Proof of Funds (Express Entry)

[Asivad Anac]

Guys,

I've sent my application for OINP. For POF, i've sent copy of my 11 months old Fixed/Term deposit and original statement from bank on letter head. Additionally i've submitted a declaration that money belongs to me and i can get the money en cashed as per my prerogative. I've not mentioned anything about source of the funds. Will that be a problem?

Not a problem. The money has been lying around for more than 6 months so IRCC won't bother with source of funds.

 

[expressTarun]

Not a problem. The money has been lying around for more than 6 months so IRCC won't bother with source of funds.

Thats a relief. Thanks for clarification!!

 

[_Aspirant]

Hi Guys,

I am little bit concerned about the POF. I am still working on my IELTS and really hopeful to get good score but meanwhile also looking for other aspects of application.

I do not have the required fund in my account as of now and it looks to me that I will have to seek help from my parents or brothers for some amount. I am planning to create my profile by the end of May or beginning of June after getting IELTS done.

My question is that should I start collecting the funds now and getting them deposited in my bank account or I should wait until I submit my profile and hopefully get an ITA.

I want to avoid getting a big amount in my account in one go as it will also create an unnecessary ruck-us related to TAX and all.

Please suggest if I am thinking in right direction or I should not be worried so much about it.

Thanks

 

[gmalh12]

Hi,

I am planning to create my express entry profile. My spouse would be the primary applicant.

I have few doubts regarding proof of funds:

1) Is joint account is accepted? If yes, how old it should be?
2) Can anyone of us do the transaction in this joint account? Suppose our contribution is 50-50 and we are reaching the target of 13 lakhs. Would they consider it as one income??
3) Can we show EPF?
4) Our major portion is saved in SIP- Mutual funds, that could be transferred to our accounts in 20 days. Is this accepted as a fund of proof?

Please share some insights.

Regards
Gaurav

 

[shibdutta]

Hi,

I am planning to create my express entry profile. My spouse would be the primary applicant.

I have few doubts regarding proof of funds:

1) Is joint account is accepted? If yes, how old it should be? yes, if the account holder is accompanying the PA
2) Can anyone of us do the transaction in this joint account? Suppose our contribution is 50-50 and we are reaching the target of 13 lakhs. Would they consider it as one income?? yes
3) Can we show EPF? No as per me, as its not yet with you yet in Liquid format. if you take out that money and put it in the joint account then, its fine. others please suggest
4) Our major portion is saved in SIP- Mutual funds, that could be transferred to our accounts in 20 days. Is this accepted as a fund of proof? it should be ok. the longer and older the money stays in that account is good for you. sudden inflow of money to account raises suspicion that its temporary arrangement



Please share some insights.

Regards
Gaurav

 

[KNinja]

Dear All
I have a query regarding Balance Confirmation Certificate:
1.I want to show my Bank funds in Account as well as Fixed Deposits as POF. Is it necessary to get a certificate showing Account as well as FDs balances on a single (page) or should i get issued separate certificate for both the balances. Bank is saying that they have a standard format and they can only issue separate certicate for Fds and Account Balance.
2. I have an FD in my account which automatically got renewed in Dec 2015 but originally it was made a year back. But Balance certificate will show FD start date as Dec 2015 only. What should i do to prove that this Fd is more than an year old?

Plz help.....


Thanx in advance

 

[_Aspirant]

Hi Guys,

I am little bit concerned about the POF. I am still working on my IELTS and really hopeful to get good score but meanwhile also looking for other aspects of application.

I do not have the required fund in my account as of now and it looks to me that I will have to seek help from my parents or brothers for some amount. I am planning to create my profile by the end of May or beginning of June after getting IELTS done.

My question is that should I start collecting the funds now and getting them deposited in my bank account or I should wait until I submit my profile and hopefully get an ITA.

I want to avoid getting a big amount in my account in one go as it will also create an unnecessary ruck-us related to TAX and all.

Please suggest if I am thinking in right direction or I should not be worried so much about it.

Thanks

Raj/Stanlee/Asivad/Anybody...

Please help in these questions...

Thanks

 

[Asivad Anac]

Hi Guys,

I am little bit concerned about the POF. I am still working on my IELTS and really hopeful to get good score but meanwhile also looking for other aspects of application.

I do not have the required fund in my account as of now and it looks to me that I will have to seek help from my parents or brothers for some amount. I am planning to create my profile by the end of May or beginning of June after getting IELTS done.

My question is that should I start collecting the funds now and getting them deposited in my bank account or I should wait until I submit my profile and hopefully get an ITA.

I want to avoid getting a big amount in my account in one go as it will also create an unnecessary ruck-us related to TAX and all.

Please suggest if I am thinking in right direction or I should not be worried so much about it.

Thanks

Get it done whenever you're comfortable doing this. This has nothing to do with ITA.

If you're expecting to submit your post ITA application within the next 6 months of this 'gift' transaction, you'll need a signed self-declaration from the donor stating that this was a git. If you'll submit your post ITA application after 6 months, that won't be necessary because the money will show up in your account for at least 6 months.

 

[rinkuaccen]

Number of
Family Members Funds Required
(in Canadian dollars)
1 $11,931
2 $14,853
3 $18,260
4 $22,170
5 $25,145
6 $28,359
7 or more $31,574

I have Spouse and a 3 Year kid, Here in this table how many number of family will be counted? I hope kid is not accountable to increase $ of Fund Requirements.

 

[Asivad Anac]

Number of
Family Members Funds Required
(in Canadian dollars)
1 $11,931
2 $14,853
3 $18,260
4 $22,170
5 $25,145
6 $28,359
7 or more $31,574

I have Spouse and a 3 Year kid, Here in this table how many number of family will be counted? I hope kid is not accountable to increase $ of Fund Requirements.

The kid is counted as well.

 

[mf0965]

Hey there,

when do I need to show this document of POF?
At the moment that I apply and send my profile to EE?

Is really ok if I show the document proving the money deposited in my account has a gift?

I'll have the money, but the problem is that only at the end of my stay in my home country.
Cause I'll sell everything I have and get the money of my work leave...

Thanks!

 

[JoacRy]

Number of
Family Members Funds Required
(in Canadian dollars)
1 $11,931
2 $14,853
3 $18,260
4 $22,170
5 $25,145
6 $28,359
7 or more $31,574

I have Spouse and a 3 Year kid, Here in this table how many number of family will be counted? I hope kid is not accountable to increase $ of Fund Requirements.

Hi, the amounts you quoted are for applications received prior to 1 January 2016. The new amounts are as follows:

Number of
Family Members Funds Required
(in Canadian dollars)
1 $12,164
2 $15,143
3 $18,617
4 $22,603
5 $25,636
6 $28,913
7 or more $32,191

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[Asivad Anac]

Hey there,

when do I need to show this document of POF?
At the moment that I apply and send my profile to EE?

Is really ok if I show the document proving the money deposited in my account has a gift?

I'll have the money, but the problem is that only at the end of my stay in my home country.
Cause I'll sell everything I have and get the money of my work leave...

Thanks!

You'll need to showcase POF along with other documents that you'll submit as part of your post ITA application.

It is perfectly fine to receive a gift and showcase that as partial or complete POF. IRCC won't accept any other assets (house, car, property, equity, mutual funds etc) that may exist in your name - you'll have to liquidate those assets and get the funds to be available in the bank in your name. You'll also be required to conclusively prove that none of these funds are borrowed from anywhere.

 

[mf0965]

You'll need to showcase POF along with other documents that you'll submit as part of your post ITA application.

It is perfectly fine to receive a gift and showcase that as partial or complete POF. IRCC won't accept any other assets (house, car, property, equity, mutual funds etc) that may exist in your name - you'll have to liquidate those assets and get the funds to be available in the bank in your name. You'll also be required to conclusively prove that none of these funds are borrowed from anywhere.

Thanks for helping.

So, if I receive the ITA, along with the other documents I can send the bank account extract with a history of 6 months, even showing some entrance of big amount like 10.000 dollars at the last 2 months (deadline to send everything to ITA), if I send also a document proving this money is a gift? Right?

Just confirming if I understood right

My father in law will help us with the money we need to complete the amount requested from the CIC.

 

[Asivad Anac]

Thanks for helping.

So, if I receive the ITA, along with the other documents I can send the bank account extract with a history of 6 months, even showing some entrance of big amount like 10.000 dollars at the last 2 months (deadline to send everything to ITA), if I send also a document proving this money is a gift? Right?

Just confirming if I understood right

My father in law will help us with the money we need to complete the amount requested from the CIC.

Yes.

Said document would be a signed self-declaration from the donor stating that the identified transfer of funds (include transaction details) is a gift not a loan hence these funds need not be returned to them at any point in time. This declaration would be accompanied by proof of actual fund transfer - bank receipt/statement showcasing the money being credited to the receiver's account.