Proof of Funds (Express Entry)

[Snapdragon]

Hi guys?
Where have you seen the information that states that the minimum amount of funds should be staying in your account for the last six months? As far as I understand, you need to show the average balance of the past six months and by the time you submit the application you need to have the necessary amount of money...

 

[DelPiero07]

Hi guys?
Where have you seen the information that states that the minimum amount of funds should be staying in your account for the last six months? As far as I understand, you need to show the average balance of the past six months and by the time you submit the application you need to have the necessary amount of money...

No such requirement.

 

[neljo]

I am processing the PR for me alone, my family is not accompanying me. For POF, I have to move the money from my joint account, held with my wife, into my personal account which is rarely used and only has a basic minimum balance for the last 6 months. I am planning to move the money using a cheque co-signed by my wife and me. I am planning to use a copy of this cheque as the source of money in my personal account.

My questions are...
1) Can I use the joint account for proof for funds, when my spouse is not applying for PR?
2) If answer for 1 is No, do I have to submit the statement for 6 months, for my joint account with my wife also?
3) Do I have to give details of my other savings accounts? I have a few accounts which I do not operate regularly, all having just basic minimum balance.
4) Do I have to disclose a housing loan which my wife and I have taken up jointly? (We pay the EMIs from the joint account).

thanks in advance.

 

[paulpriyanka23]

If you've acheived the minimum required within last 2 months then Its fine I believe. In any case, no harm in explaining in the LoE. No need for a separate LoE for POF, you can include one small para under the Heading POF within the LOE you are submitting for other areas.

Thank you!!

 

[tichupichu]

I am processing the PR for me alone, my family is not accompanying me. For POF, I have to move the money from my joint account, held with my wife, into my personal account which is rarely used and only has a basic minimum balance for the last 6 months. I am planning to move the money using a cheque co-signed by my wife and me. I am planning to use a copy of this cheque as the source of money in my personal account.

My questions are...
1) Can I use the joint account for proof for funds, when my spouse is not applying for PR?
2) If answer for 1 is No, do I have to submit the statement for 6 months, for my joint account with my wife also?
3) Do I have to give details of my other savings accounts? I have a few accounts which I do not operate regularly, all having just basic minimum balance.
4) Do I have to disclose a housing loan which my wife and I have taken up jointly? (We pay the EMIs from the joint account).

thanks in advance.

1. You can still use it with an NOC from your wife. But I would recommend not to use it but to transfer the amount to your account and then get an NOC from your wife with the cheque copy signed by both of you. Explain this in LoE.
2. No, Statement for that account is not required
3. if those are dormant, no need to mention
4. Ideally you should disclose all your liabilities.but a joint hosing loan may be an exclusion since your wife is not accompanying you.

 

[neljo]

1. You can still use it with an NOC from your wife. But I would recommend not to use it but to transfer the amount to your account and then get an NOC from your wife with the cheque copy signed by both of you. Explain this in LoE.
2. No, Statement for that account is not required
3. if those are dormant, no need to mention
4. Ideally you should disclose all your liabilities.but a joint hosing loan may be an exclusion since your wife is not accompanying you.

Thank you. Happy New Year.

 

[jenhru23]

Hi.

I got a bank certificate showing the average balance for the past 6 months. Do I still need to provide 6 months bank statement?

Thank you!

 

[ertarun]

Hi Tarun

1. I would suggest to get it transferred to your account/under your name now. If ITA is issued before June, you can submit a gift Deed. If after June, nothing would be required.
2. you can show the funds as POF in the Accompanying Spouse account. Just a simple NOC would be required from her at the time of Subimtting the application after ITA.
3. refer my ans to point 2. NOC would suffice.
4. The value which can be proved from the statement that you are submitting. Principal plus and accumulated interest as of the statement date if any.

Dear Tichupichu.

Thanks for the response. Much appreciated!!

Just to add, I have already started working on the creation of a Fixed Deposit, only in my name. But the money used to create this Fixed Deposit will be used from a Joint Savings account, having my name as the first account holder, followed by my father and mother. Will that be OK, or still I need to create a gift deed from my parents?

Thanks
Tarun.

 

[sanjshet88]

guys i have a query.. i am goin to canada on visitor visa in jan end. i am expecting my PR when i will be in canada on visitor visa. so how should i manage my proof of funds? should i carry the money rite now with me when i go on visitor visa or i can ask my parents back in my country to wire it to an account in canada when i recieve my PR? what would be the best option?

 

[anju355]

Hi,

My question is related to some large transactions.
In July 2017, I gave loan to one of my relative and transferred that amount to his account. In November 2017 while applying for PNP that amount is transferred back to my account.
I am transferring my Provident fund amount in that account too, which will be explained in LOE.

Now my question is related with that transaction (loan transaction given to relative around 4,00,000). Do I need to write any kind of LOE for that too? If so, will it be fine if I write it as a loan and then get it back?

Thanks,

 

[godmark14]

Asivad, is it required to get the money transferred to primary applicant's account? If some amout of PoF money is in my wife's name as FD, RD etc, she being the secondary applicant in our PR application, won't an affidavit from her suffice?

does the affidavit from her have to be "NOTARISED" by a notary public officer, for it to be binding and accepted, because there are lots of rejections for improperly notarised affidavit supporting proof of funds provvided

 

[HuyQuang]

Hi all,
I opened a saving account in October, and until middle April it will be counted as 6 months. So I'm afraid that I cannot wait until then to get the bank statement provided that I received ITA in this Jan. My question is do I need to show my account average balance in exact 6 months? or ~5 months is sufficient?
Thanks.

 

[gihank]

Hi all,

Greetings. I have a good CRS score and this is regarding the PoF.

I have taken a loan with a different bank and is 75% completed and my saving account is in this bank.
I have several Fixed Deposits in another bank totaling up-to 11000 CAD.

Do i need to provide LoE for my savings account also? Because after another few months, my loan will be completed and will contain the required amount 12300 CAD with my monthly salary.

Is the FD certificate and savings account summary for the last 6 months enough?

 

[elvin_91]

1 - Yes, it's fine.
2 - The account where you meet the required funds is sufficient.
3 - No issue as long as you can provide proof of where this money came from (gift deed, sale of assets, savings from salary, etc).

My situation is depending to savings from salary - Is there any kind of document to provide as a proof, or it is enough to indicate and explain it in LOE?

 

[DelPiero07]

My situation is depending to savings from salary - Is there any kind of document to provide as a proof, or it is enough to indicate and explain it in LOE?

Bank statements for one to show the gradual increase. Other than that a LOE and that's that.