Proof of Funds (Express Entry)

[divert2tuhin]

Ohh sorry I may have misled you with my questions. My point is: if my personal account doesn't meet the minimum LICO although my FD does, do I still need to show the 6 month account statements of my personal account? Or only the FD is enough? Only FD account balance should work. But, if your salaries were deposited in your personal account that you need to provide that statement to reflect your salary/income.

My FD was opened in February with only few hundreds CAD, but recently I liquidated my assets and deposited money into the FD. Do I need to show the balance of my FD from the beginning, or only the last balance is enough? It's better to show from beginning to be on the safe side. Explain your transaction details in LoE. However, my question is: FD account is not like regular savings account that you deposit/withdraw on a regular basis. You have to create FD account for a certain amount for a certain period of time, right?

My bank only gave me a verification of the last balance, without mentioning about the changes. Of course if I show CIC my fix-term savings book they could see the changes, and I will explain to them this sudden spike. Sorry, I haven't understood your question.

Thank you

 

[baovydo]

Ah the period of my FD is one year, however, with this type of FD, I can deposit more money or withdraw money at any time (the interest of this type of FD is lower than normal, so the bank allow you to do this). If I withdraw all the money, the bank will close this FD but as long as there is still some money in it, it is valid for one year. It is more like a "piggy bank" with a little interest :"D. You can add some and take some.

This is how I could deposit money (from my asset liquidation into this FD), and I will explain the source of this money to CIC when I submit.

Thanks a lot for your help

 

[baovydo]

Oh well in that case it's not required. If you are showing your FD balance and the proofs for that money... you are good to go.
As a benefit of doubt you can write to CIC and find out...

Thanks a lot nbt11

 

[divert2tuhin]

Is there any threshold for maturity of Proof of Fund shown for OINP? I mean, how many months do I need to maintain this fund before submitting application?

 

[baovydo]

Is there any threshold for maturity of Proof of Fund shown for OINP? I mean, how many months do I need to maintain this fund before submitting application?

As far as I know, these are the only requirement from the Application Guide and from the e-filling Portal:
_Bank balance for the past 6 months
_Any other type of funds if the personal account doesn't meet minimum requirement.
Details as below:


"Copies of your bank statements for the six months prior to your application submission date.

Supporting Documents Submitted

 Bank statements should include your name or your spouse or common-law partner’s name, account number, transit/institution number, account balance and currency.
 If you provide bank statements in your spouse or common-law partner’s name, you must include a letter from the financial institution and/or your spouse or common-law partner indicating that you have access to these funds.
 If your bank statements do not demonstrate a personal account standing/final balance that meets or exceeds the Low Income Cost-Offs (LICO), you may include proof of fixed term deposits, stocks, mutual funds, investments, and/or pensions, along with a confirmation that these funds can be immediately liquidated and at what value, and that they are free of debt or financial liability."

 

[JPITrader]

Hi guys and experts. Can those who have received an ITA share with us the document checklist and other important instructions so that other guys still in the pool can prepare for a coming ITA ? Thanks

 

[bruce mk]

Hi everyone.
how to know if I am a nominee under CEC or not?
I just got ITA show I am under PNP but my EE profile indicate I met both PNP and CEC.
I am nominated under skilled trade stream of ONIP.
I don't want provide all my credit card and load to CIC since the money I own is bigger than the cash in my bank account .
can I just explain I am a nominee under CEC and give one bank statement?
sorry I posted this question at another post. but I will delete one of them once I find the answer
many thanks.

 

[Van_Can]

Regarding Proof of Funds - My Bank has denied giving me the detailed bank balance / avg. bank balance certificate. Instead they will be providing me just the simple Bank Balance Certificate. I have some doubts

I will hence attach bank statements for last 6 months. The balance has increased in the last 3 months mainly due to redemption of mutual funds and also one transfer entry from my other savings account (jointly held with wife - but funds are mine). Should I explain all entries of credits for last 6 months or just the major entries of last 3 months in letter of explanation.

And should I scan all mutual fund redemption statements with Bank statements or just explain the details in LOE ?

Any guidance regarding the matter would be highly appreciated. Thanks

 

[nbt11]

Regarding Proof of Funds - My Bank has denied giving me the detailed bank balance / avg. bank balance certificate. Instead they will be providing me just the simple Bank Balance Certificate. I have some doubts

I will hence attach bank statements for last 6 months. The balance has increased in the last 3 months mainly due to redemption of mutual funds and also one transfer entry from my other savings account (jointly held with wife - but funds are mine). Should I explain all entries of credits for last 6 months or just the major entries of last 3 months in letter of explanation.

And should I scan all mutual fund redemption statements with Bank statements or just explain the details in LOE ?

Any guidance regarding the matter would be highly appreciated. Thanks

It's better if you attach your mutual fund redemption statements and mention those transaction details in your LOE. And also do mention your own transaction from other savings account in that letter.. It's always better to be on the safer side and not take any risks at this point...

And, you mention about all credits? What are those credits? If it's your salary account you'll have to attach payslips and stuff...

 

[Lsmit]

My girlfriend is currently applying for Permanent Residency. Can someone already living in Canada sponsor her as a "proof of funds" necessary for successful application, if she does not have a valid job offer?

Thanks in advance

 

[DelPiero07]

My girlfriend is currently applying for Permanent Residency. Can someone already living in Canada sponsor her as a "proof of funds" necessary for successful application, if she does not have a valid job offer?

Thanks in advance

She needs to have $12,300.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[nbt11]

My girlfriend is currently applying for Permanent Residency. Can someone already living in Canada sponsor her as a "proof of funds" necessary for successful application, if she does not have a valid job offer?

Thanks in advance

If you declared your relationship (legally) you can create a joint account and it should be fine... if not you can't.. you'll have to do some workarounds like transferring the money to her parents and she'll get it from them along with a gift deed... something like that... hope this helps... cheers

 

[Raman59Nanda]

Hey.
I have collected all my funds post ITA. It was deposited in my account from different people and I converted it into a Fixed deposit of 6 months.
The Money is mine as i loaned it to different people and got it back after receiving ITA. What should i give as a proof that the money is mine?
Will a signed letter from the 3 people with their contact details stating that they borrowed money from me and are returning it back will be ok? Or it has to be something legal?
Thanks

 

[omarkhan]

Dear members:

As a family of 2 I am to show a pof of at least CAD15312. I entered in the pool by claiming to have CAD16000 worth of funds. Now, my bank statement exceeds that figure by about CAD 400, but I am afraid the inflation may go up and my pof, which is in local currency may fall below 16000, though not necessarily 15312( which the immigration authority would want me to show) Wonder if I can bring down the figure of 16000 to 15312 now that I have received the ITA? On the other hand, if my pof falls below the 16000 (that I claimed to have) but stays above 15312, do I still need to worry?

 

[Lsmit]

If you declared your relationship (legally) you can create a joint account and it should be fine... if not you can't.. you'll have to do some workarounds like transferring the money to her parents and she'll get it from them along with a gift deed... something like that... hope this helps... cheers

thank you for your reply.

Just another question, if she does somehow get a valid job offer, will she still need to show the funds?