Proof of Funds (Express Entry)

[EnigmaPK]

Dear Experts,

While completing express entry profile there is a question regarding how much money will I bring to Canada. I have below queries regarding this question. Please help.

1. Should I mention the minimum required amount according to no. of persons here or I can mention other amount above the minimum level as well?
2. If I mention any amount above minimum level and I get ITA then I need to show POF for the amount mentioned in profile or the minimum required amount? e.g. For 4 person family, minimum fund required is 22856 CAD and I mention 23500 CAD in express entry profile. Will I be asked for POF of 22856 CAD or 23500 CAD?
3. What if the exchange rate changes and my foreign currency amount falls below 22856 CAD in impact. What will happen in this case?
4. Once I am granted PR, do i need to carry all the amount mentioned in express entry profile or minimum required amount or 10000 CAD while traveling to Canada for the first time?

 

[kartheek89]

Hi All,

I have a doubt about Proof of funds. I am going to apply for Express entry. According to CIC i need to show close to 16,000 CAD for myself and my spouse.

1. Should i have the amount ready in my account while creating the Express entry profile (Pre ITA phase) or should i have this amount ready while submitting my application after i receive the ITA ? I have around 12,000 CAD, need one month time to arrange the rest of the funds. Should i wait for creating a profile till i get the funds ?

2. Can i show funds in my spouse's bank account ?

If you are expecting an ITA in next 2 months, then you should already have the required amount in your bank. As POF, you need to show your Bank Statement for the past 6 months and if there is sudden inflow of money, you need to prove the source of it.

If you are maintaining the amount for the past 6 months, then it is fine.

 

[AtImechE]

Hi guys. I need advice on this matter from seniors. My avg bank balance for last 6 months is this. Starting from latest. $21200, $20900, 18700, 15000, 3500, 8500. Do I need a gift deed or LOE? I am a single applicant and need to show $12300 funds

 

[moose17]

I've been searching here but haven't found anything too definitive on my question: when they ask for "average balance for the past six months", is that a one-number average of the previous 6-month period or is it 6 individual monthly averages?

 

[kartheek89]

Hi guys. I need advice on this matter from seniors. My avg bank balance for last 6 months is this. Starting from latest. $21200, $20900, 18700, 15000, 3500, 8500. Do I need a gift deed or LOE? I am a single applicant and need to show $12300 funds

not required, as you have more than enough funds for the last 6 months

 

[AtImechE]

not required, as you have more than enough funds for the last 6 months

Thanks for your response. Funds for first two months are less than required, 8500 and 3500. I was a little worried about huge deposit made in 3rd month, that it might raise any red flags.

 

[svikashk]

Hello friends,

For my previous self-employed experience, I have a salary slip (not in letter head, but has the company's rubber stamp) mentioning my salary. Since I was the highest authority, it has my sign and company's rubber stamp under employer signature. Is this okay?

Anyone?

 

[rhmalik]

Seniors please help me here:-

1. My wife is the Principal Applicant in our case and we are yet to initiate EE. She does not have a bank account with sufficient funds in it. Since I will be accompanying her to Canada, will it be ok if I transfer the required finds from My account to her account ? or,

2. Is it better that we open a joint account and transfer funds from my account to our new account? With a proof of transfer from my account.

3. We also intent to open a Joint foreign currency account (Joint with my wife ) where we plan to take some cash out from my current local currency account, get it converted to US $ and then deposit it for investment purposes. Will it suffice as POF in the first place? and if yes then will it be acceptable if this foreign currency account is less than 6 months old?

Any help will be greatly appreciated.

 

[kartheek89]

Thanks for your response. Funds for first two months are less than required, 8500 and 3500. I was a little worried about huge deposit made in 3rd month, that it might raise any red flags.

then in that case, it is better to have affidavit.. to be on safer side

 

[kartheek89]

Seniors please help me here:-

1. My wife is the Principal Applicant in our case and we are yet to initiate EE. She does not have a bank account with sufficient funds in it. Since I will be accompanying her to Canada, will it be ok if I transfer the required finds from My account to her account ? or,

2. Is it better that we open a joint account and transfer funds from my account to our new account? With a proof of transfer from my account.

3. We also intent to open a Joint foreign currency account (Joint with my wife ) where we plan to take some cash out from my current local currency account, get it converted to US $ and then deposit it for investment purposes. Will it suffice as POF in the first place? and if yes then will it be acceptable if this foreign currency account is less than 6 months old?

Any help will be greatly appreciated.

if you are accompanying member, your account statement will be fine. If you still have doubt on it, you can make ur existing account as joint account

 

[AtImechE]

then in that case, it is better to have affidavit.. to be on safer side

Thanks mate, will do that.
Good luck to you.

 

[rhmalik]

if you are accompanying member, your account statement will be fine. If you still have doubt on it, you can make ur existing account as joint account

Thanks for the reply. If I understood you correctly , only my bank statement , that is in "my name only" shall suffice as POF? My wife does not need to give POF in her name exclusively?

I cannot add my wife to my existing account since in Pakistan there is no way a member can be added to a current account. For that we will have to open a new joint account and then I will have to transfer the funds to this new account from my existing account . And in that case the account will be less than 6 months old. Could you please comment! Thanks

 

[bluewaters87]

friends, please help me to clear this doubt as am going to Submit my application today


Firstly we are two applicants . The requirement for POF is 15312. I decalred in EE that i will get 15500 while coming to canada.

1. I am showing total Proof of funds through gift deed from my mother which is eight lakhs
2. I am submitting this gift deed and a balance certificate from a bank which is showing that i have around 15932$ in the account as of today date.
3. Do you guys think this will suffice.
4. Do they calculate the POF by looking at the bank certificate or do they just convert the funds which i got from gift deed.
Finally, Do i need to submit 6 months statement along with gift deed + balance certificate.

 

[kartheek89]

friends, please help me to clear this doubt as am going to Submit my application today


Firstly we are two applicants . The requirement for POF is 15312. I decalred in EE that i will get 15500 while coming to canada.

1. I am showing total Proof of funds through gift deed from my mother which is eight lakhs
2. I am submitting this gift deed and a balance certificate from a bank which is showing that i have around 15932$ in the account as of today date.
3. Do you guys think this will suffice.
4. Do they calculate the POF by looking at the bank certificate or do they just convert the funds which i got from gift deed.
Finally, Do i need to submit 6 months statement along with gift deed + balance certificate.

You need to have the amount in your BANK.. gift deed is just to prove CIC that you did not borrow money from anyone, it gives justification to the sudden inflow of the money

 

[kartheek89]

Thanks for the reply. If I understood you correctly , only my bank statement , that is in "my name only" shall suffice as POF? My wife does not need to give POF in her name exclusively?

I cannot add my wife to my existing account since in Pakistan there is no way a member can be added to a current account. For that we will have to open a new joint account and then I will have to transfer the funds to this new account from my existing account . And in that case the account will be less than 6 months old. Could you please comment! Thanks

As far as I know, your statement will be fine, as you are going together..

hope others will correct me if I am wrong