Proof of Funds (Express Entry)

[Asivad Anac]

Hello Asivad,
I am in the same situation as Jhaedin and I prefer to set my funds to zero so I do not have the POF requirement anymore. Do I have to attach a LOE to my application since my answer pre-ITA are different from the answers post-ITA?
Please help.
Thanks

You can choose to do that, not necessary though.

 

[joshi123]

Hi asivad..
I have seen u answering a lot of questions..i need a little help from you.. do i have to scan all pages of my passport or just the bio pages. I have an ita and i m collecting all papers. Thanks

 

[Asivad Anac]

Hi asivad..
I have seen u answering a lot of questions..i need a little help from you.. do i have to scan all pages of my passport or just the bio pages. I have an ita and i m collecting all papers. Thanks

Do exactly as instructed by CIC in your personalized checklist. If they ask only for bio data pages, provide just those.

 

[affirmative]

Dear Asivad,

At first , appreciate your helping attitude. Wish you will get reward for your endeavor soon.

Now my questions are:

1) In your earlier reply you have stated that if i make my spouse account as a joint account with me, then a self-declaration from my spouse is better to state that she has no objection against the funds for using as POF. Will this self-declaration from her need to be affidavit or notarized.

2) I have a FD account which has initial amount of 20,000 CAD(Opened in 2012). Now the account has near about 28,000 CAD. Would you please help me about giving an example of creating average balance of 6 months. Actually I want to know the actual formula of creating average balance.

Hope your kind response in this regard.

Thanks in advance Asivad.

 

[Asivad Anac]

Dear Asivad,

At first , appreciate your helping attitude. Wish you will get reward for your endeavor soon.

Now my questions are:

1) In your earlier reply you have stated that if i make my spouse account as a joint account with me, then a self-declaration from my spouse is better to state that she has no objection against the funds for using as POF. Will this self-declaration from her need to be affidavit or notarized.

No.

2) I have a FD account which has initial amount of 20,000 CAD(Opened in 2012). Now the account has near about 28,000 CAD. Would you please help me about giving an example of creating average balance of 6 months. Actually I want to know the actual formula of creating average balance.

Let your bank figure this out for you and just get that number mentioned in the letter. There are any number of ways - the easiest involves taking the average of monthly opening/closing balances over the last 6 months. In your case, this would be closer to 28,000 CAD because an FD usually wouldn't change significantly in value over a 6 month period - they typically have longer lock-in periods.

Hope your kind response in this regard.

Thanks in advance Asivad.

 

[SahiSh]

Hi Asivad,

I tried here to contact bank to convert my spouse FD into joint FD with me.
But right now Bank is denying to do the same.

So how to get rid of this.. If i break the prev FD and make another FD in joint with wife, then what proofs i need to show for this.

Or if any other way out is there.

 

[sukhjinder27]

i have asked this question before ,that i am taking 10 lakh INR from my father aas a gift he does not have this money in his account rather it is cash and its not his six monts old funds . am i required to give any proof that given money belongs to my father and from where he got this money ???

however i am taking a self declaration certificate and also a gift deed from my father on stamp paper

 

[Asivad Anac]

You're not required to prove the source of the donor's funds.

 

[sukhjinder27]

thanks a lot asivad , now i am relaxed

 

[kaizadhans]

You're not required to prove the source of the donor's funds.

Hope you don't mind me asking this question, but i am just curious, as to why then was your application rejected since you took a gift from your dad but did not enclose bank account statements of your father to confirm the transaction?

I mean, even though you dont need to prove the donor's source of funds, you still have to include the statement of their bank account confirming the transaction right?

 

[hamoonExpressEntry]

Do we have to show that the fund was in our bank account for the past 6 months?

 

[Asivad Anac]

Hope you don't mind me asking this question, but i am just curious, as to why then was your application rejected since you took a gift from your dad but did not enclose bank account statements of your father to confirm the transaction?

I mean, even though you dont need to prove the donor's source of funds, you still have to include the statement of their bank account confirming the transaction right?

True.

The intention of providing bank statements is to prove the physical act of transferring monies from the donor's account to the receiver's account. Not to prove the donor's source of funds.

It is in fact an optional document which is not asked for by CIC. My application was rejected because there was significant difference between my present account balance and 6 months average balance and, for some weird reason, either my LOE did not transmit or wasn't conclusive, on its own, to prove that the difference in those 2 aforementioned figures was entirely due to the gift money transaction. In hindsight, my application wouldn't have been refused if I had simply added 6 month bank statements for my account OR explained and provided further evidence of physical transfer of funds from my father's account into my account.

 

[Asivad Anac]

Do we have to show that the fund was in our bank account for the past 6 months?

Not necessarily.

CIC ask for 6 months average balance to be mentioned in the bank letter to confirm that you haven't borrowed funds to be shown as POF. However, if you have sold your car today and are utilizing the sale proceeds as POF, you don't have to show that the fund was in your bank account for the past 6 months because you are already showing evidence that you owned the asset and are using the monies from disposing your own asset. Perfectly legitimate to do that.

If you're showing bank funds, you will have to conclusively prove that the funds in the bank aren't borrowed. One way of doing that is by showing continuing presence of those funds in your bank account over the past 6 months. But that's not the only way. You can certainly get a gift/inheritance and show those documents as well.

Hope that clarifies. All the best!

 

[kaizadhans]

You are a total ROCKSTAR ASIVAD... ;D!!! AWESOME man, thank you for always helping out other.. plz people come back to this forum and give the same help to others as u got from this noble person...

 

[Sachin_mk]

You are a total ROCKSTAR ASIVAD... ;D!!! AWESOME man, thank you for always helping out other.. plz people come back to this forum and give the same help to others as u got from this noble person...

Asivad, your unlimited advices bring so much to people.you are indeed much praise worthy..keep up the good job..it's very rare to have somebody like you in such a forum..