Proof of Funds (Express Entry)

[Asivad Anac]

Hello Asivad and members
For evidence of bank transfer in the self declaration, would the applicant's bank statement suffice (showing the receipt of the funds)?
Thanks

In addition to the applicant's statement showing credit of those funds, attach the donor's bank statement showing debit side as well.

 

[Kyle90]

In addition to the applicant's statement showing credit of those funds, attach the donor's bank statement showing debit side as well.

Can I show a bank advice instead showing the debit from the account?

 

[Asivad Anac]

Can I show a bank advice instead showing the debit from the account?

That would work as well.

 

[Kyle90]

That would work as well.

Thank you Asivad.

 

[Kyle90]

Can I show a bank advice instead showing the debit from the account?

Hi Asivad
One more thing: if the applicant received an electronic advice from his bank confirming receipt of the gift amount and which states the said amount and the name of the donor - would that work? This coupled with the original stamped bank statement of the applicant?
Thanks

 

[Asivad Anac]

Hi Asivad
One more thing: if the applicant received an electronic advice from his bank confirming receipt of the gift amount and which states the said amount and the name of the donor - would that work? This coupled with the original stamped bank statement of the applicant?
Thanks

Yes.

 

[Kyle90]

Yes.

Great! Thanks a lot!

 

[singh291]

Hi Asivad,

I am in Canada on a PGWP and my job Category comes under NOC B.
I have two bank accounts and have 14000 or more in total excluding my credit cards and line of credits. However, I do have a mortgage as well.
when the Mortgage is included, the net worth goes into Negative which is Obvious. What would you suggest? Please reply ASAP

 

[Asivad Anac]

Hi Asivad,

I am in Canada on a PGWP and my job Category comes under NOC B.
I have two bank accounts and have 14000 or more in total excluding my credit cards and line of credits. However, I do have a mortgage as well.
when the Mortgage is included, the net worth goes into Negative which is Obvious. What would you suggest? Please reply ASAP

Leave the mortgage and credit cards out of this. Most PR applicants will have consumer loans/mortgages, doesn't have any impact on the PR application unless such a loan was taken for POF purposes.

 

[nikolain]

You will need a signed self declaration from your father on plain paper that explicitly states that this transfer of 8000 CAD is a gift not a loan hence need not be returned to them at any point in time. You must also include evidence of bank transfer.

Hey Asivad thank for answering my previous question, what if my father deposits that money first in my Indian Bank Account and then wires it to my Canadian account, will i still need some kind of declaration ?

 

[Asivad Anac]

Hey Asivad thank for answering my previous question, what if my father deposits that money first in my Indian Bank Account and then wires it to my Canadian account, will i still need some kind of declaration ?

Yes. Because this sudden influx of money will require explanation. CIC will ask for source of funds and you won't be able to explain how the money arrived in your Indian account.

 

[nikolain]

Yes. Because this sudden influx of money will require explanation. CIC will ask for source of funds and you won't be able to explain how the money arrived in your Indian account.

But i'm showing my Canadian Bank account statement to them and the entry in that will be a wire transfer from my Indian Account, will CIC as for my Indain Bank statement also ?

 

[Asivad Anac]

But i'm showing my Canadian Bank account statement to them and the entry in that will be a wire transfer from my Indian Account, will CIC as for my Indain Bank statement also ?

Of course! What stops you from taking a personal loan from your Indian bank and transferring the proceeds to your Canadian account? CIC will need clarity on source of funds.

 

[singh291]

thanks for the reply.
so, I only need to show a letter from bank with the average balance of last 6 months or just the current account summary would be sufficient because, I received wire transfer from my father almost a month back.

 

[Asivad Anac]

thanks for the reply.
so, I only need to show a letter from bank with the average balance of last 6 months or just the current account summary would be sufficient because, I received wire transfer from my father almost a month back.

If you were invited under CEC, nothing is needed.

If not, you will need to prove that the funds aren't borrowed. Given that your father transferred money to your account, you'll need to submit a signed self-declaration from them stating that the funds were a gift not a loan. You'll also need to upload proof of money transfer - both debit and credit.