Proof of Funds (Express Entry)

[mohsenfar]

Dear friends,

I have a question regarding long-term deposits.
I have a long-term deposit around 18K CAD. I have gotten POF from the bank. The problem is that I have opened the deposit more than 3 months ago. But the letter says the debit is 0 while the credit is 18K CAD. Do you think the officer will neglect this POF because of the opening date?

 

[Simpson85]

Hey guys,

once you obtain and upload PoF to your PR application, do they perform additional checks on your bank account (by contacting bank directly or something like that), or you can start spending money?

For example, if I submit my PoF tomorrow, can I purchase plane tickets on Monday without worries?

Thanks!

 

[DelPiero07]

Hey guys,

once you obtain and upload PoF to your PR application, do they perform additional checks on your bank account (by contacting bank directly or something like that), or you can start spending money?

For example, if I submit my PoF tomorrow, can I purchase plane tickets on Monday without worries?

Thanks!

The bank wouldn't disclose such information.

 

[kryt0n]

If it helps I just drafted this (general structure so you guys don't copy and cic go "why does everyone have the same letter")


Dear Sir or Madam,

I am writing in response to difficulties I have faced xxxxxx. I am applying for Canadian Residency and I am required to provide the following:

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

The letter(s) must be printed on the letterhead of the financial institution and must include the:
• applicant’s name,
• the contact information of the financial institution (address, telephone number and email address),
• the account numbers,
• the date each account was opened and
• the current balance of each account as well as
• the average balance for the past six months.

Xxxx have each stated that they cannot produce a letter of this kind.

As this document is crucial to my application, xxxx that a letter of this kind cannot be completed.

Please would you be so kind as to reply in writing xxx

Yours sincerely,

 

[Simpson85]

The bank wouldn't disclose such information.

Thank you, I assumed so, but you never know - since CIC isn't "any" third party that could ask for something like that

In that case, I'll gladly start spending money right after getting the PoF documentation!

 

[beeteem]

Hello everyone,

on the average I receive about $3200 - $4000 into my account every month which I use to fund a business partnership. I then received payments of $10,000 and $8,500 last month from the business. I plan to explain the payments as Profit-sharing payment from the business.

1. What documents will I need to provide this OR what documents might the visa officer request from me as proof for this?

I'd appreciate advice.

Many thanks.

 

[Asivad Anac]

Hey guys,

once you obtain and upload PoF to your PR application, do they perform additional checks on your bank account (by contacting bank directly or something like that), or you can start spending money?

For example, if I submit my PoF tomorrow, can I purchase plane tickets on Monday without worries?

Thanks!

Recommend that you leave settlement funds untouched throughout the process. IRCC won't call up your bank but they can ask you for an updated statement anytime.

 

[Ascent]

Advise needed.

I have my funds ready in my hand in the form of cash. And I am going to open a new account next week for the purpose of Immigration.

1. Is it fine to open new account and put the cash in bank and make the gift deed. May be I get ITA say in February then I wont be able to show 6 month Statement.

2. I have a monthly rental income from a property which is on my name if i keep putting that in the same account every month and then withdraw it as need.

3. I also have rental income from an other property which is not on my name but as a gift from my brother i get the monthly rental income - how to explain this to CIC.

 

[Stanlee]

Advise needed.

I have my funds ready in my hand in the form of cash. And I am going to open a new account next week for the purpose of Immigration.

1. Is it fine to open new account and put the cash in bank and make the gift deed. May be I get ITA say in February then I wont be able to show 6 month Statement.

2. I have a monthly rental income from a property which is on my name if i keep putting that in the same account every month and then withdraw it as need.

3. I also have rental income from an other property which is not on my name but as a gift from my brother i get the monthly rental income - how to explain this to CIC.

1. What is the source of this funds? You will have to prove that it did not originate from a loan. If you cannot prove the source, then deposit the funds into your parents or siblings account and get it transferred to your account and then get a gift deed for the same.

2. Is the rental income deposited to your bank account by the tenant or do you collect cash? Do you have proof to show that you have a rental income?

3. Again as explained in the above two points, explaining to CIC the source of cash especially if you do not have any proof for the same would be difficult (however legitimate the source may be). The idea is to leave an electronic trace looks more genuine than cash deposits. This way the gift deed and proof of transfer along with bank sttaments would help as proof of funds.

 

[BienCanada]

Yes. But you wouldn't need to do that, IRCC does accept spouse's funds.

Hi Asivad Anac I have been a mute spectator of the forum till now. And special thanks to you and some more who have taken out time to guide others. Is there any link on Express entry page or IRCC's page which states that spouse's funds are accepted. I have seen that under Temporary resident visa. But when I read the proof of funds section on the page for intake complete (I am not able to include a link here but it is the cic gc ca website under resources under tools under perm under express under intake-complete) it refers to only applicant.

 

[eagleeye_a]

Could someone please link to the requirements for "proof of funds"?

I was under the impression that bank statements with current balances would suffice?

(my apologies, but id rather not sift through 93 pages to find the answer)

 

[dull1234]

a few questions:
How recent does the proof of fund have to be ? I can get one say Tomorrow, then I have to travel back to my country and apply for the Police certificate which will take roughly a month to complete, will the bank statement still usable after 1 month ?

Also since the bank statement and my 6-month transaction are separated document, do both of them need to be stamped by the bank ? (I will combine them into 1 pdf file to upload)

Also if my PR common-law partner has his bank account, should I provide his bank statement (with his name and net worth, but no 6 month activities) as a reassurance ?

Thanks

 

[beeteem]

ADVISE NEEDED

Hello everyone,

on the average I receive about $3200 - $4000 into my account every month which I use to fund a business partnership. I then received payments of $10,000 and $8,500 last month from the business. I plan to explain the payments as Profit-sharing payment from the business.

1. What documents will I need to provide this OR what documents might the visa officer request from me as proof for this?

I'd appreciate advice.

Many thanks.

 

[Ascent]

1. What is the source of this funds? You will have to prove that it did not originate from a loan. If you cannot prove the source, then deposit the funds into your parents or siblings account and get it transferred to your account and then get a gift deed for the same.

The fund is from my Father in form of cash and He will make gift deed for me.

2. Is the rental income deposited to your bank account by the tenant or do you collect cash? Do you have proof to show that you have a rental income?

Yes, I have rental agreement to show and the property documents in my name

3. Again as explained in the above two points, explaining to CIC the source of cash especially if you do not have any proof for the same would be difficult (however legitimate the source may be). The idea is to leave an electronic trace looks more genuine than cash deposits. This way the gift deed and proof of transfer along with bank sttaments would help as proof of funds.

Have rental agreement for this also is in place but the property is not in my name.
So will some kind of undertaking from my brother that he by his free will have given me Authority to take the rental income and use for my self

Bank transfer will cost me 6% fee, if my father transfer one short from his bank into my account, which is a lot of money.

So if He transfer in small quantities for say 2k CAD$ per check/per day and then make the gift deed. will this activity look suspicious?

 

[Simpson85]

Recommend that you leave settlement funds untouched throughout the process. IRCC won't call up your bank but they can ask you for an updated statement anytime.

Thanks so much for the info - it's very important to know that!