Proof of Funds (Express Entry)

[Wonders]

Hi,

Can anyone please advise what WES evaluation is required for PR in Canada.

Is it ICAP or basic?

Thanks in advance.

 

[umar32085]

My uncle is gifting me the settlement funds and I'm placing it in a fixed deposit. I've inquired from several lawyers and they told me that it is impossible to do a gift deed for cash. What should I do? Please advice.

I don't think it won't be an issue. But the lawyer knows better. I advise that you file your application and leave the rest to your luck. I personally think that your application will get through.

 

[IrfanLone15]

Thanks a lot

 

[aarchitj]

I want to know if a letter from Provident Fund office is absolutely necessary ? Can I not just give them the PF statement ?

 

[kaushalyap]

I don't think it won't be an issue. But the lawyer knows better. I advise that you file your application and leave the rest to your luck. I personally think that your application will get through.

Yes. Thanks.

 

[can_indian]

My uncle is gifting me the settlement funds and I'm placing it in a fixed deposit. I've inquired from several lawyers and they told me that it is impossible to do a gift deed for cash. What should I do? Please advice.

If possible, ask your uncle to open up a new bank account and transfer the amount via cheque.

 

[kaushalyap]

If possible, ask your uncle to open up a new bank account and transfer the amount via cheque.

Actually be made a bank transfer even though I've mentioned as cash. Would a self declaration suffice??

 

[vishalg]

Actually be made a bank transfer even though I've mentioned as cash. Would a self declaration suffice??

Gift Deed is mandatory in this case. If the amount has been transferred through net banking then mention the receipt number and other relevant details In the gift deed.

 

[kamy]

I want to know if a letter from Provident Fund office is absolutely necessary ? Can I not just give them the PF statement ?

Yes, it would work. Attach few salary slips and an LOE to support this.

 

[Mkranthi]

Hello All,

I am planning to enter the express entry in May 1st week and I am hoping that my profile will be picked as I got 461 points. I am confident about my documentation except for proof of funds issue. I need help on how to show proof of funds in my scenario. Any kind of input is highly appreciated.

I would like to mention my scenario and possible options I am choosing. Please let me know if I am going in a right way.

I am a salaried employee in USA from 4 years and do not have enough funds required ( 15000 CAD) in my checking accounts. Recently in April I piled up my salary and bonus amounts to 6500 USD.

I sent money to my mother in India every month since past 20 months and she saved the money in the form of cash after withdrawing from her account. She is willing to give them back to me which is around 7000 USD. She will do a wire transfer from her account. Now, my question is

1. As it is lengthy to show 20 months transactions from my account to her account, is it good to get the money in the form of gift deed. My parents can get a net worth certificate too. do I need to submit bank statements of my parents in addition to net worth certificate?

2. Is it better to say that she is returning my money. If so, do I need to submit 20 months transactions which I did through Xoom and any additional affidavits needed?

3. I have 2 checking accounts. I recently changed my direct deposit account 2 months back from another account, hence 6500$ piled up in recent direct deposit account rather than the usual account. Is that fine if money from India comes to this account. will VO officer doubt if salary is not deposited in the recent account before April?

If I do a gift deed :

1. Do I need to include 6 months bank statements of my mother or father from whom I am receiving money or net worth certificate alone is sufficient?

2. Will it be sufficient if I provide current balance bank letter of my mother's account as she is going to deposit cash to her account and then transfer to mine or does she need to maintain the amount for 6 months

Please advise me on this.
Thanks a lot for your time and effort.

 

[vishalg]

You can remove the experience from work experience section and move it to personal history section.
CRS gives you maximum score for 3 years or above and FSW grid given you maximum for 6 years or above. After removing this experience your CRS won't be impacted ( as it is above 3 years) but make sure your FSW score is still equal or above 67 [/color]

 

[vishalg]

Hello All,

I am planning to enter the express entry in May 1st week and I am hoping that my profile will be picked as I got 461 points. I am confident about my documentation except for proof of funds issue. I need help on how to show proof of funds in my scenario. Any kind of input is highly appreciated.

I would like to mention my scenario and possible options I am choosing. Please let me know if I am going in a right way.

I am a salaried employee in USA from 4 years and do not have enough funds required ( 15000 CAD) in my checking accounts. Recently in April I piled up my salary and bonus amounts to 6500 USD.

I sent money to my mother in India every month since past 20 months and she saved the money in the form of cash after withdrawing from her account. She is willing to give them back to me which is around 7000 USD. She will do a wire transfer from her account. Now, my question is

1. As it is lengthy to show 20 months transactions from my account to her account, is it good to get the money in the form of gift deed. My parents can get a net worth certificate too. do I need to submit bank statements of my parents in addition to net worth certificate?
Gift Deed is an easier option. Bank statements of donor is a safety measure, there are applicants who haven't provided statements and got PPR. Net worth certificates are not required.
2. Is it better to say that she is returning my money. If so, do I need to submit 20 months transactions which I did through Xoom and any additional affidavits needed?
it will be a lot explaination and you will be using up a lot space from your 4MB limit. Better to go with a gift deed.
3. I have 2 checking accounts. I recently changed my direct deposit account 2 months back from another account, hence 6500$ piled up in recent direct deposit account rather than the usual account. Is that fine if money from India comes to this account. will VO officer doubt if salary is not deposited in the recent account before April?
Money can be from any account. However, you should have the trail of money if the fund is credited​ to your account within the last 6 months. You also need to prove the ownership of these funds through gift deed, payslips etc. Whatever proof is required.
If I do a gift deed :

1. Do I need to include 6 months bank statements of my mother or father from whom I am receiving money or net worth certificate alone is sufficient?
both options are a safety measure. You can choose either or none of them
2. Will it be sufficient if I provide current balance bank letter of my mother's account as she is going to deposit cash to her account and then transfer to mine or does she need to maintain the amount for 6 months
if she is depositing cash in her account then I would advice you against uploading her bank statements as it would reflect there and may raise VO's concerns ( but they are usually not bothered about the donor's source of funds)
Please advise me on this.
Thanks a lot for your time and effort.

if by any chance, when you submit your application Post ITA and your funds are more than 6 months old then you don't need to provide gift deed or any such docs. Only the bank letter from your account will be fine.

 

[mhbin]

Hello everyone,

I'm planning to solve the POF as follows;

1) Sell our gold and jewelry and put the cash into the bank account.
2) I lent some money to my brother around 2 years ago, now he will pay it back to me. I will have the transaction notarized.

These two transactions will easily cover POF. I will write LOE for both.

Do you think this is feasible?

 

[vishalg]

Hello everyone,

I'm planning to solve the POF as follows;

1) Sell our gold and jewelry and put the cash into the bank account.
Yes, upload the sale deed also.
2) I lent some money to my brother around 2 years ago, now he will pay it back to me. I will have the transaction notarized.
if you can create a proof that you gave a loan and he is paying you back then it is good enough. Else,
get a gift deed.
These two transactions will easily cover POF. I will write LOE for both.

Do you think this is feasible?
yes

 

[mhbin]

Thanks a lot for the quick reply. Unfortunately, I don't think I can prove I lent money to my brother. It happened a long time ago and I gave money from the hand. Would even notarization not be enough?