Proof of Funds (Express Entry)

[mr.preetsingh]

Thank buddy for the reply. Is it the one you can download from your online account?

For Balance certificate, you go to bank and ask for a Balance Certificate. If they issue bank statement, get that as well. Else, download bank statement online.

 

[Ali08]

For Balance certificate, you go to bank and ask for a Balance Certificate. If they issue bank statement, get that as well. Else, download bank statement online.

Yea i tried several times and also talked to the branch manager. They said that the things they can give are all available online. They cannot do anything more.

 

[mr.preetsingh]

Yea i tried several times and also talked to the branch manager. They said that the things they can give are all available online. They cannot do anything more.

Bank Balance Certificate is a document issued by the bank stating the amount of money present at the account holder’s bank account. This is made to declare that required fund is available in bank with its saving history.

If you visit generally and request for a Balance Certificate over the counter, they will issue one. Which bank is it by the way?

 

[Ali08]

Bank Balance Certificate is a document issued by the bank stating the amount of money present at the account holder’s bank account. This is made to declare that required fund is available in bank with its saving history.

If you visit generally and request for a Balance Certificate over the counter, they will issue one. Which bank is it by the way?

Commonwealth bank of Australia. I can download the balance certificate online but for individual accounts. I have 4 accounts with the same bank. They are not willing to give me a letter with all the accounts. Plus the balance certificate does not have the email address of the bank on it. CIC mentions that the official letter must have the address, phone number and email address of the bank.

 

[mr.preetsingh]

Commonwealth bank of Australia. I can download the balance certificate online but for individual accounts. I have 4 accounts with the same bank. They are not willing to give me a letter with all the accounts. Plus the balance certificate does not have the email address of the bank on it. CIC mentions that the official letter must have the address, phone number and email address of the bank.

There is no mandatory thing, if your bank is issuing a balance certificate, that's enough for IRCC. And, its not mandatory to get balance certificate consolidated. You can upload multiple account details, so in your case you can get 4 balance certificates for 4 accounts if your bank is providing separately.

The online balance certificate can be alternative but if bank is issuing, I would not go with online balance certificate.

 

[Ali08]

There is no mandatory thing, if your bank is issuing a balance certificate, that's enough for IRCC. And, its not mandatory to get balance certificate consolidated. You can upload multiple account details, so in your case you can get 4 balance certificates for 4 accounts if your bank is providing separately.

The online balance certificate can be alternative but if bank is issuing, I would not go with online balance certificate.

Thank you for your help brother.

 

[Gourav Sareen]

We almost got the same date in receiving ITA. maybe your deadline of submission will be on march also?
As for me i prepared a gift deed letter, affidavit, and letter of explanation for my source of fund..this was also a late wedding gift from my father.
But still im doubting if it will be accepted in SINP.. lets just hope for a positive results afterwards.

Hi Jazz. I've also applied for SINP in Oct 2019 intake and still waiting for the nomination. I have two questions which I think you or other seniors can help for SINP.

1. I have shown half of my Proof of funds from my PF account which is fine. Half of the funds for 3 family members for around 10000 dollars, I have shown as Gift deed from my in-laws which was transferred to my wife's account 1 day before submission of SINP application. Please suggest if this will work for SINP as I am too much worried for this now if they will consider POF or not.

2. Secondly, its been around 4 months I have not heard any thing from SINP may be due to COVID 19 situation. But during this time my IELTS got expired in March and I am not able to give exam currently due to lock down issues. Please suggest if they will consider IELTS validity from the day of submission or they will reject saying that IELTS is expired.

Any suggest will be helpful and reduce my anxiety.

 

[Shakir367]

Hi Guys.
I have a query regarding POF.
My father had deposited his end of service funds to my account 2 years back. Now i am planning to go for EE profile with my spouse being the primary applicant.
I will transfer the required funds to my spouse account and keep it there for 6 months or more in line with the CIC requirements to show sufficient funds.
My question is that whether the bank letter from my spouse will be enough for showing POF or do i have to provide any evidence along with it from my bank account for the transfer?
Secondly, do i have to submit a gift deed or affidavit as well from my father that he has provided me the required funds? Also do i have to attach my father's account details for the transfer of the funds and from where did he receive them?

Thank you

 

[deeps1987]

Hi Guys.
I have a query regarding POF.
My father had deposited his end of service funds to my account 2 years back. Now i am planning to go for EE profile with my spouse being the primary applicant.
I will transfer the required funds to my spouse account and keep it there for 6 months or more in line with the CIC requirements to show sufficient funds.
My question is that whether the bank letter from my spouse will be enough for showing POF or do i have to provide any evidence along with it from my bank account for the transfer?
Secondly, do i have to submit a gift deed or affidavit as well from my father that he has provided me the required funds? Also do i have to attach my father's account details for the transfer of the funds and from where did he receive them?

Thank you

If you are going to transfer it to your spouse account and keep it for 6 months at least, only proof that has to be provided is letter from your spouse's bank. No additional document required from you or your father regarding source.

Also, just to make you aware, it is not necessary to transfer the amount to your spouse account if you are going to accompany. You can retain it in your account. What CIC says is"
"If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money. "
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

So either you can choose to make your spouse a join account holder or provide spouse with a letter declaring that you are providing your spouse with complete access to the funds in your account for Canadian PR purpose. Of course, in that case, you need to obtain the required statements/balance letter from your bank.

 

[Shakir367]

If you are going to transfer it to your spouse account and keep it for 6 months at least, only proof that has to be provided is letter from your spouse's bank. No additional document required from you or your father regarding source.

Also, just to make you aware, it is not necessary to transfer the amount to your spouse account if you are going to accompany. You can retain it in your account. What CIC says is"
"If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money. "
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

So either you can choose to make your spouse a join account holder or provide spouse with a letter declaring that you are providing your spouse with complete access to the funds in your account for Canadian PR purpose. Of course, in that case, you need to obtain the required statements/balance letter from your bank.

Hi @deeps1987 .

Many thanks for the assistance. So i get the point that it is acceptable without providing source of funds from my side or from my father.
One more thing i need your guidance on. I am thinking of keeping the funds in my spouse account or a joint account for more than 6 months and for that if we open a USD account and keep around 20K USD as we are family of 3 so is it a better idea? And then in the bank letter will it be required to show the conversion of USD to CAD or it will be fine?

Thanks

 

[deeps1987]

Hi @deeps1987 .

Many thanks for the assistance. So i get the point that it is acceptable without providing source of funds from my side or from my father.
One more thing i need your guidance on. I am thinking of keeping the funds in my spouse account or a joint account for more than 6 months and for that if we open a USD account and keep around 20K USD as we are family of 3 so is it a better idea? And then in the bank letter will it be required to show the conversion of USD to CAD or it will be fine?

Thanks

You can keep the fund in any currency. The case analyst will covert the money with exchange rate prevailing at that time. USD is definitely more stable and hence, you can certainly keep it in a USD account. However, note that the fund required for a family of 3 is CAD19,836 which is approx USD 15K today and not 20K.

Another thing I want to bring to your notice is that one of the requirement that bank letter should provide is the date when account was opened. This may catch the attention of case analyst if your account was open just little over 6 months before submission of your application. So they may ask for additional info on the fund source.

Unless your/your spouse's current account currency is very unstable, I would say avoid opening a new account.

 

[rahulprashar]

Hi All,

I am new to this forum. I am bit confused on the proof of fund’s requirement part.

I have understanding that some amount is required to show say for example Rs 10 lakh...

1)I have this 10 Lakh in 4 different accounts 2 accounts are of my wife who is primary applicant and 2are of mine.

will that be causing any issue ?

2) Money may be showing transferred among these two accounts but not to any other account.

do i need any kind of document other than normal bank statements ?

3) We both have PF and PPF accounts. for safety side if we want to show amount from these PF/PPFaccounts By providing statements.

will it be considered ? Or only bank accounts money will be considered ?

4) Most important question. We have home loan. That is another bank account. I was planning to not to show that.

do i need to show balance after paying the homeloan balance ?
For example: if my homeloan is 30 Lakh
And my all four account balance is 12 lakh so basically I am Carrying negative 18 lakh balance.

in this case i will never get PR. Is it true ??

it will be great help if you can help me understanding all these.

thank you !!

 

[Zukat]

Hi,

I want to declare the funds of all family members moving with me (my wife and daughter (3yrs old)). Now I have a substantial investment account for my daughter where funds are invested in stock, which technically can be disposed of immediately for money, as per requirements to funds by CIC. Do I need to show this account and if so, I assume I don't need any affidavits being a biological parent of a minor.

Thank you.

 

[montynarang1991]

Hey,

Can you please share the sample letter of the bank, please? email address is montynarang@gmail.com

 

[Mtimoteo]

Hi me and my family were moving to Canada on January with our work permit. My question is about our POF in our country used for our current PR express entry application. Can we bring the money to Canada? or better to keep it in our country? We are actually planning to transfer all the amount in Canada but not sure if IRCC will accept it.