Proof of Funds (Express Entry)

[Asivad Anac]

Question can be raise if single credit is above 20-25% of the amount in bank. This is my opinion, it can depend on VO also..

Not 20-25% of amount in the bank. Any credit transaction within last 6 months in excess of 20% of required LICO amount is potentially suspicious.

 

[kakmam1]

Not 20-25% of amount in the bank. Any credit transaction within last 6 months in excess of 20% of required LICO amount is potentially suspicious.

Hi Asivad Sir,

I guess LICO means Low income cut offs. I found the below table for LICO for members of family:

ow Income Cut-Off (LICO)
Size of Family Unit Minimum necessary income
1 person (the sponsor) $24,328
2 persons $30,286
3 persons $37,234
4 persons $45,206
5 persons $51,272
6 persons $57,826
7 persons $64,381
More than 7 persons, for each additional person, add $6,555


As per the above table for 1 person, we have 24328 CAD= 1214697.04 INR.

In this case, if we have more than 20% of 1214697.04 which is 242939 INR. Then CIC can question, am I right in interpreting your comment

 

[cjs]

Hi Asivad Sir,

I guess LICO means Low income cut offs. I found the below table for LICO for members of family:

ow Income Cut-Off (LICO)
Size of Family Unit Minimum necessary income
1 person (the sponsor) $24,328
2 persons $30,286
3 persons $37,234
4 persons $45,206
5 persons $51,272
6 persons $57,826
7 persons $64,381
More than 7 persons, for each additional person, add $6,555


As per the above table for 1 person, we have 24328 CAD= 1214697.04 INR.

In this case, if we have more than 20% of 1214697.04 which is 242939 INR. Then CIC can question, am I right in interpreting your comment

Below is the link to correct LICO:
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[kakmam1]

Below is the link to correct LICO:
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

thanks cjs for link

as per below link 1 person needs 12164 CAD = 605645.56 INR as funds

so any single transaction above 20% of 605645.56= 121129.112 INR will be questioned by CIC . am I correct ?

 

[Virab555]

Hi guys!

In order to proove funds, CIC requests to submit average of six months balance. Could you please prompt me, whether these six months should be counted from submitting the application or from receiving ITA?

 

[johndoebr]

Hi, i have a doubt about my application's PoF.

My family consists in 2 people (me/wife), so $15,143 is needed.

Lets suppose CIC asks me today for an updated PoF, and considering the current exchange rate, i would have this amount in the past 6 months:

Date	USD
09/2015	13,226.05
+	1,040.36
10/2015	14,266.41
+	449.04
11/2015	14,715.45
+	1,067.13
12/2015	15,782.58
+	557.01
01/2016	16,339.59
+	1,237.24
02/2016	17,576.84

Will it be accepted?
Considering i have the money right now, and its "stable" and I am also saving more each month.
Or they will negate for not having more than $15,143 for more than 6 months?

I don't have the whole amount for 6 months anymore because of the recent economic crisis in my country. CAD value raised 50% in less than 1 year.

Thanks in advance.

 

[nekeol]

Hi, i have a doubt about my application's PoF.

My family consists in 2 people (me/wife), so $15,143 is needed.

Lets suppose CIC asks me today for an updated PoF, and considering the current exchange rate, i would have this amount in the past 6 months:

Date	USD
09/2015	13,226.05
+	1,040.36
10/2015	14,266.41
+	449.04
11/2015	14,715.45
+	1,067.13
12/2015	15,782.58
+	557.01
01/2016	16,339.59
+	1,237.24
02/2016	17,576.84

Will it be accepted?
Considering i have the money right now, and its "stable" and I am also saving more each month.
Or they will negate for not having more than $15,143 for more than 6 months?

I don't have the whole amount for 6 months anymore because of the recent economic crisis in my country. CAD value raised 50% in less than 1 year.

Thanks in advance.

when u submit ur statement it must be more than required amount. Rest is ok but make sure to keep more than required funds all the time
But this time ok
I did same as I m writing

 

[nekeol]

Hi guys!

In order to proove funds, CIC requests to submit average of six months balance. Could you please prompt me, whether these six months should be counted from submitting the application or from receiving ITA?

these are most recent latest statement

 

[Peregrin Took]

I got my ITA, time to upload documents. To my suprise, CIC doesnt require bank statement, just letter from your financial institution, stating when the account was opened, balance, listing all outstanding debts, etc.

Please can anyone confirm this.

 

[nekeol]

I got my ITA, time to upload documents. To my suprise, CIC doesnt require bank statement, just letter from your financial institution, stating when the account was opened, balance, listing all outstanding debts, etc.

Please can anyone confirm this.

for the new application it is ok, but when cic asks for updated documents then it must be statement showing 6 months balance

 

[nekeol]

Hi Frnds,

Have one query regarding funds.

CIC can raise questions if we have sudden increase in balance amount in account used for proof of funds.

Can anybody suggest when CIC raises question on funds, direct deposit of 500 CAD/1000 CAD/1500 CAD ? what is limit after which CIC can ask questions for sudden deposit of funds ?

I know this is open ended question, but any suggestion, please share…

more is not any issue at any time but decreasing is issue. so don't worry deposit as much as u want and withdraw as well but minimum must be more than required amount

 

[Asivad Anac]

thanks cjs for link

as per below link 1 person needs 12164 CAD = 605645.56 INR as funds

so any single transaction above 20% of 605645.56= 121129.112 INR will be questioned by CIC . am I correct ?

Yes.

Remember that 20% is not an official limit. IRCC is free to question everything but typically they wouldn't bother with credit transactions smaller than that amount.

 

[Asivad Anac]

I got my ITA, time to upload documents. To my suprise, CIC doesnt require bank statement, just letter from your financial institution, stating when the account was opened, balance, listing all outstanding debts, etc.

Please can anyone confirm this.

True.

They ask just for account balance and 6 months average balance. If people (or their banks) cannot provide 6 months average balance, 6 months of opening/closing balances can be provided. If that isn't possible either, 6 months of bank statements are provided.

 

[Asivad Anac]

Hi guys!

In order to proove funds, CIC requests to submit average of six months balance. Could you please prompt me, whether these six months should be counted from submitting the application or from receiving ITA?

Counting back from the time you submit your post ITA application.

 

[Virab555]

these are most recent latest statement

so I guess I should count back from submitting e-APR, right?