Proof of Funds (Express Entry)

[rk03]

Hello all,

I intend using my salary account which currently has more than the minimum required amount ~ $26k as balance. This balance was recently achieved with the latest disbursement into my salary by my company and I intend to maintain it all through PR process. However, I'm worried because I also have a personal loan from the same bank which I repay monthly as can be seen in the statements.
Please what would you advise I submit for POF?

Thanks

If Assets - Liabilities >= PoF then you are good.

 

[hitesh0414]

Hello all,

I have a question. for POF, I got a fixed deposit of Rs. 10 lacs jointly held by me and my spouse. Will it be ok. The FD is about 2 and a half months old and I am still waiting for ITA. sitting on 477 and hope to get an ITA next month.

 

[henrygormane]

If Assets - Liabilities >= PoF then you are good.

Thanks for your response. Please I need clarification. The loan is an ongoing one from about two years ago and can be liquidated with gratuity which is the collateral. However the balance meets the POF minimum requirement and is readily available

 

[henrygormane]

Hi Asivad, Thanks for your insightful advice here please answer my question

I intend using my salary account which currently has more than the minimum required amount ~ $26k as balance. This balance was recently achieved with the latest disbursement into my salary by my company (this can be supported by copies of pay stubs) and I intend to maintain it all through PR process. However, I'm worried because I also have a personal loan from the same bank which I repay monthly as can be seen in the statements.
Please what would you advise for POF?

 

[harirajmohan]

Hi,
I need help on getting funds transferred to CAD from USD in a less expensive way. Is that possible? I cant see many banks issuing bank draft/cheque in CAD. They are ready to give CAD currency but with terrible exchange rate. Any other way i should look at which i am missing? Please shed some light.

Thanks.

 

[francish]

Hello Everyone,

I am sure most of the people are in same boat and have same confusion.
Most of the people come here on student permit and complete their study in my case it was masters in computer science.
I completed my masters in september 2015 and got an open work permit on 1st Oct2015. I am working with the govt. of british columbia since then on an permanent role. Now i have filed my application under EE -FSW and below is my application:-

a) FSW score- 400
b) BC PNP nomination- Received (600 points)
c) Total points with me 1000.

I am sure I will get the ITA soon because of the points I have. I was going through a long phone conversations and email chains with my previous employer to give me the Roles and responsibility letters. Now when I have received those the main problem is this POF.

I dont have $12000 in my account. I was able to save around $5000 till now. I can ask my brother to give me some money and can reach the amount of $12000. But I dont understand if I have a stable job in my case GOVT. job why I have to show that money because I can support myself with my salary.

My question:- The average amount of my account will not be good for last 6 months. Is it ok to show just the last month balance and wait till they come and ask me for 6 months balance-sheet. I dont know how to deal with this situation. Does anyone in here faced same problem where they dont have good money in account but working in canada made a difference.

I am in the exact same boat as you. I already got an ITA and I cant decide if i should still apply if i don't have the complete funds. What did you do?

 

[Joejo]

Dear Seniors,

I am in Canada working as a Food Counter Attendant. I was in the EE pool since Jan 2015 with 442 points, last week i got an approved LMIA to support my PR application which increased in EE points 1042. The employer named in my LMIA is my current employer and the LMIA is for a Food Service Supervisor. My current work permit is valid until 2016 August (but it's a low skilled job). I am applying under FSWP.

I have a query regarding the LICO requirement. Do I need to prove that I have enough money to support? CIC website says that you must have a valid job offer and you must be in Canada in order to be exempted from LICO requirement, both statements are true in my case. But my present WP is not for the job offered in the LMIA to support PR, though its the same employer.

Your suggestions are highly appreciated.

Note: I have updated my EE profile and provided 'Zero' as available funds, still it shows eligible under FSW.

 

[anandrm]

I am expecting to get a GIFT DEED from my brother who resides in USA.

Could anyone help me out with a format for Gift Deed and what all necessary information should be mention in a Gift Deed ?

 

[wifiwifey]

FDs work great as a proof of fund. Although, the CIC clearly mentions that the required fund must be in the applicant's name but I got way with it. Here is what I did, I wrote a detailed explanation of the source of the fund and the portion that belongs to my wife. Moreover, I have attached a gift deed from her.

However, if the FD is only 2.5 months old that could be a problem. One of the FD (40% of the required fund) was 1 month old only. So, again I mentioned in the LOE the source of this money and attached scanned receipts, bank statement as a proof that the money was with me for over 6 months.

I hope that helps somewhat!

Hello all,

I have a question. for POF, I got a fixed deposit of Rs. 10 lacs jointly held by me and my spouse. Will it be ok. The FD is about 2 and a half months old and I am still waiting for ITA. sitting on 477 and hope to get an ITA next month.

 

[hitesh0414]

FDs work great as a proof of fund. Although, the CIC clearly mentions that the required fund must be in the applicant's name but I got way with it. Here is what I did, I wrote a detailed explanation of the source of the fund and the portion that belongs to my wife. Moreover, I have attached a gift deed from her.

However, if the FD is only 2.5 months old that could be a problem. One of the FD (40% of the required fund) was 1 month old only. So, again I mentioned in the LOE the source of this money and attached scanned receipts, bank statement as a proof that the money was with me for over 6 months.

I hope that helps somewhat!

Thanks a lot.

By jointly held , I mean that I am the primary holder and my wife is secondary holder. We both are applying for Express Entry.

 

[motocheck]

Hello friends,

I had a small query with regards to proof of funds.
I have a salary account with a particular bank ABC and normally on day of salary.. withdraw funds to other bank account XYZ for all expenses.

if i make salary account joint account with spouse. and then from now onwards if i maintain funds in salary account.

will it be ok.. my CRS score is 456..and i expect scores to come down after aug sep..

m worried as if i take bank statement now , salary withdrawn earlier before todays day will be a substantial amount..

wont immigration officer question these withdrawls..


Thanks,
Austin

 

[aditya127]

Hi All,

I'm working in Uk since 1 year.

As a POF I provided a combination of below:

1) Bank letter for Indian account, which doesn't have much transactions in past 6 months. Bank didn't mention average balance as per their set practice so I provided the bank statement as well. I showed 11500 CAD in this account all transferred over last month by my parents. I provided gift deeds, transaction details, bank receipts, and statement from my account showing these transactions
2) My PF statement showing 7500 CAD, which can be withdrawn in 10 days of resignation, and held by my employer's trust.
3) MY PPF statement showing 950 CAD available to withdraw anytime.
All totalling ~ 20,000 CAD for a family of 3 (already more than the required 18,670)

My concern, is I've not provided bank statements from my UK account, do I need to worry. Does above documents suffice as POF?

 

[_Aspirant]

Hi Raj/Stanlee/Seniors,

I am in a tricky situation. I have been in the quest of arranging funds required for Canadian immigration and it seems like I would be able to arrange them. My father-in-law agreed to pay me some amount and rest of the amount I already have. But, the problem is that he wants to give me the cash amount and not by cheque. The reason being an unnecessary showing off the money to IT (I hope you got my point). Also, you know how it is with Indian Banks nowadays, depositing a large amount in your account takes a lot of efforts. I wish if you would be able to suggest me some alternative to this.

Thanks

 

[nekeol]

Hi All,

I'm working in Uk since 1 year.

As a POF I provided a combination of below:

1) Bank letter for Indian account, which doesn't have much transactions in past 6 months. Bank didn't mention average balance as per their set practice so I provided the bank statement as well. I showed 11500 CAD in this account all transferred over last month by my parents. I provided gift deeds, transaction details, bank receipts, and statement from my account showing these transactions
2) My PF statement showing 7500 CAD, which can be withdrawn in 10 days of resignation, and held by my employer's trust.
3) MY PPF statement showing 950 CAD available to withdraw anytime.
All totalling ~ 20,000 CAD for a family of 3 (already more than the required 18,670)

My concern, is I've not provided bank statements from my UK account, do I need to worry. Does above documents suffice as POF?

this is enough for minimum requirement. don't worry

 

[nekeol]

Hello friends,

I had a small query with regards to proof of funds.
I have a salary account with a particular bank ABC and normally on day of salary.. withdraw funds to other bank account XYZ for all expenses.

if i make salary account joint account with spouse. and then from now onwards if i maintain funds in salary account.

will it be ok.. my CRS score is 456..and i expect scores to come down after aug sep..

m worried as if i take bank statement now , salary withdrawn earlier before todays day will be a substantial amount..

wont immigration officer question these withdrawls..


Thanks,
Austin

first time with the first application u can shaw in one or different then u have to maintain it. yes spouse statement or one account is OK.