I dont think a stock statement from a trading website will suffice. I believe stocks can be shown , however you will need to get a statement on a letter head from the bank/NBFC where you hold your demat account.
Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
Hi guys,
I have a CRS of 478 and I am expecting an ITA in the next round. I have been unemployed for the last 4-5 months as I was taking a break, and my account balance is extremely thin over the past few months. I am therefore planning to take a gift deed from my dad as POF for my application, have a couple of doubts:
1. Do I also have to show my dad's 6 month statements, or FD he would use to deposit money in my account?
2. Is there any drawback of showing POF as a gift deed? I am also planning to show my 12 months statement so that they know I had decent balance before I had quit my job, is that a good idea? Also, any recommendation of how I should proceed with an LOE for this?
I have a CRS of 478 and I am expecting an ITA in the next round. I have been unemployed for the last 4-5 months as I was taking a break, and my account balance is extremely thin over the past few months. I am therefore planning to take a gift deed from my dad as POF for my application, have a couple of doubts:
1. Do I also have to show my dad's 6 month statements, or FD he would use to deposit money in my account?
2. Is there any drawback of showing POF as a gift deed? I am also planning to show my 12 months statement so that they know I had decent balance before I had quit my job, is that a good idea? Also, any recommendation of how I should proceed with an LOE for this?
I am not sure if ETrade comes under Banking or even an NBFC. I, for sure, do not hold a Demat account with ETrade.
Etrade is a US based company to manage stocks and shares which are privately traded. For example the stocks and shares granted by Employer to Employee.
I don't think you can show etrade statements. You should have the cash readily available. AFAIK, PF can be shown. You can refer to this forum for PF:
http://www.canadavisa.com/canada-immigration-discussion-board/threads/ready-reference-steps-to-follow-and-documents-to-arrange-post-ita.455826/
Proof of Funds : PF India is accepted and applicants have been issued PR under EE. You can get your Passbook stamped for the PF department under your circle. Getting it done in Hyderabad is One-Days Job.
Yes. I intend to get my PF passbook stamped and use it. But my issue is the current PF account in Hyderabad is operational only from Jan 2016 and it alone cannot cover the limit for PoF. I was banking on the stocks + current balance in salary account + PF to get over the limit.
If I can transfer the funds from my previous PF account to this new one and get the passbook stamped in Hyderabad, then PF alone is sufficient to show almost double the required minimum amount.
So, I am exploring all the available options and trying to go with the best option.
I have already gone through the thread you have mentioned. In the current PoF thread itself, someone mentioned that stocks can be used to show as PoF. So, wanted to know how to do it.
I was in the same situation, I had money in ETrade but didn't want to sell it. Thankfully, I had almost enough balance in my salary account, and I waited for 1-2 salaries for the funds to cross the target. I've gone through many forums, and most of them suggested it is better not to bet on ETrade balance, as it is not readily available cash. It would be an unnecessary risk relying on ETrade, if you have an option to liquefy/show PF/other accounts.
I don't think you can draw entire amount in one go. You can withdraw only some percentage of it, that too by providing a valid reason. Like marriage or house purchase/renovation. Please correct me if I am wrong.
Saying this, what you can do is to first withdraw your money from EPF and then show the account balance as PoF.
EPF entirely can't be considered as PoF IMO.
I could be wrong here though.
This is not true right? You can sell the sellable portion of the stocks and you get the money within 3-4 working days.
I am quoting only the sellable portion of the stock, not the unvested portion. Anyway, I am exploring other options also.
Information about PF funds is like a godsend. Didnt even think that PF can be used as a source of funds.
Hmm, you can claim that you have 'ready-to-sell' stocks of worth 10k$ but that could fall to 5k$ next week, I mean no guarantee right? It might sound bit harsh but it seems logical not to consider stocks as a "proof of fund", as the value might vary over time.
This I agree with. This is the reason why I am hesitant to sell the stock now. It dropped from ~ $65 to $52 over the course of an year. I am waiting for the time the price increase again. Maybe, if everything goes well, I may have to sell these off and encash them before landing in Canada.
Hi everyone,
I have got ITA and will be submitting my e-Apr in couple of months. I have been mainitninf my bank statement since 7 months. Do I still need to show prof of funds ?
I have got ITA and will be submitting my e-Apr in couple of months. I have been mainitninf my bank statement since 7 months. Do I still need to show prof of funds ?
Hi Guys,
I have a question regarding how i should present my proof of funds in my upcoming response to my ITA.
I currently have accounts in two banks here, one recently opened this month since the company i work for changed the bank they work with, so we had to migrate our salary account to that bank. Between those two accounts I have aproximately 4000 CAD.
Additionally, my aunt, who lives in Canada, owed my mom aprox 9000 CAD from a personal loan she gave her a couple years ago (in the local currency of my country, not in CAD, but that is what its equivalent to), and my mom has agreed to give that money to me as a gift deed for me to start my life in Canada if i get the PR. But my aunt can't send the money over here, so I'm traveling next week to open a bank account in Canada for her to deposit the money there. So she would be making a deposit in my bank account of the money she owed my mom, but that my mom has given to me as a gift.
Which documents would I need to send as proof of funds? I was thinking that for sure I would need letters from my two banks here and bank statements for the las 6 months (since banks here don't make letters containing the information CIC requires). But what would I need to support the canadian part of the money? a letter from the canadian bank, an affidavit from my mom and from my aunt and a gift deed from my mom? I would also have the voucher of the wire transfer from my aunt to support it.
Thanks a lot in advance for your help!
I have a question regarding how i should present my proof of funds in my upcoming response to my ITA.
I currently have accounts in two banks here, one recently opened this month since the company i work for changed the bank they work with, so we had to migrate our salary account to that bank. Between those two accounts I have aproximately 4000 CAD.
Additionally, my aunt, who lives in Canada, owed my mom aprox 9000 CAD from a personal loan she gave her a couple years ago (in the local currency of my country, not in CAD, but that is what its equivalent to), and my mom has agreed to give that money to me as a gift deed for me to start my life in Canada if i get the PR. But my aunt can't send the money over here, so I'm traveling next week to open a bank account in Canada for her to deposit the money there. So she would be making a deposit in my bank account of the money she owed my mom, but that my mom has given to me as a gift.
Which documents would I need to send as proof of funds? I was thinking that for sure I would need letters from my two banks here and bank statements for the las 6 months (since banks here don't make letters containing the information CIC requires). But what would I need to support the canadian part of the money? a letter from the canadian bank, an affidavit from my mom and from my aunt and a gift deed from my mom? I would also have the voucher of the wire transfer from my aunt to support it.
Thanks a lot in advance for your help!