Proof of Funds (Express Entry)

[SameerAtre]

Hello All,

Has anybody faced a situation where their application was denied due to substantial loan/debt inspire of having the funds required for the POF? If so, how to deal with the situation and get the PR?

 

[Stanlee]

Hello All,

Has anybody faced a situation where their application was denied due to substantial loan/debt inspire of having the funds required for the POF? If so, how to deal with the situation and get the PR?

If I may ask, what is the type of loan that you are referring to, home loan?

 

[SameerAtre]

If I may ask, what is the type of loan that you are referring to, home loan?

Education loan

 

[kryt0n]

Education loan

Yea, I have a student loan that I pay back directly from my pay, pretty tax. There's no evidence of this on my bank statements.

I have no idea if I'm supposed to state this or not in the proof of funds.

 

[Simpson85]

Hi everyone!

What are the options for proving funds if you don't have the money that is necessary ($18,617 in my case for family of three)?

1. Can I use my apartment ownership certificate? (The apartment is worth approximately $70,000)
2. Can I make a Grant Contract with friends or it has to be family/relatives exclusively?

It's my mistake that I didn't take care of this earlier, but I was thinking logically - which is obviously wrong. I'm an EEBC PNP applicant with a full-time job offer, so I'm definitely coming to work in Canada. I wouldn't even be eligible to apply for BC PNP if I didn't have a job offer, right?

Thanks in advance!

 

[istari]

Hi everyone!

What are the options for proving funds if you don't have the money that is necessary ($18,617 in my case for family of three)?

1. Can I use my apartment ownership certificate? (The apartment is worth approximately $70,000)
No. The funds must be readily accessible.

2. Can I make a Grant Contract with friends or it has to be family/relatives exclusively?
Anyone can gift you the money, not just relatives.

It's my mistake that I didn't take care of this earlier, but I was thinking logically - which is obviously wrong. I'm an EEBC PNP applicant with a full-time job offer, so I'm definitely coming to work in Canada. I wouldn't even be eligible to apply for BC PNP if I didn't have a job offer, right?

Thanks in advance!

 

[Simpson85]

Thank you very much istari! It really helps a lot, as I was worried it could be close family only.

 

[mahi2020]

I have term deposits which got renewed this year in months of May/June/July/August..
I have got ITA now and if I show these term deposits it may imply that these funds are not 6 months old.
I have put the term deposits in auto-renewal mode, hence they keep getting renewed.

I have fixed deposit monthly statements for past 6 months as well.
Should I submit those showing I had this money all along ?

Can I be banned if CO is not convinced about my POF ?

 

[Zagros Ahmed]

Greetings forum.

I recently received ITA and am currently working on getting all the necessary documents. One being proof of funds.

I have a Barclays bank account in Britain and have had the necessary amount of money in it for more than 6 months. However, when I recently approached them asking for a letter with all the required information on it (such as account number, date it was opened, average balance for the past six months...etc), they informed me it is not possible to provide such a customized letter. Instead what I was able to get from them were my bank statements for the past six months, signed, dated and stamped by them.

The statements are on letterheads and they include my full name, contact information of Barclays, account number, sort code, type of account, start balance, end balance, money in, money out, and the transaction that were made during each month. But they do not include when my account was opened and average balance for the past six months.

For those of you who have experience, do you think such signed and stamped statements will suffice as proof of funds?

Thanks in advance for your help.

 

[ankitrdeo]

Guys, need help!

I have a huge sum of money (~CAD 30,000) transferred into my account by my dad last month (after receiving the ITA) which I stayed in my account for 5 days & I then converted it into a fixed deposit. Is there a way that I can show this as proof of funds if I get a Gift Deed made on a stamp paper, saying that my dad transferred this money to my account as a gift & he doesn't want it back? How else can I show that this money is mine?

Hi Shashank,

Read your post. Can you please let me know what did you finally submit as your proof of funds on CIC website? did you get any query? I have something very similar situation. Your help will be much appreciated.

Thanks,

 

[singhkartik3]

Hi Guys,

I am a little worried here regarding POF now.

I too have an educational loan which I have been paying regularly in the past owing to which my past 6 months average balance is less. I will pay off the remaining loan completely in the coming 5-6 months using my salary.

However to show the required POF and meet the minimum requirements, my parents shall transfer some amount to my bank account as a gift deed.

1. In such a scenario, which all documents am I supposed to show to CIC ?
- Bank account statements
- Loan account statement
- anything else ?
2. Is there any issue in this ?

Thanks

 

[anni_iitk]

How old can the bank statements be from the time of submission? I am expecting ITA in next round and will be able to submit everything in January. I am travelling to India end of Nov and will be able to collect all bank statements.
Will the statements issued in Nov 2016 be good if I submit in January 2017?

I assume statements need to be stamped by bank manager. Or e-statements work?

Thanks

 

[DelPiero07]

How old can the bank statements be from the time of submission? I am expecting ITA in next round and will be able to submit everything in January. I am travelling to India end of Nov and will be able to collect all bank statements.
Will the statements issued in Nov 2016 be good if I submit in January 2017?

I assume statements need to be stamped by bank manager. Or e-statements work?

Thanks

6 months. However if your bank letter states your average balance for the past 6 months then there is no need for bank statements.

 

[singhkartik3]

Hi,

My sister living is USA has transferred some money in my account for POF. How can i prove this transaction as a gift deed ?

Thanks

 

[singhkartik3]

Hi,

My sister, living in USA, has transferred some money in my account for POF. How can i prove this transaction as a gift deed ?

Thanks

Anyone ??