Proof of funds requirements - Explained

[sinpstudent]

I have no idea. I’m waiting for the appropriate reply from the past applicants before I apply.
Thank you

 

[Yogi19]

Hello everyone,

Is there anyone who showed "Mutual funds" as a proof of funds?
I don't have money in my bank account but I have it in my Mutual funds...
Please help me...

 

[Abikoottiyani]

Hello everyone,

Is there anyone who showed "Mutual funds" as a proof of funds?
I don't have money in my bank account but I have it in my Mutual funds...
Please help me...

Mutual funds are not a good way to show your proof of funds. The funds has to be liquid and should be available to you anytime. So a savings account or FD is preferred. In case of an FD you should provide a letter from the bank. Most of the mutual funds have lock in period and hence there are chances that the Visa officers might refuse your case. Better be safe than sorry.

 

[Abikoottiyani]

Hi Guys,

Regarding POF, i had money with a) few mutual funds b) lended to 3-4 friends.
Now i have made fixed deposit last week for the amount exceding total amount required as per CIC (redeemed all my mutual funds and also taken back most of my money which i gave to friends).
So question which i have in my mind is "Can i immediately show FD as pof or i need to wait?"

Well I took an FD right after I got my ITA. However the money was already there in my savings. So I guess you can go for it. However if the Visa officer ask you to submit further proof you will have explain the trail of money with documents.

 

[Yogi19]

Mutual funds are not a good way to show your proof of funds. The funds has to be liquid and should be available to you anytime. So a savings account or FD is preferred. In case of an FD you should provide a letter from the bank. Most of the mutual funds have lock in period and hence there are chances that the Visa officers might refuse your case. Better be safe than sorry.

Thanks for the information...I would do the same....Just one more question...Can i borrow money from family members and do FD in my bank account before the application?? Will be there any question by VISA officer that how did this much money came from??

 

[sandra ikladious]

hello dears . ive subbmitted my application on the 26th of october , received an ADR email by 26th of nuv . They asked me to send an updated bank statment from the 27th of july to the end of nov . The problem is the lawyer didnt tell me that the money must be placed 3 months prior to the application and must be maintained . so my dad placed them in my account by august then he withdrew them after my application is submitted . therefore no i don't have any money in my account . IS gift deed is an option or i can issure a bank certificate from a new bank and make a declaration that i withdrew the money to put them in a certificate form ?

 

[Abikoottiyani]

Thanks for the information...I would do the same....Just one more question...Can i borrow money from family members and do FD in my bank account before the application?? Will be there any question by VISA officer that how did this much money came from??

yes you can do that. However you don't want the visa officer to find out that it is borrowed money, in that case you file will be rejected. However if it is borrowed from your father, you can create a gift deed so that you can prove the money is all yours. Again when submitting bank statements any large cash transfers will be a red flag and they may or may not ask. But be prepared for it anyway.

 

[expr.entr.questions.2017]

Hello, my bank refuse to mention average balance since their system does not allow them to generate an "average balance". I am trying to convince them to indicate "average closing balance" instead of "average balance" and put there average of closing balances for the last 6 months( (June_Close + July_Close + ... + October_Close + November_Close) / 6 ). If they will refuse to mention that one too, what should I do? Request closing balances for the last 6 months separately and also transaction history for the last 6 months? Or only closing balances?

 

[Abikoottiyani]

Hello, my bank refuse to mention average balance since their system does not allow them to generate an "average balance". I am trying to convince them to indicate "average closing balance" instead of "average balance" and put there average of closing balances for the last 6 months( (June_Close + July_Close + ... + October_Close + November_Close) / 6 ). If they will refuse to mention that one too, what should I do? Request closing balances for the last 6 months separately and also transaction history for the last 6 months? Or only closing balances?

Well if you have necessary funds, you can convert those funds to an Fixed Deposit and submit the FD certificate as proof of fund. Also along with it you can submit your bank statements to prove the trail of money.

 

[expr.entr.questions.2017]

Than you for your response Abikoottiyani. It seems my bank is willing to give a reference letter with closing balances separately. I have also asked them to include a note in the letter saying about bank's inability to provide an average balance information. So I assume putting together bank statements for past 6 months and adding an explanation in LoE will resolve this issue.

 

[Confusewifey]

Hi Everyone! my husband applied for permanent residency, under provincial nominee. we undergone medical examination,last month. my question is, will cic will review his proof of funds before they make a final decision? i read here that because he was nominated by province, being employed would be enough even he dont have enough funds in his bank account. he actually had saved the enough amount in his bank account, but because of unexpected things happened before we had our medical, we used the money.

 

[ashwani_pant]

HI guys,
I will be making my first trip to Canada on 2nd March 2018.
Will it be okey if i carry 12300 CAD as POF with me in cash?

Thanks for your help in advance.
Ashwani

 

[Cell]

HI guys,
I will be making my first trip to Canada on 2nd March 2018.
Will it be okey if i carry 12300 CAD as POF with me in cash?

Thanks for your help in advance.
Ashwani

I don't know if there is an actual minimum to provide a Proof of Funds.

If you are just interested in if that money is ok or not for surviving in the beginning, that depends on a several factors, like:

- city/town where you are going to live
- if you have a friend where to stay in the beginning
- if you are crossing the border with family or alone
- if you have a prearranged job... if not, you need to consider if for you it's easy to find a job (based on your skills and education)

In any case, remember that if you bring money into Canada above $10,000 CAD, you need to declare that money at the customs.

 

[ashwani_pant]

I don't know if there is an actual minimum to provide a Proof of Funds.

If you are just interested in if that money is ok or not for surviving in the beginning, that depends on a several factors, like:

- city/town where you are going to live
- if you have a friend where to stay in the beginning
- if you are crossing the border with family or alone
- if you have a prearranged job... if not, you need to consider if for you it's easy to find a job (based on your skills and education)

In any case, remember that if you bring money into Canada above $10,000 CAD, you need to declare that money at the customs.

Thanks Mr. Cell
Actually 12300 cad is mentioned as minimum amount required as POF of one individual.
Your info was very helpful.

Ashwani

 

[pooja8242]

Hello
I am planning to show our fixed deposits for proof of funds.but my husband name is somewhat different in fds. Is it ok