Proof of Funds (Express Entry)

[joeysupertramp]

Hi Guys,
I have a question regarding how i should present my proof of funds in my upcoming response to my ITA.
I currently have accounts in two banks here, one recently opened this month since the company i work for changed the bank they work with, so we had to migrate our salary account to that bank. Between those two accounts I have aproximately 4000 CAD.
Additionally, my aunt, who lives in Canada, owed my mom aprox 9000 CAD from a personal loan she gave her a couple years ago (in the local currency of my country, not in CAD, but that is what its equivalent to), and my mom has agreed to give that money to me as a gift deed for me to start my life in Canada if i get the PR. But my aunt can't send the money over here, so I'm traveling next week to open a bank account in Canada for her to deposit the money there. So she would be making a deposit in my bank account of the money she owed my mom, but that my mom has given to me as a gift.
Which documents would I need to send as proof of funds? I was thinking that for sure I would need letters from my two banks here and bank statements for the las 6 months (since banks here don't make letters containing the information CIC requires). But what would I need to support the canadian part of the money? a letter from the canadian bank, an affidavit from my mom and from my aunt and a gift deed from my mom? I would also have the voucher of the wire transfer from my aunt to support it.
Thanks a lot in advance for your help!

Okay so my situation was very similar to yours and I ended up asking very similar questions to what you did above and here is how I went about it.

First off, you will need a Gift Deed form, stating the total amount and that it is in fact a non-transferable gift. It has to be signed by the gift giver (your mum) and it couldn't hurt to have a couple of unrelated witnesses sign it also. You do not need to get it transferred to CAD, you can show it in your home bank account in your home currency however it needs to be easily accessible, therefore you will require the debit card linked to the account in order to show that it is withdrawable at any time. I did this as the funds gifted to me were in GBP and the exchange rate is complete garbage so we would end up losing a fair amount of money by transferring it. Also, over a certain amount of money, to have it sent here you'd have to declare it and I believe you end up paying taxes on it. So it's best to leave it in your home bank account, show statements that it is there and have the gift deed signed and dated around about the same time as the transfer. As for the bank accounts you have here, most banks don't provide the letter that CIC ask for anymore so in lieu of this, you can get 6 months worth of bank statements stamped at your local branch and then upload them as part of your application. I have been in Canada for over a year and have been employed that entire time, the fact that I can show that I have had enough money to support myself thus far as well as the emergency fund that was gifted to me should be enough proof of funds. With the money being in seperate accounts, all you'll have to do is explain your situation in your Letter of Explanation and you should be golden! Hope this helps!

 

[frp1990]

Okay so my situation was very similar to yours and I ended up asking very similar questions to what you did above and here is how I went about it.

First off, you will need a Gift Deed form, stating the total amount and that it is in fact a non-transferable gift. It has to be signed by the gift giver (your mum) and it couldn't hurt to have a couple of unrelated witnesses sign it also. You do not need to get it transferred to CAD, you can show it in your home bank account in your home currency however it needs to be easily accessible, therefore you will require the debit card linked to the account in order to show that it is withdrawable at any time. I did this as the funds gifted to me were in GBP and the exchange rate is complete garbage so we would end up losing a fair amount of money by transferring it. Also, over a certain amount of money, to have it sent here you'd have to declare it and I believe you end up paying taxes on it. So it's best to leave it in your home bank account, show statements that it is there and have the gift deed signed and dated around about the same time as the transfer. As for the bank accounts you have here, most banks don't provide the letter that CIC ask for anymore so in lieu of this, you can get 6 months worth of bank statements stamped at your local branch and then upload them as part of your application. I have been in Canada for over a year and have been employed that entire time, the fact that I can show that I have had enough money to support myself thus far as well as the emergency fund that was gifted to me should be enough proof of funds. With the money being in seperate accounts, all you'll have to do is explain your situation in your Letter of Explanation and you should be golden! Hope this helps!

Hey joeysupertramp, thanks a lot for your answer!
So the gift deed for sure. I was planning on having it notarized too, since that is what's usually done here. Do i need an affidavit from my aunt saying that she is repaying the loan to my mom who has gifted it to me, since she is the one who will transfer me the funds in canada?

Ok, thats great then that I don't have to transfer the funds there, because the bank was gonna kill me with the fees and the exchange rate (from my currency to USD and then to CAD). I'm planning to take some cash next week when i fly to canada to open the account there for the transfer of the gifted funds, but still most of them would be in my banks here. Since my account will be just opened, I won't have a six month bank statement history in canada. i guess the last bank statement from the canadian bank would be enough then?
Thanks a lot for your help!

 

[sainathreddy]

Hey joeysupertramp, thanks a lot for your answer!
So the gift deed for sure. I was planning on having it notarized too, since that is what's usually done here. Do i need an affidavit from my aunt saying that she is repaying the loan to my mom who has gifted it to me, since she is the one who will transfer me the funds in canada?

Ok, thats great then that I don't have to transfer the funds there, because the bank was gonna kill me with the fees and the exchange rate (from my currency to USD and then to CAD). I'm planning to take some cash next week when i fly to canada to open the account there for the transfer of the gifted funds, but still most of them would be in my banks here. Since my account will be just opened, I won't have a six month bank statement history in canada. i guess the last bank statement from the canadian bank would be enough then?
Thanks a lot for your help!

I am not exactly sure, but I would assume getting the gift deed directly from your aunt is the better choice.
She transfers the funds to your yet to be opened account. She gives a declaration in the form of a gift deed. There ends the matter.

I feel the above thing is better than getting the gift deed from your mom, and then having the funds transferred by your aunt into a new Canadian account.

 

[frp1990]

I am not exactly sure, but I would assume getting the gift deed directly from your aunt is the better choice.
She transfers the funds to your yet to be opened account. She gives a declaration in the form of a gift deed. There ends the matter.

I feel the above thing is better than getting the gift deed from your mom, and then having the funds transferred by your aunt into a new Canadian account.

Thanks for your answer!
Yeah that sounds way simpler, you're right, and more straightforward as it follows the way the funds go, I think I'll do that.
I think she's paying my mom (and therefore, me) partly with a loan and partly with savings though (since my mom needed the money to give it to me asap). Will that affect in any way if I only get a gift deed from her?

 

[sainathreddy]

Thanks for your answer!
Yeah that sounds way simpler, you're right, and more straightforward as it follows the way the funds go, I think I'll do that.
I think she's paying my mom (and therefore, me) partly with a loan and partly with savings though (since my mom needed the money to give it to me asap). Will that affect in any way if I only get a gift deed from her?

The way I understand is, the gift giver is giving you the funds. All that is required is a gift deed.
Any mention of your mom or the previous loan transaction between your mom and aunt is immaterial for CIC, and it might even confuse them.
Better to keep it simple.

One thing I would like to make sure is whether your aunt can give a gift deed to you or not? I mean, is it acceptable to receive funds from someone other than parents/siblings/spouse/in-laws. Just get this clarified and you are good to go.

 

[frp1990]

The way I understand is, the gift giver is giving you the funds. All that is required is a gift deed.
Any mention of your mom or the previous loan transaction between your mom and aunt is immaterial for CIC, and it might even confuse them.
Better to keep it simple.

One thing I would like to make sure is whether your aunt can give a gift deed to you or not? I mean, is it acceptable to receive funds from someone other than parents/siblings/spouse/in-laws. Just get this clarified and you are good to go.

Great then, thanks a lot for your help!

 

[flanerie017]

I have a bank account at the RBC Royal Bank of Canada. In the Proof of Funds letter provided by my bank, they only mentioned the type of account, date opened, current balance, and the client is currently in good standing.

I have two questions:
1) Is it okay to submit a black and white bank letter?
2) Bank letter didn't mention the average balance of past 6 months or outstanding debts/loans (I don't have any outstanding debt/loans).

Is this information sufficient or do I need to get a colored letter with the missing information?

 

[joeysupertramp]

I have a bank account at the RBC Royal Bank of Canada. In the Proof of Funds letter provided by my bank, they only mentioned the type of account, date opened, current balance, and the client is currently in good standing.

I have two questions:
1) Is it okay to submit a black and white bank letter?
2) Bank letter didn't mention the average balance of past 6 months or outstanding debts/loans (I don't have any outstanding debt/loans).

Is this information sufficient or do I need to get a colored letter with the missing information?

As previously stated, the bank letter thing is massively outdated and most banks cannot provide more than you have been given. However, you should get them to print out 6 months worth of statements and stamp every page.

 

[Rorach]

Hi all. I got my ITA in this last draw and have a unique issue with my proof of funds. I am planning on getting the entire amount gifted to me by my parents and siblings and they do not currently reside in my country of residence. I understand that a requirement for the proof of funds is to show that the money is in an account in my name however because of the foreign currency restrictions in my country if they send the money to my local account there is a strong chance I will not be able to use this money once I land in Canada. Does anyone have an idea how I can overcome this issue? Thanks

 

[vcfranca]

Hey Expert Members, I have a quick question regarding the proof of funds.

I have just applied to Express Entry (FSW) with a score of 441pts and as of today I have on my account around 14,000CAD.

I indicated on my application that I would bring (have proof of) 19,000CAD (Me, my wife and my son) to Canada. The additional 5,000CAD I am planning to have in the next 1 month or so when I receive my salary from my current job.

How big of a deal it is if I don't have an average of 19,000CAD for the past 6 months? My average balance is around 14,000 - 15,000 CAD.

My bank is willing to provide the letter with the proof of funds, but I am afraid that the average balance for the past 6 months is not going to be the $19,000CAD, only the balance for the last period will show it.

Any advice on how to proceed?

Thanks in advance.

 

[amitsharafath]

Hello everyone,

I have already created my EE profile and have partially kept the funds required in the bank and the rest amount will be deposited within this month. I have a personal loan of about 10,000 CAD which was taken 7 months ago and was not used to source the fund required for express entry. I wanted to know that if the loan is disclosed to the authority, will it be a problem. Also, in that case, do I need to show the minimum requirement + loan outstanding or only the minimum amount will do. Please help me out, I am freaking out on this issue.

 

[DelPiero07]

Hey Expert Members, I have a quick question regarding the proof of funds.

I have just applied to Express Entry (FSW) with a score of 441pts and as of today I have on my account around 14,000CAD.

I indicated on my application that I would bring (have proof of) 19,000CAD (Me, my wife and my son) to Canada. The additional 5,000CAD I am planning to have in the next 1 month or so when I receive my salary from my current job.

How big of a deal it is if I don't have an average of 19,000CAD for the past 6 months? My average balance is around 14,000 - 15,000 CAD.

My bank is willing to provide the letter with the proof of funds, but I am afraid that the average balance for the past 6 months is not going to be the $19,000CAD, only the balance for the last period will show it.

Any advice on how to proceed?

Thanks in advance.

The 6 month average balance is a tool used for the officers to notice whether any suspicious lump sum amounts have been used to meet the minimum required funds.

As long as you can prove where those 5k are coming from (salary) you won't face any issues.

 

[Tonima]

My husband and I are currently in canada, he is doing his phd and I am here as a visitor. We brought with us all our money from our banks which is around 17k cad. So our bank statement here would only show that the account was opened 2 months ago. We have used some of the money but my mom will send me few more grands from uk in a few days. Would it be a problem that the account didnt exist 2 months ago? We closed our savings before coming here since phd is a long time commitment and we might need the money here. We are planning to submit our application in a week but we arent sure if this will cause a problem. To be fair we did bring the money here for our expenses, doesnt that already fulfil tge requirement of money being accesible as seed money in canada?

 

[dipantika]

Ok guys I have a question.
I got my ITA last month. As regards POF, I am showing gift deed from my parents. But that's equal to POF amount required for one person i.e. me.
I plan to submit e-Apr this month and I will be getting married in Jan i.e before PPR probably and intend to add my spouse to my application in Jan.
However my question is after marriage if I get my name added to his Bank Account i.e hold a joint account then can the funds that are lying in his account be used for him as POF? Or do I have to show funds for both assuming I am the principal applicant?
I am kinda confused on this. Can anyone help?

 

[Julayee]

Hi Seniors

Need your advise, I believe 15K CAD would be sufficient as am single applicant. right now i have bank balance less than 50K INR. But I recently received a cheque of 18.5 lacs INR as part of my home loan installment.
Please suggest, how should I show PoF, should I be borrow money about 10 lacs INR from father/brother and show as gift deed. or do nothing and just show the latest bank statement having funds around 18.5 lacs.

Can we show the funds obtained from a bank loan as proof of funds?

Thanks