Proof of Funds (Express Entry)

[gur1122]

Not for all the years. Just the most recent assessments would suffice to showcase that you have a job and access to sufficient funds to manage for yourself without going on welfare.

Strongly recommend that you showcase whatever monies you have along with all supporting evidence mentioned in my previous post and a nicely drafted LOE which highlights your stable financials over the past few years.

Hi Asivad,

I have a question of POF as well, I have got a letter from my bank in Canada as per CIC specifications (however the date they wrote the letter on (24th august-2015) and the date they stamped it when I went there to pick it up (August 31-2015)are different, does that matter or it should be fine?

Also, do I need the 6 months stamped statements as well or just a letter from Bank on the letterhead would fulfill the requirements?

Thanks so mush for all your help

 

[Asivad Anac]

Hi Asivad,

I have a question of POF as well, I have got a letter from my bank in Canada as per CIC specifications (however the date they wrote the letter on (24th august-2015) and the date they stamped it when I went there to pick it up (August 31-2015)are different, does that matter or it should be fine?

Minor detail, shouldn't matter.

Also, do I need the 6 months stamped statements as well or just a letter from Bank on the letterhead would fulfill the requirements?

CIC doesn't ask for bank statements. If your bank can mention 6 months average balance in their letter, that would suffice.

Thanks so mush for all your help

 

[gur1122]

Thanks Asivad..i have one last question : the person who gave me bank letter is just a teller in the bank,so she did not write her position details, however she did sign it (as I signing officer) and stamped it on official letter head. I that okay?

 

[Asivad Anac]

Thanks Asivad..i have one last question : the person who gave me bank letter is just a teller in the bank,so she did not write her position details, however she did sign it (as I signing officer) and stamped it on official letter head. I that okay?

That would suffice.

 

[nrreg]

Hi Asivad. I don't have sufficient 6 month average balance required for the PR. So I am selling off a couple of my fixed assets (land) and collected non-refundable advance from the buyer by entering into a sale agreement. I received the required amount through this transaction and I made Fixed deposits using this money. I am submitting these FDs as POF. along with the copy of the sale agreement. The sale agreement mentions the buyer details along with the advance paid, mode of payment and online money transfer details. Both the sale agreement and opening of Fixed deposit happened after I received the ITA.

I am not providing bank statements.

Does this suffice? Are there any complications?

 

[Asivad Anac]

Hi Asivad. I don't have sufficient 6 month average balance required for the PR. So I am selling off a couple of my fixed assets (land) and collected non-refundable advance from the buyer by entering into a sale agreement. I received the required amount through this transaction and I made Fixed deposits using this money. I am submitting these FDs as POF. along with the copy of the sale agreement. The sale agreement mentions the buyer details along with the advance paid, mode of payment and online money transfer details. Both the sale agreement and opening of Fixed deposit happened after I received the ITA.

I am not providing bank statements.

Does this suffice? Are there any complications?

This might be sufficient.

A sale agreement is not conclusive evidence of the consummation of transaction and you have collected just the advances for now. CIC can rightfully ask for further evidence that you (or the buyer) are not intending to return the advances and cancel the sale agreement at any point in the future (in which case these funds aren't available to you, strictly speaking). Is there any date mentioned in the sale agreement for concluding this transaction? Can you conclude this transaction and showcase that evidence to CIC before submitting your application? How solid is the legal evidence for this advance truly being non-refundable? Every sale agreement (by law) has exit clauses to help both seller and buyer. Depending on those clauses, CIC might not consider this as POF. That is the complication I can foresee here though it is all in the 'might' territory because this truly depends on the officer scrutinizing your application.

 

[nrreg]

Thanks Asivad.

The legality of non-refundable advance is quite strong. It comes on a government stamp paper, where both parties sign. So the agreement has a sound legal standing. Even if the sale does not go through the advance need not be returned.

The date for actual sale is 2 months from the date of agreement. I get to keep the advance if buyer backs out before the 2 month contract period. If the time lapses beyond 2 months I am not obliged to sell my property to him and still get to keep the advance.

As said, I am not currently giving the bank statement or any avg funds letter from bank. Just the FD and the sale agreement copies.

What do you think?

 

[vipulgoyal88]

Hey Asivad, i think till now it was common opinion that 6 months statement needs to be provided. if not, how will you justify the possibly big difference in 6 month average balance and current balance, which may have happened due to a gift?

 

[Asivad Anac]

Thanks Asivad.

The legality of non-refundable advance is quite strong. It comes on a government stamp paper, where both parties sign. So the agreement has a sound legal standing. Even if the sale does not go through the advance need not be returned.

The date for actual sale is 2 months from the date of agreement. I get to keep the advance if buyer backs out before the 2 month contract period. If the time lapses beyond 2 months I am not obliged to sell my property to him and still get to keep the advance.

As said, I am not currently giving the bank statement or any avg funds letter from bank. Just the FD and the sale agreement copies.

What do you think?

Honestly, it isn't watertight. The officer might ask for explanations or refuse directly (as they did in my case).

What evidence are you including to show the money trail from sale proceeds to the FD if you aren't attaching bank statements? Just the sale agreement's mention of online transfer details won't suffice.

 

[Asivad Anac]

Hey Asivad, i think till now it was common opinion that 6 months statement needs to be provided. if not, how will you justify the possibly big difference in 6 month average balance and current balance, which may have happened due to a gift?

6 months of bank statement were needed ONLY when the bank refused to mention 6 months average balance in their letter.

In your case, attach bank letter (mentioning everything required by CIC), duly-signed gift letter, bank statements showing actual money transfer and an LOE connecting all of these together.

 

[nrreg]

I can provide the bank statement as well and it will provide proof for the big deposits (with the same transaction ref # as those shown in the agreement of sale.

If you don't mind can you tell me what happened in your case? My email id is narnireg@gmail.com

 

[Asivad Anac]

I can provide the bank statement as well and it will provide proof for the big deposits (with the same transaction ref # as those shown in the agreement of sale.

That would suffice.

If you don't mind can you tell me what happened in your case? My email id is narnireg @ gmail.com

I've shared details on the Rejection thread and elsewhere as well. I suspect the LOE didn't transmit or wasn't good enough to convince the officer but I'm still not sure why that merited a refusal instead of a request for additional explanation.

 

[edgeoftomorrow]

They don't mean home loans or car loans or any other loans taken to purchase an asset. They mean loans in the sense of borrowed funds to be shown as POF. If anything, CIC should welcome an applicant who is carrying a housing loan because they would typically have a larger asset base! However, they explicitly ask for monies in the bank not your personal financial profile.

It doesn't matter to CIC if you have a housing loan and it will be silly to showcase that liability alone without matching it with the asset (and CIC doesn't allow that). So prudence (and common sense) demands that you keep all such asset creation loans out of the bank letter and mention all the other stuff as required by CIC in the bank letter.

Thank you for this info Asivad,now i have to ask the bank to provide the letter in the right format,Thanks a lot,got really scared today when i read that the bank statement has to show the loan statement but good you clarified it.

But just this question,do i need to provide the 6 moths statement or the standard letter would be good enough

 

[Asivad Anac]

Thank you for this info Asivad,now i have to ask the bank to provide the letter in the right format,Thanks a lot,got really scared today when i read that the bank statement has to show the loan statement but good you clarified it.

But just this question,do i need to provide the 6 moths statement or the standard letter would be good enough

6 months of bank statements will be required only if your bank refuses to provide 6 months average balance figures.

 

[edgeoftomorrow]

6 months of bank statements will be required only if your bank refuses to provide 6 months average balance figures.

Thank you,would try to convince them to include that in the letter.Thank you very much.(just saved me from a heart break)