Proof of Funds (Express Entry)

[kool_buddy]

Seems like this Proof Of Funds thing will haunt me forever until I land in Canada. I keep having doubts related to it.

I decided to go with the the Ontario PNP thing. I think I got only 30 more days as I got the notification on 30th Dec 2015.

I am from India and my father agreed to give me cheques which I could deposit in my ICICI bank, in the next few days.
I am planning to FD this after I get enough money deposited.

1. Do I need to show the information of these cheques when I show proof of funds?
2. Can the gift deed thing be on a plain white paper? or do I need to use a stamp paper? (Does the info of these cheques go in these gift deeds too?)
(I am from Hyderabad, outside Delhi)

Thanks a lot.

 

[Asivad Anac]

Seems like this Proof Of Funds thing will haunt me forever until I land in Canada. I keep having doubts related to it.

I decided to go with the the Ontario PNP thing. I think I got only 30 more days as I got the notification on 30th Dec 2015.

I am from India and my father agreed to give me cheques which I could deposit in my ICICI bank, in the next few days.
I am planning to FD this after I get enough money deposited.

1. Do I need to show the information of these cheques when I show proof of funds?
2. Can the gift deed thing be on a plain white paper? or do I need to use a stamp paper? (Does the info of these cheques go in these gift deeds too?)
(I am from Hyderabad, outside Delhi)

Thanks a lot.

Plain white paper signed self-declarations would suffice. No deeds required. That declaration must contain the details of gift transaction. Make sure to submit bank statements showing proof of transfer.

 

[Mehrdad2014]

Hey Asivand,I am going to submit my e-apr so I have onequestion:
1.My bank letter is the same as cic format and indicated 6 months average balance , is it mandatory to send 6 months statement ? And how much should be the minimum amount of 6 months average balance for one person ? The final balance is 25000 CAD . Thanks in advance .

 

[anacorrea87]

Hello,

I have a question. My bank did not want to give me a letter. They just provide a snapshot where all my account are shown (account number, and balance).

What else do i need to provide? Can I use eStatements to complete my information?

 

[Asivad Anac]

Hey Asivand,I am going to submit my e-apr so I have onequestion:
1.My bank letter is the same as cic format and indicated 6 months average balance , is it mandatory to send 6 months statement ? And how much should be the minimum amount of 6 months average balance for one person ? The final balance is 25000 CAD . Thanks in advance .

If the letter indicates 6 month average balance, no need to send bank statements and no harm if you decide to send them as well. There is no defined minimum balance requirement - CIC asks for 6 months average balance to confirm that you haven't borrowed any funds for POF.

 

[kool_buddy]

Plain white paper signed self-declarations would suffice. No deeds required. That declaration must contain the details of gift transaction. Make sure to submit bank statements showing proof of transfer.

Thanks Asivad. This could be a dumb question but how to show the transfer, when I would be using cheques? Thanks.

 

[omarnabsws]

But I don't have the funds in bank now. When it's time to show money I will sell my car and deposit the money in the bank. that won't do? right now my bank shows nothing but me getting paid from my job.

If the letter indicates 6 month average balance, no need to send bank statements and no harm if you decide to send them as well. There is no defined minimum balance requirement - CIC asks for 6 months average balance to confirm that you haven't borrowed any funds for POF.

 

[Asivad Anac]

Thanks Asivad. This could be a dumb question but how to show the transfer, when I would be using cheques? Thanks.

Show bank statements clearly highlighting credit into your account.

 

[PRABEESHBALAN]

Hi Friends,

I am planning to apply for PR through Express Entry from India and I have few doubts about the “Proof Of Funds”.

Can I use the following as Proof Of fund?

- Public Provident Fund and Employee Provident Fund
- Post Office Recurring Deposit
- LIC
- FD (I have deposited this as a Tax Saver)

I have a Car loan. Do they deduct this loan amount from the total fund which I am going to produce for Proof Of Fund?

Please help!!

 

[Asivad Anac]

But I don't have the funds in bank now. When it's time to show money I will sell my car and deposit the money in the bank. that won't do? right now my bank shows nothing but me getting paid from my job.

That will work. You'll have to show supporting documents to prove ownership of the asset and subsequent sale papers as well.

 

[alee667]

Hi Asavid

I am submitting e-APR and balance statement I am giving is 23,000 CAD well above my required LICO (18,500 CAD) for 3 person family. My last statement for six months is fluctuating between 12, 000 CAD to sometimes 30 , 000+ CAD. I am submitting statements of 2 accounts. Will there be any problem or I need to explain these fluctuations.
My monthly income is 6,000 + CAD and my statement shows regular salary transactions to my account. Please advise if anything to take care of now.

 

[Asivad Anac]

Hi Asavid

I am submitting e-APR and balance statement I am giving is 23,000 CAD well above my required LICO (18,500 CAD) for 3 person family. My last statement for six months is fluctuating between 12, 000 CAD to sometimes 30 , 000+ CAD. I am submitting statements of 2 accounts. Will there be any problem or I need to explain these fluctuations.
My monthly income is 6,000 + CAD and my statement shows regular salary transactions to my account. Please advise if anything to take care of now.

You will need to explain any suspiciously large (~4000 CAD or higher) credit transactions within the last 6 months.

 

[alee667]

You will need to explain any suspiciously large (~4000 CAD or higher) credit transactions within the last 6 months.

From Account 1, Most of the transactions are debit from account for my expenses/purchases and transfers to my family. Credit transactions in last six months is aprrox 84,000 CAD which is mainly my salary but I am shown only 12,000 CAD from this account in my final statement. Account 2 have 11,000 CAD final balance which are lying constant since 6 months. Do I need to explain my large debit transactions as well as there are only couple of these except my salary. I am attaching my last six months pay stubs ofcourse as a proof that funds are my own.

 

[Asivad Anac]

From Account 1, Most of the transactions are debit from account for my expenses/purchases and transfers to my family. Credit transactions in last six months is aprrox 84,000 CAD which is mainly my salary but I am shown only 12,000 CAD from this account in my final statement. Account 2 have 11,000 CAD final balance which are lying constant since 6 months. Do I need to explain my large debit transactions as well as there are only couple of these except my salary. I am attaching my last six months pay stubs ofcourse as a proof that funds are my own.

The way you've described it here, it appears that your POF is legitimate and conforms with CIC's requirements.

All the best!

 

[AnnaBG]

A question...
If you i have the requested money for more than 6 months then will a simple bank certificate with 6 montgs balance, current amount and date of opening the account work? I am asking because this is the requirement officially and still people provide statements, letters and so on...