Proof of Funds (Express Entry)

[Darksith79]

Hello,
I have requested bank statements from my bank HSBC however they provided me the statements without letter head saying that this is the format they provide usually, however each page has the bank stamp and I'm attaching a information letter and balance letter (both on letterhead) can you tell me if it should be fine like this?

Any update on this guys?

 

[sundar17feb99]

Answered in red. All the best

Hi Sundar,

Thank you for the response. Could you kindly help with the below questions?

1) Do I need to show any proof for funds that are existing in my checking account as salary deposits? They have been accrued for over a year, not any sudden deposits.

You have to show substantial evidence for the account in which you have settlement funds. If you are showcasing your salary account as your PoF then you should furnish bank balance certificate.

2) The large withdrawals made from my checking and savings account is to give a loan to a relative. Do I need to mention this? The only proof I can give is the bank deposits receipts made to the relative. Should I include all such withdrawal receipts? Does CIC bother about withdrawals?

Everyone is entitled to use their money from their account when they see it necessary to spend. CIC only bothers the amount acquired/shown is free of loans and can be liquidated at any given time. You also have to maintain minimum fund till you land. Rests, they won't even flinch unless money is dwindling in an alarming rate.

4) Do I need to submit any documentation for my credit cards as well? I don't have any large balances on it

No need for credit card statements.

5) I plan to submit my post ITA application end of May. How soon could I take the balance certificates?

You should always provide latest certificate. In your case end of May

 

[sundar17feb99]

Any update on this guys?

It's fine as it is . You are good to go. All the best

 

[sundar17feb99]

I got my ITA for FSW and I mentioned 19100 CAD as the proof funds in the application.
Recently moved to Canada and currently working in CANADA with work permit.
Can I show the Paystubs, JOB Offer, & minimal Bank balance (10000 CAD) statement.

Will it be fine to proceed further for submission?

You don't need to submit proof.
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/offer-employment.html
Note that you do not need proof of funds if you are currently:

• authorized to work in Canada and
• have a valid job offer

 

[Gagan3101]

Hi All, Got our ITA yesterday wherein my wife is primary applicant. We are a family of 3 and I believe we need close to CAD $ 19k to 20k to prove. The funds have been available in my wife's account for more than last 6 months in the form of fixed deposits mainly.

The bank has issued a letter stating that as of today's date the funds (x amount) are available (with the name of my wife, account opening date, our address in it) however they have NOT mentioned the avg. balance of last 6 months in it.

We have Fixed deposit certificates to prove when they were started (as it's in splits) and the maturity amount along-with the maturity dates of each.

Please advise if we submit this Bank letter along-with these deposit certificates, the POF aspect is covered or we need something else too for showing our POF ?

 

[anisha malhan]

Can anyone provide the format of letter from Bank that I need to show as pof.
Also what should I provide to bank to get it done.
Plz help

 

[Rocky2k17]

Hello champions and fellow members,

I am the principal applicant and have maintained my account balance partly in different banks under various investment plans(FDs). After receiving my ITA very recently, I have transferred the remainder of required amount to one bank from my own account from another.

As though the bank certificate would now show I have the available settlement fund in liquid form, the 6 months average statement would not have this amount maintained all the way.

1. Do I declare it in the LOE, stating I had the amount transferred from my own account held in a different bank?

or,

have it declared in the bank letter?

2. Do you foresee any issue otherwise?

Many thanks for your help. Cheers!

 

[Rocky2k17]

What kind of work permit do you have? Do you have LMIA? Are you a CEC applicant?

Can you please help?

Also, you had mentioned a while back that a single average for past 6 months is good enough if not for a monthly average. Does it still hold good?

Thanks much.

 

[DelPiero07]

It's LMIA supported workpermit and we got job offer post PR for more than 1yr from the same employer.

Then you only have to upload a letter stating that you have a valid job offer and thus, no POF are required.

"The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer."

http://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1145&top=29

 

[DelPiero07]

Can you please help?

Also, you had mentioned a while back that a single average for past 6 months is good enough if not for a monthly average. Does it still hold good?

Thanks much.

Both approaches are fine.

 

[canadalife1234]

I got my ITA through PNP Express Entry with nomination from Nova Scotia. The only stream for EE that I meet is CEC, but my ITA letter says nothing about CEC and only says I'm invited through PNP. Will I still need to show proof of funds?

 

[zehrakh]

Hi
I am the Primary applicant and my husband is secondary fo express entry profile
I have made a new bank account with my name
Is it possible that my husband transfer money in my account once we recieve the ITA
And he will declare it as gift deed
But i wnt be having any 6 months statement

 

[Shani1214]

Your a true champion member in helping out. Kudos to you and much thanks!

I have similar query. I have my required funds in one of my accounts say account A. But this account was opened few years ago as a salary/current account and I did not get it changed into savings account. I am holding another account say B in which my current job salary gets credited every month but this account balances are always low that's why I don't want to show my account B. The account A used have salary credits few years ago but not any more and I am going to use this account as POF as I sold my property to my brother and got the money deposited in my account A. Will it raise any flag as account A is not titled as savings account instead a salary account ???

 

[Shani1214]

Dear experts,

Can I show my required funds in my salary/current account which is still active but not titled as savings account. Actually I am holding two accounts say A and B and both are salary accounts. My current job salary gets credited into account B which I don't want to show. I sold my property and got the amount deposited into my old salary account A which i will be showing as POF. So the question is that my account A which has the required funds is tilted as current/salary account which I opened few years ago and my present salaries get transferred to my account B. So I am having the sufficient amount in account A but this account is not titled as savings account. Will that be a problem ?? please guide.

 

[canadalife1234]

Dear experts,

Can I show my required funds in my salary/current account which is still active but not titled as savings account. Actually I am holding two accounts say A and B and both are salary accounts. My current job salary gets credited into account B which I don't want to show. I sold my property and got the amount deposited into my old salary account A which i will be showing as POF. So the question is that my account A which has the required funds is tilted as current/salary account which I opened few years ago and my present salaries get transferred to my account B. So I am having the sufficient amount in account A but this account is not titled as savings account. Will that be a problem ?? please guide.

Maybe I'm wrong about this but I believe you have to show any and all bank accounts in your name to prove you have no large outstanding debts. So, you have to show both Account A and Account B anyway.