Hi Everyone, I have a few questions regarding the proof of funds. I have just began my journey for express entry, gave IELTS and got a decent enough score (8.5L, 8.5R, 8W, 8S) and in the process of getting my ECA done from IQAS (because WES does not recognize Indian MBA as masters for some reason, unless from IIM, etc.). In all probability, I will be creating my EE profile in May-June 2020, and expect an ITA in the subsequent draw since my score would touch 470.
I have a little over 5,500 CAD in my account at the moment, and my mother is going to provide me with a cheque for around 1,850 CAD per month till the time I have sufficient balance of 15,530 CAD required (so 5-6 months). I have around 3,700 CAD invested in mutual funds which I can withdraw whenever I want to, but don't want to withdraw yet and will do so once I have to show the proof of funds. I also have a car loan and 1,500 CAD would still be remaining to be repaid in monthly installments of 215 CAD per month at the time, from the same bank where I'm saving for my proof of funds.
My questions are:
- Can anyone comment if I would need a gift deed from my mother, and/or what should I mention in my LoE while showing my proof of funds?
- What document(s) would I require once I withdraw money from my mutual funds?
- Will my loan create an issue?
Any help is highly appreciated. Thanks!
PS. CAD figures are based on approximate conversions from INR (Indian Rupees)