Proof of Funds - Express Entry

[Indeng]

I am from the Philippines and planning to apply for express entry. My problem is about proof of funds. I am planning to open a Canadian dollar account and will deposit 12000 CAD. Will this affect my application since the requirement from the bank includes the information about the average balance in the past six months.?

 

[sunichak]

Yes it can... Unless you provide a proof of those 12000 CAD. Is that your money? If yes, since how long you have it? Where was it previously?
If you don't have that money till now, then who gave it? Is it from your family member? If yes, Can you get a letter from that person with wet signature that it is gifted to you and they are not expecting it back?

 

[kristelgen]

I have a quick query. I'm currently in the EE POOL and I applied for NSNP last September. I currently have a required amount 12,000 CAD on my old bank since December 2014. Now, I'm planning to open a new one on the bank near my home and transfer some of the amount. Do you think this will be a problem and subject to rejection by CIC provided that I can give a bank statement from old and new bank anytime? Thanks!!

 

[sunichak]

That should not be a problem. Even i have two bank accounts with similar issue. I think when you provide letter and 6 month bank statement of new one, it shows the old bank account number in your transaction. If they ask you can provide your old account letter and statement.

 

[Indeng]

Yes it can... Unless you provide a proof of those 12000 CAD. Is that your money? If yes, since how long you have it? Where was it previously?
If you don't have that money till now, then who gave it? Is it from your family member? If yes, Can you get a letter from that person with wet signature that it is gifted to you and they are not expecting it back?

It will be coming from my sister, she will transfer funds into my account through bank. In this case, should I ask her a letter that it is a gift?

 

[swaroopmn]

You need not open an account with Canadian currency.

You can keep it in your local currency but it should be equivalent to what ever the required amount.

you need to get the letter and this is mandatory even though they are your blood relation.

All the Best

 

[Indeng]

You need not open an account with Canadian currency.

You can keep it in your local currency but it should be equivalent to what ever the required amount.

you need to get the letter and this is mandatory even though they are your blood relation.

All the Best

I am planning to open a in Canadian currency since the money will be coming from Canada, so that it will not be converted to Peso.. Is that fine?
Thank you

 

[adeelcis]

Hello,

I have one question. I dont have enough money in my individual account to show as POF. I have one joint account with my father which contains FD of amount CAD 15,000. Can i show it as my POF with affadavit and gift deed from my father?

 

[Asivad Anac]

Hello,

I have one question. I dont have enough money in my individual account to show as POF. I have one joint account with my father which contains FD of amount CAD 15,000. Can i show it as my POF with affadavit and gift deed from my father?

Yes.

You don't need the gift deed in this case as you are joint owner of the account. You only need a signed self-declaration from your father that they have no reservations against you utilizing these funds towards your POF.

 

[adeelcis]

Yes.

You don't need the gift deed in this case as you are joint owner of the account. You only need a signed self-declaration from your father that they have no reservations against you utilizing these funds towards your POF.

Thanks