Proof of Funds (Express Entry)

[Ufa6174]

Dear all,

I'm about to receive an ITA and submit the electronic application to CIC.
However, I've got some questions.
1. Can I take a bank statement now for it to be submitted in approx. 2 weeks? Should not it be up-to-date 1-2 days before I submit my e-APR? I want to "unfreeze" this money finally.
2. My account is in USD, and so will be the statements. Will CIC consider USD-CAD rate for the day the statement is dated?
3. Were there any cases when CIC or local visa office had asked recurrent PoF? I mean EE only. I know this had been a common practice in earlier FSW.

Thank you for your attention and answers.

1. Yes should be fine.
2. Many people provide POF in foreign currency, so should be Ok too (I will too).
3. Haven't heard of any, but I guess they'd be more inclined to do that if your account shows weird activity (e.g. large amounts coming in and out periodically).

Hi all,

I admit I've not read through all the pages on this thread so apologies if this has already been asked.

Does someone have a link to the requirement for an average balance? I don't think I understand what they're looking for here. I've been saving up the money so I have enough when I get ITA, obviously my average is going to be about half of my current balance when I submit it. Does that matter? What would be the problem with saving money quickly over the last few months to meet the POF and having an average much lower than the POF requirement?

Also, does anyone have a link to something definitive about whether bank statements need to be stamped/signed? I ask because everyone said bank statements need to be stamped for OINP but that actually isn't the case. I rang the Ontario Immigration Office and asked, the man I spoke to said they don't need to be stamped, they just need to be original documents. It seems that some things become common knowledge without them actually being true. I'm sure others know better than me though

Thanks

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
If it's all regular savings, this should be Ok. If you had transfer from friends/relatives, be prepared to show evidence that that money was a gift and need not to be paid back.

Statements do NOT need to be stamped and signed. I agree that this has been blown out of proportion here Official original statements suffice. The only scenario where statements would need to be stamped and signed for EE is when you print those statements online.

I have received ITA under pnp (Ontario).

Now I have a question.
When I submitted my application for OINP. Ontario required funds of $14853, I had $18000 in my account. I withdrew the funds after applying for OINP as needed them for personal use. now that I have received ITA and now I will deposit the funds back into my account and I will take declaration from my parents that these funds are for my personal use only. Will there be a problem in the process from CIC, will these pose an objection for the CIC that I withdrew the funds required for OINP application?

The documents I have prepared:
1- Stamped paper Gift Deed
2- Stamped Paper Affidavit
3- Bank statement of my mother showing transaction that she transfer money to my account with bank stamp.
4- My Bank statement showing transaction receiving money from my mother with bank statement.
5- Mine and my parents' Net worth certificates.

Frankly there isn't anything more you can do. I can't comment on what CIC will think of this as they will see that you had that money before but you withdrew it and redeposited it back.

 

[gudluck2all]

Hi, i need help regarding proof of funds i submitted. The proofs were three scans of fixed deposits : Two on my own name and
One with my mum. The maturity dates of two FDs is november 2015 and of other one is january 2016. What disturbing me now is, do i need to send new scans of those FDs after the maturity date or it would be ok with the present ones i already sent. My timeline details are as below :
AOR : 2nd oct
Docs req : 6 oct
Docs submitted : 7 oct
Medical passed : 10 oct
Also no ecas access till now . Kindly help me resolving this issue. Would be very thankful to the helping hands....

 

[Uangel]

1. Yes should be fine.
2. Many people provide POF in foreign currency, so should be Ok too (I will too).
3. Haven't heard of any, but I guess they'd be more inclined to do that if your account shows weird activity (e.g. large amounts coming in and out periodically).

Thanks Ufa6174!

3. My average balance for 6 months is 3/4 of the sum but I hope this won't cause additional questions...

 

[BMT]

Hi,

I am having difficulty to obtain the letter requested by the CIC:
"you must provide an official letter issued by your financial institution indicating your financial profile. This must:

list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)."

I have had problem obtaining it here in Canada and also in Brazil.
So, which documents are you using as the PoF? The bank statements are sufficient?

Thanks,
Bruno

 

[TECC_Seneca]

For a job offer without LMIA, but CEC met, what can be done for the POF? I am going to submit my pay stubs along with the tax forms? Other than that is there still a need to show the balance and take gift from family?

 

[skrkumar]

Hello all,

Am planning to apply for PR soon, have booked for my IELTS and WES is also in process. my question is related to Bank Fund. we are family of 4 people, (Myself, Wife and 2 kids below 4 yrs). i know i need to show around 12 lac in bank.
recently my father crossed 60 yrs and we made some funds deposited in his+mother name (joint) as FD.
Can i use that fund and statement?
or can i have Fund as FD in my name and father name?

 

[KingBing]

I have two scnerios..

1. My wife have Gold jewellery.. If we sale it and submit amount in my wife's account as she is principle applicant would it be suffice to show as proof of fund? What kind of documentation is required for this? In my country, jewellary purchase and sale receipt is not computerized, Just on a letter head of jeweller, if I submit sale receipt with translation of it, would it be okay?

2. I have Government prize bonds which is equavelent to Canadian 19000 dollars, I can sale those to show proof of funds, but problem is I bought these bonds from local dealers and they did not provide any sale receipt or purchase receipt, if I do sale those bonds in bank they will not provide any receipt as those prize bonds are like currency if you hold it, it is your property. What documents do I have to produce? Can I scan all those prize bonds only?

3. Last option is if I sale my above 2 assets and get self decleration from my parents that those funds are gift mony.

What would you guys suggest?

Kindly help

 

[Sunil_JZ]

Hi,

I am having difficulty to obtain the letter requested by the CIC:
"you must provide an official letter issued by your financial institution indicating your financial profile. This must:

list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)."

I have had problem obtaining it here in Canada and also in Brazil.
So, which documents are you using as the PoF? The bank statements are sufficient?

Thanks,
Bruno

 

[Sunil_JZ]

Hi,

I am having difficulty to obtain the letter requested by the CIC:
"you must provide an official letter issued by your financial institution indicating your financial profile. This must:

list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)."

I have had problem obtaining it here in Canada and also in Brazil.
So, which documents are you using as the PoF? The bank statements are sufficient?

Thanks,
Bruno

I am having same problem. Bank tells me they do not issue letters stating what my debts are. Is anyone providing this information or are people just providing statements of accounts?

 

[Asivad Anac]

I am having same problem. Bank tells me they do not issue letters stating what my debts are. Is anyone providing this information or are people just providing statements of accounts?

Focus only on proving that you have the required money in the bank and that it isn't borrowed. Ignore the loans part.

 

[prishah]

Don't do anything at all. Loans don't matter as long as you have more than 11,931 CAD in your account and those monies belong exclusively to you and aren't borrowed.

Hi Asivad Anac,

I know it's a common question, but I hope you will share your experience here.
My que : I am already working here in Canada as a Software Developer (NOC 2173) CEC category but not having a LMIA. I only showed 3000$ in Proof of Fund since I already working here in Canada. Should I still need to show more amount as it's hard for me to show, I don't have much savings? Do I really care about this matter?

Waiting for your suggestion!

Thanks

 

[Asivad Anac]

Hi Asivad Anac,

I know it's a common question, but I hope you will share your experience here.
My que : I am already working here in Canada as a Software Developer (NOC 2173) CEC category but not having a LMIA. I only showed 3000$ in Proof of Fund since I already working here in Canada. Should I still need to show more amount as it's hard for me to show, I don't have much savings? Do I really care about this matter?

Waiting for your suggestion!

Thanks

Depends on your program eligibility. If CEC, no concerns. If FSW, you'll have to send in an LOE with other evidences including work status, job offer letter with salary, pay stubs, T4 etc to make the claim that you're already self sufficient financially and request the officer to consider all these while making their decision. It's the officer's discretion eventually but other members have reported positive decisions in such cases.

All the best!

 

[happy Canada 2015]

Hi Asivad and friends,

Could you please share your experience and knowledge about the proof of fund Requirements for an BC exp entry candidate, In the bc website it saying that the candidate only have to have minimum of 27000 yearly income?

If the candidate only qualified for CEC class and if he get the bc nomination he only have to submit proof for the yearly $27000 income or he should show $12000 with his application as well.

Thanks for sharing the info and your thoughts

 

[Asivad Anac]

Hi Asivad and friends,

Could you please share your experience and knowledge about the proof of fund Requirements for an BC exp entry candidates, I the bc website it saying that the candidate only have to have minimum of 27000 yearly income?

If the candidate only qualified for CEC class and if he get the bc nomination he only have to submit proof for the yearly $27000 income or he should show $12000 with his application as well.

Thanks for sharing the info and your thoughts

BC and CIC can have distinct POF requirements. Provide BC with whatever they require. As far as CIC is concerned, you won't be asked for POF if you're invited under CEC which is likely to happen in this case as you qualify only for that program.

 

[happy Canada 2015]

Thanks Asivad for your quick replay,

This is what i found in bc website.

Settlement Funds

When do I need to show settlement funds (or proof of funds) to meet CIC's Express Entry minimum requirements? Please refer to CIC's website for detailed information on when proof of settlement funds are required under Express Entry. Requirements for settlement funds differ across the federal economic immigration programs for which you may be eligible.All Express Entry British Columbia applicants are required to meet the BC PNP minimum income requirementsIn some circumstances, Express Entry British Columbia applicants will have to meet the BC PNP's income requirements as well as the Express Entry requirement for proof of settlement funds. More information regarding when settlement funds are required can be found on CIC's website.