deposit.

Can you elaborate more on this? What does it actually mean and what should be done?

Much appreciated!

 

[andyding13]

Hi All,

I have two more questions about PoF. Today I obtained a PoF from Bank of America today, but there are two things that are not consistent with the CIC requirement:

(1) it does not contain the email address of the financial institution. The clerk gave me her name card though, and it has her email address on it. Should I scan and upload the name card along with the PoF?

(2) it does not contain the account numbers, only the last 4 digits. Would this be okay?

Thanks!

 

[Fabiog]

"You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada

AND

you are currently working or authorized to work in Canada."

Is it correct to say that getting a job offer from outside canada you need to show proof of funds, years ago only job offer was needed and no proof of funds was needed, they more strict now.

 

[Rk Gunner]

Am glad you found out the route. My wishes are with you
Just out of curiosity, from your username I suspect you were an Arsenal fan, are you a gonner like me ?

Thank you.

And yes you got it right, I am a Arsenal Fan ...Great win today hehe..

Nice to know a fellow gunner..#COYG