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Proof of Funds (Express Entry)

joelmath

Hero Member
Dec 9, 2014
324
168
saravsingh1 said:
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

Star Member
Jul 1, 2015
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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

Champion Member
Nov 7, 2012
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Waterloo region, Ontario
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alee667 said:
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

Hero Member
Oct 15, 2014
241
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India
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1111
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!!


joelmath said:
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

Champion Member
Nov 7, 2012
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Waterloo region, Ontario
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Med's Done....
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saravsingh1 said:
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

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Jan 17, 2015
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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

Champion Member
Nov 7, 2012
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Waterloo region, Ontario
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FSW
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London/Abu Dhabi
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1111 Accountant
App. Filed.......
25/9/2011
Doc's Request.
21/11/12
Nomination.....
Not Applicable
IELTS Request
Submitted with Application
Med's Request
19/12/2013, after BGC
Med's Done....
7/1/2014
Interview........
Exempt
Passport Req..
02/02/2014 - DM 11/2/14
VISA ISSUED...
14/02/2014
LANDED..........
Alhamdolillah Landed July 2014/Citizenship Applied in JAN 2018
Nikhil89 said:
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

Champion Member
Nov 7, 2012
2,507
135
Waterloo region, Ontario
Category........
FSW
Visa Office......
London/Abu Dhabi
NOC Code......
1111 Accountant
App. Filed.......
25/9/2011
Doc's Request.
21/11/12
Nomination.....
Not Applicable
IELTS Request
Submitted with Application
Med's Request
19/12/2013, after BGC
Med's Done....
7/1/2014
Interview........
Exempt
Passport Req..
02/02/2014 - DM 11/2/14
VISA ISSUED...
14/02/2014
LANDED..........
Alhamdolillah Landed July 2014/Citizenship Applied in JAN 2018
Nikhil89 said:
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

Member
Dec 27, 2015
14
0
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

Newbie
Dec 26, 2015
5
0
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

Star Member
Jul 29, 2015
57
1
elan72 said:
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

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May 27, 2015
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Kyle90 said:
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

Member
Dec 27, 2015
14
0
Asivad Anac said:
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

VIP Member
May 27, 2015
10,630
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Kyle90 said:
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