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Proof of Funds (Express Entry)

JoacRy

Champion Member
Oct 23, 2015
2,064
159
Job Offer........
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valsanail said:
Is LOE letter of explanation? I had an account at the same bank, but it was closed 2 years ago, however they said that in case I decide to open a new account for transferring the money to it, they will reopen the old one and in the balance certificate they will mention the oldest date when it was first opened, however I will have no history on it. So wouldn't it be a problem to provide documents (balance cert, bank statements) for account without any history? I thought before that if the spouse is accompanying, then there would be no issue. However, I cannot find anybody on this forum with similar issues in past, to clarify my doubts.
Please could you kindly drop me the link of the quote mentioned by you, that the funds must belong only to the Principal Applicant?
Besides, my spouse is not employed, the money she has are savings put to her accounts by her parents, so in the statements they will see the source, is that OK, or some letter also should be attached concerning that matter?
1) Yes - LOE - Letter of Explanation
2) Bank letter must specify the amounts in the Bank accounts and the currency they are denominated in.
3) You will need to get your wife's parents to sign a 'Gift Deed' specifying they gave their daughter money as a gift without need to repay'
4) The letter from the bank must be signed by the manager and on letterhead
5) As long as the funds represent the net assets of you and/or your wife you will be ok. At least one applicant must have title to the funds.

Hope it helps.
 

valsanail

Hero Member
Nov 17, 2015
392
9
Category........
Visa Office......
Ottawa
Job Offer........
Pre-Assessed..
App. Filed.......
21-01-2016
Doc's Request.
No additional documents request since AOR
AOR Received.
21-01-2016
Passport Req..
30-08-2016
LANDED..........
14-10-2016
JoacRy said:
1) Yes - LOE - Letter of Explanation
2) Bank letter must specify the amounts in the Bank accounts and the currency they are denominated in.
3) You will need to get your wife's parents to sign a 'Gift Deed' specifying they gave their daughter money as a gift without need to repay'
4) The letter from the bank must be signed by the manager and on letterhead
5) As long as the funds represent the net assets of you and/or your wife you will be ok. At least one applicant must have title to the funds.

Hope it helps.
Hi, thank you for your response, please tell me, is the 'Gift deed' something that they can simply sign, or it should be notarized, or is it a document that must be signed in the bank?
 

JoacRy

Champion Member
Oct 23, 2015
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No a gift Deed is essentially a written 'contract' between 2 people that states than the person giving the gift does not require the person receiving the gift to pay them back.

Better to get notarized for safety.
 

ambreenkhan

Full Member
Nov 3, 2015
35
0
Australia
Category........
NOC Code......
0112
Job Offer........
Pre-Assessed..
App. Filed.......
12-03-2015
Doc's Request.
03-11-2015
Nomination.....
28-11-2015
AOR Received.
24-12-2015
Med's Done....
23-12-2015
Passport Req..
30-01-2017
Hi All,

I have a query regarding my PoF situation. I have a joint account with my father, brother and husband. Now, I am a family of three which means I need to show the amount of $18,260.

My question is, how would CIC calculate the money? Would the money in the account divided among the 4 account holders or what?

Please help me as I need to submit my documents soon.

Thanks in Advance,
Ambreen
 

JoacRy

Champion Member
Oct 23, 2015
2,064
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As there are 4 account holders, the 'net assets' of the fund (ie $18,260) will be shared on a proportional basis and each person who has 'co-title' to the funds will be deemed to have ownership of a share of $4,565.00.
 

ambreenkhan

Full Member
Nov 3, 2015
35
0
Australia
Category........
NOC Code......
0112
Job Offer........
Pre-Assessed..
App. Filed.......
12-03-2015
Doc's Request.
03-11-2015
Nomination.....
28-11-2015
AOR Received.
24-12-2015
Med's Done....
23-12-2015
Passport Req..
30-01-2017
JoacRy said:
As there are 4 account holders, the 'net assets' of the fund (ie $18,260) will be shared on a proportional basis and each person who has 'co-title' to the funds will be deemed to have ownership of a share of $4,565.00.
Ok. So Will they account my share and my husband's part in the share together since he is also part of my application ?Because I am alone won't be having the required amount of $18260.But If they add my husbands share as well; then it would be more than the required amount to be shown.
 

ambreenkhan

Full Member
Nov 3, 2015
35
0
Australia
Category........
NOC Code......
0112
Job Offer........
Pre-Assessed..
App. Filed.......
12-03-2015
Doc's Request.
03-11-2015
Nomination.....
28-11-2015
AOR Received.
24-12-2015
Med's Done....
23-12-2015
Passport Req..
30-01-2017
JoacRy said:
Yes they will count your share and his share.
Thank you so much for your prompt response :)
 

AM_008

Hero Member
Oct 22, 2015
251
16
Category........
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AOR Received.
03-12-2015
Passport Req..
12-04-2016
valsanail said:
Please could you kindly drop me the link of the quote mentioned by you, that the funds must belong only to the Principal Applicant?
It was OINP(Ontario Immigrant Nominee Program) email answer to my question.

In addition ....
URL: http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp
- Proof of funds: Individuals who must submit this documentation: "The principal applicant".

10000000000000% Official info.
PS I received OINP Nomination on 23 October, 2015.
 

dollcie

Star Member
Aug 11, 2014
74
2
Mumbai
Category........
Visa Office......
New Delhi
NOC Code......
1112
Job Offer........
Pre-Assessed..
App. Filed.......
16-09-2015
AOR Received.
16-09-2015
Med's Request
Upfront
Interview........
NA
Passport Req..
16-03-2016
valsanail said:
Thank you, but our bank (HSBC) tells that they have no policy of creating joints accounts in my country. They suggested us to make an authorization letter, and told that this is 'the strongest' way that assures that I can use the money with equal rights.
Please could you clarify, regarding a NOC, is this something that we can obtain from the bank, or at the notary?
NOC is a statutory document. Well for India NOC is required if its a joint account from the primary acc holder.. and yes it should be notarised.
 

sunshinejan

Hero Member
Jul 23, 2013
252
29
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Hey everyone,

I have been asking the same question in so many different threads with no answer.

Can someone please share their advice or at least any info on the following, please.

I have the required money (19k CAD) but it was never kept in bank, so I will have it on my account today or tomorrow. This means that in my 6 moths statement the amount won't show.

Can you please advise whether this is a serious issue? ANd if yes, what can be done about it?

THanks in advance
 

varun22

Hero Member
May 26, 2014
273
6
Category........
NOC Code......
2173
Job Offer........
Pre-Assessed..
App. Filed.......
27-01-2016
AOR Received.
28-01-2016<br>Medicals Passed - 29-01-2016 <br>Ghost Mail - 31-01-2016
Passport Req..
22-06-2016
Hi,

I have FDs worth 7k in my account. My wife has FDs worth 20k in her account.
We need to show 14k as I mentioned in my application.

Is it fine to show my wife's savings? We accumulated our savings in my wife's account as I was managing most of our living expenses.

What all documents do I need to provide?

Thanks,
Varun
 

edgeoftomorrow

Full Member
Sep 5, 2015
28
5
Hello, Can somebody please advise me on what to do. I have a car loan and my 6 months bank statement would show that monthly repayment of the car loan. I am scared I might get rejected based on the fact that I have a car loan despite the fact that I have more than the required proof of funds amount in my account.

Please help.WHAT SHOULD I DO.
 

jk_indian

Full Member
Jul 8, 2015
47
20
123
Category........
Visa Office......
New Delhi
NOC Code......
2173
Job Offer........
Pre-Assessed..
App. Filed.......
29-01-2016
AOR Received.
29-01-2016
Med's Done....
05-02-2016
Passport Req..
05-07-2016
VISA ISSUED...
19-07-2016
LANDED..........
Expected (15-09-2016)
Dears,

Deposit is only 4.5 months old at the time of PR application

Opened an FD of the required POF+15%, on the last week of September 2015. The FD account was attached to my Savings account which was opened in 2008, but was idle with negligible balance except for some interest credit in May 2015. Since September, I do transactions with this account.

Last date for applying for PR online is 02-Feb-2016. On 01-Feb-2016, the FD will be around 4.5 only months old.

1. Is CIC very strict about the completion of 6 months?
2. Should I delay my application till the last date to get the statement from bank on 01-Feb-2016, to show the maximum period of funds?
3. Some of the answers in this thread suggests that only the 6 month average balance is what CIC will look for. So is it as simple that I need to put some extra money in the account and make 6 month average greater than the POF amount,and the get the certificate mentioning only this, without showing any statements?
4. Is account opening date mandatory in the bank certificate?
 

alex_dinou

Hero Member
Oct 17, 2015
210
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edgeoftomorrow said:
Hello, Can somebody please advise me on what to do. I have a car loan and my 6 months bank statement would show that monthly repayment of the car loan. I am scared I might get rejected based on the fact that I have a car loan despite the fact that I have more than the required proof of funds amount in my account.

Please help.WHAT SHOULD I DO.
How many months of repayment for the car loan do you still have left?
Maybe other more experienced members can comment, but I think if you can show that the payment has not reduced your Low Income Cut-Off savings in the last six months, and you acquire documents that show you will pay off your loan before PR is issued, you should be fine.