Proof of Funds (Express Entry)

[bellissima]

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

Thanks a lot!

 

[fotjon]

HI,

I was going to apply for OINP when they issued invitation to people with scores lower then 400. So, in July I gathered docs from banks to cover the settlement funds requirements. Since OINP was put on pause, I didnt had the time to gather all other docs required.
After I got IELTS CLB9 my new score is enough to receive an ITA on next draw.

The simple question is: Are the bank statements/letters issued on July enough to cover the proof of funds post ITA (on September)?
Or should I go for updated ones, to cover the last to months prior to ITA? It would cost around 30$ to get them all, no big deal, but I just hate to lose time on each of them again.

 

[ashwani_pant]

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

Hey peegee,
Thanks for the info.
But I have one more doubt.
Will the statement from same bank that I showed while submitting POF during itr, be valid at port of entry after I get my visa and copr?

Thanks for help.
Ashwani

 

[nisarg1711]

Hello All,

I am currently in India and I just got an ITA for PR. My wife already has a work permit and she is currently in canada and doing a job.

In this case how much money do I need to show as POF?

I have some amount in my 2 different savings bank accounts. Some amount is in PPF. Some amount is invested in Equity (Sharemarket). Some amount is invested in SIP / Mutual Fund.

What do I need to show as a proof for these funds? Also can my parents / father in law transfer some money in my account with the consent letter from them?

Please help.

Thanks in advance.

Nisarg

 

[ILoveMaple21]

Hi All,

Seeking some input from experts here.

I am a PNP applicant and we are a family of five and meets the required funds of CAD 25,923.

The POF amount that I declared in the Schedule 4 form (PNP) was CAD 30, 000. The said amount was the sum of our funds from 2 joint bank account and it is supported by bank certificate & statements.

However, due to some circumstances, we withdrew a portion of funds and the balance went below CAD 30,000 but still meets the required funds by the CIC. Will there be any issue or cause any rejection if our funds went below the declared amount? Also, our declared funds were shown in my GCMS notes.

Many Thanks in advance

 

[dr feras]

Hi All,

Seeking some input from experts here.

I am a PNP applicant and we are a family of five and meets the required funds of CAD 25,923.

The POF amount that I declared in the Schedule 4 form (PNP) was CAD 30, 000. The said amount was the sum of our funds from 2 joint bank account and it is supported by bank certificate & statements.

However, due to some circumstances, we withdrew a portion of funds and the balance went below CAD 30,000 but still meets the required funds by the CIC. Will there be any issue or cause any rejection if our funds went below the declared amount? Also, our declared funds were shown in my GCMS notes.

Many Thanks in advance

No issues at all, as long as you are still above the minimum required amount good luck

 

[sujayjp7]

Hi All,

My situation is given below, please provide your expert opinion

My savings account balance at the start of the 6 month period is about 11k Canadian dollars which is slightly less than the 12300 required. My fist salary after this pushes it beyond 12300 and I have subsequently maintained the required balance for a period of 6 months. My concern is that I have deposits of 2,000 Canadian dollars twice during this period (deposited by my brother in the US, so the currency conversion comes up in the statement). Now if I deduct the total 4,000 dollars deposited by my brother, I will still be beyond 12,300 dollars. I would like to know if these deposits will raise any red flags when I submit my proof of funds?

Thank you in advance

 

[DelPiero07]

Hi All,

My situation is given below, please provide your expert opinion

My savings account balance at the start of the 6 month period is about 11k Canadian dollars which is slightly less than the 12300 required. My fist salary after this pushes it beyond 12300 and I have subsequently maintained the required balance for a period of 6 months. My concern is that I have deposits of 2,000 Canadian dollars twice during this period (deposited by my brother in the US, so the currency conversion comes up in the statement). Now if I deduct the total 4,000 dollars deposited by my brother, I will still be beyond 12,300 dollars. I would like to know if these deposits will raise any red flags when I submit my proof of funds?

Thank you in advance

Just write a LOE explaining that you did not get a gift deed from your brother as without these amounts you still meet the minimum required funds with your salary.

 

[peegee100]

Hey peegee,
Thanks for the info.
But I have one more doubt.
Will the statement from same bank that I showed while submitting POF during itr, be valid at port of entry after I get my visa and copr?

Thanks for help.
Ashwani

Hi Ashwani,

Yes, it should be, but if the timeline is more than 6 months, then collect all additional statements in the interim, ENSURING that the funds do not fall below the minimum required when you present the papers at the Port of Entry... and it should not be a hassle.

 

[Caneda_immi_010]

Hi all,

I have the required funds of C$12,300 for one person in an account for more than 10 months. I have not used this account since and set it aside for this process. Once I reach the Point of entry, I understand I need to carry 25% of the amount in cash. I have a couple of questions:

1. Can I carry the rest as a Forex card?
2. Will I need any additional documents from the bank regarding the proof of funds?

Thanks in advance.

 

[Abhii.7]

Hi guys,

Hope you all fine. I have an education loan (in the range of 20 lakhs), which my Dad, who happens to be the co-borrower, pays every month and I transfer him money time to time.

Since I have to declare it, I'm kinda skeptical as to how it will affect my application? I received an ITA on August 8 and almost on the verge of submitting my final documents. Is it going to be a major concern? If yes, then what can I provide to solve it?

Your opinion does matter. Thanks very much.

 

[deepaksisodia079]

Hi All,

I have the required balance in my salary account (for 3 people) and in addition i am also declaring my PF as POF which is also equivalent to the funds i need to show.I am having a home loan which is regularly deducted from my salary account,will it cause a problem.

Also,I have 1-2 cards which are of banks other than my salary bank account,and these cards have some outstanding balance.Do i need to declare them as well?

I have read that since home loan are secured loans and will be paid in future.Do i need to show them to CIC.

B/W i have got OINP nomination and provided the same set of POF to Ontario and they did not ask anything additional documetns. I am now at CRS 1014 and am hopeful for an ITA in the coming draw.


Please guide.

 

[Caneda_immi_010]

Hi everyone,

I have gathered the required funds of 12,300 CAD for one person, partly from my own savings and others from my parents since April 2017 and have maintained the same with just 1 or 2 transactions from the account since then. I had used the same account and a letter from the bank stating my funds while applying for EE. I have received my COPR and am planning to land in Canada by October. My questions are as follows:

1. Will I need a bank statement for the past 6 months?
2. Will I need to express how I received the funds? (Since statement will show funds being in my account for more than 6 months anyway)
3. Can I get forex card and a letter from my bank roughly a week before landing showing the funds in my account?

Help is appreciated..

 

[fotjon]

HI,

I was going to apply for OINP when they issued invitation to people with scores lower then 400. So, in July I gathered docs from banks to cover the settlement funds requirements. Since OINP was put on pause, I didnt had the time to gather all other docs required.
After I got IELTS CLB9 my new score is enough to receive an ITA on next draw.
The simple question is: Are the bank statements/letters issued on July enough to cover the proof of funds post ITA (on September)?
Or should I go for updated ones, to cover the last to months prior to ITA? It would cost around 30$ to get them all, no big deal, but I just hate to lose time on each of them again.

IF someone is in the same situation, an immigration expert said to me that: "Usually, fresh bank statements (within the last 30 days) are required."

 

[NJ_SKG]

Dear Senior Members,

We am planning to take 13K$ personal loan (in my spouse name who is also a co-applicant) from her salary bank in India to add in our POF for EE/PR.

Kindly advise the best approach for us when applying for the EE:
1. Should I transfer this entire loan amount from her bank account to my saving account & get an authorization letter from her to show it as a POF ?
2. Should I put this money in FD in our joint or PA name and enclose the FD certificate as a POF while applying for the EE/PR ?
2. Since the 13K$ gonna be laying in her saving account. After 6 months or so when applying for EE/PR, should I show her this bank statement (along with my own a/c) as a POF ?

Since this personal loan is a liability (but in spouse name) from CIC point of view, can they question me or my spouse about the source of 13K ?

Thanks,
SKG