Proof of Funds (Express Entry)

[hhhh]

If you can read my question and share your knowledge or experience, will be great appreciated:
May I know the Proof of Fund Requirement in EE stage after ITA before submitting eAPR?

It is said the requirement includes: 6 months bank transaction history.
But my situation is: my proof fund is the fixed deposit, which was saved about 2-3 years ago.
But in my bank, they cannot have any certification for a "fixed deposit" show the "transaction history", because in fact, there is no "transaction" for a fixed deposit. Either the fixed deposit is there, or it is withdraw.

So may I know what I should do to meet the requirement in EE stage?

Is there anyone have similar experience or knowledge to share?

Thanks for all your time to read and respond.

 

[Stanlee]

If you can read my question and share your knowledge or experience, will be great appreciated:
May I know the Proof of Fund Requirement in EE stage after ITA before submitting eAPR?

It is said the requirement includes: 6 months bank transaction history.
But my situation is: my proof fund is the fixed deposit, which was saved about 2-3 years ago.
But in my bank, they cannot have any certification for a "fixed deposit" show the "transaction history", because in fact, there is no "transaction" for a fixed deposit. Either the fixed deposit is there, or it is withdraw.

So may I know what I should do to meet the requirement in EE stage?

Is there anyone have similar experience or knowledge to share?

Thanks for all your time to read and respond.

I am assuming that your fixed deposits might be linked to your savings account. You can get a Certificate from your bank on their letter head. The letter should state your name, date of account opening, the details of term deposit(s) held by you with the bank. The following details should be captured in the certificate
- Date when the term deposit was created
- Term deposit account number
- Current balance in your home currency
- Current balance in Canadian dollars (take the currency rate as on the date the letter is issued and mention the rate in the letter as well)

The letter should also state that the funds are unencumbered and readily transferable.

Also, attach a copy of the FD Advice/ FD Receipt and get it signed and stamped by the bank.

 

[hhhh]

Stanlee,

I appreciate your reply.
But the FD is not linked to any of my account.
For example,
FD paper 1, account No. 1234567,
FD paper 2, account No. 3498701,
FD paper 3, account No. 9870987,
and etc.,

All FD are single paper, with following info. shows:
- My name
- Date when the term deposit was created
- Term deposit account number
- Current balance in your home currency
- Bank name, and Seal

I have made a Saving Certificate which lists all of the FD accounts, with
- My name
- Date when the term deposit was created
- Term deposit account number
- Current balance in your home currency
- Bank name, and Seal

Do you think that is enough?

My concern is: There is no "transaction history" or any way can show the "average amount over the past 6 months", which is requested by CIC.

Do you think it is OK?
Thanks again!!

I am assuming that your fixed deposits might be linked to your savings account. You can get a Certificate from your bank on their letter head. The letter should state your name, date of account opening, the details of term deposit(s) held by you with the bank. The following details should be captured in the certificate
- Date when the term deposit was created
- Term deposit account number
- Current balance in your home currency
- Current balance in Canadian dollars (take the currency rate as on the date the letter is issued and mention the rate in the letter as well)

The letter should also state that the funds are unencumbered and readily transferable.

Also, attach a copy of the FD Advice/ FD Receipt and get it signed and stamped by the bank.

 

[Stanlee]

Stanlee,

I appreciate your reply.
But the FD is not linked to any of my account.
For example,
FD paper 1, account No. 1234567,
FD paper 2, account No. 3498701,
FD paper 3, account No. 9870987,
and etc.,

All FD are single paper, with following info. shows:
- My name
- Date when the term deposit was created
- Term deposit account number
- Current balance in your home currency
- Bank name, and Seal

I have made a Saving Certificate which lists all of the FD accounts, with
- My name
- Date when the term deposit was created
- Term deposit account number
- Current balance in your home currency
- Bank name, and Seal

Do you think that is enough?

My concern is: There is no "transaction history" or any way can show the "average amount over the past 6 months", which is requested by CIC.

Do you think it is OK?
Thanks again!!

If you have got a Savings Certificate issued by the bank on their letterhead with their seal and signature, then you are good to go. Since the certificate does not have the total value of your savings in CAD, you can mention the details in a Letter of Explanation.

Regarding transaction history, it is understood that there will not be any transactions in the interim as the amount is locked for a period of time. But if you request the bank, they can give you a running balance for the FDs which shows the initial deposit amount, periodic interest that has been accrued.

 

[hhhh]

Stanlee,

Again, Thanks for your reply.
Then I think it should be fine to me since I have the saving certificate.
But unfortunately, I asked and confirmed with the bank I saved my money, they cannot issue any formal / official certificate or paper to show my "periodic interest".
What I am having on my hand, the paper of FD, is what they can provide to me.
I think I need to have a LoE to this, and submit with my saving certificate together, so that I may not get direct rejection...

Thanks again for your suggestion!

If you have got a Savings Certificate issued by the bank on their letterhead with their seal and signature, then you are good to go. Since the certificate does not have the total value of your savings in CAD, you can mention the details in a Letter of Explanation.

Regarding transaction history, it is understood that there will not be any transactions in the interim as the amount is locked for a period of time. But if you request the bank, they can give you a running balance for the FDs which shows the initial deposit amount, periodic interest that has been accrued.

 

[Stanlee]

Stanlee,

Again, Thanks for your reply.
Then I think it should be fine to me since I have the saving certificate.
But unfortunately, I asked and confirmed with the bank I saved my money, they cannot issue any formal / official certificate or paper to show my "periodic interest".
What I am having on my hand, the paper of FD, is what they can provide to me.
I think I need to have a LoE to this, and submit with my saving certificate together, so that I may not get direct rejection...

Thanks again for your suggestion!

Yes, the Saving Certificate and stamped copies of FD Certificates along with LOE is good enough.

 

[hhhh]

Please accept my appreciation again for your reply and help!

Yes, the Saving Certificate and stamped copies of FD Certificates along with LOE is good enough.

 

[Stanlee]

Please accept my appreciation again for your reply and help!

All the best!

 

[LokiJr01]

Hi guys, all my POF will come from stocks. I know they are ok with stocks (I asked them during a CIC session) but I have decided to liquidated some so I have the amount saved in the bank now (I think this is the most straight forward approach to meeting the POF requirement).

just want to ask if this would work since I sold some stocks:
1. Issue a certification stating the starting balance of my stock portfolio, along with the year it was established (2012 so I have the investments for more than 6 months)
2. Liquidate stocks and transfer the proceeds to a bank account
3. Issue a bank certification to state the date and the amount
4. Issue an investment certification stating the new balance of my portfolio, after moving some to the bank[/list]

 

[Stanlee]

• Hi guys, all my POF will come from stocks. I know they are ok with stocks (I asked them during a CIC session) but I have decided to liquidated some so I have the amount saved in the bank now (I think this is the most straight forward approach to meeting the POF requirement).
  
  just want to ask if this would work since I sold some stocks:
  1. Issue a certification stating the starting balance of my stock portfolio, along with the year it was established (2012 so I have the investments for more than 6 months)
  2. Liquidate stocks and transfer the proceeds to a bank account
  3. Issue a bank certification to state the date and the amount
  4. Issue an investment certification stating the new balance of my portfolio, after moving some to the bank

Yes, it would be good enough.

 

[Blinkie]

Hi guys! I am about sending my application to NB. I need to know if i am safe. I am the principal applicant and all the funds we need to show as POF is in my husband's accounts. Is it alright if we present only my hubby's accounts or do i still need to declare and print out my statement even if the funds are not stable in my account, sometimes the balance could be as low as zero. My salary is often paid in cash, i spend it on some bills and i prefer to pay the balance into his account to save up.
I know it is stated that POF can be in the principal applicant's or spouse's name but i dont know if it sounds weird for the principal applicant not to present any statement. Pls advise!!

 

[arcticbeans]

@Blinkie I am no expert but I am the principal applicant in our application but the only pof accounts we showed were solely in my wifes name, she is accompanying. She wrote a letter of explanation and signed it saying that as far as she was concerned all money in her accounts was joint money as I do not have any accounts in my name or in joint names, and that she was happy for me to use the money for pof and to use it however I saw fit. She stated that it was not a loan and would never need to be paid back to her.

My wife manages all of our money, and she explained this too in the pof, I think it helped that she is listed as the representative/contact person for our application, but we received ppr without any issues.

 

[Blinkie]

@Blinkie I am no expert but I am the principal applicant in our application but the only pof accounts we showed were solely in my wifes name, she is accompanying. She wrote a letter of explanation and signed it saying that as far as she was concerned all money in her accounts was joint money as I do not have any accounts in my name or in joint names, and that she was happy for me to use the money for pof and to use it however I saw fit. She stated that it was not a loan and would never need to be paid back to her.

My wife manages all of our money, and she explained this too in the pof, I think it helped that she is listed as the representative/contact person for our application, but we received ppr without any issues.

Thanks alot!!

 

[arcticbeans]

You are very welcome

 

[jetplane]

Hi all
We have gathered proof of funds across our accounts and it is more than the minimum required. we require to show approx. 15000 and we have around 25000.
Now my question is this -
We have other financial commitments which will mean that we plan to set aside only 17000 for moving to Canada. So while filling the form should the amount entered in the funds column be equal to the proof or equal to the amount we plan to take to Canada?