Proof of Funds (Express Entry)

[rejozach]

Hi All,

While reading through different threads I see that a bank Fixed Deposit is a good PoF. My FD (under my spouse name) is more than 6 months old and will expire this Sept. I can ask the bank to renew this FD automatically, so that it remains with the same account number and other details.

I have two questions regarding PoF while submitting my application for the e-APR

1. Is FD under my spouse's name OK; or is it mandatory that it should be under the name of the primary applicant. My spouse and kids will be travelling with me to Canada. (The bank account is a joint account under me and my spouse name - either or survivor mode)
2. If I have FD slips + Six months of bank statement do I need still need a letter from the branch manager?

Thanks in advance for helping me. This forum has been very helpful while i was preparing for the express entry profile.

 

[FMT]

Hi All,

While reading through different threads I see that a bank Fixed Deposit is a good PoF. My FD (under my spouse name) is more than 6 months old and will expire this Sept. I can ask the bank to renew this FD automatically, so that it remains with the same account number and other details.

I have two questions regarding PoF while submitting my application for the e-APR

1. Is FD under my spouse's name OK; or is it mandatory that it should be under the name of the primary applicant. My spouse and kids will be travelling with me to Canada. (The bank account is a joint account under me and my spouse name - either or survivor mode)
2. If I have FD slips + Six months of bank statement do I need still need a letter from the branch manager?

Thanks in advance for helping me. This forum has been very helpful while i was preparing for the express entry profile.

1. If it's a joint account, it can be used. You just need to show that you have access to the money when needed.
2. Yes, u still need the letter from the bank with the relevant informations in it.

 

[rejozach]

1. If it's a joint account, it can be used. You just need to show that you have access to the money when needed.
2. Yes, u still need the letter from the bank with the relevant informations in it.

Thank you so much FMT for the quick reply. Do you have a template of the letter needed from the bank.

 

[shaheersinn]

Can I use my funds (POF) while my security is underway ?

 

[fmk8890]

Can I use my funds (POF) while my security is underway ?

You may however, if you can't restore your funds by the time you plan on landing in Canada, you will face issues.

 

[shawshank.kodi]

Hi. I am about to create a EE profile. The problem is in last 6 months, I received a huge amount of money back from a friend. And, this was not for immigration. I created a fd then with that money and this fd account is not 6 months old. So, I am going to receive Pof from my parents and will arrange gift deed for that. Will it cause any problem? Please advise me.

I am also under similar situation, just that i transferred the funds from one of my own account to another account and created FD out of it. was thinking of getting a gift deed from my parents. not sure if this works. Somebody who has gone through this might be able to help us!

 

[sam.devilz19]

Apologies in advance for hijacking the thread like this. I recently recieved an ITA for my PR application. Now the problem that I have is to show proof of funds. I might be wrong but from what I've read on forums and consulted from people who've been there - Is CIC is only concerned about the funds we show for the past 6 months from the day we apply (or the day we receive the ITA or maybe from the day we submit them our documents after getting the ITA)? Are they concerened about the funds prior to 6 months? Has there been any cases where they asked someone to show 1 year bank statements?

My brother took a personal loan a few years back to start his business. He invested half the loan amount he took in his business and put in the remainder amount of around 5 lakh in my savings accounts which was somewhere around 8 months back. The transaction shows it as a normal online fund transfer in my savings account. Now we're thinking of showing this as my POF since it's 8 months old and as my brother is about to be almost done paying his personal loan dept, perhaps it might take a year or so, for it to come to an end.

My question was, would such a money be raising any eyebrows of the visa officer? Would he require my bank statements of more than 6 months? Even if I provided is it going to cause any problem in my visa process?

Do they want the candidates to show the source of funds for those which are older than 6 months?

 

[FMT]

Apologies in advance for hijacking the thread like this. I recently recieved an ITA for my PR application. Now the problem that I have is to show proof of funds. I might be wrong but from what I've read on forums and consulted from people who've been there - Is CIC is only concerned about the funds we show for the past 6 months from the day we apply (or the day we receive the ITA or maybe from the day we submit them our documents after getting the ITA)? Are they concerened about the funds prior to 6 months? Has there been any cases where they asked someone to show 1 year bank statements?

My brother took a personal loan a few years back to start his business. He invested half the loan amount he took in his business and put in the remainder amount of around 5 lakh in my savings accounts which was somewhere around 8 months back. The transaction shows it as a normal online fund transfer in my savings account. Now we're thinking of showing this as my POF since it's 8 months old and as my brother is about to be almost done paying his personal loan dept, perhaps it might take a year or so, for it to come to an end.

My question was, would such a money be raising any eyebrows of the visa officer? Would he require my bank statements of more than 6 months? Even if I provided is it going to cause any problem in my visa process?

Do they want the candidates to show the source of funds for those which are older than 6 months?

No, it will not raise any eyebrow since the money is way pass 6 months in your account. The requirement is to show a bank statement for the pass 6 months.
So the money can be used as your POF.

 

[kanu]

So guys should I liquidate my Mutual Funds and LIC policy to add into my PoF?? They make a good part of my PoF. Please suggest.
as per getgcms.com blog it is accepted without liquidating.
https://www.getgcms.com/blog/proof-funds-requirement-express-entry/

 

[Eli31]

Guys, I requested Wells Fargo and all they provided me was a letter with their contact details, my home address, account number, the date on which account was opened, and current balance with a sign and name of a banker.

They did not provide me an average balance. I have already submitted my application with only this as my POF proof.

Will this be an issue? Do anyone know previous applicants who had this situation and PR was granted without any problems?

It will be much appreciated if someone can kindly help me with this.......

My Bank in Chile is the same, the don't have a format of six month average but current balance. I read in another thread that in this case you should prove statement of the last six motns (month by month)

 

[Eli31]

Hi, I would like to know whether a transfer made by my mother to my account (around 50% of the PoF required) can be used as such. I live in Chile and this figure of "gift deed" doesn't exist. Would be enough to explain this unusual movement only through LoE ? Should I support the transaction with another document, notarized affidavit for instance ? Do you think will be accepted by CIC ? thank you for the feedback you can provide me

 

[Ken_89]

Hi guys,
Since my bank gives me just the 60-day average balance I'm thinking about providing the last 6 months bank statements. My brother and one of my friends had borrowed money from me last year and I asked them to return it to me so that I could meet the minimum criteria for the POF. So there are 2 wire transfers worth of $3000 and $1000 in my bank statement. Is that something that could become troublesome? My final balance is 10500 US dollars.

 

[tanmaisneha]

Hi Guys,

My company would be paying me arnd 25k CAD once I resign from the current job, can I show it as POF for express entry.
I would surely get the letter from the company stating that and other documents from the bank stating no loan is pending.

Thanks in advance for the reply.

Tanmai

Any advice?

 

[sam3218]

Hi everyone. Sorry if this question has already been asked. I read that the proof of funds statement (bank statement) should show six months average balance. As of right now I have more than sufficient funds needed to settle but my problem is that if I average out the balance for the past six months, it will be less than the 12,500 CAD threshold as I recently started working like an year ago and it took time to accumulate all those monies. Although currently I have enough funds. Will that be a problem and if yes is there any solution?

 

[solid daddy]

hey guys! i mentioned in my profile that i have 16000 cad in my account. in fact i have got just a 1000. i plan to sell a couple of my things which would easily pay me upward of the sum that i mentioned in my profile. however, the question is, can this potentially turn against me as a case of fraud. if so, i need to immediately withdraw my application. any help would be highly appreciated. good luck to all.

P.S. reason i didnt kept the funds is that i dont want to sell my belongings without solid grounds