Proof of Funds (Express Entry)

[Stanlee]

Thanks alot.

I am already in the pool. And as you say - I only have to prove that these funds are mine. In my case I transferred money from 2 account and my wife did the same. We pooled the required funds in one account and created a Fixed Deposit.

Would I need to show how I created the Fixed Deposit. Are my and my wife's salary statement enough?

You can attach an LOE with the copies of both of your bank statements, this should be more than enough.

 

[Fly2Can]

one of the Great threads. thank you very much for starting it.

 

[Gladossy]

In a case where money was transferred from my husband's business account,is it compulsory to attach husband's business statement showing transfer date? If yes do I need to attach business certificate also along with the gift deed and statement.?

 

[nekeol]

In a case where money was transferred from my husband's business account,is it compulsory to attach husband's business statement showing transfer date? If yes do I need to attach business certificate also along with the gift deed and statement.?

only husband business account statement is enough. no need to go in detail just keep ready if they asked u in future

 

[nekeol]

I have a question about the 6 months of records.

What I did was create a joint account and had funds parked there since Feb 2016. However there has been a currency rate fluctuation (quite significant - approx 10%) and I transmitted the additional amount in April 2nd week (last week). When am I actually eligible to show these POFs. If 6 months is the criteria than do I need to wait 6 months more?

I dont want to accept an ITA and be rejected later because of POFs.

Thanks for your replies.

after first application cic will ask u in future again about 6 month statement. at first time it is ok but in next updated documents then make sure it must be 6 months or more.

 

[Gladossy]

only husband business account statement is enough. no need to go in detail just keep ready if they asked u in future

Okay thx.

 

[Prats6]

after first application cic will ask u in future again about 6 month statement. at first time it is ok but in next updated documents then make sure it must be 6 months or more.

Thanks, So, what I interpret from your reply is that even if I submit a 4 month POF (example - Feb to May), CIC will again in the future ask for 6 months. Lets say they do it in July or August - Can I again show proof from Feb to July/August? Will that suffice.

I am making that account my savings account and keep transferring money there. On an average I transfer about CAD 500 each month. So whenever CIC asks for the statement it will show funds in excess of minimum requirement. Would I need to show statement from the account I transferred money from (my Salary Account or my wife's salary account)

 

[Asivad Anac]

Thanks, So, what I interpret from your reply is that even if I submit a 4 month POF (example - Feb to May), CIC will again in the future ask for 6 months. Lets say they do it in July or August - Can I again show proof from Feb to July/August? Will that suffice.

I am making that account my savings account and keep transferring money there. On an average I transfer about CAD 500 each month. So whenever CIC asks for the statement it will show funds in excess of minimum requirement. Would I need to show statement from the account I transferred money from (my Salary Account or my wife's salary account)

Or they may refuse your application because the POF documents do not conclusively establish that the funds aren't borrowed from anywhere. It has happened before.

 

[Prats6]

Or they may refuse your application because the POF documents do not conclusively establish that the funds aren't borrowed from anywhere. It has happened before.

So you suggest its utterly important to send the 6 month statement when someone sends their application?

I know for a fact that one of my friends' application had no problems - he submitted a 3 month statement (but to Nova Scotia - PNP) and later CIC asked for 6 (after 3 months and he sent them the 6). He is in Canada right now.
I created my profile in Jan first week and started to put the money in Jan'16 mid and by the end of Feb week 1 had all my Funds parked there.

Again due to currency fluctuation started to put money again in April and now its all right again. For God's sake, we do not have control on Exchange Rates. For all you know a currency can tank 10-20% easily in a matter of weeks.

I mean I know it is fool proof to send a 6 month statement. And by that logic, I probably cannot accept any ITA before July? I really need a definitive answer on that. Cannot be taking chances with such a thing.

 

[Asivad Anac]

So you suggest its utterly important to send the 6 month statement when someone sends their application?

I know for a fact that one of my friends' application had no problems - he submitted a 3 month statement (but to Nova Scotia - PNP) and later CIC asked for 6 (after 3 months and he sent them the 6). He is in Canada right now.
I created my profile in Jan first week and started to put the money in Jan'16 mid and by the end of Feb week 1 had all my Funds parked there.

Again due to currency fluctuation started to put money again in April and now its all right again. For God's sake, we do not have control on Exchange Rates. For all you know a currency can tank 10-20% easily in a matter of weeks.

I mean I know it is fool proof to send a 6 month statement. And by that logic, I probably cannot accept any ITA before July? I really need a definitive answer on that. Cannot be taking chances with such a thing.

If you don't want to take chances, wait it out. IRCC doesn't really ask for 6 month bank statements - they ask for 6 month average balance. And they do that to confirm that your settlement funds aren't borrowed. If you're sure that you can convincingly prove to IRCC that your funds aren't borrowed, you don't need to wait for that 6 month period.

 

[Prats6]

If you don't want to take chances, wait it out. IRCC doesn't really ask for 6 month bank statements - they ask for 6 month average balance. And they do that to confirm that your settlement funds aren't borrowed. If you're sure that you can convincingly prove to IRCC that your funds aren't borrowed, you don't need to wait for that 6 month period.

Thanks for that. The Bank Account I have is in my name, with my wife being the joint holder. I have no liabilities - which I can prove my providing my only credit card statement. I had a education loan which I closed last year. I do not have a loan on me, nor does my wife. I am just not sure how to prove that.

 

[Asivad Anac]

Thanks for that. The Bank Account I have is in my name, with my wife being the joint holder. I have no liabilities - which I can prove my providing my only credit card statement. I had a education loan which I closed last year. I do not have a loan on me, nor does my wife. I am just not sure how to prove that.

The only convincing way to prove that is to showcase 6 month bank statements. If they show no suspiciously large credits, that'd do.

 

[riasat.abir]

The only convincing way to prove that is to showcase 6 month bank statements. If they show no suspiciously large credits, that'd do.

Buying a property in Canada with mortgage will be a negative point with that loan/mortgage amount? or will it be a plus point as an asset?

 

[Asivad Anac]

Buying a property in Canada with mortgage will be a negative point with that loan/mortgage amount? or will it be a plus point as an asset?

Potentially a plus, one would think. But that would also depend on how much equity you hold in that asset. IRCC doesn't appear to indicate that they accept property valuations but having a property in Canada might be fine - you'll still need to submit multiple independent valuations for the property along with all mortgage papers to 'triangulate' on the net value of that asset.

 

[Mr Singh]

$12,000 is for one person

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

You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada.

NICE INFO