Proof of Funds (Express Entry)

[edgeoftomorrow]

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.

Thanks for the reply.i still have quite a number of months left on the repayment but after posting the question i did further research and i came to a conclusion based on comments on the same issue from this thread and other threads.

i would ask for a letter form the bank and ask the bank to exclude the car loan because in actual sense the car does not belong to me as the bank can decide to take the car from me if i default on the loan.

below is a post on a similar issue:

It is not true that settlement funds = assets minus liabilities. They are different concepts. Settlement funds is some subset of your assets that are liquid and unencumbered and can help support you when you first get to Canada. Just because you have liabilities doesn't mean your liquid assets are encumbered. If he fails to pay his car loan they can take back his car but they can't raid his bank account and take the cash.

Let's take the example provided by the OP and assume that what he listed is a complete picture of his financial situation, he has nothing else but what he wrote. In his case,

Assets = $55,500 ($28,500 car value plus $27,000 cash)
Liabilities = $26,500 (amount of car loan)
Settlement funds = $27,000 (the portion of his assets that are liquid and unencumbered)

 

[mokshmedia]

Hi seniors,
I'd like to ask if I can use my Employee Provident Fund statement as the proof of funds if I attach a pledge that I will use this amount as settlement funds when I get my PR?

Thanks and regards.

Garry

 

[babarsaeed02263]

Hi,

My question is why CIC requires to show the funds for entire family even if, only 1 person (principal applicant) is moving to Canada?

Regards:

 

[Sunil_JZ]

I have funds in cash and a relatively small amount of credit card debt. Does anyone know if CIC will subtract your credit card debt from your cash amount before they determine proof of funds.

A poor exchange rate(loss of 5% in one day) has gotten me stressed about having enough money. If i understand correctly they only do the exchange conversion when they look at your POF and not upon date of application? Is this correct?

Thanks

 

[StAnger]

I have funds in cash and a relatively small amount of credit card debt. Does anyone know if CIC will subtract your credit card debt from your cash amount before they determine proof of funds.

A poor exchange rate(loss of 5% in one day) has gotten me stressed about having enough money. If i understand correctly they only do the exchange conversion when they look at your POF and not upon date of application? Is this correct?

Thanks

Yes you will have to tell net savings after deducting your debts. Logically they should compute it from the day you submitted application.

 

[lyprin]

Just a question from my side. Does CIC look at the exchange rate on your date of submission? I had $1500 above the minimum requirement but due to the exchange rate fluctuation I've just dipped below the minimum required amount. I'll add onto the amount to make sure I'm always above but they won't know that unless they request additional documentation.

 

[Sunil_JZ]

Just a question from my side. Does CIC look at the exchange rate on your date of submission? I had $1500 above the minimum requirement but due to the exchange rate fluctuation I've just dipped below the minimum required amount. I'll add onto the amount to make sure I'm always above but they won't know that unless they request additional documentation.

I am not sure. Going on my SINP provincial application, they did the exchange rate calculation 2 months after my submission. But I do not know which rate they used.

I may be in trouble as my local currency dipped on the day I applied, taking me $220 below required amount. The value then rebounded to take me $400 over the required amount in next few days...if they stick to letter of law I could get rejected because of this . The lesson is that, in this crazy global economy you need to either keep your cash in canadian dollars somewhere or make sure you have a large cash buffer to have peace of mind. I have sent through my statement for one of my retirement annuity funds(can be cashed out on emigration) by CSE but I will be surprised if they look at it and accept it. Will not be a calm next few months!

 

[ziffyasif]

Just a question from my side. Does CIC look at the exchange rate on your date of submission? I had $1500 above the minimum requirement but due to the exchange rate fluctuation I've just dipped below the minimum required amount. I'll add onto the amount to make sure I'm always above but they won't know that unless they request additional documentation.

I don't think we can predict which rate of interest will be picked therefore the better way would be to keep you balance over the required amount enough to cover currency fluctuations. By the isn't $1500 the fee rather than the minimum requirement?

 

[lyprin]

I don't think we can predict which rate of interest will be picked therefore the better way would be to keep you balance over the required amount enough to cover currency fluctuations. By the isn't $1500 the fee rather than the minimum requirement?

I had CAD16500 which is roughly CAD1500 above the minimum requirement. Sadly though, our country is run by an idiot (South Africa) and yesterday he did something stupid which sent our currency tumbling. Through that alone we lost CAD1500 and a bit which puts us just below the minimum requirement. I would think the logical thing for them to do is take the exchange rate as at the date of submission.

I'm not worried about it. Just wanted to get some opinions on which exchange rate they use. I've read in a few places on this forum that they take it as at submission date because your statements only reflect up to that date.

 

[ziffyasif]

I had CAD16500 which is roughly CAD1500 above the minimum requirement. Sadly though, our country is run by an idiot (South Africa) and yesterday he did something stupid which sent our currency tumbling. Through that alone we lost CAD1500 and a bit which puts us just below the minimum requirement. I would think the logical thing for them to do is take the exchange rate as at the date of submission.

I'm not worried about it. Just wanted to get some opinions on which exchange rate they use. I've read in a few places on this forum that they take it as at submission date because your statements only reflect up to that date.

In that case I don't have much idea and would not like to conjecture. Maybe someone else can throw more light on this situation but that is a major fluctuation of currency.

 

[lyprin]

Yeah. Massive fluctuation. Everyone here is shocked. We have literally gone from a 10:1 ratio to the CAD to almost 12:1 ratio. Pathetic.

 

[rcharmed]

Hello Everyone, I know I have ask this question millions of time, but I still haven't had a clear answer. My mom is going to give me a certain amount of money as a gift. Do I need to send a Gift Deed? Or should I just send it if they request for it?

Also, has anyone ever been rejected because of a Gift Deed?

I need your help guys, Thank you!!!

This is for the OINP application!

Regards,

 

[StAnger]

Hello Everyone, I know I have ask this question millions of time, but I still haven't had a clear answer. My mom is going to give me a certain amount of money as a gift. Do I need to send a Gift Deed? Or should I just send it if they request for it?

Also, has anyone ever been rejected because of a Gift Deed?

I need your help guys, Thank you!!!

This is for the OINP application!

Regards,

One answer to that query: send the gift deed. They will probably not ask you for it and assume that this was a loan and reject your application. Better safe than sorry.

 

[rcharmed]

Thank you, and with the Gift Deed do I need to send the copy of the check that reflects the amount?

 

[StAnger]

Thank you, and with the Gift Deed do I need to send the copy of the check that reflects the amount?

Send everything that proves that this money was indeed gifted by your mother. Explain it in a LOE aswell. I have personally done this and received nomination. Good luck.