Proof of Funds (Express Entry)

[starkboy]

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?

 

[sainathreddy]

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.

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.

 

[larack]

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/

 

[larack]

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.

 

[sainathreddy]

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.

 

[sainathreddy]

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/

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.

 

[larack]

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.

 

[_Harry_]

Hello Dear Friends, Can I show my EPF account as POF and how much %age of balance in EPF account they consider as POF. As for I know, I can withdraw entire amount in one go from EPF account . Thanks

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.

 

[sainathreddy]

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.

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.

 

[larack]

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.

 

[sainathreddy]

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.

 

[luvkyroy2070]

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 ?

 

[DelPiero07]

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 ?

Yes if FSW applicant.

No if CEC applicant or if you have a valid job offer.

 

[frp1990]

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!

 

[joeysupertramp]

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!

Okay so my situation was very similar to yours and I ended up asking very similar questions to what you did above and here is how I went about it.

First off, you will need a Gift Deed form, stating the total amount and that it is in fact a non-transferable gift. It has to be signed by the gift giver (your mum) and it couldn't hurt to have a couple of unrelated witnesses sign it also. You do not need to get it transferred to CAD, you can show it in your home bank account in your home currency however it needs to be easily accessible, therefore you will require the debit card linked to the account in order to show that it is withdrawable at any time. I did this as the funds gifted to me were in GBP and the exchange rate is complete garbage so we would end up losing a fair amount of money by transferring it. Also, over a certain amount of money, to have it sent here you'd have to declare it and I believe you end up paying taxes on it. So it's best to leave it in your home bank account, show statements that it is there and have the gift deed signed and dated around about the same time as the transfer. As for the bank accounts you have here, most banks don't provide the letter that CIC ask for anymore so in lieu of this, you can get 6 months worth of bank statements stamped at your local branch and then upload them as part of your application. I have been in Canada for over a year and have been employed that entire time, the fact that I can show that I have had enough money to support myself thus far as well as the emergency fund that was gifted to me should be enough proof of funds. With the money being in seperate accounts, all you'll have to do is explain your situation in your Letter of Explanation and you should be golden! Hope this helps!