Proof of Funds (Express Entry)

[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?

 

[tichupichu]

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?

If it wasnt the joint bank account of ur mom and wife but only ur accompanied wife then merely a LoE and an NOC would have suffice..

But in ur case u should get the funds in ur account and get a proper gift deed from both ur mother and wife

 

[tichupichu]

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?

It should be reasonable .. i think if ur minimum required is 12k then u should have atleast 10k for more than 3 months prior to submission with no big credit.. the remaining you can show out of savings

 

[MariaMaria]

It should be reasonable .. I think if ur minimum required is 12k then u should have atleast 10k for more than 3 months prior to submission with no big credit.. the remaining you can show out of savings

Thank you.
I have no plans to play the system, just I do have savings (not enough though) on my foreign account, plus I'm going back home and work more and save more. My salary allows me to save around 1k per month without any cut-offs or borrowings. Hope the officers will understand that.

Do you know if I need to prove the origin of the money which is on the account for more than 6 months? e.g. I put 7-8k on the account in January, and apply for the PR in July. Theoretically, the statement will say that I opened the account in January, however, there will be no transaction for January reflected in the statement.
The thing is that I don't want to do a foreign bank to home bank transfer as it might attract the attention of the Revenue officials, as I don't want more hassle with proving the origin, especially, by that time I will not be able to go this foreign country as my visa has expired. Legally, I am allowed to bring up to 10k into the country through customs without any declaration, so I'm not breaking any low, however, with the transfer, everything might happen.

 

[tichupichu]

Thank you.
I have no plans to play the system, just I do have savings (not enough though) on my foreign account, plus I'm going back home and work more and save more. My salary allows me to save around 1k per month without any cut-offs or borrowings. Hope the officers will understand that.

Do you know if I need to prove the origin of the money which is on the account for more than 6 months? e.g. I put 7-8k on the account in January, and apply for the PR in July. Theoretically, the statement will say that I opened the account in January, however, there will be no transaction for January reflected in the statement.
The thing is that I don't want to do a foreign bank to home bank transfer as it might attract the attention of the Revenue officials, as I don't want more hassle with proving the origin, especially, by that time I will not be able to go this foreign country as my visa has expired. Legally, I am allowed to bring up to 10k into the country through customs without any declaration, so I'm not breaking any low, however, with the transfer, everything might happen.

Any sudden credit within the last six month will require an explanation and proof of the source..

My suggestion would be to submit the statement starting after you deposit the money ... for eg if you deposit in january, submit the statement starting from feb onwards..

Delay the submission of application by a month if possible to have the period of six months..

After receiving ITA, you can submit within 90 days so dealaying the submission within this time wont be a problem

 

[MariaMaria]

Any sudden credit within the last six month will require an explanation and proof of the source..

My suggestion would be to submit the statement starting after you deposit the money ... for eg if you deposit in january, submit the statement starting from feb onwards..

Delay the submission of application by a month if possible to have the period of six months..

After receiving ITA, you can submit within 90 days so dealaying the submission within this time wont be a problem

This is what I was thinking of, thank you very much!

 

[tichupichu]

Any sudden credit within the last six month will require an explanation and proof of the source..

My suggestion would be to submit the statement starting after you deposit the money ... for eg if you deposit in january, submit the statement starting from feb onwards..

Delay the submission of application by a month if possible to have the period of six months..

After receiving ITA, you can submit within 90 days so dealaying the submission within this time wont be a problem

Thank you.
I have no plans to play the system, just I do have savings (not enough though) on my foreign account, plus I'm going back home and work more and save more. My salary allows me to save around 1k per month without any cut-offs or borrowings. Hope the officers will understand that.

Do you know if I need to prove the origin of the money which is on the account for more than 6 months? e.g. I put 7-8k on the account in January, and apply for the PR in July. Theoretically, the statement will say that I opened the account in January, however, there will be no transaction for January reflected in the statement.
The thing is that I don't want to do a foreign bank to home bank transfer as it might attract the attention of the Revenue officials, as I don't want more hassle with proving the origin, especially, by that time I will not be able to go this foreign country as my visa has expired. Legally, I am allowed to bring up to 10k into the country through customs without any declaration, so I'm not breaking any low, however, with the transfer, everything might happen.

If you have to submit anyways then explain fully in the LoE.. obviously with a proper reason .. not the one like u cant bring in the funds due to revenue department

 

[MariaMaria]

If you have to submit anyways then explain fully in the LoE.. obviously with a proper reason .. not the one like u cant bring in the funds due to revenue department

I can take a statement from my foreign bank before cashing in the account and then show that the same amount of money appeared on my home account a few days after.. will it be a good explanation?

 

[MariaMaria]

I can take a statement from my foreign bank before cashing in the account and then show that the same amount of money appeared on my home account a few days after.. will it be a good explanation?

One more question, if I have a credit card with another bank at home, but I don't use it. Should I provide a statement from that bank? Will the fact that I possess a credit card affect me even if I don't use it?

 

[tichupichu]

I can take a statement from my foreign bank before cashing in the account and then show that the same amount of money appeared on my home account a few days after.. will it be a good explanation?

I am afraid no... because the money trail wont be proved

 

[tichupichu]

One more question, if I have a credit card with another bank at home, but I don't use it. Should I provide a statement from that bank? Will the fact that I possess a credit card affect me even if I don't use it?

Ideally you should disclose it.. since its a liability
Just submit the credit card statement .. if u r not using it so the balance would be zero.. wont affect anything

 

[MariaMaria]

I am afraid no... because the money trail wont be proved

what kind of explanation could I provide then?
Can I leave the money on my foreign account and just provide the statement from it. However, I'm afraid I won't be able to provide the original of this statement as it is going to be a pdf document taken from online banking. Might it work?

 

[tichupichu]

what kind of explanation could I provide then?
Can I leave the money on my foreign account and just provide the statement from it. However, I'm afraid I won't be able to provide the original of this statement as it is going to be a pdf document taken from online banking. Might it work?

No stamped bank statement would be required with a balance confirmation on bank’s letter head.

Another way to do it is you give it to ur mom /dad and then get it transfered to ur account and make a legal gift deed to justify the sudden credit

 

[MariaMaria]

No stamped bank statement would be required with a balance confirmation on bank’s letter head.

Another way to do it is you give it to ur mom /dad and then get it transfered to ur account and make a legal gift deed to justify the sudden credit

So if I get a confirmation on a bank's letterhead without any stamps and signatures, would it be alright?
I mean if I print the confirmation from online banking.

 

[tichupichu]

So if I get a confirmation on a bank's letterhead without any stamps and signatures, would it be alright?
I mean if I print the confirmation from online banking.

No online bankstatement wont work