Proof of Funds (Express Entry)

[edgeoftomorrow]

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

Sorry Asivad,one last thing please,should the letter be addressed to CIC Canada ?

 

[Asivad Anac]

Sorry Asivad,one last thing please,should the letter be addressed to CIC Canada ?

Not necessarily. It can be addressed 'to whoever it may concern'.

 

[edgeoftomorrow]

Not necessarily. It can be addressed 'to whoever it may concern'.

Thank you.

 

[stak]

I have question regarding PoF...IIam currently working in Canada, eligible for both CEC and FSW and expecting ITA under FSW...
In this case ..do I still need to show POF???

 

[Asivad Anac]

I have question regarding PoF...IIam currently working in Canada, eligible for both CEC and FSW and expecting ITA under FSW...
In this case ..do I still need to show POF???

Yes. You are exempted only if you either have an LMIA supported job offer or get invited under CEC.

 

[amish123]

I hve enough fund of 20000$ and required only 15000 i have this fund in 3 accounts and all accounts r 1 year old but from this in one account loan is there for 3000$ so can I show that acount bec I m planning to preclose this loan on monday and I m not getting ita yet...so if I preclose this loan then I can show this account na ...and other thing I m pnp nominated and I show all this 3 accounts at pnp so I have to show all this three accounts to cic also na...Pls help asivad

 

[gur1122]

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.

Hi Asivad,

I have question in this regard as well. One of my Banks gave me a bank letter as per CIC requirements, however they did not mention about my Credit Card information on the letter (it just includes my checking/savings account etc. info). However, in addition to letter, they did provide me separate sheet of my account which does have the credit card information, that sheet is being provided same day and stamped. Do you think I need to get new letter with Credit Card information included, or I can get away with by just providing both the letter and the profile sheet (which clearly states my Credit card info and the balance)?? thanks so much!

 

[srikamesh]

Hi Asivad,

I am going to create an EE profile with CRS score of 462 points. My question is reg POF. For POF i am going to buy a property which is in my fathers name and will deposit the money in my bank account(around $20000 CAD). Will that be enough for POF?? Should I submit any other documents? Please guide me.

Thanks
KAmesh kumar

 

[Asivad Anac]

Hi Asivad,

I have question in this regard as well. One of my Banks gave me a bank letter as per CIC requirements, however they did not mention about my Credit Card information on the letter (it just includes my checking/savings account etc. info). However, in addition to letter, they did provide me separate sheet of my account which does have the credit card information, that sheet is being provided same day and stamped. Do you think I need to get new letter with Credit Card information included, or I can get away with by just providing both the letter and the profile sheet (which clearly states my Credit card info and the balance)?? thanks so much!

There is nothing to gain by including credit card information. All of us have those and all CIC is keen on knowing is if we have overdrawn (or borrowed) on credit cards to showcase POF.

You can choose to submit what you have as it is or remove the credit card reference altogether. Your call.

 

[Asivad Anac]

Hi Asivad,

I am going to create an EE profile with CRS score of 462 points. My question is reg POF. For POF i am going to buy a property which is in my fathers name and will deposit the money in my bank account(around $20000 CAD). Will that be enough for POF?? Should I submit any other documents? Please guide me.

Thanks
KAmesh kumar

Assuming you meant sell not buy.

This will be a suspicious transaction and you'll have to prove source of funds. The source, in this case, is your father's asset. At the least, you'll have to provide a signed self-declaration from your father that they are gifting you the sale proceeds and it is not a loan that you have to repay at any point in time. In addition to that, you'll have to provide evidence of transaction and a bank letter in CIC required format (you'll get the format details in your post ITA checklist).

 

[srikamesh]

Hi Asid

Assuming you meant sell not buy.

This will be a suspicious transaction and you'll have to prove source of funds. The source, in this case, is your father's asset. At the least, you'll have to provide a signed self-declaration from your father that they are gifting you the sale proceeds and it is not a loan that you have to repay at any point in time. In addition to that, you'll have to provide evidence of transaction and a bank letter in CIC required format (you'll get the format details in your post ITA checklist).

Hi Asivad,

Thanks a lot. I have one more question. When should I show this pof. Is it OK to deposit the money after I receive the ITA. Or it should be in my account from the date I create the EE profile

Thanks
Kamesh

 

[srikamesh]

Hi Asivad,

Sorry for troubling with questions. I have one more questions. Can I use the jewels loans as POF?? Will they accept it?

My main source for POF

1) Money from selling my father's property (you answered for this, I will arrange all the required docs for this as proof)
2) Money from my spouse's jewels loan - Please advise if it is acceptable?

Thanks,
Kamesh

 

[sukhjinder27]

Hi Asivad,

Sorry for troubling with questions. I have one more questions. Can I use the jewels loans as POF?? Will they accept it?

My main source for POF

1) Money from selling my father's property (you answered for this, I will arrange all the required docs for this as proof)
2) Money from my spouse's jewels loan - Please advise if it is acceptable?

Thanks,
Kamesh


ya i have same question pls anyine can answer ?

 

[Asivad Anac]

Hi Asid
Hi Asivad,

Thanks a lot. I have one more question. When should I show this pof. Is it OK to deposit the money after I receive the ITA. Or it should be in my account from the date I create the EE profile

Thanks
Kamesh

Earlier the better, of course. It is perfectly fine to deposit the money after you receive the ITA. You have to conclusively prove to CIC that,

1. You have the required money as on the date you submit the application post ITA.

2. It belongs exclusively to you or is in joint custody with spouse/common-law partner/dependent children who are a part of the application OR with someone who is not part of the application but, in this case, you will have to submit a signed self-declaration from that party that they have no reservations against you utilizing those funds as your POF.

3. These funds are not borrowed.

 

[Asivad Anac]

Hi Asivad,

Sorry for troubling with questions. I have one more questions. Can I use the jewels loans as POF?? Will they accept it?

No. Any kind of borrowed funds are unacceptable as POF.

My main source for POF

1) Money from selling my father's property (you answered for this, I will arrange all the required docs for this as proof)
2) Money from my spouse's jewels loan - Please advise if it is acceptable?

No. Borrowed funds cannot be shown as POF. You are free to sell the jewels to an authorized buyer, deposit the monies into your bank account and showcase that as POF along with the sale receipt as evidence of the source of these funds.

Thanks,
Kamesh