Proof of Funds (Express Entry)

[n.moustafa]

Dear Asivad Anac & Delpiero,

I am in a dilemma when it comes to POF.

I transferred 60% of my POF to by wife's bank account as I was not expecting an ITA during that time (last year)and I wanted to invest that money in my home country.

1- When I received my ITA, I took back that money but in the form of cash as my country currently imposes restrictions on transferring cash plus it costs more to transfer it online. Any idea if this will cause me any issues ?

2 -In addition, we are also receiving a gift from my in-laws that would be deposited into my wife's account however it will not be a bank to bank transfer as this was cash savings. Any inputs/ideas ?

Thank you for your never ending support.

 

[One_Topsy]

Dear Asivad Anac & Delpiero,

I am in a dilemma when it comes to POF.

I transferred 60% of my POF to by wife's bank account as I was not expecting an ITA during that time (last year)and I wanted to invest that money in my home country.

1- When I received my ITA, I took back that money but in the form of cash as my country currently imposes restrictions on transferring cash plus it costs more to transfer it online. Any idea if this will cause me any issues ?

2 -In addition, we are also receiving a gift from my in-laws that would be deposited into my wife's account however it will not be a bank to bank transfer as this was cash savings. Any inputs/ideas ?

Thank you for your never ending support.

No problem with paying in cash as long as there is a paper trail and they can see where the money came from. If your wife withdrew the money and gave you, let her prepare a LoE and proof of transaction if possible.

For a gift, show a gift deed. Any cash payment to your account you are using for PoF, always show paper trail

 

[vishalg]

Hello Friends,

Quick question regarding POF .. I am planning to show the Mutual Funds as the proof.... Hope it is accepted.... but, what kind of document we need to show as the proof? Is the account statement alone enough? If Yes, the account statement that I get in online is ok or I need to get it with stamp and signature?

I am already in post-ITA phase. It would be much helpful if someone can help me in this

MFs are not accepted, you need to liquidate them and transfer to your bank account.

 

[realzaheer]

Hy there, Can anyone tell me the formate how the proof of funds should be written ???

 

[realzaheer]

Hello Friends,

Quick question regarding POF .. I am planning to show the Mutual Funds as the proof.... Hope it is accepted.... but, what kind of document we need to show as the proof? Is the account statement alone enough? If Yes, the account statement that I get in online is ok or I need to get it with stamp and signature?

I am already in post-ITA phase. It would be much helpful if someone can help me in this

Can anyone tell me how the document POF should be written as?

 

[vishalg]

Can anyone tell me how the document POF should be written as?

did not understand your question

 

[Omidahomie]

Not at all, but make sure the contact person isn't you which would be mentioned on the letter.

Yes of course however the financial profile letter has to be on bank letterhead and no such contact info was requested other than regular letterhead format.

 

[GodLuck]

Guys,

I wonder if my understanding is true in terms of what they look for when outstanding debts, credit cards, are reported. I am including the main BS letter telling them all of my accounts info, and then six month transactions of my debit account, but I believe for the credit cards only the final balance owed is fine. They also do not mention six month when they say list all outstanding debts, Am I right? Also technically this makes sense

Please advise

 

[prabag]

Hello Vishalg, Stanlee and other experts:
I received ITA on 22nd Feb 2017 and in post-ITA phase. I filled the application and continued the application. In financial documents uploading tab, it is mentioned that applicant needs to declare loan and credit card debits.
I need suggestions regarding the proof of funds. I need to show CAD25000. I am the primary applicant.
I have a huge home loan of CAD 80000 and as well as credit card debits as well, EMI debit is through my salary account only. I have another account jointly with wife. My wife is having CAD14000 in her account solely. I have mutual funds CAD8000 in my name and mutual funds of CAD3000 in my wife's account.
My questions are:
1. Is it mandatory to show home loan and other debits? I have much more higher home loan against POF.
2. Should I transfer my wife's fund of CAD14000 in our joint account to avoid / not to show EMI debit through my salary account?
3. Should I liquidate MF and transfer whole amount in joint account to avoid / not to show EMI debit through my salary account?
4. Is it OK to show all funds transferred to joint account or should be in Primary applicant?
5. For employment evidence,I have appraisal letters, salary slips, FORM16. Is it mandatory to give salary account statement?
Kindly guide and suggest please.
Thanks in advance.

 

[moonarch]

Can my wife use my account for proof of funds?? as i have sufficient fund in my account according to requirement..she is primary applicant

 

[vishalg]

Hello Vishalg, Stanlee and other experts:
I received ITA on 22nd Feb 2017 and in post-ITA phase. I filled the application and continued the application. In financial documents uploading tab, it is mentioned that applicant needs to declare loan and credit card debits.
I need suggestions regarding the proof of funds. I need to show CAD25000. I am the primary applicant.
I have a huge home loan of CAD 80000 and as well as credit card debits as well, EMI debit is through my salary account only. I have another account jointly with wife. My wife is having CAD14000 in her account solely. I have mutual funds CAD8000 in my name and mutual funds of CAD3000 in my wife's account.
My questions are:
1. Is it mandatory to show home loan and other debits? I have much more higher home loan against POF.
2. Should I transfer my wife's fund of CAD14000 in our joint account to avoid / not to show EMI debit through my salary account?
3. Should I liquidate MF and transfer whole amount in joint account to avoid / not to show EMI debit through my salary account?
4. Is it OK to show all funds transferred to joint account or should be in Primary applicant?
5. For employment evidence,I have appraisal letters, salary slips, FORM16. Is it mandatory to give salary account statement?
Kindly guide and suggest please.
Thanks in advance.

Hi Prabag,
1. No problem with showcasing home loan ( these are secured loans).
2. If you transfer funds now, you will have to give the source of funds and that would ultimately lead to the account from where you are transferring the funds.
3. You can liquidate MF and transfer the funds to joint account. Upload the proof of redemption.
4. Funds in joint/primary/spouse account is fine as long as spouse is accompanying the primary applicant.
5. If you have the reference letter as per CIC format then no need to give all such docs.
Write an LOE and highlight any specific transactions/significant transactions in your account in last 6 months and upload the proof for such transactions. Accompanying spouse should write a declaration that he/she allows the primary applicant to utilize the funds for migration and settlement in Canada.

 

[sappy486]

Friends

I have prepared gift deed with all other supporting docs. Do i have upload it in POF section along with my account details or in LOE section ?

 

[vishalg]

Friends

I have prepared gift deed with all other supporting docs. Do i have upload it in POF section along with my account details or in LOE section ?

upload in POF section, if space is a problem then upload it in LOE section

 

[vishalg]

Can my wife use my account for proof of funds?? as i have sufficient fund in my account according to requirement..she is primary applicant

yes she can use your account for POF. You have to give a declaration that you allow her to utilise the funds for immigration and settlement in Canada

 

[goyal.maninder]

Hi

Thanks for the above explanation. Much useful.

Is there any particular template which can used for declaration to allow the primary applicant (spouse) to utilize the funds for migration and settlement in Canada?

Thanks in advance!
MP