Proof of Funds (Express Entry)

[Raansa]

Hi
Please help me.
I have a few questions regarding the funds that I will have to show during the documentation process.
My spouse will be accompanying me to Canada. Before marriage the funds were in the name of my husband and my father-in-law, who is the prime holder of the account. But a few fixed deposits in the same account are only in the name of my husband.
So,
Firstly, can I include these FDs to show the funds as they are in the name of my husband; if not then

Secondly will a gift deed of $12,000 from my father-in-law work for the purpose. And also, does the big amount hamper our process.
Will this sudden spike is not good for the process.

 

[darpan.aneja]

Hi seniors

Need your expert advice on a POF issue. I am the principal applicant and got ITA in 8th Feb draw. I was able to reach the LICO in my saving account closing balance on 20th Jan 17. So if I get the balance certificate with average balance of last 6 months it will be say only 70℅ of LICO. Will this be an issue for CIC?

 

[nekeol]

Hi seniors

Need your expert advice on a POF issue. I am the principal applicant and got ITA in 8th Feb draw. I was able to reach the LICO in my saving account closing balance on 20th Jan 17. So if I get the balance certificate with average balance of last 6 months it will be say only 70℅ of LICO. Will this be an issue for CIC?

for the first time it is ok but keep lico balance for future in your account

 

[nekeol]

Hi
Please help me.
I have a few questions regarding the funds that I will have to show during the documentation process.
My spouse will be accompanying me to Canada. Before marriage the funds were in the name of my husband and my father-in-law, who is the prime holder of the account. But a few fixed deposits in the same account are only in the name of my husband.
So,
Firstly, can I include these FDs to show the funds as they are in the name of my husband; if not then

Secondly will a gift deed of $12,000 from my father-in-law work for the purpose. And also, does the big amount hamper our process.
Will this sudden spike is not good for the process.

with combine account also arrange percentage of holding / ownership such as if $10,000 and holding % is 50 50 then $5000 will stay with your husband

big deposit dons not effect your process but try to keep always more than LICO in your account

 

[omarimam]

Hi guys just a quick question, I have put amount of money as $15000, but I am a CEC is it ok do put 0 now, or can I do it after getting ITA?

I am a bit confused about this!!

Thanks for all the response.

 

[darpan.aneja]

Thanks mate! yes I will keep it or increase it further.

for the first time it is ok but keep lico balance for future in your account

 

[Siana33]

Hello everyone!
Dear experts, I desperately need your professional advice and guidance.
On March 01, 2017 I received an ITA (FSW), but still thinking whether accept it or decline it.
We are a family of three and, therefore, must show at least 19 000 CAD according to LICO.
The matter is that my accompanying spouse has fixed deposit accounts opened in 2015 with a total balance of 12 000 CAD. But due to unstable economical and political situation in our home country and military activities in its eastern part we kept some savings in cash at home.
Monitoring the CRS cut-off decreasing, we opened two fixed deposit accounts in my name with a total balance of 7 000 CAD, one - at the end of January 2017, another one - in February 2017. Moreover, we will be adding some funds to these accounts during the next 2 months. But we won't be able to show six month balance for those accounts, opened in 2017.

I understand that such sudden lump sum of money before ITA without proper explanation could results in PR application refusal.
Therefore, I am begging for your advice.

What should we do:
1. Write a letter of explanation and ask for kind understanding of our reasons?
Should I attach a sworn affidavit from me, certified by a pubic notary, confirming this matter? Would documents proving full ownership of apartment and vehicle help us?

OR

2. Prepare a Gift Deed from a close relative (though these savings are our own savings…., but to be on the safe side)?

OR

3. Should I decline an ITA and wait for the next draw in order to have 4-6 months of accounts history?

Thank you in advance for your advice and assistance.

 

[Success#1]

Hi Experts, need a suggestion here.
While creating EE profile, I declared CAD 15150 (little above LICO i.e 15143). I received ITA last month and yet to submit application. However, LICO (now 15312) was updated few weeks back which is higher than my declared amount. Do you think that I should update my declared amount say CAD 15500 while submitting the application or I should let it be as it is. If I change the figure to CAD 15500 while submitting the application (just to be safe) as current requirement is 15312, do i need to explain this in LOE?
Will highly appreciate your prompt suggestions as I need to submit my profile soon.

 

[kryt0n]

Hi Experts, need a suggestion here.
While creating EE profile, I declared CAD 15150 (little above LICO i.e 15143). I received ITA last month and yet to submit application. However, LICO (now 15312) was updated few weeks back which is higher than my declared amount. Do you think that I should update my declared amount say CAD 15500 while submitting the application or I should let it be as it is. If I change the figure to CAD 15500 while submitting the application (just to be safe) as current requirement is 15312, do i need to explain this in LOE?
Will highly appreciate your prompt suggestions as I need to submit my profile soon.

Change it to 15,500.

Mention in LOE that you changed it to coinside with the new LICO figures.

 

[Hamza Moazam]

Guys, what if the balance is gradually increasing over the past 6 months? and by the time we submit our application (e-apr) the closing balance as per the certificate is over $12.3K, would there be any issues?

The average balance would not be $12.3K but the closing will surely be. Also, it will not be a sudden increase.

 

[Success#1]

Thanks a ton Kryt0n for your prompt response. Greatly appreciated.

 

[kryt0n]

Guys, what if the balance is gradually increasing over the past 6 months? and by the time we submit our application (e-apr) the closing balance as per the certificate is over $12.3K, would there be any issues?

The average balance would not be $12.3K but the closing will surely be. Also, it will not be a sudden increase.

Thats fine

 

[kryt0n]

http://www.bbc.co.uk/news/uk-politics-39245298?ocid=socialflow_facebook&ns_mchannel=social&ns_campaign=bbcnews&ns_source=facebook

Brexit might happen this week.

My £ will be worthless.

 

[vishalg]

http://www.bbc.co.uk/news/uk-politics-39245298?ocid=socialflow_facebook&ns_mchannel=social&ns_campaign=bbcnews&ns_source=facebook

Brexit might happen this week.

My £ will be worthless.

have you converted your £ into CAD?

 

[kryt0n]

have you converted your £ into CAD?

No.

It's likely to go down this month, but the lowest in 10 years has been 1.48. Right now it's 1.63.

My funds can survive down to 1.44. Even if next week before we submit it plumits more, my mum will help me out. Hopefully it won't plummit that quickly.