Proof of Funds (Express Entry)

[DelPiero07]

Ok, only got a 7 in reading so bare with me...

6 months average as in a single amount or an average for each month, so 6 averages?

If my bank won't do averages, would a letter with the closing balance each month suffice?

Yes, it would be a single amount stating the average of the past 6 months. Source: 9 in reading

IMO the closing balance could work, but aren't you providing bank statements anyway?

 

[kryt0n]

Yes, it would be a single amount stating the average of the past 6 months. Source: 9 in reading

IMO the closing balance could work, but aren't you providing bank statements anyway?

Finally spoke to a manager who said she could write a letter, but she didn't specify what she could write. Going back in this week and just wanted to see my options

 

[Northstar88]

Yes, it would be a single amount stating the average of the past 6 months. Source: 9 in reading ;D ;D

IMO the closing balance could work, but aren't you providing bank statements anyway?

 

[Northstar88]

Houston we have a problem :-X

Hi guys
i think I'm facing a problem here.

I already have the required proof of fund PF amount, and the amount is increasing (currently equivalent to 18000 CAD$) so there is no problem at all on this side, the money deposited in bank A.

On the other side I a have a loan with bank B (Currently equivalent to 15000 CAD$) and I used the loan to buy a car, and my Salary is transferred to Bank B, so after getting my ITA (fingers crossed), and quitting my current job, my brother will continue repaying the loan to the bank.

so my questions are:

1. will CIC asks for the bank statements of BANK B (where my salary is transferred) ?
2. should i provide the statements of BANK A and BANK B and tell them using the LOE that i have a car and i can sell it and use the money to repay the loan (which will be enough) but my brother will keep it and he will repay the loan, or the statements of BANK A will be enough ?

Please help....

 

[rav111]

Hi

please, I have a question about the express entry.

I have just been invited under the FSW. I am currently in Canada after completing my masters. Concerning funds, I have an account where I have built 12.5k for 6months starting from 7k. I also have an account which I got some money to about 7k in another bank. However, I have a car loan of about 11k with the bank i have 12.5k with and am skeptical if this might affect the final balance of 12,100 which am supposed to have.

I am currently unemployed.

Kindly advise on this and what I can do.

Thanks.

 

[Rocky127]

Good day friends,

Can you tell me if its sufficient to provide past 6 months original colored bank statement (savings account) as proof of funds?

I was told by a friend I should get it stamped from bank too ...any thoughts?

Also, Do I need to get letter from bank confirming the same as well?
(Mine is Bank of America and I don't know if they would know about these letters and all)

Appreciate your thoughts.

Thank you

 

[Simpson85]

No, they only care about the account for which you meet the minimum required funds.

I am in the same situation as Berty3000 and my main concern is actually (proving) the source of funds.

Basically, I have my savings account and business account. I was transferring money periodically from business to savings account (exclusively, no other transactions were made from anyone else), and that savings account is the one I am planning to present to CIC.

So, when my bank issues a letter, it will be visible for each incoming transaction that it came from my business account. Is that going to be enough evidence?

 

[Catie1989]

Yes, you can. Get a self declaration from your spouse stating that he/she is a co-applicant in your PR application and the funds so held in his/her account are to be used for migration and settlement purposes and he/she has no objection for the same. You will have to get a letter from your spouse's bank in the format as required by CIC.

My husband is the principal applicant, I have the money. I recently added him onto my account so it's now a joint account in both our names. Do I still need to do the above? Or will the letter from our joint account suffice even though he is a recent addition?

 

[Northstar88]

Houston we have a problem :-X

Hi guys
i think I'm facing a problem here.

I already have the required proof of fund PF amount, and the amount is increasing (currently equivalent to 18000 CAD$) so there is no problem at all on this side, the money deposited in bank A.

On the other side I a have a loan with bank B (Currently equivalent to 15000 CAD$) and I used the loan to buy a car, and my Salary is transferred to Bank B, so after getting my ITA (fingers crossed), and quitting my current job, my brother will continue repaying the loan to the bank.

so my questions are:

1. will CIC asks for the bank statements of BANK B (where my salary is transferred) ?
2. should i provide the statements of BANK A and BANK B and tell them using the LOE that i have a car and i can sell it and use the money to repay the loan (which will be enough) but my brother will keep it and he will repay the loan, or the statements of BANK A will be enough ?

Please help....

Still no response?
Please guys some help ?

 

[neeti_hasija]

Hi All ,
Can we show tax saver fix deposit and EPF as proof of funds ?

 

[vishalg]

Hi All ,
Can we show tax saver fix deposit and EPF as proof of funds ?

I have heard that you can showcase EPF funds ( get it signed and stamped by EPFO), not sure about tax saver funds, depends on the their maturity

 

[Prats6]

Hi Guys, My POF statement will comprise of 3 things: My required amount is 12 Lacs INR (~23000 CAD)

1. Fixed Deposit - 5 Lacs (Maintained from past 1 year)
2. PF - 3 Lacs
3. Salary Account- 4 Lacs (Increases every month - this should be the amount end of February) - The 6 month statement would show increments (my salary credits)

Is this okay? I plan to submit these documents in the first week of March

 

[microntek]

Yes, it would be a single amount stating the average of the past 6 months. Source: 9 in reading

Hi DelPiero07,

Since I don't know your history, have you been through EE and received a PR? I mean, have you submitted such a PoF and had no issues?

I am actually looking fro someone who has already granted a PR, to confirm me that only a single amount is required for the average of the past 6 months? Because, I have recently come across a PoF sample where it stated the average balance for each of the 6 past months (i.e. 6 "averages).

 

[Prats6]

Hi DelPiero07,

Since I don't know your history, have you been through EE and received a PR? I mean, have you submitted such a PoF and had no issues?

I am actually looking fro someone who has already granted a PR, to confirm me that only a single amount is required for the average of the past 6 months? Because, I have recently come across a PoF sample where it stated the average balance for each of the 6 past months (i.e. 6 "averages).

I think the objective is to show unencumbered funds, hence as long as the funds are yours and they are as required, this should not be a problem.

 

[bestofluck]

Still no response?
Please guys some help ?

Understand what is loan.

A loan repayment is done from future income and so it has nothing to do with POF ( if your salary shown is higher then monthly installment) Only the unpaid loans or unpaid interest on the loan if it appears in the statement, that have to be deducted from the POF or else it is absolutely fine whoever pays the loan later and does not matter how you repay the loan. They just want to see present balance - any bank dues + Credit card dues

Example

Total Balance : 18000

Bank dues till date: 546

Credit card dues till dt: 1056

Any other dues NIL

Total net balance 16398 as of today