Proof of Funds (Express Entry)

[kryt0n]

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

Local is fine

 

[sidhurubal]

Hi,

My husband is already PR in canada and statying there . I have applied for express entry before marriage and received ITA now. I have doubt about how much funds i need to show as my husband is not accompanying me. Also can i show my husband's account statements as proof of fund.

Thanks
Arshdeep

 

[nv0411]

Hi,

My husband is already PR in canada and statying there . I have applied for express entry before marriage and received ITA now. I have doubt about how much funds i need to show as my husband is not accompanying me. Also can i show my husband's account statements as proof of fund.

Thanks
Arshdeep

If your husband is not the primary applicant/dependent in your application , you can't show his funds as your proof of fund..

 

[LoopyL]

Dear colleagues,

Have just realised a line of credit home loan will not be accepted as POF. Should I switch the loan to a standard loan freeing up all the offset payments and show proof of this as a large deposit now available OR get a gift deed from my parents?

Thanks and apologies if this is covered elsewhere!

 

[kryt0n]

Dear colleagues,

Have just realised a line of credit home loan will not be accepted as POF. Should I switch the loan to a standard loan freeing up all the offset payments and show proof of this as a large deposit now available OR get a gift deed from my parents?

Thanks and apologies if this is covered elsewhere!

You can't get a standard loan or use home loan line of credit as settlement funds for Canada. Pretending your funds are coming from your parents is misrepresentation and you would deserve the 5 year ban if they discovered this.

 

[prabag]

Thank you Vishalg for your guidance.
So Should I 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.

 

[vishalg]

Thank you Vishalg for your guidance.
So Should I 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.

home loan would be mentioned on the bank letter. In the LOE, you just have to mention that it is a secured loan and not a borrowed sum to showcase it as a POF. There is no standard format for it, write it as a plain letter addressed to the case officer highlighting the important aspects of your case.
Single/ multiple either which way is fine but letter should mention all designation held, tenure for each designation, duties for each designation.

 

[Sara_Gowri]

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.

Thanku very much

 

[kikori]

Hi guys. I submitted my CEC PR application 4 months ago, and have accidentally attached my proof of funds requirement (didnt realize that its not needed as indicated in http://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1145&top=29) . Now, I'm a little concerned that they might use that criteria as well.

Concerned because I just filed my taxes and realized only recently I have to pay back a significant amount to the governement as I only did self-employment work last year (meaning I couldn't use my tuition credits to pay back GST and CPP contributions). If I pay these amount now, my bank balance would go under the minimum funds requirement.

Question is:
1.) should I worry about proof of funds support having submitted my details even though I'm under CEC
2.) will my PR application be affected if I haven't paid my taxes for year 2016 (i'm planning to pay at end of april 2017)

 

[kamy]

Hi guys. I submitted my CEC PR application 4 months ago, and have accidentally attached my proof of funds requirement (didnt realize that its not needed as indicated in http://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1145&top=29) . Now, I'm a little concerned that they might use that criteria as well.

Concerned because I just filed my taxes and realized only recently I have to pay back a significant amount to the governement as I only did self-employment work last year (meaning I couldn't use my tuition credits to pay back GST and CPP contributions). If I pay these amount now, my bank balance would go under the minimum funds requirement.

Question is:
1.) should I worry about proof of funds support having submitted my details even though I'm under CEC-- They will look that you qualify as CEC then they will go through the checklist of documents needed for CEC, don't worry.
2.) will my PR application be affected if I haven't paid my taxes for year 2016 (i'm planning to pay at end of april 2017)-- As far as I know they check if there are any dues to Canadian govt., so you better pay it now

 

[kryt0n]

Do they check with the CRA? Because I'm fairly certain they would need consent from you for that.

 

[prabag]

Thank you Vishalg for your guidance.
I will take the home loan outstanding balance certificate from bank and attach LOE separately.
Where to upload the home loan letter from Bank and credit card outstanding or dues letter?
I have almost 3-4 Letter of Explanation, Should I merge all and add in LOE section?

 

[LoopyL]

Dear KrytOn,

I had an application in for six years which was never processed therefore would never misrepresent funds. A gift deed from my parents would be unencumbered and nothing to do with my finances. Where I live a line of credit is your home loan and everyday cheque and savings with salary deposits etc. I have four fifths of the loan amount paid so if I switched back to a three fifths standard loan the one fifth would be returned to me unencumbered! The bank would provide documentation of this. Thanks for your guidance.

 

[imacuser]

I have close to 5k CAD in my account.
If I get an ITA today and save 2.5K CAD every month I'll have 12500k when I submit my eAPR three months from now. The money will be my own income (I can arrange proof too)
Is that okay for should I get a gift deed and transfer 7.5k CAD in my account from a family member today?

 

[DelPiero07]

I have close to 5k CAD in my account.
If I get an ITA today and save 2.5K CAD every month I'll have 12500k when I submit my eAPR three months from now. The money will be my own income (I can arrange proof too)
Is that okay for should I get a gift deed and transfer 7.5k CAD in my account from a family member today?

Both options work.