Proof of Funds (Express Entry)

[Selwin]

What if I get the money that is required as a gift at the last minute? Will they reject this as proof of funds?

 

[bago4c]

Hello guys,

While I was filling my profile for express entry, I filled in $20,000 as the amount I'll be bringing to Canada, and that's because I earn more than that annually. I work as a research assistant at the University where I also school in Canada, and I was hoping my letter of employment/payslips would suffice for that. Apparently I can't use them and I have to provide my bank statement. Can I change the amount to $12,500 (a little above the required $12,300 for singles) before submitting my application? Would changing the amount affect my application? I don't have $12,500 yet but I think I should be able to raise that much but not more. Please advise.

 

[DelPiero07]

What if I get the money that is required as a gift at the last minute? Will they reject this as proof of funds?

As long as you have the money when submitting your eAPR and the gift deed is properly executed you won't face any issues.

 

[DelPiero07]

Hello guys,

While I was filling my profile for express entry, I filled in $20,000 as the amount I'll be bringing to Canada, and that's because I earn more than that annually. I work as a research assistant at the University where I also school in Canada, and I was hoping my letter of employment/payslips would suffice for that. Apparently I can't use them and I have to provide my bank statement. Can I change the amount to $12,500 (a little above the required $12,300 for singles) before submitting my application? Would changing the amount affect my application? I don't have $12,500 yet but I think I should be able to raise that much but not more. Please advise.

Yes, you can make the change.

 

[Selwin]

As long as you have the money when submitting your eAPR and the gift deed is properly executed you won't face any issues.

When you say properly executed I am assuming they are certain steps to follow. Care to share with me what I should do? Thanks.

 

[koscielny14]

Hi guys. Just a quick one. How exactly does CIC confirm the stated POF amount is in your account? Do they call the bank or is the official 6 months bank statement enough?

Thank you.

 

[crescent_jam]

Hi guys. Just a quick one. How exactly does CIC confirm the stated POF amount is in your account? Do they call the bank or is the official 6 months bank statement enough?

Thank you.

I don't think they would call every bank for every candidate to confirm, but I suspect they want the option to call the bank to verify, especially if anything seems even slightly suspicious or isn't adding up. That's why they want the bank's contact details, including a phone number and email in the letter, and why they insist on letterhead... at least, that's just my educated guess.

 

[Hazel75]

One more question, guys. Do investments count as POFs? I have TFSA and RRSP mutual funds account, and if that money can be accepted, I wouldn't have to worry about the money from my father.

 

[kutupla]

I don't think they would call every bank for every candidate to confirm, but I suspect they want the option to call the bank to verify, especially if anything seems even slightly suspicious or isn't adding up. That's why they want the bank's contact details, including a phone number and email in the letter, and why they insist on letterhead... at least, that's just my educated guess.

I don't think banks will give a client information away just by a phone call. Wonder how they proceed to verify the funds, if they really proceed to do it.

 

[Rk Gunner]

I don't think banks will give a client information away just by a phone call. Wonder how they proceed to verify the funds, if they really proceed to do it.

I was also thinking the same thing. I am sure banks do not give away details just by a call.

Does anyone have better understanding of this?

 

[crescent_jam]

I was also thinking the same thing. I am sure banks do not give away details just by a call.

Does anyone have better understanding of this?

I don't have specific experience in the matter but I work in HR, and when organizations, such as embassies, call us to verify the information we've provided in an employment reference or salary letter addressed to them (per the request of an employee), we let the caller from the organization read the details of the letter they have to us, and then we respond with 'Yes' or 'No' to verify. We'll also verify that we did in fact prepare a letter for the specified employee for the calling organization. But we won't provide detailed information to them. I don't know if that's how the banks would do it though, as I'm sure their regulations and privacy requirements are even more stringent than those surrounding HR professionals and employee information...

 

[rhmalik]

Greetings everyone!

I wanted to ask if its ok to add funds to my Bank Account by liquidating my stock shares? will this be acceptable to CIC if the bank statement shows that the amount was transferred in less than 6 month time by selling these shares?. I can also share my stock trading account statement that will show the trading history. That is the only money I have and the fastest way possible for me to add funds to my account.

Please advise!

 

[abdulbasit001]

Dear All,

Greeting to all of you ,

i am about to submit my express entry profile ,the problem is that due the prevailing rate of Canadian dollar i am below 100-150 CAD ,for example for a family of six ,i have to arrange 29236 CAD, before it the previous rate of 1 CAD= 80 or 81 PKR but now its 1CAD= 84 or 85 PKR , while i have calculated my statement with conversion rate of 83.5 but not 84 or 85,

will that be accepted or it will be refused ,should i apply or deny the ITA and arrange some fund and apply in future ,

Please reply as soon as possible ,coz i am to submit my application before 29 Aug , coz my ielts will expire on 29,i have also scheduled my medical health assessment on 28 Aug ...

Thanks

 

[svikashk]

Hello friends,

For my previous self-employed experience, I have a salary slip (not in letter head, but has the company's rubber stamp) mentioning my salary. Since I was the highest authority, it has my sign and company's rubber stamp under employer signature. Is this okay?

 

[EnigmaPK]

Dear Experts,

While completing express entry profile there is a question regarding how much money will I bring to Canada. I have below queries regarding this question. Please help.

1. Should I mention the minimum required amount according to no. of persons here or I can mention other amount above the minimum level as well?
2. If I mention any amount above minimum level and I get ITA then I need to show POF for the amount mentioned in profile or the minimum required amount? e.g. For 4 person family, minimum fund required is 22856 CAD and I mention 23500 CAD in express entry profile. Will I be asked for POF of 22856 CAD or 23500 CAD?
3. What if the exchange rate changes and my foreign currency amount falls below 22856 CAD in impact. What will happen in this case?
4. Once I am granted PR, do i need to carry all the amount mentioned in express entry profile or minimum required amount or 10000 CAD while traveling to Canada for the first time?