Proof of Funds (Express Entry)

[haisreekumar]

Hi

I think this question would have been answered earlier but it is quite difficult to find the information in such a massive forum. So please provide any information.

1. Can we hold the fund in a savings account or should it all be in Fixed Deposits?

2. Do we need to maintain the whole amount required, for the previous 6 months in our account?

3. Do we need to show loan details like home loan and car loan?

4. The savings account statement would show payment towards loan account every month. would that be a problem?

Thanks in advance

 

[Maverick28]

Hi

I think this question would have been answered earlier but it is quite difficult to find the information in such a massive forum. So please provide any information.

1. Can we hold the fund in a savings account or should it all be in Fixed Deposits?
Either is fine

2. Do we need to maintain the whole amount required, for the previous 6 months in our account?
Ideally yes. If not, you might have to show the source of funds (in case of larger deposits)

3. Do we need to show loan details like home loan and car loan?
Not required as such. If your bank is ready to mention it in the letter, you can show it. Most of the banks do not mention it.

4. The savings account statement would show payment towards loan account every month. would that be a problem?
Will not matter much as you will be showing steady income too. If you want you can explain it in LOE.

Thanks in advance

 

[Shegotmail]

Hi everyone. Been looking in from the outside and only just signed up. ;D

I have encountered a bit of a problem regarding POF. Where I work, the company gives workers what is called an 'upfront' payment of part of your salary for the year. Eg, you earn $35k a year after tax, you get $15k at the start of the year and the other $20k is spread through the rest of the 12 months of the year. However, if you resign or are let go, you would have to pay back the upfront money but on a prorated basis.

Now, when I applied for EE, I had the upfront all stashed up tidy in a mutual funds account and so, I had almost all the required funds needed. My car will be sold soon which will then more than make up the required POF amount.

Here's the thing. A tsunami swept through the office and we've got ourselves a new MD who's slashed salaries, health plans and is letting go of staff. So I up and resigned...

I know. *face palm*

I needed to leave for my own good. I was being overworked with no overtime paid. Clocking almost 80hrs a week sometimes.

Now I don't have hold of the funds I earlier told the CiC via my EE application that I had. I've been invited to apply for PR and I'm really confused.

Will it hurt me if I decline the invitation to apply? This is so I can source the funds or get another job before I join the pool again.

Will this move hurt my chances? I really would appreciate your advice.

Thanks in advance.

 

[Maverick28]

Hi everyone. Been looking in from the outside and only just signed up. ;D

I have encountered a bit of a problem regarding POF. Where I work, the company gives workers what is called an 'upfront' payment of part of your salary for the year. Eg, you earn $35k a year after tax, you get $15k at the start of the year and the other $20k is spread through the rest of the 12 months of the year. However, if you resign or are let go, you would have to pay back the upfront money but on a prorated basis.

Now, when I applied for EE, I had the upfront all stashed up tidy in a mutual funds account and so, I had almost all the required funds needed. My car will be sold soon which will then more than make up the required POF amount.

Here's the thing. A tsunami swept through the office and we've got ourselves a new MD who's slashed salaries, health plans and is letting go of staff. So I up and resigned...

I know. *face palm*

I needed to leave for my own good. I was being overworked with no overtime paid. Clocking almost 80hrs a week sometimes.

Now I don't have hold of the funds I earlier told the CiC via my EE application that I had. I've been invited to apply for PR and I'm really confused.

Will it hurt me if I decline the invitation to apply? This is so I can source the funds or get another job before I join the pool again.

Will this move hurt my chances? I really would appreciate your advice.

Thanks in advance.

You can decline the ITA and later on when you are ready, can enter the pool again. This will not hurt your chances in future.

 

[Shegotmail]

Thank you so much for your prompt response.

Cheers.

 

[Bayparc]

Hi People,
I am self-employed as a director in my own company and I am hoping to transfer the funds required for my POF from my company account to my personal account. Does anyone have an idea if this would be accepted and also what documents might be required?
If there are people in the same circumstance, Kindly share your opinions too. Thanks all

I would appreciate any help or idea concerning this issue. Thanks

 

[KRahman]

hi, is it okay to have POF which is two weeks old ?

 

[Maverick28]

hi, is it okay to have POF which is two weeks old ?

Yes

 

[softwaretesting]

Now I don't have hold of the funds I earlier told the CiC via my EE application that I had. I've been invited to apply for PR and I'm really confused.

Will it hurt me if I decline the invitation to apply? This is so I can source the funds or get another job before I join the pool again.

Will this move hurt my chances? I really would appreciate your advice.

Thanks in advance.

It will not hurt. Also, you have 90 days to submit application after getting ITA. So if you feel that your finances may improve prior to that, then there no need to decline in hurry.

 

[DGarg]

Hello,
I have received my ITA on 12 April. But I do not have sufficient funds in my account. I came to Canada as an international student in 2015 and just completed my master's degree. My dad can transfer the amount to my account but it will not be 6 months old. Will this be a red flag in my PR application? Please help

 

[vishalg]

Hello,
I have received my ITA on 12 April. But I do not have sufficient funds in my account. I came to Canada as an international student in 2015 and just completed my master's degree. My dad can transfer the amount to my account but it will not be 6 months old. Will this be a red flag in my PR application? Please help

your father can transfer the funds but you would need a gift deed.

 

[abhishekasu]

Hello Guys,

I know this topic has been discussed at length before, but I have some specific question.
Is there a list of eligible fund/instruments to show proof of fund from India?

My problem is that though I have enough fund with me to support, it is scattered and invested. So do not have much liquidity.

Here are the specific issues:

1. I have a home loan, and I have taken a max gain facility from my banker. Just to clarify on what it means - It acts as OD facility, it is basically, whatever surplus fund I have, I can park it in my loan account, and the bank will charge me interest on (total loan outstanding - fund I have parked). Meaning - say I have taken a loan of Rs. 50L, generally interest is charged on Rs. 50L outstanding. However, if I have a surplus fund of say - 5 L, I just put it in the loan account, and the interest is charged on 45L (50-5). It helps to reduce interest and also have a flexibility to use the fund when required.

Now, my problem is, can I show this loan account statement as POF? Issue I feel is that it will also show a loan outstanding ( which is payable in 20 years and thus and no significant impact on liquidity). But it still shows as debt. I might have to go through hassles of getting the valuation of property which has not been completed yet to show as equity. I want to avoid that.

2. I have quite a bit of investment in equities and mutual fund. Can I just show that as POF, or would I have to liquidate them and create a FD. In that case, it will show a significant amount coming directly in my account at one shot.

3. Is EPF a valid source of POF? or do I have to liquidate that to show POF?

4. Can I show my accompanying spouse bank statement. The fund in it is not enough, but I will be meet fund requirement partially with that.

5. I have some money in US bank account, while I was there. That amount in itself is not sufficient, but can it be added up. Can I show that money directly or do I need to transfer it in India and then show? Not sure how does the balance statement from US banks work. I have moved back to India long back.

Basically, can it be shown from multiple sources or would it need to be consolidated in one account. If yes, what sources can be used.

Thanks

 

[Maverick28]

Hello Guys,

I know this topic has been discussed at length before, but I have some specific question.
Is there a list of eligible fund/instruments to show proof of fund from India?

My problem is that though I have enough fund with me to support, it is scattered and invested. So do not have much liquidity.

Here are the specific issues:

1. I have a home loan, and I have taken a max gain facility from my banker. Just to clarify on what it means - It acts as OD facility, it is basically, whatever surplus fund I have, I can park it in my loan account, and the bank will charge me interest on (total loan outstanding - fund I have parked). Meaning - say I have taken a loan of Rs. 50L, generally interest is charged on Rs. 50L outstanding. However, if I have a surplus fund of say - 5 L, I just put it in the loan account, and the interest is charged on 45L (50-5). It helps to reduce interest and also have a flexibility to use the fund when required.

Now, my problem is, can I show this loan account statement as POF? Issue I feel is that it will also show a loan outstanding ( which is payable in 20 years and thus and no significant impact on liquidity). But it still shows as debt. I might have to go through hassles of getting the valuation of property which has not been completed yet to show as equity. I want to avoid that.

2. I have quite a bit of investment in equities and mutual fund. Can I just show that as POF, or would I have to liquidate them and create a FD. In that case, it will show a significant amount coming directly in my account at one shot. If you liquidate it, that should be fine. You can show that you liquidated your assets and it won't be a problem.

3. Is EPF a valid source of POF? or do I have to liquidate that to show POF? It is valid with proper statements.

4. Can I show my accompanying spouse bank statement. The fund in it is not enough, but I will be meet fund requirement partially with that. Yes, with a letter from her stating she is accompanying and has no objection if you use the funds.

5. I have some money in US bank account, while I was there. That amount in itself is not sufficient, but can it be added up. Can I show that money directly or do I need to transfer it in India and then show? Not sure how does the balance statement from US banks work. I have moved back to India long back. Yes, you can use it either way. Get a statement from US bank or transfer the funds in India. Which bank is it? May be I can help you out.

Basically, can it be shown from multiple sources or would it need to be consolidated in one account. If yes, what sources can be used. Yes, you can use multiple sources to show the POF.

Thanks

 

[Arama]

How bad is it if you have a credit card debt more than your funds? Thank you in advance.

 

[sagar1279]

Hello,

I got ITA on 19 April draw and currently into the process of preparing documents for submission. I have doubts on POF. Please help me clear them out.

1. For 3 people, requiring amount is less than 19k Cad. I have written 25k Cad in my profile. How much do I have to show as POF now? 25k or 19k?

2. Reason for asking point 1 is that in my savings account, I have given loan to a business firm (28k cad) since 2 years, for which I regularly receive interest. Now if I receive money back pertaining to that loan, will I also have to show when I gave money? (1.5-2 years back).

3. I have only 10k cad as balance in my account as of now, as I keep on giving loans to people & business. How do I show that this money is mine even if I get that money in my account 1 week before I get bank statements and letter.

4. I had fixed deposit of 16k cad which got matured (there are monthly interest entries too) and then I gave it to someone as loan. Can I again show that after I get given loan back.

Basically, I have more than required (19k) or mentioned (25k). However it's not with me right now. If I get that back and there will be sudden increase in balance, how do I prove it's my money? Also, can attaching government filed tax returns show proof of loans given? How to go about it?

Please help. Thank.