Proof of Funds (Express Entry)

[joelmath]

I have Fixed deposit in my name from last 1 year.

Can anyone please share the format required from the Bank (National Bank in India).

Many Thanks!

Answered already in another thread : http://www.canadavisa.com/canada-immigration-discussion-board/asivad-anac-please-advise-proof-of-funds-complicated-situation-t390326.0.html;msg4860116#msg4860116

Do you need any additional info or clarification?

 

[alee667]

LICO for mmy 3 member family is 18,260 CAD. Amount in my account as of today is 16,000 CAD. In last six months, they are fluctuating between 14,000 CAD to 25,000 CAD. Most of the times above LICO after salary transfer but low at the end of month but never less than 15,000 CAD. Will it be okay with CIC?

Do they need current balance above LICO or all six months balance above LICO?

P.S my monthly income is 6,000 + CAD and pay stubs match with transactions in account.

 

[nekeol]

LICO for mmy 3 member family is 18,260 CAD. Amount in my account as of today is 16,000 CAD. In last six months, they are fluctuating between 14,000 CAD to 25,000 CAD. Most of the times above LICO after salary transfer but low at the end of month but never less than 15,000 CAD. Will it be okay with CIC?

Do they need current balance above LICO or all six months balance above LICO?

P.S my monthly income is 6,000 + CAD and pay stubs match with transactions in account.

in your case current and last balance must be more than the LICO required limit, even better up to 25,00o balance. deposit some funds take statement and then reduce balance if u need.

 

[saravsingh1]

Thanks Joelmath!!

1 additional question, I have 2 bank accounts, 1 is my salary account, which I use for everyday expenses, other account which I have only for fixed deposits and not many transactions in that account, so should I show both the accounts!!

Answered already in another thread : http://www.canadavisa.com/canada-immigration-discussion-board/asivad-anac-please-advise-proof-of-funds-complicated-situation-t390326.0.html;msg4860116#msg4860116

Do you need any additional info or clarification?

 

[nekeol]

Thanks Joelmath!!

1 additional question, I have 2 bank accounts, 1 is my salary account, which I use for everyday expenses, other account which I have only for fixed deposits and not many transactions in that account, so should I show both the accounts!!

yes as much as u have with funds up to your lico

 

[Nikhil89]

Dear friends,

I have a doubt regarding what exchange rate does the CIC consider when for eg myself an Indian keeps 12500CAD In my account
Now we all know that CAD has depreciated severely over the last year.
For eg: at one point of time 1CAD = Rs56, Now 1CAD = Rs47. 9
So accordingly what rate does CIC consider for calculating POF in an applicants account is it the Spot rate or some kind of rate mentioned in the cic website

Thanks everyone.

 

[nekeol]

Dear friends,

I have a doubt regarding what exchange rate does the CIC consider when for eg myself an Indian keeps 12500CAD In my account
Now we all know that CAD has depreciated severely over the last year.
For eg: at one point of time 1CAD = Rs56, Now 1CAD = Rs47. 9
So accordingly what rate does CIC consider for calculating POF in an applicants account is it the Spot rate or some kind of rate mentioned in the cic website

Thanks everyone.

check online and convert as today rate yea cad I'd decreasing

 

[nekeol]

Dear friends,

I have a doubt regarding what exchange rate does the CIC consider when for eg myself an Indian keeps 12500CAD In my account
Now we all know that CAD has depreciated severely over the last year.
For eg: at one point of time 1CAD = Rs56, Now 1CAD = Rs47. 9
So accordingly what rate does CIC consider for calculating POF in an applicants account is it the Spot rate or some kind of rate mentioned in the cic website

Thanks everyone.

according to today rate

 

[Kyle90]

Dear Asivad and Experts
I tried in another thread with no reply.
I received an interest letter from Ontario.
I had a question in respect of the settlement funds. I have my bank statements for the last six months but which show a loan transaction during the period. The personal loan is however unsecured and is not encumbered by any liens.
My bank balance comprises both of the loan amount and some of my own savings. The savings alone do not meet the LICO. I wanted to know if this would be acceptable given that the loan is not encumbered.
Alternatively, I was wondering if I should not accept the interest and just withdraw my EE profile and re-submit a new one at a later stage post the six months period - the bank statement would however still show the monthly repayment of loan amount. Would this be advisable?
I would be very much grateful for your help.
Thank you.
Kyle

 

[elan72]

Hi Helpers,
If a person has more money than required to show as balance, say double the minimum requirement, does it help in getting additional points? Say for a family of 3 including the primary applicant.

Thanks in advance...

 

[dream2016]

Hi Helpers,
If a person has more money than required to show as balance, say double the minimum requirement, does it help in getting additional points? Say for a family of 3 including the primary applicant.

Thanks in advance...

the applicant must have minimum funds.. any more doesnt give you additional points..

 

[Asivad Anac]

Dear Asivad and Experts
I tried in another thread with no reply.
I received an interest letter from Ontario.
I had a question in respect of the settlement funds. I have my bank statements for the last six months but which show a loan transaction during the period. The personal loan is however unsecured and is not encumbered by any liens.
My bank balance comprises both of the loan amount and some of my own savings. The savings alone do not meet the LICO. I wanted to know if this would be acceptable given that the loan is not encumbered.
Alternatively, I was wondering if I should not accept the interest and just withdraw my EE profile and re-submit a new one at a later stage post the six months period - the bank statement would however still show the monthly repayment of loan amount. Would this be advisable?
I would be very much grateful for your help.
Thank you.
Kyle

This will be a problem. Recommend that you accept an ITA after the 6 month period. Repayment of loan showing up in the bank statements is not a problem, the only problem is that you won't be able to satisfactorily explain the large credit transaction corresponding to the unsecured loan but that won't be necessary if you submit the post ITA application after 6 months.

 

[Kyle90]

This will be a problem. Recommend that you accept an ITA after the 6 month period. Repayment of loan showing up in the bank statements is not a problem, the only problem is that you won't be able to satisfactorily explain the large credit transaction corresponding to the unsecured loan but that won't be necessary if you submit the post ITA application after 6 months.

Thank you Asivad for the advice. Would this however not wrongly impact my profile? Should I withdraw my profile or just not apply for the Ontario provincial nomination and leave it as it is? I might not receive the interest again.

I am 18 days into the 45 days period application deadline. The 6 months period will end at the start of March.

I was also thinking if I can transfer the loan amount to a relative for further transfer to my parents who would then gift part of the amount to me for meeting the LICO. I could then arrange for a gift deed from my parents. Can you pls let me know if this could work?

Thank you again for your time and help.
Kyle

 

[Asivad Anac]

Thank you Asivad for the advice. Would this however not wrongly impact my profile? Should I withdraw my profile or just not apply for the Ontario provincial nomination and leave it as it is? I might not receive the interest again.

I am 18 days into the 45 days period application deadline. The 6 months period will end at the start of March.

I was also thinking if I can transfer the loan amount to a relative for further transfer to my parents who would then gift part of the amount to me for meeting the LICO. I could then arrange for a gift deed from my parents. Can you pls let me know if this could work?

This can definitely work. Recommend that you not lose the OINP opportunity. You have almost a month before submission deadline, get the banking transactions done asap.

Thank you again for your time and help.
Kyle

 

[elan72]

the applicant must have minimum funds.. any more doesnt give you additional points..

Thanks dream2016.