Proof of Funds (Express Entry)

[Guneet95]

Hey guys,, just needed some quick help with these 2!

1. I work in a family business and my salary is transferred every 2-3 months together to my account (this is just to make sure its saved for immigration and not used). Will this be a problem to prove or be an issue? I have the exp letter with all information as well as taxes paid accordingly.

2. I have done 2 external projects for which i received payments of CAD 2000 and CAD 3000 in March 2019 and April 2019 respectively. This work experience has nothing to do with my main work and is freelanced on the side. Both of these will be appear in the bank statements I will submit for POF and they both contribute to help me meet my minimum funds criteria. I will be mentioning them in the personal history section. But since both of them contribute significantly to my canada fund what documents will I need to support this?

Any help will be appreciated with a cold brew in Canada next year!

 

[KC1987]

Hello,

I am applying for EE program. Can someone please help me with the financial details? I am the primary applicant and i have around 18,000 CAD in my account to show for immigration with no loan history but my husband who is accompanying me as a secondary applicant has loans on his name which will get over in 2 years. Do you think it will pose a problem during immigration?

 

[Aady07]

Hi all,
I have 2 accounts in a bank.
1. FD account —> showing all POF in it
2. Saving account —> just maintaining minimum balance

Should I mention only FD account in POF or both accounts?
Tia

Hey, you need to show your savings account and the FD account as well as it co-relates. The bank should clearly mention that the FD money, when liquidated, will be credited to the savings account.

Note: Your savings should have some balance over and above the FD account. Please don't show a mere 1000 bucks as a balance as I've seen applications getting rejected.

Do show more than what is required as per cic. If it's 6.8lacs what is required for one person, try and have a balance of 6.8+50k. It suffices.

Hope these answers help.

 

[Aady07]

Hello experts,
Please guide me the best way to provide the proof of funds as my bank account do not have regular transactions.
My transactions are like weekly or monthly. Now if i put 2 million in my account for the statement which i will attach for PR application, do they ask about the proof of money??

Yes indeed. That's a one shot deposit and it's questionable.

 

[Aady07]

i have not transferred yet but plan to. So, 1) should i transfer and explain in LOE
2) or just obtain proof of funds from my bank and explain in LOE that i am secondary applicant and funds are available immediately to my wife?

You do not need to transfer but give a letter of intent to your wife stating, she is in full control of the available funds in your account. Your wife has to give a LOE and not you.

 

[Aady07]

Hi..does anybody know if the fixed deposits from NBFC’s (non banking financial corporation) are accepted as proof of fund?

Yes Ofcourse.

 

[Aady07]

Hi All,

Recently I had a cheque deposit of 50,000 INR into my account, the next day I opened an FD with that amount. Is it required to show the source of funds for this? It was my savings which I kept in mom's account.

Since it is not a huge transaction still is it required to show the source for this fund as i opened a Fixed deposit with this?

No mate. It's just 50k and not 50million.
You're good to go.

 

[Aady07]

Hi, i have shown 60% of POF through 2 FDs. They are of 6 months and 9 months terms but Auto renewal.
In the letter from bank, it is NOT mentioned that these FDs can be liquidated anytime.
I am seeing that many people are getting RR due to their FD. I m worried.. Any suggestions what to do now??

That particular sentence is very important from banks side. So get it nailed.

 

[Aady07]

Hello,

I am applying for EE program. Can someone please help me with the financial details? I am the primary applicant and i have around 18,000 CAD in my account to show for immigration with no loan history but my husband who is accompanying me as a secondary applicant has loans on his name which will get over in 2 years. Do you think it will pose a problem during immigration?

No. His bank history is not required as you're the primary applicant. If your funds are debt free, then you're all set.

Good luck.

 

[Amreeta]

That particular sentence is very important from banks side. So get it nailed.

the State Bank of India here at hyderabad India, won't write that line at all even after explaining the situation to them very clearly. God knows what will happen

 

[Aady07]

the State Bank of India here at hyderabad India, won't write that line at all even after explaining the situation to them very clearly. God knows what will happen

Aren't your FD accounts linked with savings account? You did issue cheque's towards the FDs from your savings. Isn't correct?

Anyways, it's India's number 1 bank with being number one in debts too. So all in all, if it's becoming a problem, dilute your FD account. The money will be credited into your savings account. Your problem will be solved.

 

[Amreeta]

Aren't your FD accounts linked with savings account? You did issue cheque's towards the FDs from your savings. Isn't correct?

Anyways, it's India's number 1 bank with being number one in debts too. So all in all, if it's becoming a problem, dilute your FD account. The money will be credited into your savings account. Your problem will be solved.

The FDs were created online. Yes, we have shown the sbi savings account statement stamped as well. But the bank letter no where it is mentioned that it can be liquidated anytime. If we break the FDs now, we have to again get all docs from bank and have to submit web form to ircc.. I am in pickle situation.

 

[Aady07]

The FDs were created online. Yes, we have shown the sbi savings account statement stamped as well. But the bank letter no where it is mentioned that it can be liquidated anytime. If we break the FDs now, we have to again get all docs from bank and have to submit web form to ircc.. I am in pickle situation.

Well it depends, what's your priority. Getting the PR is important. And when your bank is acting like a dumb head, you need to rewrite the entire thing again. Obviously you don't want a red flag.

The choice is yours. I can only tell you the ways. It's up-to you now.

Good luck.

 

[synora1314]

Hey Guys,

I have been grateful for all the information you have given me regarding POF. But I kind of have an situation here. Its going to be a long post. Please bear with me.

I was hoping to get the funds transferred from my parents(in Nepal currently) to my bank at US. But apparently, none of the banks in Nepal are allowed to send me the money(Central Bank rule). I also thought of Western Union or Moneygram and it looks like they cannot do anything about it either.

So I have been thinking of preparing two gift deeds. One from my parent to one of their friend who lives in US but is currently in Nepal. And another gift deed from him to me once he returns to US. And I am also planning to write LOE explaining why we did this. Will it be an issue?

Am I complicating the whole process? Is there any simpler ways to do this? Am I missing the whole point?

Any insights on the matter please. Thank you.

Hello,
I have the same problem right now. Could you please tell me how you got this sorted out?
Thank You

 

[Aady07]

Hello,
I have the same problem right now. Could you please tell me how you got this sorted out?
Thank You

OMG........ It's a long process. Anyways, you might have heard IME, i.e., international money transfer. It has many branches in Nepal. Ask your dad to find one and ask him to make a gift deed and transfer the money thru IME.

Second option is PayPal, ask your dad to create a PayPal account, transfer the required funds into PayPal account and transfer from his PayPal account to your bank account. In this, he needs to make the deed, scan it and send it thru mail to you or he can FedEx the hard-copy too.

Try it. Your problems will be solved. There are resources mate. Utilise all.