Proof of Funds (Express Entry)

[KKUMAR14]

Hi guys,

I need your advice . I have got a letter from my bank which states the date the acc was opened and the account owner as my husband and my name. The issue is that my husband had opened the account in 2007 when he was single and it was changed to joint account recently.

Will this be taken as misrepresentation of information as in 2007 we were not married ? We have the required balance from six months which will not be a problem.

Hope one of you will solve my confusion

Thanks
Karishma Kumar

 

[Asivad Anac]

Dear Asivad,

I need your guidance if my situation is ok wrt POF:

I have maintained an average balance around CAD 26,000 but still have a loan (one year before) of CAD 40,000 paying equal monthly installments for another two years. In the bank letter for EE purposes, the banker will highlight an overall debit of CAD 14000; this, I think will not prove a point of maintaining an average of CAD 19000 for six months period. What can be the solution in this situation? I am still thinking to submit the EE due to this problem.

Your help will be much appreciated!

Why should the bank mention debits separately in their letter? CIC only wants them to report current balance and 6 months average balance. Get them to remove that debit reference and submit the letter, it should suffice.

 

[KKUMAR14]

Also my bank refused to give the average balance for 6 months but has provided sealed copies of bank statements. Is it enough?

Hi guys,

I need your advice . I have got a letter from my bank which states the date the acc was opened and the account owner as my husband and my name. The issue is that my husband had opened the account in 2007 when he was single and it was changed to joint account recently.

Will this be taken as misrepresentation of information as in 2007 we were not married ? We have the required balance from six months which will not be a problem.

Hope one of you will solve my confusion

Thanks
Karishma Kumar

 

[Asivad Anac]

Hi guys,

I need your advice . I have got a letter from my bank which states the date the acc was opened and the account owner as my husband and my name. The issue is that my husband had opened the account in 2007 when he was single and it was changed to joint account recently.

Will this be taken as misrepresentation of information as in 2007 we were not married ? We have the required balance from six months which will not be a problem.

Hope one of you will solve my confusion

Thanks
Karishma Kumar

Not a problem. Submit a signed self-declaration from your spouse that they have no reservations against you utilizing these funds for POF purposes.

Also my bank refused to give the average balance for 6 months but has provided sealed copies of bank statements. Is it enough?

Yes.

 

[faultyjack99]

Hi Asivad, thanks for answering my queries.
Just one last query.
1) How many months bank statement should I send if I am getting a gift amount of 10 lakhs from my father in the coming two days. I had sent a letter earlier mentioning just balance as of date of 11 lakhs (without 6 months statement or average balance) which I have made fd yesterday but the money was deposited in the month of Nov and I cannot explain those transactions as I got them in multiple transactions and around 6 lakhs deposited in cash. I am going for CSE option to explain that earlier 11 lakhs was given as hand loan to friends and family which was repaid to me in NOV month and that money is mine now and gift deed to prove that next 10 lakhs is gift from father which he does not want back.

2)I have a outstanding loan which is around 5 lakhs. It's paid monthly from my same bank account. Should I ask the bank to mention that as well in the letter. (I did not mention that in earlier letter uploaded) so will this create a problem now?

3) Do I mention details of my salary account and credit card as well?

Thanks

 

[Asivad Anac]

Hi Asivad, thanks for answering my queries.
Just one last query.
1) How many months bank statement should I send if I am getting a gift amount of 10 lakhs from my father in the coming two days. I had sent a letter earlier mentioning just balance as of date of 11 lakhs (without 6 months statement or average balance) which I have made fd yesterday but the money was deposited in the month of Nov and I cannot explain those transactions as I got them in multiple transactions and around 6 lakhs deposited in cash. I am going for CSE option to explain that earlier 11 lakhs was given as hand loan to friends and family which was repaid to me in NOV month and that money is mine now and gift deed to prove that next 10 lakhs is gift from father which he does not want back.

There is no need to send bank statements. Along with the gift deed, submit proof of actual transfer of the monies received from your father.

2)I have a outstanding loan which is around 5 lakhs. It's paid monthly from my same bank account. Should I ask the bank to mention that as well in the letter. (I did not mention that in earlier letter uploaded) so will this create a problem now?

Leave it out of the letter.

3) Do I mention details of my salary account and credit card as well?

Not required.

Thanks

 

[Kyle90]

CIC wouldn't be interested in knowing purposes of remittance to the relative - it is your money and you are free to do whatever you want. Even a gift deed isn't mandatory, you can submit a signed self-declaration from the donor on plain paper as well.

Hello Asivad
I have my bank statements for the last 6 months which show a loan therein. I have during the same period received the POF as gift from 2 persons. I have included my bank statements for the last 6 months (showing the loan and gifts), gift declarations from each person and debit and credit advices showing the transfer of the gift amounts from their respective accounts to mine. Can you please let me know if this will suffice? Thank you.

 

[Daz]

Hello Asivad,

Got PT from Ontario.

About to send application.

Concerned about PoF.

I'm the principal applicant and I have 2-3 people who has been owing me some amount of money for a while(before i got the PT) which they have promised to pay into my account around this time and which I intend to add/show as part of my PoF. My question is will this payments look suspicious?? What can I do to ensure it doesnt?

Also, my wife sold some goods some months ago and the person has promised to pay her soon as she intends to transfer this amount to me as a gift towards boosting our account balance for the PoF. Hope this is ok to do?

I will really appreciate your response as this is the only part leaving me confused.

Well done with answering queries consistently and with so much depth. You are a rare gem.

 

[Asivad Anac]

Hello Asivad
I have my bank statements for the last 6 months which show a loan therein. I have during the same period received the POF as gift from 2 persons. I have included my bank statements for the last 6 months (showing the loan and gifts), gift declarations from each person and debit and credit advices showing the transfer of the gift amounts from their respective accounts to mine. Can you please let me know if this will suffice? Thank you.

If this loan wasn't for the purposes of POF, no problem. You have to conclusively prove that though.

 

[Asivad Anac]

Hello Asivad,

Got PT from Ontario.

About to send application.

Concerned about PoF.

I'm the principal applicant and I have 2-3 people who has been owing me some amount of money for a while(before i got the PT) which they have promised to pay into my account around this time and which I intend to add/show as part of my PoF. My question is will this payments look suspicious?? What can I do to ensure it doesnt?

Get signed self-declarations from them that they are gifting you money and that it isn't a loan which needs to be returned to them at any point in time. It might not be entirely accurate but it keeps documentation and explanation to a minimum.

Also, my wife sold some goods some months ago and the person has promised to pay her soon as she intends to transfer this amount to me as a gift towards boosting our account balance for the PoF. Hope this is ok to do?

You wife's source of funds won't be questioned. When she transfers money to you, get a signed self-declaration from her stating that this is a gift not a loan. Upload that declaration along with proof of actual fund transfer.

I will really appreciate your response as this is the only part leaving me confused.

Well done with answering queries consistently and with so much depth. You are a rare gem.

 

[Kyle90]

If this loan wasn't for the purposes of POF, no problem. You have to conclusively prove that though.

Thank you Asivad.
Indeed, it was availed of before my EE profile and for another purpose for which I shall be using it now. All the required POF amount was received as gift. Do I need to clarify this in a letter or would it be sufficient to simply enclose the docs mentioned?

 

[Asivad Anac]

Thank you Asivad.
Indeed, it was availed of before my EE profile and for another purpose for which I shall be using it now. All the required POF amount was received as gift. Do I need to clarify this in a letter or would it be sufficient to simply enclose the docs mentioned?

Don't bother with any explanations at this point in time. Explain if and when CIC asks you for an explanation.

 

[Kyle90]

Don't bother with any explanations at this point in time. Explain if and when CIC asks you for an explanation.

Great! Thank you so much!

 

[Kyle90]

Don't bother with any explanations at this point in time. Explain if and when CIC asks you for an explanation.

Great! Thank you so much!

 

[Mechanical Engg]

I have received PT from OINP.My wife is a principal applicant.
I started collecting documents.
We are 3 members, so approx. Rs9,50000/- funds we have to show.
1.Firstly, I have 1,00,000 in my previos employer PF account & my wife has around Rs50,000/- in her current employer PF account.So we will attach PF statement
2. Sexondly, my mother younger brother is transfering me Rs 8,00,000/- in my account & once I ll receive that money I ll convert that amount into FD.

So, my question is this that can I show PF as a fund & secondly if I am showing fresh FD then there is a need to show bank statement or not bcz I am showing FD.Actually If I ll show bank statement then there is a possibilty that they can question me about Rs8,00,000.
Plz guide me.