Proof of Funds (Express Entry)

[benzylamine]

hello,

I was invited through BC PNP, in EE system, i am also qualified for CEC should I include POF as well? please advise.

 

[dadbangalore]

Hello Friends,

I have few doubts for my case, and would be great if I can get some opinions from you.

I am just done with my IELTS with 8 bands last month, and planning to complete my WES by January, 2016. As of today, going by Express Entry – Comprehensive Ranking System (CRS) Criteria webpage, I would be around 454 points when I create my profile. So, I am confident and hopeful that I would receive ITA after I be in pool.

Doubts are related to POF. I plan to open a new bank account this week and will have around 750000 INR (ie. 15K CAD) transferred, next week, in one shot as a gift from my brother. I shall keep this monies in this newly opened account till I create my EE profile and run for ITA. I plan to create my EE profile and begin my chase for ITA in April, 2016. April months bank statement, will be the Fifth month statement after I opened this bank account. So, in all best or worst cases, if I receive ITA soon or late, at the time of submitting documents I would have 6 months of statements with me.

Doubts are:
1. I would not be doing any withdrawals or deposits to this account in these six(or more) months. -> Will this be fine in CIC's view? Does CIC bother about or sceptical about absence of transactional activities?
2. Bank Letter would show Account Opened Date of November 2015, which would be just before Six/(more) Months as well. -> Can this be a cause of rejection?
3. I shall make a case that I shall submit Bank statements from December, 2016 onwards. So, initial 750000 INR deposit would be in November month and would not appear from December onwards statements. -> In such case as well, Do I have to arrange Letter from my brother that He gave this monies as gift and would be fine If I use the monies as my settlement funds?

Please share your views on my case, would be great help.

Thank you

 

[ellia]

Hi all,
a lot of great information in this thread, it did alleviate some of my concerns! I have a bit of a different situation that I'd like to hear opinions about.

Like many of us, I can't get a PoF letter from my bank with the average balance for 6 months stated, so I'm going to go with the bank statement with every transaction shown, from May up to November.

Now the situation is, about 20k CAD have been deposited to my bank account in April (the funds for my immigration from my parents). I've been spending some of that money here and there when I had to pay for something related to my immigration process and so on, but I still have the money well above the required 12k CAD limit.
So my PoF will show an account created back in 2008, with about 20k CAD present from the beginning (since the bank statement starts from May), and some of the money being spent over the months.
Do I need to explain where the money came from, if my salary (stated in the reference letter from my employer) is really low? Do I need to provide my parents' financial history/employment records to explain where they got the money from?

And finally - do I need to translate the six months of transactions? Frankly, I'm not really comfortable with giving those papers to a translator. If I do have to do that, can I give the general bank letter (without the transactions) to a translator, and translate the transactions tables myself?

Thanks a lot for any opinions on the matter. I just want to make sure I've covered all the bases with the papers.

 

[ellia]

hello,

I was invited through BC PNP, in EE system, i am also qualified for CEC should I include POF as well? please advise.

I think you need to be invited through CEC to be exempted from the PoF requirement. Being qualified for it doesn't matter if you've been invited through another program. That's why people qualified for CEC are trying to avoid being qualified for other programs, too. Or at least that's what I've heard in case of the FSW, I don't know if being a BC provincial nominee changes anything. It's better if more experienced members comment on this.

 

[Manju Sagwal]

It feels a bit disturbing that i may be asked to show bank statements for the previous 6 months. I live in Ukraine and here people try to get their money back from banks, especially investments in USD and EURO. Several banks have already closed and people are literally standing in line for days and can't convert their money back into cash. Even opening bank account and keep it alive for 2-3 months is too risky. Please advice how else i can prove my funds without dealing with bank. Thanks in advance!

Even if you hold an account in the Bank for a few month you can ask your bank (with which you are holding your savings/fixed deposit account) to give you the certificate on the Bank Letter Head with details of the funds in your account and the outstanding credit (if any). This will suffice. It is not mandatory in all cases to give a 6 months bank statement

 

[nav0991]

I have received ITA under NBPNP as I have job offer without LMIA but on valid work permit, NB PNP did not aks for Proof of funds, Now as I got ITA I am worried Do I need to show Proof of funds before Submission of my application to CIC ?

Anyone having same problem? Please add

Appreciate your reaponse

 

[Rajiv Prakash]

Guys,

Can any one suggest, I am complete new to this process of Express entry i am having 2 years experience in IT field as a software engineer, and looking for a job in Canada. Is it right time to apply through express entry what all do's and don's to get ITA guys please suggest me

 

[nav0991]

For CEC, CIC considers other supplementary evidence including pay stubs, T4s and NOA in addition to work authorization status, job offer mentioning salary etc. Showcase what you have in the bank and send in an LOE along with supplementary evidence.

Asivad,

I have received ITA under NBPNP, I have job offer without LMIA but on valid work permit, NB PNP did not aks for Proof of funds, Now as I got ITA I am worried Do I need to show Proof of funds of $12000 while Submitting my application to CIC ?

FYI: I meet CEC eligibility as well but as I accepted PNP, So got ITA under PNP

 

[Ibrahim Shaikh]

Hi Experts

Can anyone tell me about pof? I don't have required funds in the form of cash. Can I show my property evaluation as proof of funds for express entry?

 

[StAnger]

Hi Experts

Can anyone tell me about pof? I don't have required funds in the form of cash. Can I show my property evaluation as proof of funds for express entry?

Only readily transferable funds are considered. Fixed assets, unfortunately doesnt qualify.

 

[Asivad Anac]

Asivad,

I have received ITA under NBPNP, I have job offer without LMIA but on valid work permit, NB PNP did not aks for Proof of funds, Now as I got ITA I am worried Do I need to show Proof of funds of $12000 while Submitting my application to CIC ?

FYI: I meet CEC eligibility as well but as I accepted PNP, So got ITA under PNP

If you qualify for CEC, change funds available to Zero (or any number that you are comfortable with depending on your personal financial situation) in your post ITA profile. If zero, you wouldn't be asked for POF. If any other number, just provide 6 months of bank statements duly signed by the bank officials.

 

[ali27]

How long is a bank statement valid for? I think i saw a moth somewhere but i cant seem to verify.

Thanks in advance.

 

[fatani]

Hello avisad I want to ask a question can my father transfer 2,500 cad per month and show it as a gift in my account for 6 months to mantain monthly average will this be a pof?

 

[prcand]

i was searching quite hard for the answer, but i am not sure whether anyone has the actual experience of whether CIC accepts proof of funds with just a simple 6 months bank statement?

i have more than exceeded the minimum, so now worries about this part, but what i am concerned is that will they accept just online bank statements with some bank stamps from the branch? To quote the ITA requirement:

If you are applying for permanent residence in Canada, 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).

As we cannot leave our fate on "he said, she said" or speculation (as others say online bank statements are OK), would like to know whether anyone DID ACTUALLY submit ordinary online statements with bank stamps from a bank branch and CIC (successfully) accepted it? I got province nomination using this process by the way, but CIC may be different.

 

[ellia]

Sorry for re-posting, but could anybody please comment on this and ease my mind a little? I'm sending my docs to a translator really soon, as my ITA expiring date is looming, and I have to decide which documents to send.

Hi all,
a lot of great information in this thread, it did alleviate some of my concerns! I have a bit of a different situation that I'd like to hear opinions about.

Like many of us, I can't get a PoF letter from my bank with the average balance for 6 months stated, so I'm going to go with the bank statement with every transaction shown, from May up to November.

Now the situation is, about 20k CAD have been deposited to my bank account in April (the funds for my immigration from my parents). I've been spending some of that money here and there when I had to pay for something related to my immigration process and so on, but I still have the money well above the required 12k CAD limit.
So my PoF will show an account created back in 2008, with about 20k CAD present from the beginning (since the bank statement starts from May), and some of the money being spent over the months.
Do I need to explain where the money came from, if my salary (stated in the reference letter from my employer) is really low? Do I need to provide my parents' financial history/employment records to explain where they got the money from?

And finally - do I need to translate the six months of transactions? Frankly, I'm not really comfortable with giving those papers to a translator. If I do have to do that, can I give the general bank letter (without the transactions) to a translator, and translate the transactions tables myself?

Thanks a lot for any opinions on the matter. I just want to make sure I've covered all the bases with the papers.