Proof of Funds (Express Entry)

[Julayee]

It is clearly mentioned that the funds should be your own, free to use and should not be taken on loan. If the funds are from a loan, you are expected to repay it; and this is not something the CIC looks for.

I would suggest taking the funds from your parents/siblings and get a gift deed mentioning that the funds are for your use and they are not expecting them back.

Thanks Buddy

 

[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?

Anyone??

 

[varunreddys]

Hi,

Need help.

I have an FD which is of 7 months old.I am submitting this as POF.

Bank has provided letter in black and white which is stamped in colour .

Do we need to provide details of source of funds .

Is this accepted for submitting Eapr

 

[_Harry_]

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?

Not an expert on this one but as per my understanding, the principle applicant needs to show the funds. If you are going with your spouse, what I suggest is get the funds transferred from your parents for both of you (gift deed). Your husband can return his share to your parents via his bank transfer.
Securing funds for both of your in the first go will remove any confusion and you can simply add his name in the application when situation arises while your funds will be sufficient for both of you already.

 

[sameer_mobin]

Hi All,

My brother is applying for express entry.I queries related to the matter.

From next month, my brother is planning to transfer an amount from his salary account to savings account. He wants to use his savings account to show POF. The savings account is in his name. He will apply for express entry once those funds are 6 months old.

1. Will it be acceptable as POF that his saving account has funds for Canada considering the above scenario?
2. Is it necessary for him to give also the statement/letter of his current (salary) account while filing E-APR to show he transferred from salary account to savings account?

Do let me know.

Regards,
Sameer.

 

[sainathreddy]

Hi All,

My brother is applying for express entry.I queries related to the matter.

From next month, my brother is planning to transfer an amount from his salary account to savings account. He wants to use his savings account to show POF. The savings account is in his name. He will apply for express entry once those funds are 6 months old.

1. Will it be acceptable as POF that his saving account has funds for Canada considering the above scenario?
2. Is it necessary for him to give also the statement/letter of his current (salary) account while filing E-APR to show he transferred from salary account to savings account?

Do let me know.

Regards,
Sameer.

If I understand your question, your brother is going to have the minimum amount required, as transfers from Salary to Savings Ac over a period of 6 months. This means that his current Salary Ac after 6 month period will have more than sufficient funds for PoF. If this is the case then, Why not show the Salary Account as the primary account and have a 6-month statement?

 

[hamgha]

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?

it doesn't matter who's primary. you can show a joint account no problem provided both spouses are moving. It's explicitely mentioned on the CIC website. Please read everything there carefully

"
If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.

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

 

[dipantika]

it doesn't matter who's primary. you can show a joint account no problem provided both spouses are moving. It's explicitely mentioned on the CIC website. Please read everything there carefully

"
If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.

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

Ok I read that. Thanks for the link. That solves my query.

 

[meetR0n]

Hi Seniors,
Need your advice. I am trying to arrange for PoF now but have some confusions. My situation is as explained below:
I have 2 bank accounts:
1. Account1: It has the minimum fund required BUT its a joint account for me, my dad and my mom.
2. Account 2: The account is in my name only BUT it has got 75% of the fund required.
My Questions:
Q1) Based on what i read in CIC website, if i am furnishing a joint account for PoF, the joint account should be in the name of me and my spouse only. Will i be able to use Account1 for this purpose?
Q2) Can i transfer the pending 25% fund from Account 1 to Account 2 and show it as PoF? I am confused because they ask for average balance for 6 months and there will be spike in balance only in the last month.
Q3) Can i create Fixed Deposits now (I have to submit eAPR in a month's time) and show it as PoF?

 

[crescent_jam]

Hi Seniors,
Need your advice. I am trying to arrange for PoF now but have some confusions. My situation is as explained below:
I have 2 bank accounts:
1. Account1: It has the minimum fund required BUT its a joint account for me, my dad and my mom.
2. Account 2: The account is in my name only BUT it has got 75% of the fund required.
My Questions:
Q1) Based on what i read in CIC website, if i am furnishing a joint account for PoF, the joint account should be in the name of me and my spouse only. Will i be able to use Account1 for this purpose?
This answer is debatable. The CIC website is clear about the joint account being between you and an accompanying spouse; however, there are some who would argue that, as long as your mom and dad provide a signed and notarized affidavit stating you have their full permission and encouragement to use the funds in this joint account for settlement purposes, IRCC would accept it. I provided proof of funds in a joint account with my mom, with a signed and justice-of-the-peace endorsed affidavit; but, because of the uncertainty of this, I made sure that my other indicated source of funds still added up to more than the required threshold, in case this particular source wasn't accepted by IRCC.

Q2) Can i transfer the pending 25% fund from Account 1 to Account 2 and show it as PoF? I am confused because they ask for average balance for 6 months and there will be spike in balance only in the last month.
Because of the uncertainty behind using funds in a joint account where the other joint holder(s) are persons other than an accompanying spouse (see above), this might be a good idea. Don't worry about the '6-month' rule; most people misunderstand it. You don't have to hold the required funds for 6-months. The rule just states you have to provide a 6-month history of the account so that IRCC can see if any suspicious deposits were made during that time (I.e. proceeds from a potential loan you took out to meet the settlement funds, which isn't allowed). As long as you can show a legitimate reason (and the accompanying documentation as proof) for the transfer of that 25% into the account (i.e. transfer of funds from your own account to another), IRCC won't care that the amount wasn't there 5 months prior.

Q3) Can i create Fixed Deposits now (I have to submit eAPR in a month's time) and show it as PoF?
You can, again, as long as you provide documentation to show that the money that went into the Fixed Deposits came from a legitimate source, isn't encumbered, and is yours, free and clear, to use, for settlement.

Please see my responses in red below your questions.

 

[meetR0n]

Please see my responses in red below your questions.

What's the way to prove that the amount transferred from one account to another is mine only?

 

[crescent_jam]

What's the way to prove that the amount transferred from one account to another is mine only?

Um...maybe an affidavit from your parents declaring as much?

 

[Rk Gunner]

Hello All,

I have been reading a lots of comments in this thread regarding POF and the scenarios many of us are facing in particular the credit card thing. I am personally planning to submit my credit card information to CIC. I have little over US $2000 credit to pay and I have 13000 CAD with me right now on my bank. I will not be clearing all my credit any time soon. I don't know if CIC actually deduct 2k from 13k when monitoring the immediate cash. But he fact that I will continue making 60-70 dollars payment on my credit card in coming month, I am thinking it would not raise any concerns, right?

Also, I don't know if my credit card company provides me any letter. In that case can I just upload recent credit card statement?

Please advice.

 

[sabharishj]

Yes... Credit card statement along with LOE will do....

Hello All,

I have been reading a lots of comments in this thread regarding POF and the scenarios many of us are facing in particular the credit card thing. I am personally planning to submit my credit card information to CIC. I have little over US $2000 credit to pay and I have 13000 CAD with me right now on my bank. I will not be clearing all my credit any time soon. I don't know if CIC actually deduct 2k from 13k when monitoring the immediate cash. But he fact that I will continue making 60-70 dollars payment on my credit card in coming month, I am thinking it would not raise any concerns, right?

Also, I don't know if my credit card company provides me any letter. In that case can I just upload recent credit card statement?

Please advice.

 

[hamgha]

Hello All,

I have been reading a lots of comments in this thread regarding POF and the scenarios many of us are facing in particular the credit card thing. I am personally planning to submit my credit card information to CIC. I have little over US $2000 credit to pay and I have 13000 CAD with me right now on my bank. I will not be clearing all my credit any time soon. I don't know if CIC actually deduct 2k from 13k when monitoring the immediate cash. But he fact that I will continue making 60-70 dollars payment on my credit card in coming month, I am thinking it would not raise any concerns, right?

Also, I don't know if my credit card company provides me any letter. In that case can I just upload recent credit card statement?

Please advice.

They won't "subtract" it