Proof of Funds (Express Entry)

[MERIEM1986]

Yes its a problem
Funds must be readily available to you. CIC also asks for all your liabilities which means your settlement funds are net of any liabilities.

Selling your apartment in future is not applicable as real estate property is not acceptable as proof of settlement funds.

you need to satisfy that you have enough settlement funds after settling all your liabilities.
Car loan is a different story.

Thank u for your replay: i think you did'nt understand my question: I have the required sum available, but in the same time i have 2 ongoing bankloans: 1 for my appartment and another old one;
Would this be a problem? Logically: it seems obvious that i will not sell my properties before having the final decision!

 

[PrasaNat]

Hello everyone,

I am a single applicant and I have received ITA and even though I haven't maintained any bank balance in the savings account, I have received money from my parents to match the minimum fund requirement criteria, and have also received a gift deed for the same.

However, I have 2 outstanding loans (one educational loan and one personal loan) whose amounts together exceed the minimum required amount (CAD equivalent). However, EMIs towards those loans are paid regularly and on a timely manner.

I am having a confusion whether POF is evaluated irrespective of the outstanding loan amounts or not, since the only unusually big amount transfers made to my account are from my parents (for meeting the minimum funds requirement) and a gift deed from parents is also prepared to support that.

Will CIC reject my application since my POF is less than the outstanding loan amounts? Or will it be evaluated separately irrespective of the outstanding loan amounts? Or will it be rejected for any of POF related reasons?

Please help.

Thanks

 

[gihank]

Hi all,

I have been reading this thread since few days and didn't complete.

1. I want to know whether we have to show the settled bank loans also? I know that we have to settle the existing ones or show money that we can settle even after showing 12,300 CAD. What is the procedure on this?

2. Also for POF, can we show our salary slips saying that we are currently employed and will receive the salary until we are landing in Canada?

IE: I have 10,000 CAD as Fixed deposits, can i show that i will receive my salary for the next few months and that will complete the 12300 CAD requirement?

I can get a letter from the bank few days before leaving the country granted i get PR, saying that i have excess of 12,300 CAD, but for the application purpose can i say as above?

 

[MariaMaria]

Hi everyone,
Could you please help me with some confusing things.
I'm planning to apply for FSW.
1. I'm having a mortgage which is almost repaid. The monthly payment is insufficient, and I easily cover it by renting this flat. The amount left for repayment is also small around 2,000 CAD. But I don't want to repay it in full now as it doesn't burden me. By the time of the application, I will have 12300 CAD needed on my bank account. Will this mortgage be a problem? Will I need to show more money or repay the mortgage in full before submitting the application?

2. I'm living in a country A now, in a couple of months I'm going back to my home country - B. I earned some money here and want to use them as a proof of finance for my application. What should I do in this case? I was planning to just put this money on my home bank account, but would I need to prove the origin of such a big amount suddenly appeared on my bank account? How can I prove the origin? Take a statement from my A-bank before taking money out?

Thank you!

 

[tichupichu]

Thank u for your replay: i think you did'nt understand my question: I have the required sum available, but in the same time i have 2 ongoing bankloans: 1 for my appartment and another old one;
Would this be a problem? Logically: it seems obvious that i will not sell my properties before having the final decision!

If I deduct the loan amount with your available SUM will it still be above the minimum required ?
If the net amount is still higher then no problem. But if it gets lower, then its a problem. you need to arrange for other means to get minimum requried net funds.

The definition of settlement fund is that it should be readily available to you for use. Any loans/liabilities will be deducted from your funds and then the POF requirement will be assessed.

Thats my understanding based on my research and experience.

 

[tichupichu]

Hi all,

I have been reading this thread since few days and didn't complete.

1. I want to know whether we have to show the settled bank loans also? I know that we have to settle the existing ones or show money that we can settle even after showing 12,300 CAD. What is the procedure on this?

2. Also for POF, can we show our salary slips saying that we are currently employed and will receive the salary until we are landing in Canada?

IE: I have 10,000 CAD as Fixed deposits, can i show that i will receive my salary for the next few months and that will complete the 12300 CAD requirement?

I can get a letter from the bank few days before leaving the country granted i get PR, saying that i have excess of 12,300 CAD, but for the application purpose can i say as above?

1. You just need to provide bank statements / balance confirmations for all your existing bank accounts and liabilities. If the loan is settled and is not out of your bank account. No need to mention it.

2. your salary slips should Ideally be attached with your experience letter as an additional validation.
but how will you prove savings by showing salary slip ? Not acceptable at all
POF should be the funds available to you NOW! and not in future

 

[tichupichu]

Hi everyone,
Could you please help me with some confusing things.
I'm planning to apply for FSW.
1. I'm having a mortgage which is almost repaid. The monthly payment is insufficient, and I easily cover it by renting this flat. The amount left for repayment is also small around 2,000 CAD. But I don't want to repay it in full now as it doesn't burden me. By the time of the application, I will have 12300 CAD needed on my bank account. Will this mortgage be a problem? Will I need to show more money or repay the mortgage in full before submitting the application?

2. I'm living in a country A now, in a couple of months I'm going back to my home country - B. I earned some money here and want to use them as a proof of finance for my application. What should I do in this case? I was planning to just put this money on my home bank account, but would I need to prove the origin of such a big amount suddenly appeared on my bank account? How can I prove the origin? Take a statement from my A-bank before taking money out?

Thank you!

Hi

1. you just need to make sure that when you submit the POF after you get the ITA, your balance should be more than 12,300 CAD Net of any liabilities/loans/mortgages. If you are confident enough that you'll repay the loan by that time than no issue.
2. Yes, for a suddent credit in your bank statement, you have to show the origin and prove that its is not refundable. I suggest you make a bank to bank transfer directly from your Country A account to Country B account and submit bank statements for both to prove the movement of funds.
Also explain this in your Letter of Explanation .

Hope this helps.

 

[gihank]

1. You just need to provide bank statements / balance confirmations for all your existing bank accounts and liabilities. If the loan is settled and is not out of your bank account. No need to mention it.

2. your salary slips should Ideally be attached with your experience letter as an additional validation.
but how will you prove savings by showing salary slip ? Not acceptable at all
POF should be the funds available to you NOW! and not in future

ahh right okay, thanks for the information what if i dont meet the average of 6 months for 2300 CAD? Suppose my salary is 1000 CAD per month. and i can fully save the required 2300 CAD in 2 months as i already have a fixed deposit of 10,000 CAD?

 

[tichupichu]

ahh right okay, thanks for the information what if i dont meet the average of 6 months for 2300 CAD? Suppose my salary is 1000 CAD per month. and i can fully save the required 2300 CAD in 2 months as i already have a fixed deposit of 10,000 CAD?

Unless there is a sudden big credit and the increase would be out of savings .. i think it would be fine since you already have 80% of the funds for more than 6 months

 

[gihank]

Unless there is a sudden big credit and the increase would be out of savings .. i think it would be fine since you already have 80% of the funds for more than 6 months

ahh right okay, so a steady income would suffice it seems

 

[tichupichu]

ahh right okay, so a steady income would suffice it seems

Yes organic savings are fine

 

[MariaMaria]

Hi

1. you just need to make sure that when you submit the POF after you get the ITA, your balance should be more than 12,300 CAD Net of any liabilities/loans/mortgages. If you are confident enough that you'll repay the loan by that time then no issue.
2. Yes, for a suddent credit in your bank statement, you have to show the origin and prove that its is not refundable. I suggest you make a bank to bank transfer directly from your Country A account to Country B account and submit bank statements for both to prove the movement of funds.
Also explain this in your Letter of Explanation .

Hope this helps.

Thank you @tichupichu
I understand your point.
I actually don't want to speed up my repayment as I said that I paid it out of the money I get from renting this flat. Do you think if I provide them with the evidence that I'm renting this flat and my savings are not affected by it, they won't understand? I think it not fair as they should understand that mortgage and any other loans they are different from saving accounts, and if you are a working person you pay the mortgage first, and then put money aside as a saving. So they are absolutely available for me to use as settlement funds.
And the second question, what if I open a saving account in another bank (it's usual to have multiple accounts in my home country) and just don't show the mortgage?

Thank you.

 

[happy elephant]

Hello,

I have just submitted my EE application and will be receiving AOR shortly. Regarding POF , I want some suggestions as my case is a bit different. I was working abroad and was earning a substantial amount in the form of salary. However, in 2014 I returned back to my home country and handed over all the savings to my mother and she invested in national savings certificate. Now she handed over me the sum which I had transferred in joint account of me and my wife to use it as POF. I have written a LOE explaining the situation HOWEVER, I have not made a gift dead because the money was never my moms. Will this be a problem?

 

[tichupichu]

Thank you @tichupichu
I understand your point.
I actually don't want to speed up my repayment as I said that I paid it out of the money I get from renting this flat. Do you think if I provide them with the evidence that I'm renting this flat and my savings are not affected by it, they won't understand? I think it not fair as they should understand that mortgage and any other loans they are different from saving accounts, and if you are a working person you pay the mortgage first, and then put money aside as a saving. So they are absolutely available for me to use as settlement funds.
And the second question, what if I open a saving account in another bank (it's usual to have multiple accounts in my home country) and just don't show the mortgage?

Thank you.

Mate the point is that you are making a declaration to cic that you have the minimum funds required .. otherwise u r not eligible for applying under FSW on the first place..

Cic need u to disclose all ur liabilities so hiding it is nor recomended at all .. it may lead to more severe implications ..

As to ur plan to settle the debt with rent income again wont work as it means u dont have enough funds right now...

I would suggest to settle the debt before atleast 3 months of submiting ITA.. or have more funds in ur account so even if they deduct the loan, the balance remains over the minimum required

 

[MariaMaria]

Yes organic savings are fine

Hi,
Do I understand you right, that if I already have 7-8k and then during 6 months prior to the APR I am depositing around 1k every month out of my salary, it will be ok as soon as I don't deposit a big amount, say, 3-5k at once right prior to the application? Correct?