Proof of Funds (Express Entry)

[vishalg]

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.

Hope for the best.
If you expect the currency to nosedive in coming days, would suggest you to convert them to CAD ( if current exchange rate is decent)

 

[kryt0n]

Hope for the best.
If you expect the currency to nosedive in coming days, would suggest you to convert them to CAD ( if current exchange rate is decent)

That's the problem, it isn't great right now. No idea if it's going to get better.

Market's like stability. In a way Brexit could mean a stable £ for a few months. Who knows, right?

 

[vishalg]

That's the problem, it isn't great right now. No idea if it's going to get better.

Market's like stability. In a way Brexit could mean a stable £ for a few months. Who knows, right?

yeah.
If you convert as per the rates given on bank of Canada's website and still have some cushion, then I guess there won't be any problem.
If you want you can write a summary letter stating that the these funds will increase monthly/bimonthly upon credit of your salary till the time you immigrate to Canada. Though this statement is not a proof of anything, but can be of help while the officer is evaluating your case.

 

[kryt0n]

yeah.
If you convert as per the rates given on bank of Canada's website and still have some cushion, then I guess there won't be any problem.
If you want you can write a summary letter stating that the these funds will increase monthly/bimonthly upon credit of your salary till the time you immigrate to Canada. Though this statement is not a proof of anything, but can be of help while the officer is evaluating your case.

I'm not sure that would help in any case. I think my best bet is just to hold tight this week and hope the bank of Canada rate is the one they accept. As long as I am above that next week we should be ok. If they ask for more statements later in the year we will definitely be higher.

I wanted to move over to CAD but my bank Lloyds is not offering a good rate

 

[vishalg]

I'm not sure that would help in any case. I think my best bet is just to hold tight this week and hope the bank of Canada rate is the one they accept. As long as I am above that next week we should be ok. If they ask for more statements later in the year we will definitely be higher.

I wanted to move over to CAD but my bank Lloyds is not offering a good rate

wish you all the best.

 

[goyal.maninder]

Hi

Should we declare funds net of house loan principal? or based upon funds in bank account?

I had declared funds based upon bank balance but now bit confused as one of the requirement is Loan balance statement as well. Do I need to reduce the declared funds in the application and mention the same in LOE?

Really appreciate any help on this.

Thanks

 

[vishalg]

Hi

Should we declare funds net of house loan principal? or based upon funds in bank account?

I had declared funds based upon bank balance but now bit confused as one of the requirement is Loan balance statement as well. Do I need to reduce the declared funds in the application and mention the same in LOE?

Really appreciate any help on this.

Thanks

no need to reduce the loan amount from the balance.
What you have declared is correct.
On the same letter bank writes any of the loans that you have with the bank.
Only in cases of personal loans, there could be a problem, not with home loans.

 

[goyal.maninder]

no need to reduce the loan amount from the balance.
What you have declared is correct.
On the same letter bank writes any of the loans that you have with the bank.
Only in cases of personal loans, there could be a problem, not with home loans.

Thanks Vishal

 

[njoh12345]

$12,000 is for one person

Number of
Family Members Funds Required
(in Canadian dollars)
1 $11,931
2 $14,853
3 $18,260
4 $22,170
5 $25,145
6 $28,359
7 or more $31,574




Hello can the proof of fund be under my husband name if am the primary applicant???

You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada.

 

[goyal.maninder]

Yes, you would require a declaration from your husband that you can use the funds unconditionally for travelling and settling down in Canada.
I am assuming that your husband is part of the application and would be travelling along. Else, the funds would need to be transferred.

Best of Luck!

 

[Lyssiej]

We have the POF money in stock options from my husband's company. They are vested options and we could sell them any day, but they're doing really well and we would rather keep them in the stock. We are in the pool with 411 points, hoping it keeps going down. Should we sell soon and just show the cash in the bank account? Could we keep the options and just show the statements as POF? Would love advice. Thanks!

 

[DelPiero07]

We have the POF money in stock options from my husband's company. They are vested options and we could sell them any day, but they're doing really well and we would rather keep them in the stock. We are in the pool with 411 points, hoping it keeps going down. Should we sell soon and just show the cash in the bank account? Could we keep the options and just show the statements as POF? Would love advice. Thanks!

You can sell them once you get your ITA.

 

[Lyssiej]

Okay, thanks!

 

[Realme]

Hi Friends,

I opened an EE profile under FSW and received ITA on the 22nd February.
As a family of 4 we need to show 23000CAD as proof of fund.

I have a savings account with 12000CAD that has been the account for up to six months.

I am planning to open a 90days fixed deposit account this month with 12000CAD.

I want to use both account as proof of fund.

My question is will the fixed deposit certificate and a letter from the bank stating when the account was opened ,maturity date and that i do not have any loan from the bank be acceptable.Even though it will not state six month balance.

will this be acceptable for the fixed deposit account as i plan to submit my application in early May.

Your advice is needed.
thanks

 

[vishalg]

Hi Friends,

I opened an EE profile under FSW and received ITA on the 22nd February.
As a family of 4 we need to show 23000CAD as proof of fund.

I have a savings account with 12000CAD that has been the account for up to six months.

I am planning to open a 90days fixed deposit account this month with 12000CAD.

I want to use both account as proof of fund.

My question is will the fixed deposit certificate and a letter from the bank stating when the account was opened ,maturity date and that i do not have any loan from the bank be acceptable.Even though it will not state six month balance.

will this be acceptable for the fixed deposit account as i plan to submit my application in early May.

Your advice is needed.
thanks

it will be acceptable
But for second FD you need to show the source of funds.