Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
Hello,
Could you help me understand? I have a two-year fixed deposit maturing next July showing a balance of $60,000. I closed the account the funds came from and opened a new savings account with a new bank but it only has $7,000 in it. Will it be a problem if I show both of them?
I also have a checking account that has $4 in it and a credit card debt of $200. Do I need to show all of that or just the FD?
Thank you.
You need to link your FD account with the new savings account. If it's a different bank than the newly opened savings account, open a new account in the same bank where your FD is.
Just show the FD and the savings account.
You can show your checking account too provided it has the balance to cover the debt you're carrying. Make sure, it has some extra balance after covering your debt and $4 isn't enough mate.
Good luck
1. You can explain this in a LOE as to why it was deposited once in 2-3 months and make sure you have the relevant pay stubs matching them and the salary details mentioned in the reference letter as well
2. This should be fine, if the funds are not recent it is ok or else just write an LOE here as well clearly mentioning the details of those funds in your account
Guys,Need your help.As per ICCRC website currently,12669 CAD is required for a single Person PR.
I have submitted a bank letter and statement amounting to CAD13528 at the time of filing my PR application after ITA.
Mistakenly I hve spent some of the money which makes my balance less than CAD 13528 but still more than the minimum requirement that's is CAD 12669.
Will this be an issue to me?
Can anybody help and support over here.Woild be immensely grateful.
I have submitted a bank letter and statement amounting to CAD13528 at the time of filing my PR application after ITA.
Mistakenly I hve spent some of the money which makes my balance less than CAD 13528 but still more than the minimum requirement that's is CAD 12669.
Will this be an issue to me?
Can anybody help and support over here.Woild be immensely grateful.
Don't worry. You can keep depositing funds in the account and can keep withdrawing until the benchmark figure. That 12669 CAD is fixed and frozen till you land. So you can still do banking above thick amount in the same account.
Hello, I have a little concern regarding my proof of funds,
I am am over 5months post Aor, I gave my spouse about 16500 CAD in November last year as support because she is the primary applicant. and i work as a systems analyst.
The account history for 6months before we submitted our application is as follows:
Sep 2018 --- 4300 CAD
October 2018 --- 4250 CAD
November 2018 --- 16500 CAD
December 2018 --- 18000 CAD
January 2019 --- 21932 CAD
Ferbruary 2019 --- 23000 CAD
Is this account history OK for our proof of funds, hope the bulk some in November will not raise a flag?
I added an LOE just stating that the funds came from me and it’s readily available to us at anytime.
Hope we re good.
I am am over 5months post Aor, I gave my spouse about 16500 CAD in November last year as support because she is the primary applicant. and i work as a systems analyst.
The account history for 6months before we submitted our application is as follows:
Sep 2018 --- 4300 CAD
October 2018 --- 4250 CAD
November 2018 --- 16500 CAD
December 2018 --- 18000 CAD
January 2019 --- 21932 CAD
Ferbruary 2019 --- 23000 CAD
Is this account history OK for our proof of funds, hope the bulk some in November will not raise a flag?
I added an LOE just stating that the funds came from me and it’s readily available to us at anytime.
Hope we re good.
Please help, its urgent..
For my proof of fund, I got money transferred to my personal account from our family business account after I got the ITA (N.B. myself and my 1st son are directors/ shareholders of this company). This money has been paid into my account for the purpose of this relocation and for me to access anytime I want so I am not expected to pay it back. Please what documents do I require from our business company to back up the claim and do i need to submit the company board resolution and tax clearance too to in support of this claim? Or will it just be enough to submit the business registration certificate and proof that my son and I are shareholders....
Thank you.
For my proof of fund, I got money transferred to my personal account from our family business account after I got the ITA (N.B. myself and my 1st son are directors/ shareholders of this company). This money has been paid into my account for the purpose of this relocation and for me to access anytime I want so I am not expected to pay it back. Please what documents do I require from our business company to back up the claim and do i need to submit the company board resolution and tax clearance too to in support of this claim? Or will it just be enough to submit the business registration certificate and proof that my son and I are shareholders....
Thank you.
Your spouse needs to give the LOE being the PA and you need to give a LOI to your spouse with declaration that this money you are giving her without any intent of getting interest out of it. That your spouse in the past present and future does not have to return the money to you.
As you said you're the director, I believe it's a company (yours) and your company is paying you a monthly salary. Show that component as proof which will suffice the transfer into your personal account. So you need to draft an LOE explaining the transfer in your personal account, supporting it with your salary slip.
Regarding the company resolutions, all those MOA and AOA will come under POW.
Hello,
Thanks for your swift response. But The company does not pay me salary. I have an employment in which I use to claim points for work experience. I do not work for this our family business even though I am a director (so my son and I are more or less silent paper directors). We use the money from the business for family upkeep and other investments.
Now as POF, the family transferred the 100% amount and this money is not encumbered as it's a joint decision made by the directors of the company for my settlement fund.
That's why i asked what are the appropriate documents to submit from the company as evident of source of fund? ... thank you
Well, I need more clarity as in, what you mean by family business, who all are there in this family business, did your father transferred the funds, on what basis the funds were transferred, the reason you gave for immigration purpose won't do, what is the source of the transferred amount etc etc.
Only then I can help you out. As you've mentioned, the reason is not convincing enuff for the case officers.
This family business is created by my husband and I but has his brother, me and my son as the directors and shareholders.
My husband is running the business even though he is not among the board of directors (reason because he is not allowed by law to be own or co-own a company as a civil or public servant in Nigeria).
Now we transferred the money from the company to my personal account to use as my POF as we believe if we submit the corporate account of the business, they might think is encumbered as there other shareholders (my brother inlaw).
Now we have the business registration documents, proof that I and my son are directors and company board resolution that all the directors met and agreed to give me this money (this will be notarized of course). So I am worried if this information is enough to show source of fund or are there any other documents that will be required from the company to proof source of fund?
You transferred the money in your personal account as POF on what basis? Is it your share? Did you sell your share? Was the company sold and you got your share?.......... These are the questions, they will be asking.
There are two options.
1. Show this amount as part of your salary given you in advance to show as LICO or show that you've sold some part of your share to the other directors.
2. Transfer the amount back to the company. Ask your son to transfer that amount to your parents and ask them to make a gift deed in your name. The gift deed has not to be registered as that will help your father not to come under any taxation rule.