Proof of Funds (Express Entry)

[Sunapollo]

Hello Guys,

I have my savings account, PPF and Demat account in one bank. Savings account has enough money, do I need to show my Demat account ( shares and mutual funds) or PPF ?

Or only savings would be enough as PPF and equity is not as liquid as cash?

Hi guys can anyone help ?

 

[sadiyarehman]

Well, prepare a consolidated statement of fund showing available funds for both of accounts (Average Balance of CAD X in Account A owned by you) and (Average Balance of CAD Y in Account B owned by spouse).

--- Sorry cannot attach an excel sheet here-----

Thanks for your response! Appreciated!!

 

[pizzacat]

hi @pizzacat were you able to find the answer to this? I'm in the same situation. How do we fill out the personal net worth if asset-liabilities = net worth

Hello im not sure if i did correctly. I filled out the assets and liabilities but the personal net worth is a little below 15k but the bank cert i have is 20k. The required fund per cic is 15531 (for 2 people) so my proof of fund should be ok. But i dont know about the personal net worth total if ok or they evaluate it like that.

Hope someone can share their experience especially for new brunswick application

 

[sysadmin141]

OMG! I just realized that the bank letter I was issued by my bankers had no branch contact information (address, phones, email) although it was printed on letterhead with all other necessary details in specified format. Am I looking at rejection or ADR for this? Can anyone help with an idea please?
AOR 22 June.

 

[afrotimy]

Hi Guys,

I was preparing my Letter of explanation and just wanted to know if the letter given below is sufficient :

MY NAME

Express Entry profile : EXXXXXXXX


19/10/2017

Sharjah, UAE


The Visa Officer,

Immigration, Refugees and Citizenship Canada (IRCC)

Government Of Canada


Sir,

Sub : Letter of Explanation on Proof of Fund

As per the requirements of IRCC, I have a cash balance of amount 17,248 CAD in my Savings Bank Account Number : XXXXXXX with XXXXXX bank, since 19-Oct-2017. These funds are fully free of any liens, debts or encumbrances and are available for immediate transfer as a means of settlement funds to Canada.

My father, fATHERS NAME resident of FATHERS ADDRESS, gifted me Rs.9,00,000/- (equivalent to CAD 17,248/-) through Cheque No.XXXXXX, dated on 19-Oct-2017, drawn on Bank XXXXXX, to my account. This gift was made out of his personal savings held in his savings account, A/c No : XXXXXX with XXXXXXXX and it was transfered to my account on 19-Oct-2017. My Father made the gift purely out of his love and affection towards me. He doesnt expect this money to be paid back since he considers this as my family share and i am entitled to use the fund as per my wish. To substantiate this I have atatched a Gift Deed and personnel affidavit from my father along with my Bank Letter.


Since, I am a Non-Resident Indian, and was not holding any other savings account in India to which my father could make the gift deed transfer within India, I opened a new savings account (A/c no : XXXXXXX) with XXXXXXXXX on 12-Oct-2017.


Furthermore, I also hold a salary current account (A/c No : XXXXXXXX) with Emirates NBD, Sharjah City Centre Branch, UAE. This account was opened for the purpose of salary transfer and has been active since dd-mm-yyyy. Emirates NBD doesnt issue the detials requested by IRCC in one single bank letter. Hence i have arranged three different letters from the bank to substantiate the details required by IRCC.


I would be greatly thankful, if my above said explanation is considered while my application undergoes background check.

Yours Thankfully,


MY NAME

Express Entry profile :EXXXXXXXX

Hi.

Did you get a reply yet?

 

[dilipb]

I am maintaining funds in my savings account. Initially, I wanted to be the primary applicant, since my NOC is removed I want to make my wife as the Primary and myself as secondary.

i) Do I need to convert my savings to joint account?
ii) or is there any way to get some self-declaration kind of statement that she has access to the funds in my account
iii) I read that we need to get a statement that there are no debts and credit card statement on the account.
It's just a saving account and there is no loan/ credit card linked to that account.
In this case what kind of statement do I need to get?
iv) Also, I have few other savings accounts and credit cards, do I need to get a statement of the accounts/ cards even though I am not showing them for POF?

Any help is much appreciated.
Thanks.

 

[keeratsingh]

Hi guys can anyone help ?

If you have enough in savings account no need to show the rest two.
Good luck...

 

[vishal singla]

i got my ITA
post office funds also show ??? only bank

 

[akuma1]

Can i attach bank statements for 6 months? My bank(capital one 360) does not provide the certificate. Also, Can i provide statements of my brokerage account? Its liquid funds and well above the required min.

Hi Lakers17,

Did you get the PR? what Proof of Funds did you give , I also have capital one , how did you show the credi cards and other loans on your profile

 

[Jaywalker]

For POF - I am submitting a letter from my Bank which shows the account balance of 25,000 CAD as of date with the average 6 monthly balance of 20,000 CAD. This is for 2 applicants and as per CIC the POF requirement is 15,531 CAD. Request you to please advice if this is good to be submitted?

 

[bimale4bipeople]

For POF - I am submitting a letter from my Bank which shows the account balance of 25,000 CAD as of date with the average 6 monthly balance of 20,000 CAD. This is for 2 applicants and as per CIC the POF requirement is 15,531 CAD. Request you to please advice if this is good to be submitted?

Should be fine imho.

Although it is not mandatory, but you can include your 6 months bank statement along as well.

 

[Jaywalker]

Should be fine imho.

Although it is not mandatory, but you can include your 6 months bank statement along as well.

Do you think it adds any value if I add a similar letter from e-trade as well in addition to one from the bank? e-trade is for holding RSU from my company- I have a decent amount in that. Or it does not matter as long as you are above the threshold?

 

[bimale4bipeople]

Do you think it adds any value if I add a similar letter from e-trade as well in addition to one from the bank? e-trade is for holding RSU from my company- I have a decent amount in that. Or it does not matter as long as you are above the threshold?

I don't think you need to go overboard

 

[Reddevil_ps18]

Hello Everyone,

So I have a proof of funds question. I am an Indian national and US Resident. In total I have about 5x the amount needed for one applicant spread over multiple accounts. The problem is that 2 of them are investment accounts and 2 of them are 401k (Retirement funds)

Attached in proof of funds section -

Investment Account 1 - Partial Letter and statements for 6 months - ~6k USD
Investment Account 2 - No letter - email proof of refusal to provide a letter and statements for 9 months - ~ 12k USD
401k Account 1 - Email verification of funds and account number and statements for 9 months ~ 14k USD
401k Account 2 - Statements for 9 months ~ 30k USD

One of my investment accounts gave me a partially compliant letter (6k US) and on the letter they mention that online statements are official documents. The second investment account outright refused. The first retirement account sent me an email with verification of account and funds.

I applied with the letter and two emails and 6 months/9 months statements from all accounts and wrote a big note in my explanation about all this. I was worried that moving my investment funds this close to application date would cause a problem and deciceded to just do it.

Do y'all think this will be a problem? I can move my funds into a saving account and get a compliant letter right now and then raise a CSE IFF that would work out better for me.

AOR was on 18 July.

Thoughts?

 

[Aman6591]

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.

Hi did you problem get solved? I have a similar situation. Can you tell me what did your brother end up doing?