Proof of Funds (Express Entry)

[nekeol]

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.

contact with money exchange companies in your area

 

[cutesmile_1728]

Hi. I just want to inquire if CIC ask for another round to show proof of funds while in the middle of pr process? I know we need to show proof of funds during submission of application. In our case we already have AOR however due to oil and gas crisis my husband's work was not that stable anymore. I'm worrying now that while waiting for the final decision we may use what was on our currents savings to support our cost of living here. Or it will never happen that they will ask us again to show proof of funds since my husband was still working here? Is it okay to borrow from a friend or family? Is there a way they will know that we just borrowed some money if ever? Thanks for the reply.

 

[wifiwifey]

Hi,

I suggest you not to use the money until you get RPRF Request. This is because AOR simply means that your application has been received by IRCC. The verification/checking on proof of fund, education, etc has not yet began. Try borrowing your cost of living from elsewhere (friend, relative) for the time being and not touch the fund you have showed to IRCC. IRCC will never know if you have borrowed money from a friend or relative for your current cost of living.

Thanks!

Hi. I just want to inquire if CIC ask for another round to show proof of funds while in the middle of pr process? I know we need to show proof of funds during submission of application. In our case we already have AOR however due to oil and gas crisis my husband's work was not that stable anymore. I'm worrying now that while waiting for the final decision we may use what was on our currents savings to support our cost of living here. Or it will never happen that they will ask us again to show proof of funds since my husband was still working here? Is it okay to borrow from a friend or family? Is there a way they will know that we just borrowed some money if ever? Thanks for the reply.

 

[cutesmile_1728]

Thank you so much WIFIWIFEY for the reply, I highly appreciate it.

But is it still applicable (below appendix) because we submitted our express entry application and we fall under FSW and CEC since my husband has worked here in Canada...though currently the they dont have enough work / project because of the oil and gas crisis.

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Appendix C – Proof of Funds for Skilled Immigrants (Express Entry)

Applicants would typically need to demonstrate that they have sufficient money for supporting themselves and their family after they get to Canada. This is applicable unless the applicant:

Is currently authorised for working in Canada and,
Has a valid job offer from an employer in Canada

 

[wifiwifey]

Welcome!

I am not sure if it is applicable for you. Please seek advice from senior members in regards to that.

From what I know, if you are assessed in CEC category then you don't need to show proof of fund. That also will require you to meet the two requirements you have mentioned ie. Your husband need to have a job/job offer and is eligible to work in Canada. IRCC will thoroughly verify all the information so don't give them a chance to question anything.

Thank you so much WIFIWIFEY for the reply, I highly appreciate it.

But is it still applicable (below appendix) because we submitted our express entry application and we fall under FSW and CEC since my husband has worked here in Canada...though currently the they dont have enough work / project because of the oil and gas crisis.

----

Appendix C – Proof of Funds for Skilled Immigrants (Express Entry)

Applicants would typically need to demonstrate that they have sufficient money for supporting themselves and their family after they get to Canada. This is applicable unless the applicant:

Is currently authorised for working in Canada and,
Has a valid job offer from an employer in Canada

 

[Stanlee]

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

It is important that the case officers are convinced that the money did not originate from a loan and that is why the money trail is important and the only way to prove that is through bank transactions (credit, transfers etc). Now in your case, the only option that I can think of is to get your father-in-law purchase a car for you as a gift and then after some time you can sell the car and transfer the sale proceeds to your bank account. In this regard, while submitting your bank statement as POF, you will have to attribute the source of funds as sale of car and show proof of sale as well.

 

[alee667]

I am facing a tricky question from IRCC regarding proof of funds. Got e-APR on 26-Jan-2016 and Sch 4/4A and medicals passed on 28-Jan-2016. Now after almost 5 months, they sent a letter asking for proof of funds. Below is the excerpt from letter'

-------

Funds, proof: Proof of funds. Please provide an updated statement from your bank. This must be received at this office by June XX , 2016.

------

Now, I have 2 questions.;

1- Do I need to send final letter from bank or 6 month statement as the request does not specifically ask for 6 months statement.
2- LICO required is 18,617 CAD for 3 member family. At the time of e-APR submission on 25-Jan -2016, I showed funds of around 23,000 CAD but as of today, I have around 13,000 CAD. Although, I have remaining money with me but that is in cash that I withdrawn last month as I have to use for foreign travel. Also, I have my salary slips which show monthly incoming to my account approximately 6000 + CAD. So, in a nutshell I have the money and backup proof that I own it but due to somehow bad management of funds, my bank account does not say that. Please advise if can deposit cash back to my account and then send the statement to IRCC with required POF?

 

[_Aspirant]

It is important that the case officers are convinced that the money did not originate from a loan and that is why the money trail is important and the only way to prove that is through bank transactions (credit, transfers etc). Now in your case, the only option that I can think of is to get your father-in-law purchase a car for you as a gift and then after some time you can sell the car and transfer the sale proceeds to your bank account. In this regard, while submitting your bank statement as POF, you will have to attribute the source of funds as sale of car and show proof of sale as well.

Hi Stanlee,

Thank you for your reply. I understand what you meant. I would like to do a better workaround as selling any asset would be a loss deal. Lets see how I can overcome this. I will keep updated.

Thanks

 

[MOCASIA]

I am facing a tricky question from IRCC regarding proof of funds. Got e-APR on 26-Jan-2016 and Sch 4/4A and medicals passed on 28-Jan-2016. Now after almost 5 months, they sent a letter asking for proof of funds. Below is the excerpt from letter'

-------

Funds, proof: Proof of funds. Please provide an updated statement from your bank. This must be received at this office by June XX , 2016.

------

Now, I have 2 questions.;

1- Do I need to send final letter from bank or 6 month statement as the request does not specifically ask for 6 months statement.
2- LICO required is 18,617 CAD for 3 member family. At the time of e-APR submission on 25-Jan -2016, I showed funds of around 23,000 CAD but as of today, I have around 13,000 CAD. Although, I have remaining money with me but that is in cash that I withdrawn last month as I have to use for foreign travel. Also, I have my salary slips which show monthly incoming to my account approximately 6000 + CAD. So, in a nutshell I have the money and backup proof that I own it but due to somehow bad management of funds, my bank account does not say that. Please advise if can deposit cash back to my account and then send the statement to IRCC with required POF?

Get the letter from bank saying average balanace for last six months also, if you withdrew the money..put the money back in the account and show your salary stubs and ..if the transaction record cannot be prepared for cash deposit..then simply provide a gift/deed letter ..thats what i did


Question: - what did you provide them initially when you submitted the application??

 

[alee667]

Get the letter from bank saying average balanace for last six months also, if you withdrew the money..put the money back in the account and show your salary stubs and ..if the transaction record cannot be prepared for cash deposit..then simply provide a gift/deed letter ..thats what i did


Question: - what did you provide them initially when you submitted the application??

I provided them six month bank statements from 2 banks. One from my home country having around 9000 CAD and other from my salary account in Saudi for remaining 14000 CAD. Total deposits in my account in terms of salary in last six months is almost the double of required POF. I am just worried that if I deposit the cash back now and then send them 6 month statement, then it may create some doubt in the mind of officer.

In case I send my salary slips along with last 6 month bank statement from my both accounts, will it be okay?

 

[alee667]

Hi. I just want to inquire if CIC ask for another round to show proof of funds while in the middle of pr process? I know we need to show proof of funds during submission of application. In our case we already have AOR however due to oil and gas crisis my husband's work was not that stable anymore. I'm worrying now that while waiting for the final decision we may use what was on our currents savings to support our cost of living here. Or it will never happen that they will ask us again to show proof of funds since my husband was still working here? Is it okay to borrow from a friend or family? Is there a way they will know that we just borrowed some money if ever? Thanks for the reply.

Yes. they can ask and they do ask me today. Please see my questions in same thread.

 

[cutesmile_1728]

^ Thank you for the reply.

since my husband work is super slow for the past 6 months there was no enough income coming to the savings account. Lets say just 800 but we used that money to pay for the rent. I am not sure if CIC cares if there was not much income coming to the bank account as long as we able to mantain the standard proof of funds for 3 people.

 

[_Aspirant]

Hi Stanlee,

Thank you for your reply. I understand what you meant. I would like to do a better workaround as selling any asset would be a loss deal. Lets see how I can overcome this. I will keep updated.

Thanks

Hello Seniors,

I am coming back with another question regarding my quest with POF. I have two FDs in my spouse name which were done by my father in law and he is ready to give us . I learnt from this forum that we can use FDs as POF. So my question is that can I use these FDs to show to CIC even if it is in my wife's name solely or I should get them done in both of us name. I am thinking not to indulge in the process of making them as joint FDs because of lots of hassles in the banking system in India. I am thinking to prepare an LOE stating that she has FDs in her name and she is co-applicant and ready to invest this money for immigration purposes. Do you think this approach will work or I must get these FDs as joint ones?

Please suggest.

Thanks

 

[Stanlee]

Hello Seniors,

I am coming back with another question regarding my quest with POF. I have two FDs in my spouse name which were done by my father in law and he is ready to give us . I learnt from this forum that we can use FDs as POF. So my question is that can I use these FDs to show to CIC even if it is in my wife's name solely or I should get them done in both of us name. I am thinking not to indulge in the process of making them as joint FDs because of lots of hassles in the banking system in India. I am thinking to prepare an LOE stating that she has FDs in her name and she is co-applicant and ready to invest this money for immigration purposes. Do you think this approach will work or I must get these FDs as joint ones?

Please suggest.

Thanks

As long as your wife is the co-applicant, she can give a self declaration stating the details of the FDs held by her. She will have to state that she is the co-applicant in your PR application and she has no objection towards the funds being used for migration purposes. Also submit FD receipts as proof for the same.

 

[_Aspirant]

As long as your wife is the co-applicant, she can give a self declaration stating the details of the FDs held by her. She will have to state that she is the co-applicant in your PR application and she has no objection towards the funds being used for migration purposes. Also submit FD receipts as proof for the same.

Thanks Santlee for your answers. I have been wondering where have you gone. I found no posts from you for quite few days. Welcome back!!!