Proof of Funds (Express Entry)

[Asivad Anac]

Hi Asivad Anac,

Please what do you think about this?

Quote from: ralliArt on July 09, 2015, 03:12:22 pm
I this read somewhere recently:

"What is commonly known as Show Money for Canada is technically called Canada Settlement Fund."

Retirement Plan - If you work in a Company that offers its employees a retirement Plan, and you are already eligible to receive the benefits of the program (early retirement plan for example)you can ask your Human Resource Department to issue a Certification, in your companies security papers (Official Letter head) that you are already eligible to receive the amount allotted to you (net of obligations-loans, cash advances and the like), at any time that you choose to retire. But since the Visa office of Canada is aware that not all companies offers this program to its employees, I would say it is safe to use this if your Company belongs to the Top 5000 corporation of your country.

Is this option still valid as Proof of settlement Funds for Canada? As this only way I can come up with the ~$12000 CAD (~$1.2 mil JMD).

Please advice.

Source: http://dreamofcanada.blogspot.com/2010/03/show-money-or-settlement-fund-for.html

Please anyone else to confirm that is possible? I have a second retierment plan and I can get the money in 15 days if I want by leaving the company - Can I present this as POF?

The source is a shady looking blog which provides no sources to CIC links (even past links which might not exist now) and attempts to answer this dilemma by providing the dictionary meaning of 'Unencumbered' and then launching into opinions.

Not a reliable source.

 

[casadog]

It is like a bank - I can get this money within 15days after submissing a request.

Plus it is optional not mandatory as I work in a big US Company.

 

[Soumee]

Hello all,

Can you please help me with this query I have in regards to showing funds for Express entry. On the website of CIC it states that "you do not need to show the mentioned funds if you have a valid job offer". My husband is going to be applying under EE as a principle applicant and he has a job offer from a Canadian Company. He is waiting on for his LMIA. He has received his job offer letter and as informed by his employer, his LMIA would take some time to be received. If my husband has a job offer and if I would b applying along with him as his spouse, do we still need to show that CAD 14,853?? As CIC states we do not really need to if one has a job offer. I am confused only because a couple of immigration consultants have asked us to show the funds in our account for atleast 3 months.

Please help me getting a clarity on this asap. We would have to take a decision on this.

@Asivad...please advice.

Thanks,

 

[Asivad Anac]

Hello all,

Can you please help me with this query I have in regards to showing funds for Express entry. On the website of CIC it states that "you do not need to show the mentioned funds if you have a valid job offer". My husband is going to be applying under EE as a principle applicant and he has a job offer from a Canadian Company. He is waiting on for his LMIA. He has received his job offer letter and as informed by his employer, his LMIA would take some time to be received. If my husband has a job offer and if I would b applying along with him as his spouse, do we still need to show that CAD 14,853?? As CIC states we do not really need to if one has a job offer. I am confused only because a couple of immigration consultants have asked us to show the funds in our account for atleast 3 months.

Please help me getting a clarity on this asap. We would have to take a decision on this.

@ Asivad...please advice.

Thanks,

The only way you can be completely exempted from showing POF is if the PA has a valid work permit, preferably supported by an LMIA, at the time of submitting your application. In fact, that might still not be enough and would need to be supported by offer letter showing salary details, bank funds, proofs of salary credits, tax assessment forms etc. Ultimately, it is the officer's discretion.

Recommend that you submit an LOE with all possible documentation to prove your spouse's work authorization and job status. In addition to that, no harm in showcasing whatever monies you have in the bank now even if it is less than the required funds.

 

[Soumee]

Asivad...many thanks. That definitely has helped us reaching somewhere. Many thanks

 

[Soumee]

ECA for Express entry

Hi all,

Just another few queries I have in regards to ECA for Express entry application:

1. Do I have to opt for "ECA for CIC Purpose (Immigration) or "Standard application"?

2. Do I need to get the ECA done for my wife as well? Will that give me extra points?

Please advice.

Regards,

 

[Asivad Anac]

Re: ECA for Express entry

Hi all,

Just another few queries I have in regards to ECA for Express entry application:

1. Do I have to opt for "ECA for CIC Purpose (Immigration) or "Standard application"?

Go with ECA for CIC purposes. You'll need to get document by document evaluation. You don't need to evaluate individual courses, that is for more academic purposes.

2. Do I need to get the ECA done for my wife as well? Will that give me extra points?

It does add up to 10 points to your CRS provided their education is assessed as a Masters degree at least. Your call if those 10 points are worth the money you'll spend on getting their ECA done.

Please advice.

Regards,

 

[TheJackal]

Through online banking I can get a digital 6 month statement of my savings account, showing I had more than the 12K average each month.

Is this enough proof or will I have to go to the bank for a fancier letter? That seems a needless nuisance.

 

[Asivad Anac]

Through online banking I can get a digital 6 month statement of my savings account, showing I had more than the 12K average each month.

Is this enough proof or will I have to go to the bank for a fancier letter? That seems a needless nuisance.

Bank statements won't suffice. You'll have to procure the certificate from your bank regardless of its nuisance value.

 

[Soumee]

Re: ECA for Express entry


Thanks Asivad, much help.

 

[yelena]

an update...

I went to the bank 3 days in a row! they still can't give me a monthly ( or any other ) average of my account. I almost lost it today., and asked to speak to whoever is in charge! It is one of the largest banks in Croatia, and I have been their client for more than 15 years., all of my transactions go thrue them and now when I need something from them, they are telling me it is immposible

 

[Jkal]

an update...

I went to the bank 3 days in a row! they still can't give me a monthly ( or any other ) average of my account. I almost lost it today., and asked to speak to whoever is in charge! It is one of the largest banks in Croatia, and I have been their client for more than 15 years., all of my transactions go thrue them and now when I need something from them, they are telling me it is immposible

If its not working then get the bank statement for last 6 months, duly stamped by bank and use it as POF.

 

[TheJackal]

If they had a problem with the proof you provided, for example your letter doesn't state when account opened or you simply send in an annual savings account statement, would that just delay your application or would they say application denied and have to start again?

 

[Asivad Anac]

If they had a problem with the proof you provided, for example your letter doesn't state when account opened or you simply send in an annual savings account statement, would that just delay your application or would they say application denied and have to start again?

Under EE, they seem to be trigger happy and appear to be rejecting more often than asking for documents/clarifications. Of course, some members have had success reopening their cancelled applications through the CSE (Case Specific Enquiry) route as well.

 

[gorot2]

Good day house,i will appreciate if you can advice me on how to go about proving to CIC my proof of funds. I have my 6 months bank statement that shows my funds but the the document check list for express entry wants a letter from the bank which my bank doesn't provide .What is the alternative way to show my proof this without a letter from the bank and has anyone had a similar issue with the bank and used an alternative method to proof there funds as requested by CIC and eventually got successful with there PR process .Thanks in advance.