Proof of Funds (Express Entry)

[AnishShan]

Hello Friends,

Need a quick input ..

Do we need to mention the amount in CAD or the local currency in POF?

If it should be in CAD, then can I add a LOE to explain it since I have got it already?

 

[facuvk]

Nothing tough about it.

From what I can see you had 3 months in your own name then moved the money to Canada bank and have 3 months of that.
Your parents giving you money is no problem as long as they write a gift deed.

When you submit your application just submit your previous statements and your current statements. Explain any huge lump of money with the gift deed.

Thank you kryt0n !!

 

[kryt0n]

Hello Friends,

Need a quick input ..

Do we need to mention the amount in CAD or the local currency in POF?

If it should be in CAD, then can I add a LOE to explain it since I have got it already?

Print off the Bank of Canada's daily rate for submission day.

 

[mia80]

Goodnight all,
How do we treat with existing mortgages wrt POF?

 

[vishalg]

Hi Vishalg,
1. For wife, I am only attaching affidavit in legal document under name change. Whether this affidavit should be form notary or government tehsil office?
2. I am not showing HDFC account statement as it is reflecting home loan, Is it OK? or Should I show HDFC account statement and add LOE mentioning home loan? Is it mandatory to show home loan or not required?
Kindly suggest.

1. You can get it from notary
2. Home loan doesn't impact your funds. Account statement is not mandatory, they are shown only in case where bank is not giving average balances over 6 months or if there are significant credits in your account and average balance increase significantly over months. If there are significant increases in your average balance in your account then you have to show source of those credits. Even if home loan is mentioned in your letter, it wouldn't be a problem. You can write an LOE explaining any significant credits and about home loan.
They are not going to subtract the home loan amount from your current balance to arrive at final balance.

 

[AnishShan]

Print off the Bank of Canada's daily rate for submission day.

I am not able to get it .... Do I need to attach a letter with latest INR to CAD exchange rate of the bank on submission?

 

[vishalg]

I am not able to get it .... Do I need to attach a letter with latest INR to CAD exchange rate of the bank on submission?

if you are not able to get the CAD figure in your letter, then use bank of Canada's exchange rate to convert INR to CAD.
Write an LOE/covering letter mentioning figures in CAD where you can write the source of conversion rate I.e. bank of Canada along with the date.

 

[prabag]

1. You can get it from notary
2. Home loan doesn't impact your funds. Account statement is not mandatory, they are shown only in case where bank is not giving average balances over 6 months or if there are significant credits in your account and average balance increase significantly over months. If there are significant increases in your average balance in your account then you have to show source of those credits. Even if home loan is mentioned in your letter, it wouldn't be a problem. You can write an LOE explaining any significant credits and about home loan.
They are not going to subtract the home loan amount from your current balance to arrive at final balance.

Thank you Vishalg for your guidance.
So I will mention Home loan and write LOE for that. Is there any suggested LOE format mentioning Home loan details?
Also I have joined my present company in 2008 and 3 promotions till now. My NOC code is same during this tenure.
I have included all promotions and up-gradation in application.
In document upload tab, Should I upload separate job reference letters or Single job reference letter is Ok for all?
Kindly suggest.

 

[kryt0n]

I am not able to get it .... Do I need to attach a letter with latest INR to CAD exchange rate of the bank on submission?

Go to Bank of Canada website and print off that.

 

[tahminaml]

Does it matter if I take bank certificate 1 week before submitting application

 

[kryt0n]

Does it matter if I take bank certificate 1 week before submitting application

No. 1 week is fine.

 

[Arweny]

Hello,

We have recently moved to another country, and hence we opened new bank accounts here and transferred the money from the accounts in our previous country.
If we have let's say 5 months history of the required balance on a saving account, would they ask us to provide letters from the old bank as well or would a letter from our current bank be sufficient?

Thanks in advance

 

[Sara_Gowri]

Hi All,

We have our required funds for POF in our joint account where my husband is the PA for the joint account as well as our application. Do I need to sign any letter stating that the funds can be used or is it not needed. Kindly confirm.

Also pls confirm if a letter from the bank stating the account details and avg balance is enough. Do I need to add anything else..

Thanks.

 

[DelPiero07]

Hi All,

We have our required funds for POF in our joint account where my husband is the PA for the joint account as well as our application. Do I need to sign any letter stating that the funds can be used or is it not needed. Kindly confirm.

Also pls confirm if a letter from the bank stating the account details and avg balance is enough. Do I need to add anything else..

Thanks.

You don't need a letter as long as you're accompanying him to Canada.

If you have a bank letter following IRCC's requirements then that's all you need.

 

[badz2]

guys,in the bank certificate,does the money has to be in CAD or a local currency will do?