Proof of Funds (Express Entry)

[Rajath]

Hello Friends,

I am from India and have created an express entry profile a month back. While creating EE profile, I have mentioned that I can bring 16,000 CAD (for two people) to Canada and right now I don't have that much balance in my account. So, could you please clarify my doubts below regarding POF.

1) Is it fine not maintaining minimum expected balance (15,312 CAD) in the bank account for the last 6 months period before getting ITA and transferring/maintaining the required balance to my account after receiving ITA.
2) I am the primary applicant and my wife is accompanying me. My wife is going to receiving a sum of money in the near future which will suffice our required amount so is it fine if she transfers the money to my bank account in the form of gift deed.

Please help.

 

[damitdada]

Thanks Prats6!!!.......!!! Now I got it......Will try to get the FD in my name, don't want to run in to issues later on....

Hi...I'm the person who's question u stole.... just kidding
What did you do with the FDs...Did u get reissued only in ur name?

thanks

 

[kartheek89]

Hello Friends,

I am from India and have created an express entry profile a month back. While creating EE profile, I have mentioned that I can bring 16,000 CAD (for two people) to Canada and right now I don't have that much balance in my account. So, could you please clarify my doubts below regarding POF.

1) Is it fine not maintaining minimum expected balance (15,312 CAD) in the bank account for the last 6 months period before getting ITA and transferring/maintaining the required balance to my account after receiving ITA.
2) I am the primary applicant and my wife is accompanying me. My wife is going to receiving a sum of money in the near future which will suffice our required amount so is it fine if she transfers the money to my bank account in the form of gift deed.

Please help.

it will be fine but u need to be ready with proofs that the money is not borrowed...

 

[damitdada]

You cannot, you must have all the required funds when you submit your eAPR.

Help needed...

Please read the whole question

I am arranging POF as I m hoping to get an ITA soon with score of 438...Now, my question is for all my term deposits in SBI, I had kept my dad's name as joint account holder.

So, effectively, I know that it won't be accepted as the funds needs to be in the name of primary or secondary applicant.

Hence, I went up to the bank and requested them whether they can remove my dad's name from my term deposit accounts and they agreed and re-issued the new certificates with only my name.

However, the newly issued Term deposit certificates have 'DUPLICATE' written om them. Would it be ab issue?

Also, bank manager has agreed to provide certificate of funds as I want.

 

[Rajath]

it will be fine but u need to be ready with proofs that the money is not borrowed...

Thank you. Do I have to have proof for my wife's account from where she got the money.

 

[Shubhdeep1994]

Hi everyone..
I need some help ... I need to know if I am getting funds from my father via gift deed is there any requirement about how old such funds should be in my name.
Secondly, can I get a term deposit directly from my father's account or do I need to first get money tranferred to my bamk a/c.
If I am getting funds in form of fd, is there any requirement of avg balance in my bank a/c.
Please help.... Thanks....

 

[kartheek89]

Thank you. Do I have to have proof for my wife's account from where she got the money.

Yes, exactly

 

[james_tvm]

Hi...I'm the person who's question u stole.... just kidding
What did you do with the FDs...Did u get reissued only in ur name?

thanks

hehe!!!...Didn't stole ur question bro....really me too having the same query!!!haaaahhStill i didn't approach the bank...will sure let you know...if you are getting any leads please PM....

James.....

 

[bellissima]

Hi all!
I need your advice regarding the requirement by CIC - The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

My situation is as follows:
Bank A - savings account with the required funds
Bank B - salary account, 2 credit cards (rarely used and no debts), personal loan (from Jan 2017 used for personal needs, not for the required funds)

How should that information be presented to CIC? May I report only the savings account in Bank A?

 

[peegee100]

HI Bellissima,

You have to show both the accounts, as CIC would need to know where the money that you saved is/was coming from!! Deposition of salary is crucial as it also confirms that you are employed, and that you get paid!!

Hope that helps.
PeeGee

 

[bellissima]

HI Bellissima,

You have to show both the accounts, as CIC would need to know where the money that you saved is/was coming from!! Deposition of salary is crucial as it also confirms that you are employed, and that you get paid!!

Hope that helps.
PeeGee

Thanks, PeeGee! What do you mean by "... both the accounts" - just the savings account and the salary account? What about the credit cards and the loan?
I will get a document from my employer stating the received salaries from the beginning of the year. Is this enough or the account is also required?

 

[peegee100]

HI Bellissima,

Here is what you need to submit:
1) Savings account statements at least for the past 6 months- the past year would be better.
2) The "other" account that your salary comes into- its called a checking account in Canada, a current account in many other parts of the world, again for a similar duration ( please check the duration on the CIC website- I think they mention at least 6 months.. the more you provide, the better as it will help the officer assess that you are financially stable).
3) If the credit cards are issued by the same bank that you have your accounts with, its easier if the bank manager gives provides a "whom It May Concern" letter stating, your average balance in all accounts for the past 6 months; ( this in adition to both 1 and 2 mentioned above);
the credit card outstanding balance; any loans that you have on HEADED paper, and signed and stamped by the officer, and a contact number that the CIC official can call to verify the details in the letter.

Separately, you should provide payslips for the past year (minimum) AND a letter from your employer stating your salary, any perks, responsibilities, and a brief description of your duties.
The more information provided, the better for you .

Hope this helps.

PeeGee

 

[Mariaogb]

please i need help on how to organise proof of fund, my own cash and balance is not upto the amount for proof of fund , therefore my spouse has decided to attavch his bank statement to mine stating that his supporting our proof of fund with his personal money and that i have acess and can use his money as i wish and get it notorised , he is willing to present a 6 months , account balance and also his account has held huge sums in time past, so if a huge sum like 23000 cad is transfered once will that raise an issue,

 

[damitdada]

hehe!!!...Didn't stole ur question bro....really me too having the same query!!!haaaahhStill i didn't approach the bank...will sure let you know...if you are getting any leads please PM....

James.....

Actually..I have already got the name corrected in FDs, it's a very simple process...Just visit the bank and they will provide u a form for deletion of a name and will issue a new FD.

But, my question is did you confirm with someone with prior experience of the same thing.

My assumption is that it should not raise a concern as one may get a duplicate FD certificate, even applying for a name correction.

Some of the CV forum members told me that as long as you are able to get a certificate from the bank....it's a non-issue.

Thanks..

 

[damitdada]

hehe!!!...Didn't stole ur question bro....really me too having the same query!!!haaaahhStill i didn't approach the bank...will sure let you know...if you are getting any leads please PM....

James.....

Actually..I have already got the name corrected in FDs, it's a very simple process...Just visit the bank and they will provide u a form for deletion of a name and will issue a new FD.

But, my question is did you confirm with someone who knows a thing or two about it??

My assumption is that it should not raise a concern as one may get a duplicate FD certificate, even applying for a name correction.

Some of the CV forum members told me that as long as you are able to get a certificate from the bank....it's a non-issue.