Proof of Funds (Express Entry)

[tue2017]

Hello,

For POF
1. is it mandatory to show 6 month bank statement what if the statement is less than 6 months (say 5 months) is it still acceptable?
2. Does the required amount needs to be in the account for six months? What if one gradually builds up the balance in these six months is it acceptable?
3. I have been depositing my savings in my current account regularly over these six months (multiple credits each month) with largest amount being 150000 Rs. the rest below 90000 Rs. Can this raise any objection? I have met the required POF amount back in Nov, 17.

Thanks

 

[mr.preetsingh]

Hello,

For POF
1. is it mandatory to show 6 month bank statement what if the statement is less than 6 months (say 5 months) is it still acceptable?
2. Does the required amount needs to be in the account for six months? What if one gradually builds up the balance in these six months is it acceptable?
3. I have been depositing my savings in my current account regularly over these six months (multiple credits each month) with largest amount being 150000 Rs. the rest below 90000 Rs. Can this raise any objection? I have met the required POF amount back in Nov, 17.

Thanks

Answers:
1. Last six months of the bank statement is required and mandatory. As mentioned on their website.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

2. You can build up gradually. That's not a problem. But, they may ask about the source of money, if they find anything unusual.

3. as stated above.

 

[tue2017]

Hello,

If I receive a gift from my parents to meet the POF requirement. Does the fund needs to be transferred in whole or can I receive it in small portions every month, is this acceptable?

Thanks

 

[tue2017]

Answers:
1. Last six months of the bank statement is required and mandatory. As mentioned on their website.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

2. You can build up gradually. That's not a problem. But, they may ask about the source of money, if they find anything unusual.

3. as stated above.

What if the bank account was opened less than six months ago since it is a salary account?

 

[mr.preetsingh]

Hello,

If I receive a gift from my parents to meet the POF requirement. Does the fund needs to be transferred in whole or can I receive it in small portions every month, is this acceptable?

Thanks

funds can be transferred in one transaction (if your parents are gifting), get a gift deed document (in case they ask for)

 

[mr.preetsingh]

What if the bank account was opened less than six months ago since it is a salary account?

This means you were not working beyond 5 months? if yes, you are not eligible for Express Entry.

If you were working previously, you would have a bank account they're as well. show that as proof of funds account.

 

[tue2017]

This means you were not working beyond 5 months? if yes, you are not eligible for Express Entry.

If you were working previously, you would have a bank account they're as well. show that as proof of funds account.

Upon changing employers the new employer opened a new bank account for the salary. PS the new job is in a different country

 

[mr.preetsingh]

Upon changing employers the new employer opened a new bank account for the salary. PS the new job is in a different country

But, since you have an older account, why can't you show your proof of funds in that?

 

[tue2017]

But, since you have an older account, why can't you show your proof of funds in that?

Because I had to close the account since I was leaving the country. I had been depositing my savings from that account in to the current newly opened one gradually every month.

 

[mr.preetsingh]

Because I had to close the account since I was leaving the country. I had been depositing my savings from that account in to the current newly opened one gradually every month.

if you have income tax documents or that job, and if you still have your account details. you can mention this information in your LOE. They will accept it. do provide all pieces of evidence.

 

[DanaJ]

Hello,
I am the main applicant and the funds are under my husband's account. There is no such thing as joint account in our country. How can I confirm that I have access to my husband's account? Do you have any idea about this? Our bank advised to transfer all the money to my account attaching husband's bank statement as well, would this work?
I am afraid that they find the direct increase in funds suspicious; transferring the money to my account because they need to be in there since the last 6 months to be above the required funds.
Thank you for your help!

 

[DanaJ]

It's an application with two persons (you+your's wife)

For proof of funds, you can show statements of either your wife's or your's. It won't create a problem in later stages.

I do not think this is correct, as stated in cic website:

"If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money."

But the question is, how can we prove that we have access to the money? any suggestions?

 

[DelPiero07]

I do not think this is correct, as stated in cic website:

"If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money."

But the question is, how can we prove that we have access to the money? any suggestions?

No Objection Certificate.

 

[pk46]

Please can i use my spouse fixed deposit certificates alone as POF or must it be with a bank reference letter?

Secondly this fixed deposit is about four months old will it be questioned? Bearing in mind that i have removed my spouse work history and attached a letter of explanation for the removal since it doesn't add to our score.

I will appreciate if anyone with such experience and has been granted.

Hello beetee,

Did you find out about using spouse' FD as PoF?

Please let me know if I can use my spouse FD as PoF and if I need nay letter or other documents for this purpose?

TIA.

 

[tue2017]

Hello,

Has anyone here got a gift from their relative in order to fulfill the POF requirements but did not waited for six months or less for the funds to get matured and got thier PRs? Is it safe to submit the application like after 1 to 2 weeks of getting the gift?

Thanks