Proof of Funds (Express Entry)

[Archavin89]

@DelPiero07 and other seniors,

Kindly advise me.

Being one of the beneficiaries, do u know if an Offshore Trust Family (co-owned) can be used as a Proof of Funds? Considering, of course, the amount it is more than the one required. Or this is assessed as being a joint account? Apart from the official bank letter, which documents should I provide in this case (if any)?

Sorry to overpost it u guys but I couldn't find any concrete thread/response for that so far.


Appreciate any advise.

 

[suzipats]

Hi All,

I got a certificate of balance from Citibank(received funds through gift deed), but they refused to mention "these funds are fully free of any liens, debts and/or encumbrances and are maintained and available for immediate transfer as of DATE".

What they have mentioned is "as of 15 June, 2018, the Account Holder has access to funds, from his account with the Bank, in the principal amount of Rs. *****, which is equivalent to *** CAD...".

They said they have provided similar letter to many people for Canadian immigration purposes. Is it fine that the statement related to lien, debts etc above is not mentioned in the certificate? Can there be any issues due to this?

Thanks.

The format they gave will work

 

[DelPiero07]

@DelPiero07 and other seniors,

Kindly advise me.

Being one of the beneficiaries, do u know if an Offshore Trust Family (co-owned) can be used as a Proof of Funds? Considering, of course, the amount it is more than the one required. Or this is assessed as being a joint account? Apart from the official bank letter, which documents should I provide in this case (if any)?

Sorry to overpost it u guys but I couldn't find any concrete thread/response for that so far.


Appreciate any advise.

I personally wouldn't use that as POF, if possible transfer the money to an account under your name and provide proof of where that money came from.

 

[Archavin89]

I personally wouldn't use that as POF, if possible transfer the money to an account under your name and provide proof of where that money came from.

Thanks for ur opinion!

 

[sysadmin141]

Not too many applicants are submitting bank letters with account details and 6 month average balance as specified by CIC. I submitted a single letter on my savings account, which has 6 months average balance and actual balance value that's above my PoF requirement. But I'm now feeling rather uncomfortable because everyone is talking about account statement. Did anyone get PPR without ADR by submitting just the prescribed letter?

 

[sysadmin141]

Hi Adii, the officer needs to see the liquidated cash available within your account. FD does not work.
If you have required cash available and to strengthen your PoF requirements you can add these Info about the FDs, but don’t quote FDs as the only PoF

FDs work just fine. If you have an FD, just show the proof of investment and letter indicating that the investment can be liquidated at anytime and funds are unencumbered. That works, trust me!

 

[Archavin89]

Not too many applicants are submitting bank letters with account details and 6 month average balance as specified by CIC. I submitted a single letter on my savings account, which has 6 months average balance and actual balance value that's above my PoF requirement. But I'm now feeling rather uncomfortable because everyone is talking about account statement. Did anyone get PPR without ADR by submitting just the prescribed letter?

As far as I know, the bank letter is the most important......statements r not mandatory but recommended especially when the letter does not cover all requirements......

 

[sadiyarehman]

Hi,
I have a query. If a couple is applying for PR, where the husband is the principal applicant, then can both of them show their account statements for Proof of Funds? Logically, if both are going to Canada then bank statements for both should be valid?

If not, then how can the wife suddenly transfer the amount of money in husband's name?
In India, one also has the Employers Provident Fund which becomes available after leaving the job. Can that be shown as Proof of Fund. Also, if the EPF belongs to the wife (not the Principal Applicant) what can be done?

Regards

 

[paigeparmy]

Hi, i have an inquiry regarding pof.

I got aor last june 7, and medicals passed as of june 21. I just wanted to know, do they check banks to inquire about existing bank balance? When i submitted my eapr, i had more than enough pof, but i had to pay something last june 10, which made my pof approx $1500 less than the required amount. I am confident to get it it back once i receive my salary this which will be in 2-3 weeks. Can anyone let me know how they do background checks in relation to pof?

Thanks in advance.

 

[maithanhtrang]

Hi Guys!
I'm currently a PhD student in Canada and also applying for PR (FSW).
I have bank accounts with CIBC and plan to use my CIBC bank account for my Proof of Fund post ITA.
I read some posts about POF with CIBC and am pretty sure I will have to attach my latest 6 months bank statements to the letter provided by CIBC.

Here is my concern: I am currently renting a house with 2 other friends (one main tenant, as in the leasing contract, and one occupant). As the agreement among the three of us, I pay all the bills (renting, utilities, ect) with my bank account then they transfer me their parts and that is shown in my bank of statements as these 2 people have sent me money monthly. Do I need to provide any paper to explain this? If yes, what should I provide?

In Feb 2018, I used my card to pay the flight tickets for my bf and me to visit my family in Vietnam in June (around CAD1500). My bf then offered to pay for the trip and transferred CAD1500 to my bank account. Do I need to provide any paper to explain this? If yes, what should I provide?

Thanks in advance for great help!

 

[Archavin89]

As I can see, each bank has a different way to show the average balance (when they do it!)

If they state the balance like as follows:

''Account date opening is 12/05/2013.

Balances in the Account have been in the [low][high] ______ figures since the opening of the Account''

Considering the ''low x high figures'' is, for instance, [CAD40,000; CAD60,000], do u think this is sufficient to address the POF requirements in terms of ''current balance'' and ''average balance for the past 6 months''??

From my POV, it is an odd way to show but it does cover the requirements.....If the main goal is to see if you have the minimum amount and that the money is not borrowed, by doing so, it is possible for the VO to assess that.

What ur opinion u guys?

 

[AG1985]

Hi Friends,

I got the letter from the bank and it is in my country currency. Do we need to put amounts in CAD also? or CIC will convert by themselves and see.

Please assist in this.

 

[jenhru23]

Hi Friends,

I got the letter from the bank and it is in my country currency. Do we need to put amounts in CAD also? or CIC will convert by themselves and see.

Please assist in this.

Your country's currency is fine. For my application, I also submitted bank letter not in CAD. To be sure, I included in LOE a converted amount to CAD

 

[jenhru23]

Hi, i have an inquiry regarding pof.

I got aor last june 7, and medicals passed as of june 21. I just wanted to know, do they check banks to inquire about existing bank balance? When i submitted my eapr, i had more than enough pof, but i had to pay something last june 10, which made my pof approx $1500 less than the required amount. I am confident to get it it back once i receive my salary this which will be in 2-3 weeks. Can anyone let me know how they do background checks in relation to pof?

Thanks in advance.

I've read some threads that they can't verify the amount in your account. But, they sometimes request updated bank letter or statement after AOR

 

[sadiyarehman]

Hi,
I have a query. If a couple is applying for PR, where the husband is the principal applicant, then can both of them show their account statements for Proof of Funds? Logically, if both are going to Canada then bank statements for both should be valid?

If not, then how can the wife suddenly transfer the amount of money in husband's name?
In India, one also has the Employers Provident Fund which becomes available after leaving the job. Can that be shown as Proof of Fund. Also, if the EPF belongs to the wife (not the Principal Applicant) what can be done?

Regards

Seniors please respond.??