Proof of Funds (Express Entry)

[Jakev]

Guys, I need a suggestion:

I have two options to prove funds.

1. Provident Funds: My wife and I have enough amount as provident fund saved with our respective companies. Those certificates will be enough if CIC accepts.
2. Bank Statements: We also have enough funds available in our bank accounts, when combined. The only catch is that my brother transferred a big chunk into my account three months ago, which can raise a red flag. Although that amount is part of my inheritance, however, it'll be complicated to prove that to the CIC. That's why I'm more inclined towards the first option.

Which of the two do you guys find more suitable in this scenario?

The 1st One- have you liquidated those funds?

 

[fhaq]

Interesting query and I had the same one- prepare a gift deed indicating this 40% of funds you’re alluding to, with signatures from your father and yourself and also get it notarised. Have a line in the gift deed that states your father transferred the money to you via cheque transfer(don’t bother mentioning specifics). This should be just fine.

Ok thanks - So no need to mention cheque number/account number etc? just mention that i received the cheque from my father. Should I accompany it with an LOE? and also skip the details in LOE?

 

[shekh ramzan]

I am not a Taxpayer. I don't have Income Tax Number because my salary is not taxable. What should I do then ?

 

[Jakev]

Ok thanks - So no need to mention cheque number/account number etc? just mention that i received the cheque from my father. Should I accompany it with an LOE? and also skip the details in LOE?

On the LOE, mention Proof of Funds along with the other items you intend to mention (Education/PCC etc)- just say that you this much funds, and also attached is a bank statement (past 6 months) along with a gift deed.

 

[Jakev]

I am not a Taxpayer. I don't have Income Tax Number because my salary is not taxable. What should I do then ?

Look at the other proofs that I suggested

 

[tichupichu]

I am not a Taxpayer. I don't have Income Tax Number because my salary is not taxable. What should I do then ?

Why do you require an income tax number ?

 

[tichupichu]

A PR Visa means the applicant has recourse to public funds, and can claim social benefits. It’s not like other visas where they really scrutinise your application to ensure you satisfy the conditions of the visa- like studies/tourism etc.

I think we can't be certain about the level of scrutiny done by CIC. it may vary case to case.
Thanks for the information btw

 

[fhaq]

On the LOE, mention Proof of Funds along with the other items you intend to mention (Education/PCC etc)- just say that you this much funds, and also attached is a bank statement (past 6 months) along with a gift deed.

Thanks a lot for your help.

 

[Shrey24]

Dear friends,

Request you to pls. provide a format for the letter to be taken from the bank for proof of funds.

Also pls. advice do we need to attach bank statements for last 6 months or 1 year as a proof for the same.

 

[tichupichu]

Dear friends,

Request you to pls. provide a format for the letter to be taken from the bank for proof of funds.

Also pls. advice do we need to attach bank statements for last 6 months or 1 year as a proof for the same.

There is no specific format. It must have the below contents:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

6 months bank statement is enough

 

[Shrey24]

Thanks !!
I would be giving details of one savings accounts which fulfils the requirement towards the required funds.
Also pls. advice if the balance is required to be mentioned for each month in the letter and if the bank doesn't mention any debts/loans in the letter since there are no loans/debts with the bank?

 

[jamilnasir]

The 1st One- have you liquidated those funds?

Nope. That's why I'm going to give them the certificate of availability of the funds. These funds can be released whenever required.

 

[Hasan Raza Awan]

There is no specific format. It must have the below contents:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

6 months bank statement is enough

Again Disturbing you.


As my wife is main applicant. She has three accounts one is dormant account for more than two years. One is recent account which is in use since 2007 and other is in other bank which is only used for locker purposes. Funds are in that account which is in use since 2007.

Do I have to show other accounts too?

Regards

 

[Hasan Raza Awan]

Dear friends,

Request you to pls. provide a format for the letter to be taken from the bank for proof of funds.

Also pls. advice do we need to attach bank statements for last 6 months or 1 year as a proof for the same.

Every bank has its own specific format. Take CIC format with you and ask your bank to make letter according to this. Most banks say that we don't give this information on one letter (One is called Account maintenance certificate and second is Balance certificate). Ask them to make one they will make it one, if you request them. Average balance is not shown on the letter, in this scenario you can attach bank statement for the last six months.

 

[jamilnasir]

Again Disturbing you.


As my wife is main applicant. She has three accounts one is dormant account for more than two years. One is recent account which is in use since 2007 and other is in other bank which is only used for locker purposes. Funds are in that account which is in use since 2007.

Do I have to show other accounts too?

Regards

I don't think you need to add any bank account that doesn't show any significant information about your financial situation.