Proof of Funds (Express Entry)

[N00shD]

Hi friends,

I just created my account for EE. I am currently working in Canada full time. I do not have $15,000 in my account but my annual income is way more than this. For the question 'how much money you are bringing to Canada I said $15,000 (just because I wanted to get qualified for the pool and that is the min amount for 2 persons) I am not sure if it will cause a problem or not? For proof of fund can I send my pay stub and my bank statement that is showing how much I am getting each month? Also my husband is working (self employed) I can use his bank statement to show our household monthly income. I think that should be sufficient enough? I dont want them to think that I am lying about having $15000.

Thank you

 

[DelPiero07]

Hi friends,

I just created my account for EE. I am currently working in Canada full time. I do not have $15,000 in my account but my annual income is way more than this. For the question 'how much money you are bringing to Canada I said $15,000 (just because I wanted to get qualified for the pool and that is the min amount for 2 persons) I am not sure if it will cause a problem or not? For proof of fund can I send my pay stub and my bank statement that is showing how much I am getting each month? Also my husband is working (self employed) I can use his bank statement to show our household monthly income. I think that should be sufficient enough? I dont want them to think that I am lying about having $15000.

Thank you

No issue in stating $15,000.

If you're a CEC you do not have to show POF simply upload a letter "The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer."
http://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1145&top=29

If you're a FSW applicant then providing pay stubs and bank statements showing how much you and your husband make isn't enough. You must show that you have the required funds when submitting your eAPR.

 

[N00shD]

No issue in stating $15,000.

If you're a CEC you do not have to show POF simply upload a letter "The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer."
http://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1145&top=29

If you're a FSW applicant then providing pay stubs and bank statements showing how much you and your husband make isn't enough. You must show that you have the required funds when submitting your eAPR.

Thank you so much

 

[Abu Shams]

Dear Seniors,

Combining fund in my Provident Fund and in my salary account fulfills the minimum PoF. But the fund I have in my account is only 2.5 months old. However, my father is going to give me a gift through a gift deed which itself will cover the whole PoF without taking my existing fund into consideration. I got ITA recently.
My questions are
1.do I still have to show 6 months average balance since there will be variation?
2.do i have to keep the gift amount for a certain period in my account before applying? or can I apply next day once i receive the gift and the deed is executed ?

Plz advise..........

 

[Midnight Blessing]

Hi fellow experts,

I have 80% total fund required for the PR application, as POF, in one of the nonbanking financial institutions that is registered with our national bank, as fixed deposit, which was kept for 6 years, and the remaining 20% of the fund is there as fixed deposit for 3 years, under our government special fixed deposit program ( Jatiyo Sanchaypotro).

So my question is that can there be any problem regarding my PR application considering my above allocation of funds ?

Secondly, What is the supporting documents I should manage from those financial institution sides to cover up my case?

Thanks in advance for the help guys



BR

 

[jackdawn]

Hey Guys,
I keep seeing persons in this forum post that investments tied to the market (e.g. stocks, bonds, unit trusts, etc.) are too 'volatile' and therefore cannot be used as POF, but I cannot find any documented evidence from CIC or IRCC that suggests this...

This 'rule' seems odd to me because, with the sums of money that IRCC is asking for as proof of funds, they must surely expect that very few persons would have that much money just sitting around in bank accounts or guaranteed investments garnering little to no interest. Persons actively involved in managing their finances and building wealth are going to have some or even most of their money placed in some of these types of so-called 'volatile' investments, along with real estate (which is apparently also inadmissible, but at least I can find evidence of this). So not allowing these types of funds, even if they can be easily liquidated, seems a little shortsighted...

I also find it odd that CIC/IRCC would expect persons to liquidate these investments before receiving PR approval. If their applications get rejected, and they've gone and liquidated (performing) investments, that's losing out twice. That's asking a lot of persons when they have no guarantee of the outcome of their application...

Would anyone be able to direct me to a website or online document from authorized sources, specifically stating that these kinds of investments cannot be used as POF? I would really appreciate it...

That would be helpful for me as well with all my investments locked in direct equity and equity MF's. Even i could not find any link stating this and i quoted this from forum. Let me know if u find any info, it wud be helpful

 

[kaddu747]

Hey Guys,
I keep seeing persons in this forum post that investments tied to the market (e.g. stocks, bonds, unit trusts, etc.) are too 'volatile' and therefore cannot be used as POF, but I cannot find any documented evidence from CIC or IRCC that suggests this...

This 'rule' seems odd to me because, with the sums of money that IRCC is asking for as proof of funds, they must surely expect that very few persons would have that much money just sitting around in bank accounts or guaranteed investments garnering little to no interest. Persons actively involved in managing their finances and building wealth are going to have some or even most of their money placed in some of these types of so-called 'volatile' investments, along with real estate (which is apparently also inadmissible, but at least I can find evidence of this). So not allowing these types of funds, even if they can be easily liquidated, seems a little shortsighted...

I also find it odd that CIC/IRCC would expect persons to liquidate these investments before receiving PR approval. If their applications get rejected, and they've gone and liquidated (performing) investments, that's losing out twice. That's asking a lot of persons when they have no guarantee of the outcome of their application...

Would anyone be able to direct me to a website or online document from authorized sources, specifically stating that these kinds of investments cannot be used as POF? I would really appreciate it...

CIC's official page for proof of funds includes these wordings:

• cash
• documents that show property or capital payable to you, such as:
  • stocks
  • bonds
  • debentures
  • treasury bills
• documents that guarantee payment of a set amount of money, which are payable to you, such as:
  • banker's drafts
  • cheques
  • travellers’ cheques
  • money orders).

As a result I proceeded to apply for my EE with approximately 60-70% of my POF in mutual funds, shares. Although I am yet to receive my PPR (currently in IP2), as per the analysts comments in my GCMS notes the proof of funds have been met.

 

[Prats6]

experts can you please help ?

Even if they don't provide a certificate, can you get it stamped from them? That should suffice.

 

[kaddu747]

Even if they don't provide a certificate, can you get it stamped from them? That should suffice.

That's what I have done with ICICI and Axis Bank, SBI has an option of an online statement which states at the bottom that a signature is not required.

 

[Prats6]

That's what I have done with ICICI and Axis Bank, SBI has an option of an online statement which states at the bottom that a signature is not required.

But SBI stamps it for sure. Just get to your branch and ask them to.

 

[kaddu747]

But SBI stamps it for sure. Just get to your branch and ask them to.

Except that the branch is in my hometown. In any case, I'm at IP2...so no point fretting over it.

 

[james_tvm]

Hello...

I'm from India where most of the bank's give .5% more interest to senior citizen. So, what I made fixed deposits of around 10 lack in my Mother's name and my name as second account holder. Now, in order to use that amount as proof of fund, I requested the bank to remove my Mother's name from fd and just keep my name as account holder which they did and issued me duplicate FDs for the same.

Will it be accepted as POF cause the duplicate FD has word 'duplicate' mentioned on them..

Any inputs on the subject outlined above, beacuse am having the same question for the POF. Please any suggestions!!!.

 

[Prats6]

Hello...

I'm from India where most of the bank's give .5% more interest to senior citizen. So, what I made fixed deposits of around 10 lack in my Mother's name and my name as second account holder. Now, in order to use that amount as proof of fund, I requested the bank to remove my Mother's name from fd and just keep my name as account holder which they did and issued me duplicate FDs for the same.

Will it be accepted as POF cause the duplicate FD has word 'duplicate' mentioned on them..

Any inputs on the subject outlined above, beacuse am having the same question for the POF. Please any suggestions!!!.

No one else needs to be the fund holder other than you and your dependents. In your case your Mom is the first holder - not sure how CIC will see this and it opens up to a lot of interpretations. Essentially the fund belongs to your Mom and not you.

 

[james_tvm]

No one else needs to be the fund holder other than you and your dependents. In your case your Mom is the first holder - not sure how CIC will see this and it opens up to a lot of interpretations. Essentially the fund belongs to your Mom and not you.

Thanks Prats6....

The funds are mine only, but for better rate of interest for the senior citizens, put MOM as first holder....

Otherwise, if i remove her name from the FD & keep only my name as first holder will work or not......

I think better to ask the same with the bank representative's if they can do so or not....

James....

 

[Prats6]

Thanks Prats6....

The funds are mine only, but for better rate of interest for the senior citizens, put MOM as first holder....

Otherwise, if i remove her name from the FD & keep only my name as first holder will work or not......

I think better to ask the same with the bank representative's if they can do so or not....

James....

James, I completely understand the funds are yours. But according to the official documents - they are not - your Mother is the first holder. So, if you can get that changed, it is perfectly fine. Else, you might have some issues with showing it as POF.