Proof of Funds (Express Entry)

[tari7499]

@Rehan, how sure are you on Provident Funds being accepted?

Provident Fund is accepted by CIC. And people are getting PPR by only submitting the Provident Fund. But Pension fund and Provident funds have some difference.So Pension Fund is not accepted.

Thanks.

 

[Rehan123]

Two applicants from LVO and NDVO got PPR by submitting EPF recently. Thats how I am sure it is being accepted. No theoretical experience, its all about the practical one.

@Rehan, how sure are you on Provident Funds being accepted?

 

[cool_canada]

Dear Champs,

My 6 months' average balance meets the minimum required funds as per IRCC requirements. However, I took a personal loan two years before and paying the installments via this account - the deduction is showing in the bank statements. Is this going to be an issue?

 

[istari]

@Rehan, how sure are you on Provident Funds being accepted?

People on this forum have successfully shown Provident Funds as PoF.

 

[tari7499]

Copy that. Thanks Istari.

People on this forum have successfully shown Provident Funds as PoF.

 

[cool_canada]

Anyone??? : : : :

Dear Champs,

My 6 months' average balance meets the minimum required funds as per IRCC requirements. However, I took a personal loan two years before and paying the installments via this account - the deduction is showing in the bank statements. Is this going to be an issue?

 

[tari7499]

What I believe is that if the total amount of loan reflects on your statement, case officer will adjust that and count the net available balance as available towards PoF.
Thoughts from others?

Anyone??? : : : :

 

[Stanlee]

Dear Champs,

My 6 months' average balance meets the minimum required funds as per IRCC requirements. However, I took a personal loan two years before and paying the installments via this account - the deduction is showing in the bank statements. Is this going to be an issue?

It will not be an issue if you can show regular funds coming into the account by way of income/salary/transfer from your other accounts etc, provided the amount that comes in is more than or equal to the loan installments. This way your POF amount will not be affected. You can explain this in the LOE.

 

[dhvs]

Hello everybody,

I have two bank accounts, on the same bank, but on different agencies: one is a savings account (which has much more than the minimum required by CIC), and the other is a basic checking account (which has little money in the end of each month, given I am always transfering it into my savings account).

1) Do I need a bank certificate (and/or statements) for my basic checking account, even if it is almost irrelevant? I already fulfill the minimum requirement on my savings, but CIC asks us to list "all the accounts"...

2) When CIC says "6-month average balance" on a Bank Certificate, is it the same as putting the amount in the end of each month? (e.g.: April/2016: CAD$ 20,000.00; May/2016: CAD$ 21,000.00; and so forth)

3) If I have the balance above on my checking Bank Certificate (Q2) and if the answer to Q1 is "no", is it fine if my single Proof of Funds document is a savings Bank Certificate (+ average balance) and its translation? I see people submitting dozens of pages, including statements, and I am afraid of sending so little information...

Thanks!

 

[kryt0n]

Hello everybody,

I have two bank accounts, on the same bank, but on different agencies: one is a savings account (which has much more than the minimum required by CIC), and the other is a basic checking account (which has little money in the end of each month, given I am always transfering it into my savings account).

1) Do I need a bank certificate (and/or statements) for my basic checking account, even if it is almost irrelevant? I already fulfill the minimum requirement on my savings, but CIC asks us to list "all the accounts"...

2) When CIC says "6-month average balance" on a Bank Certificate, is it the same as putting the amount in the end of each month? (e.g.: April/2016: CAD$ 20,000.00; May/2016: CAD$ 21,000.00; and so forth)

3) If I have the balance above on my checking Bank Certificate (Q2) and if the answer to Q1 is "no", is it fine if my single Proof of Funds document is a savings Bank Certificate (+ average balance) and its translation? I see people submitting dozens of pages, including statements, and I am afraid of sending so little information...

Thanks!

I can only half help here:

I have 1 account with 1 bank.
In that 1 account I have a checking, joint account and savings account.

I do not have my financial letter yet, however on enquiries my bank will submit a letter stating the opening dates of the accounts and names linked as well as the current balance of the accounts. I will push for averages, however I have a feeling they will only submit the closing balance per monthly statement.

In this instance, the joint account will contain the main funds (with the other accounts containing ~£100)
I will likely submit 6 months statements of the joint account if I feel the financial letter doesn't cover what CIC wants, but not the statements for the other accounts.

Hope that maybe helps.

 

[cool_canada]

It will not be an issue if you can show regular funds coming into the account by way of income/salary/transfer from your other accounts etc, provided the amount that comes in is more than or equal to the loan installments. This way your POF amount will not be affected. You can explain this in the LOE.

Thank you for the clarification !

 

[Ajku]

Hi all,
Can anyone suggest how do I calculate the amount in my bank equivalent to Canadian dollars?
Suppose I have mentioned that I have 14000 cad, how much is it equivalent to Indian rupees? How much balance it must show in my account?

 

[Stanlee]

Hi all,
Can anyone suggest how do I calculate the amount in my bank equivalent to Canadian dollars?
Suppose I have mentioned that I have 14000 cad, how much is it equivalent to Indian rupees? How much balance it must show in my account?

Use the internet to fetch that day's CAD/INR exchange rate.

 

[ts123]

Just submitted EE profile, on 485 so expect to come out on the next draw.

I'm principle applicant, with my boyfriend as common law.

For proof of funds, do they just take my personal funds into account, or are his personal funds and our joint account also counted into it?

I've read about gift deeds. What exactly is one and how do you get it? My parents will be donating money to this, so I expect I'll need one.

Also, at what point in the process will we be asked for proof of funds? I work freelance so am paid irregularly in lump sums; I have some guaranteed work coming up that will count for a lot of the required funds, but I won't be paid until just before we enter Canada as PRs next year (fingers crossed). Is there any way I can count this money in to the total? At what point do you have to pay the EE fee and PR fees?

Thanks guys!

 

[DelPiero07]

Just submitted EE profile, on 485 so expect to come out on the next draw.

I'm principle applicant, with my boyfriend as common law.

For proof of funds, do they just take my personal funds into account, or are his personal funds and our joint account also counted into it?

I've read about gift deeds. What exactly is one and how do you get it? My parents will be donating money to this, so I expect I'll need one.

Also, at what point in the process will we be asked for proof of funds? I work freelance so am paid irregularly in lump sums; I have some guaranteed work coming up that will count for a lot of the required funds, but I won't be paid until just before we enter Canada as PRs next year (fingers crossed). Is there any way I can count this money in to the total? At what point do you have to pay the EE fee and PR fees?

Thanks guys!

1 - Look for a gift deed format around this forum, you need one when you receive money from your parents in this case and they have to declare that it is a gift and not a loan. It has to be notarized.
2 - You will be asked for proof of funds during your ITA, so once you have received your ITA you have 60 days to come up with the funds.
3 - You have to pay application fee before you submit your application.

Cheers