Proof of Funds (Express Entry)

[sswas]

I'm not sure I know what you mean when you ask 'What should I do?'...

IRCC clearly states that all outstanding loans and debts should be included in your letter from your financial institution. So you need to ask your bank to include information about your outstanding loan balance in the letter.

Thanks for your response. However, it needs to be in the same letter as the average balance letter or a separate letter?

 

[hamgha]

Hi all,

I have more than 14000 CAD in my account stagnant for more than a year now and bigger amount above this balance have been deposited and withdrawn but the balance amount has never reduced below 14000 CAD.

Would i need to show my salary in my job reference letter or provide an LOE to CIC for the big incoming and outgoing amounts?

yes you are required. salary is in the proof of employment part irrelevant of the bank account

 

[sswas]

Can I have an FD made 2 weeks before submitting my documents? also, do we need to explain where the money has come from to make the FD?

 

[Roshan]

yes you are required. salary is in the proof of employment part irrelevant of the bank account

Oh ok.

 

[crescent_jam]

Thanks for your response. However, it needs to be in the same letter as the average balance letter or a separate letter?

Preferably in the same letter, but it can be a separate letter. The only reason to do a separate letter though is if your bank is being difficult about providing you with a letter according to IRCC's specifications. The less documents you give to IRCC, the less they'll have to comb through, verify and consider.

 

[sswas]

Preferably in the same letter, but it can be a separate letter. The only reason to do a separate letter though is if your bank is being difficult about providing you with a letter according to IRCC's specifications. The less documents you give to IRCC, the less they'll have to comb through, verify and consider.

Instead can I make an FD with that money and skip this hassle?

 

[Rk Gunner]

Hi all,

I have more than 14000 CAD in my account stagnant for more than a year now and bigger amount above this balance have been deposited and withdrawn but the balance amount has never reduced below 14000 CAD.

Would i need to show my salary in my job reference letter or provide an LOE to CIC for the big incoming and outgoing amounts?

As far as the job reference letter is concerned it should include your salary as per the requirement of cic.

And as far as I know , you have the minimum amount for more than six months I think you should be fine if you just provide the letter from the bank.

 

[crescent_jam]

Instead can I make an FD with that money and skip this hassle?

I'm not familiar enough with FDs. Someone else would need to advise you on this.

 

[Mj1122]

Hello Everyone,

We opened a profile for EE, my wife is the mian applicant and our current score is 417, soon to be 425 when my educational assesment is done.

However, my father in law wants to give his daghter (my wife) an amount of money as a gift to support her to apply for EE, so this is not a loan, it's a gift.
How can we proof that it's a gift?
I heard about something called deed of gift, is there an exact form for it? I tried to look for it but there were too many options!
And should this deed of gift be notarized? (We live in Canada and her father also lives here)
In case, we get an ITA within 6 months, the average amount of money in our bank account is going to be less than the requiered amount. Should that be fine as long we have the deed of gift?

Thank you!

 

[crescent_jam]

Hello Everyone,

We opened a profile for EE, my wife is the mian applicant and our current score is 417, soon to be 425 when my educational assesment is done.

However, my father in law wants to give his daghter (my wife) an amount of money as a gift to support her to apply for EE, so this is not a loan, it's a gift.
How can we proof that it's a gift?
I heard about something called deed of gift, is there an exact form for it? I tried to look for it but there were too many options!
And should this deed of gift be notarized? (We live in Canada and her father also lives here)
In case, we get an ITA within 6 months, the average amount of money in our bank account is going to be less than the requiered amount. Should that be fine as long we have the deed of gift?

Thank you!

I don't know how legitimate this site is *warning*, but it claims to allow you to generate a Canadian Gift Deed: https://www.legalcontracts.com/contracts/gift-deed/?loc=CA
You might want to do other google searches for templates though, just in case. But yes, I believe a Gift Deed needs to be notarized (or at least executed properly according to the rules of your particular country).

As to your second question, most people tend to misunderstand the ‘6-month’ rule. You do not have to have the required settlement funds for 6 months prior to submitting your application and not touch it, or have your 6-month average meet the threshold. You only have to have the required funds at the time of submission of your eAPR (and again when you 'land', if you get PR).

The ‘6-month’ rule only states that you have to provide a 6-month history of your accounts, not so that IRCC can verify you’ve held the funds for 6 months, but so that IRCC can review your history for any suspicious deposits that could potentially be borrowed funds or proceeds from a loan that you’re trying to pass off as your own unencumbered funds (which you obviously aren't supposed to do).

So, as long as you provide documentation to show that any ‘irregular, large’ deposits are legitimate and are yours, free and clear, to use for settlement (e.g. showing the Gift Deed from your father-in-law), it doesn’t really matter what your average 6-month balance was, or when you finally get to the ‘required threshold’ as long as it’s at the time of eAPR submission

 

[issac1990]

Hi guys,

Really stuck up with my application for EE at the moment. I have arranged all my documents except for POF fund. My father ll gift me 15500$ as gift deed. but the problem is, i only have a NRi aacount in India to which u cant receive money from india. So i opened a NRO account which permits me to receive money from abroad and from india. This account is only one week old. Can that be a reason for rejection, if i Make a gift deed from my father to NRO account which is just one week old? Seniors pls help...

Thanks in advance.

 

[Rk Gunner]

Hi guys,

Really stuck up with my application for EE at the moment. I have arranged all my documents except for POF fund. My father ll gift me 15500$ as gift deed. but the problem is, i only have a NRi aacount in India to which u cant receive money from india. So i opened a NRO account which permits me to receive money from abroad and from india. This account is only one week old. Can that be a reason for rejection, if i Make a gift deed from my father to NRO account which is just one week old? Seniors pls help...

Thanks in advance.

As far as I know, you should be fine as long as you do the gift deed well and show the amount debited from your dad's account and credited into yours.

 

[sswas]

Preferably in the same letter, but it can be a separate letter. The only reason to do a separate letter though is if your bank is being difficult about providing you with a letter according to IRCC's specifications. The less documents you give to IRCC, the less they'll have to comb through, verify and consider.

I have a personal will that be an issue? and should I mention this in my balance certificate?

 

[crescent_jam]

I have a personal will that be an issue? and should I mention this in my balance certificate?

"You have a personal"...personal what? A balance certificate isn't an official letter. It has many of the elements IRCC requests in the letter from the bank, but not all. If all you have is a balance certificate, you're going to need to provide additional documents to supplement the information not highlighted in the Balance Certificate. But the official letter as outlined by IRCC is the preferred and proper documentation.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
For proof, you must get official letters from any banks or financial institutions where you are keeping money.
Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

 

[issac1990]

hI ALL,
I am in a dilemma whether to decline my ITA on 73rd draw or to go ahead with the application. Can some one please throw some light on below said situations :

1) My Degree completion date i gave as the same one in my degree certificate( may-2013). But the certificate was issued one year after my provisional/course completion certificate(july-2012). Meantime i joined for my master degree in aug-2012 for which i have my semester exam sheet. When i filled my ee profile i gave the date as may-2013 which is the same in ECA and they gave me a master equivalency. But now i started filing the e-apr, i found that i need to give my address history and work history, which might coincide with these dates. Will that be problem?

2) I gave my working hours as 60 / week in my EE profile. But the work reference letter i received my company shows only 45 hrs /week. hey excluded my overtime.

3) I have given work history for my wife in my EE profile. but if i gave the same in e_apr they are asking for her work reference letters which are hard to arrange. All we have is her work experience certificates.

Help will be greatly appreciated