Proof of Funds (Express Entry)

[Mthornt]

Does Proof of Funds need to take "credit card" and "car loan" into consideration? I mean, does the proof from the bank has to minus these liabilities?

I don't think these things are taken into consideration. What they're really worried about is you "borrowing" funds in order to show that you have proof of funds. I submitted my credit card bills along with my POF, since they are all located at the same bank. I've seen many say that there is no need to submit that debt information, but since CIC expressly asks for it, and it's located at the same bank, I decided to include it. What they really care about is that you have the money in your deposit accounts, and that you haven't borrowed it to make it "seem" like you have the money.

 

[MarcAnthony]

I'm don't think these things are taken into consideration. What they're really worried about is you "borrowing" funds in order to show that you have proof of funds. I submitted my credit card bills along with my POF, since they are all located at the same bank. I've seen many say that there is no need to submit that debt information, but since CIC expressly asks for it, and it's located at the same bank, I decided to include it. What they really care about is that you have the money in your deposit accounts, and that you haven't borrowed it to make it "seem" like you have the money.

There are candidates that succeeded without disclosing credit card and loan info?

 

[Mthornt]

There are candidates that succeeded without disclosing credit card and loan info?

Sounds like plenty from what I've read in other threads.

 

[cavemen]

Hey guys I have a few queries and kinda finding it difficult to get answers for

we as a couple are applying for immigration and I being a prime applicant has a shot coming in the funds required for POF in my account. However my husband will also be accompanying me to Canada and has enough funds in his bank account to make up for our requirements.

Is it required for him to transfer the funds into my account ? or a simple LOE from him stating that he too is a co-applicant and his funds in his account are for the purpose of immigration and they are there for my disposal ?
Do I need to attach any loans or credit cards on his name since he is a joint applicant ?

Also even if I have not maintained a healthy average in my 6 months statement and there is an influx into my account from liquidating my savings in the form of stocks for which I will be attaching my supporting documents showing that transactions, do I need to wait to maintain the balance for at-least a month before filling my ITA or can I file it asap?

Would love to find answers to this plz ..

Cheers

 

[happyperson16]

If you are currently a student and have funding from your program, and you are able to fund your account to print statement; do you have to leave the money in your account?

 

[Mabroor]

Hello Everyone, I am newbie to this thread. I just got my ITA and i have this only one question. I am currently in Canada working full time on my Post Graduate Work Permit. Do I need to show 12800 as POF or No. Hoping someone can clear my confusion.

Thanks

 

[AmirHNK]

Does Proof of Funds need to take "credit card" and "car loan" into consideration? I mean, does the proof from the bank has to minus these liabilities?

It does!

If you want to know what needs to be listed, I suggest you take a look at the template provided here:

http://canadavisahelpcentre.com/the-awesome-list-of-faqs/is-there-a-fixed-format-for-the-express-entry-proof-of-funds-bank-letter/

Now I do not know if CIC considers your debts toward the minimum required funds calculation. All I am saying is that the letter must include all debts owing to the bank which you are acquiring the letter from. So If you have saved your funds in bank A but owe money (credit, debt) to bank B, the owed money to Bank B does not have to be included (common sense ) but if you also owe some money to bank A, then it needs to be listed in the letter acquired from bank A.

 

[dadaye]

Hi everybody,

A question regarding the profile that I fill for Express Entry. It asks how much I will bring to Canada for funds and the limit is 12300 CAD. I am expecting to get through CEC stream. I can prove that I have this amount when I get 2016 tax refund, but when you look at 6 months period, it will not have this amount. I know they will not require POF if I get through CEC (which is the only way that I could be invited anyhow), but:

- What amount I should write in my profile? Minimum required or is 0 OK?
- If I write the minimum required to my profile, would they request proof for that amount after I get ITA even though I am a CEC?

Thanks in advance for your assistance.

 

[last_try]

keeping as 0 will not hurt your chances and it is the safest bet..

 

[AmirHNK]

keeping as 0 will not hurt your chances and it is the safest bet..

I second that. You may be asked for POF during your application process if you put anything more than $0. (I think somebody experienced a similar case in this forum)

 

[anwar01]

If some amount of POF is gifted by sibings, do I need to attach proof of relationship like family tree in addition to gift deed?

 

[varun2810]

Hi Seniors,
I am gathering documents for about my POF and want some advise/clarification.

1) I have gotten my PF statement notarized and also got the following letter from my employer -
This is to certify that Mr XXX is an employee of XXXX. the total value of the Provident Fund for Mr XXXX as on XX/XX/XXXX is Rs XXXXX. The PF amount can be withdrawn anytime by Mr XXXX after resigning from the company. This certificate is being issued to apply for Canadian PR.

Will the above two things suffice or anything else would be required?

2) Also I am planning on showing some Fixed Deposit as POF (The FD are more than 7-8 months old), so in that case also should I ask my Bank to mention the average monthly balance for the past six months or upload the statements (because the balance in my Savings accounts is on the lower side like Rs 20-30K)?

Kindly guide.

Hi.. thanks for answering the 2nd part.
Can anyone ease clarify the 1st part for me. Would be of great help as I am planning on submitting by eApr this week. Thanks

 

[vishalg]

Hi.. thanks for answering the 2nd part.
Can anyone ease clarify the 1st part for me. Would be of great help as I am planning on submitting by eApr this week. Thanks

what people have done so far is to get the EPF ledger statement stamped and signed by the PF office.
However, this will also do, include your UAN card as well

 

[sappy486]

Need help please.

My father has transferred me the required funds from his joint account with my mother.
Can i include both of their names as Donors in the Gift Deed/Declaration and get it signed by both of them ?

 

[nkm]

Whatsapp group for ITA Recipients of 55th Draw.

https://chat.whatsapp.com/GMH2JGnjovB3Pp2L7TmDUp