Proof of Funds (Express Entry)

[Olutobioo]

Hello ,

I would like to know if I can use a fixed deposit as my POF, I recently quit my job and I had to liquidate my Cooperative account which I subsequently fixed (FD) . I don't have a bank statement to show that I have had the funds for over six months and may not be able to get a valid statement from the coop society, they basically send the statement in excel format, no extras. What impact would this have on my assessment. and what else can I do to be able to prove that the fund is mine.

Thanks.

 

[Asivad Anac]

Hello ,

I would like to know if I can use a fixed deposit as my POF, I recently quit my job and I had to liquidate my Cooperative account which I subsequently fixed (FD) . I don't have a bank statement to show that I have had the funds for over six months and may not be able to get a valid statement from the coop society, they basically send the statement in excel format, no extras. What impact would this have on my assessment. and what else can I do to be able to prove that the fund is mine.

Thanks.

Identify any and all documentation that can conclusively prove the source of these funds. That's what CIC is looking for - proof that the funds are in your name and not borrowed.

 

[Survivor Expert]

Hi Asivad Anac,

Hey buddy I got the Invitation today through express entry under PNP. My question is about funds,I created the profile under CEC program 2 months ago and fifteen days ago i got the nomination through New Brunswick.
Now they sent the ITA under PNP.So i am just confused about the funds,Do i need to show them 12,000$ or am i good to go without showing funds?When i created my express entry profile before receiving nomination from NB,I put zero funds on that time and its still zero in my express entry.I don't know whether i did the right thing or not but on that time i was qualified under the CEC that's why i did it

Thanks buddy

 

[Asivad Anac]

Hi Asivad Anac,

Hey buddy I got the Invitation today through express entry under PNP. My question is about funds,I created the profile under CEC program 2 months ago and fifteen days i got the nomination through New Brunswick.
Now they sent the ITA under PNP.So i am just confused about the funds,Do i need to show them 12,000$ or am i good to go without showing funds?When i created my express entry profile before receiving nomination from NB,I put zero funds on that time and its still zero in my express entry.I don't know whether i did the right thing or not but on that time i was qualified under the CEC that's why i did it

Thanks buddy

You are exempted from POF.

Congratulations and All the best!

 

[Survivor Expert]

Thanks buddy

You are really a big time help on this forum

 

[dansousa]

Hi guys,

Quick question about POF..
I've just received NOI from Ontario, my family is composed of 4 people so I have to prove around CAD 22300.
I was born in Brazil but I currently live in Australia.
In Australia I have about CAD 10k available straight away on a savings account.
I also have some money I had to leave in Brazil(when I came to Australia, the conversion rate was so bad that it wasn't worth exchanging it), the money is in a joint account between myself and my mom split in access account, savings account and investment account.
First question: Will they accept the money shown in the joint account? My name appears in the letter from the bank.
Second Question: Do I have to have the letter/statement translated to english and do I need to do any currency conversion?

Thanks

 

[Stanlee]

Hi guys,

Quick question about POF..
I've just received NOI from Ontario, my family is composed of 4 people so I have to prove around CAD 22300.
I was born in Brazil but I currently live in Australia.
In Australia I have about CAD 10k available straight away on a savings account.
I also have some money I had to leave in Brazil(when I came to Australia, the conversion rate was so bad that it wasn't worth exchanging it), the money is in a joint account between myself and my mom split in access account, savings account and investment account.
First question: Will they accept the money shown in the joint account? My name appears in the letter from the bank.

Yes, as long as you can prove through documents that you will have unrestricted access to the funds. For the joint account, you can get a self declaration from your mom stating the she has no objection in you using the funds and you have full access to the funds.

By investment account, if you are referring to any volatile financial asset, then I am afraid, it cannot be shown as POF. Instead you can show savings bank balance (last 6 months' statements, fixed deposits (receipts stamped by the bank) all which shows your name clearly. May be, you can even liquidate your investment account and create fixed deposits out of the proceeds.

Second Question: Do I have to have the letter/statement translated to english and do I need to do any currency conversion?

Yes, the letter will have to be translated into English. It should be issued on the bank's letter head and state the following.
1. Your name
2. Type of account/accounts held with the bank including account numbers
3. Date of account opening
4. Balance as on date (in local currency) and equivalent in Canadian Dollars (converted using day's spot rate)
5. Statement that funds are unencumbered and readily transferable in a convertible currency (all banks may not be ready to mention this, but you can still try, if you get it, it will be a bonus)

Additionally, you will need 6 months bank statements and other savings proofs (depending on what type of savings instrument it is)

Thanks

 

[VenkateshAP]

Ignore the other bank account, has no relevance to your application as your POF is entirely available in Bank 1.

Moreover, if you're invited under CEC you won't be asked for POF.

Hi Asivad,

I am in the same situation. Although i have required funds to show, it is not 6 months old. I have 3 years experience in Canada and currently working in Canada. I have received PNP from Ontario. Do I need to show PoF?. I showed in my profile that i have funds 16,000 CAD available. I thought PoF is required all FSW and CEC cases unless we have valid job offer with LMIA.

 

[kit23]

You are exempted from POF.

Congratulations and All the best!

Sorry to butt in, but to clarify - if we are nominated under PNP, are we then exempt from showing POF too (where does it say this on CIC's website, because I thought that was only for CEC)?
Because it's asking me to upload POF, but my understanding is if I just set the number to 0 when it asks me how much $ I'll be bringing to Canada, it won't ask me to upload POF.


"Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada."

So I'm currently under a PGWP, LMIA exempt, and nominated under PNP. No POF for me?! ;D

 

[Cowkiki]

Hello seniors here,

I am an EE Outland FSW (no provincial nomination). I have already submitted my e-APR. For the POF, I have provided the relevant bank letters from bank A and six months' statements.

I have maintained a balance of over 12,164 (as per CIC's request) in this bank A for six months. In December, I cheque deposited another 10000 CAD to this bank A from my other banks (Bank B and Bank C). I had over 32000 CAD at the time of submitting the e-APR. Do you think I should send a CSE to explain this transaction? Because now my current balance is way higher than the 6 months' average. I am worried that if I do so I have to request additional bank letters and explain the endless details of my accounts in Bank B and Bank C...

Your kind response is highly appreciated!!!

 

[Asivad Anac]

Sorry to butt in, but to clarify - if we are nominated under PNP, are we then exempt from showing POF too (where does it say this on CIC's website, because I thought that was only for CEC)?
Because it's asking me to upload POF, but my understanding is if I just set the number to 0 when it asks me how much $ I'll be bringing to Canada, it won't ask me to upload POF.


"Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada."

So I'm currently under a PGWP, LMIA exempt, and nominated under PNP. No POF for me?! ;D

If you're eligible under CEC and applying through PNP, you're exempted from POF. Because IRCC confirms your eligibility for immigration programs in the order (CEC>FSW>FST) hence being eligible for CEC and applying through PNP is the same as getting a CEC based ITA.

 

[kennyandchen]

If you're eligible under CEC and applying through PNP, you're exempted from POF. Because IRCC confirms your eligibility for immigration programs in the order (CEC>FSW>FST) hence being eligible for CEC and applying through PNP is the same as getting a CEC based ITA.
[/quote


I went back to my home county as my work permit expires, so I dont have income now. I applied EE under PNP-CEC, but the required documents include POF. I assume I still need show POF right?

 

[yorneevan]

Employee Provident Fund is Accepted as proof of Funds, for Indian Applicants, not sure about others.
EPF in india is managed by Government, and not the employers. It is as Valid as Bank FD.

Very Few Employers manage their employees PF in India,which are approved by Government Of India.

This is very good news indeed! That makes a big difference and brings some relief to my plans. Can someone tell me how I can show these funds though?

 

[Asivad Anac]

I went back to my home county as my work permit expires, so I dont have income now. I applied EE under PNP-CEC, but the required documents include POF. I assume I still need show POF right?

You are being prompted for POF because you indicated that you have funds available. If you set that to 0, you'll not be prompted for POF.

Does you EE profile explicitly show eligibility for CEC as 'Met'? If yes, you can set the funds available to 0. If not, you'll have to show POF.

 

[Rao_Canada]

Dear Asivad Anac, please suggest what documents need to send as a POF,

My bank can issue below documents. (But will not issue a single documents that shows current balance along with date when the account was opened)
1. Six month bank statements (showing inflow and outflow).
2. Balance certificate (which will have my name, account number and current balance).
3. Account maintenance certificate (which will have my name, account number and date when the account was opened)

Regards