Proof of Funds (Express Entry)

[smash1984]

Posting this here also just in case somebody reads this and not my other thread


Hi All,

I am planning to submit my application soon. I have almost all things ready. My question is regarding POF.

I arrived in Canada 2 months back as a student. I am applying as a FSW and my work experience allowed me to get the ITA. Before this I was working in the USA on H1B.

Now I have enough money in the bank account to support myself and family. In addition to that i also get a scholarship/stipend from the university.

My issue is that I took away most of the money from my US bank account and took it back with me, or transferred it to my sister in the US. I then brought the money back with me to Canada and asked my sister to wire the rest to me. So my account in Canada in canada is just 2 months old. Is that an issue? should i give my US bank statements for last 4 months prior as supplementary evidence?

Also should I show my scholarship letter and stipend (pay slips) as part of proof of funds?

Please advise

 

[MarilynT1]

I have received the ITA from SINP, as I have completed all the documents the only issue I am facing is the Proof of Fund. Even though I have required funds but it was not submitted in the bank prior to applying for the ITA. Now if I put the funds in the account and get the bank statement does it work or the fund should be 3 months old before the data of ITA.

Let me know if there is any alternate way to do it..

 

[smash1984]

so you received a huge sum of money into your account just after you received your ITA? And before you received this money your bank balance was below the required threshold?

 

[akmnazrul]

I am planning to apply for express entry. I checked the CIC website about the proof of fund. But I am not clear about following issue.

I am first applicant and applying with my spouse. If I deposit all of my money to my spouse bank account, is it okay to show as proof of fund? Or all the money need to be in my own account?

Anyone can you please explain? Thanks.

 

[smash1984]

I am planning to apply for express entry. I checked the CIC website about the proof of fund. But I am not clear about following issue.

I am first applicant and applying with my spouse. If I deposit all of my money to my spouse bank account, is it okay to show as proof of fund? Or all the money need to be in my own account?

Anyone can you please explain? Thanks.

The money has to be in the principal applicant's account. Or if the money is in the principal applicant's spouse's account then it must be proved that the money is accessible to the principal applicant.

 

[Fahadkazmi]

Guys need help!
I have the required funds in my account, source of income is my salary. Account opened 2 years ago
I have a car loan with same bank for which I pay the installments every month. Do I need to show present Liability letter for the car loan?
No outstanding balance in the credit card though.
Please let me know. Thanks

 

[smash1984]

Guys need help!
I have the required funds in my account, source of income is my salary. Account opened 2 years ago
I have a car loan with same bank for which I pay the installments every month. Do I need to show present Liability letter for the car loan?
No outstanding balance in the credit card though.
Please let me know. Thanks

Yes you should show that. They ask for information on loans

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

 

[MEHUL KUMAR]

Dear Sir, my question is regarding POF.

Situation

I'm a primary applicant.
I've joint account with my wife in which I've required amount for POF.
I've received 4Lacs from my father for which I'll make gift deed in my favor.
The rest 6lacs has been received from my father in law.

Questions

Would it be fine? As it's not my salary account.

Now how do I justify this 6lacs( father in law's) to cic?

Not being direct blood relative I can not get gift deed from him. Am I right?

Should I get gift deed in favor of my wife?

In that case, does she need to complete any paperwork in order to show that the said amount is available to me?

Please guide me help me!

 

[smash1984]

I am not sure if you can get gift deed from blood relative or not. Ask some lawyer, although it would seem fishy if gift deeds from any tom dick and harry were allowed.

I think you have covered yourself well by having joint account with wife. If your wife is accompanying you to Canada then that is even better. And yes, i think it would be a good idea to get a gift deed for your wife, from her dad. It definitely gives the reason for sudden appearance of 6 lacs.

 

[Roop13]

Hlo guys

The accounts which I am using for funds are newly opened (not 6 months old). So , Its impossible to get 6 months bank statement. So will it be a negative point?

Also I have arranged large amount of money from friend and created FD .... so how to show proof that they are mine.?

Please help.

 

[smash1984]

Hlo guys

The accounts which I am using for funds are newly opened (not 6 months old). So , Its impossible to get 6 months bank statement. So will it be a negative point?

Also I have arranged large amount of money from friend and created FD .... so how to show proof that they are mine.?

Please help.

I had same issue. I was working on USA and came to Canada this Sept. I got aor on 7th Nov after I submitted my application. So I only has 2 months of balance in my account in Canada since I had brought my money from usa.

What I have done is I got 2 months letter from my bank here and attached 4 months bank statements from my bank in usa. I am hoping it works out.

Maybe you can also do the same thing

 

[Roop13]

But I dont have previous statements as you have .
So what should I do?

 

[smash1984]

But I dont have previous statements as you have .
So what should I do?

can you explain your situation in detail?

where were you holding this money before putting it in this account? what is the history of your funds? and how long have they been in your current bank account

 

[Roop13]

I Have arranged(borrowed) that money from my friend and was deposited by cash

 

[smash1984]

I Have arranged(borrowed) that money from my friend and was deposited by cash

ok, this would be hard to explain then. The 6 months bank balance average is to avoid this sort of a situation.

You can check somewhere if you can get a gift deed from your friend saying that this friend has gifted you the money. Although i am not sure anybody other than close family members can gift you the money either.

The other thing that you can do decline this invitation and let the money sit for a month or two before applying for PR again so that by the time you submit your applicaation you have 6 months of this money lying around in your account.

If your CRS score is above 450 you should be quite safe with this option.