Proof of funds URGENT QUERY

[johnmunch]

Hi, everyone

I have two questions:

1) I will be getting a gift for settlement funds AFTER receiving the ITA. Will the fact I didn't have the money at the time of entering the pool constitute grounds for rejection? Should I decline my ITA?

2) can someone point to a detailed walkthrough of what documents are needed for someone who is receiving a gift to prove funds?

Thank you

 

[Stanlee]

Hi, everyone

I have two questions:

1) I will be getting a gift for settlement funds AFTER receiving the ITA. Will the fact I didn't have the money at the time of entering the pool constitute grounds for rejection? Should I decline my ITA?

2) can someone point to a detailed walkthrough of what documents are needed for someone who is receiving a gift to prove funds?

Thank you

1. No
2. Gift deed, proof of transfer, letter from bank and/or six months bank statements

 

[johnmunch]

1. No
2. Gift deed, proof of transfer, letter from bank and/or six months bank statements

Thank you. A specific foreign currency account in a bank other than my regular bank will be created for the purposes of migration. Do I need to provide statements/bank letter from both banks or just the one that has the settlement funds?

 

[DelPiero07]

The one where you meet the minimum funds is sufficient.

 

[johnmunch]

Ok thank you both.

But since one needs to have the official documents (proofs) for eca, ielts, to have at least 1 year of work experience, etc PRIOR to entering the pool of applicants, wouldn't the same condition apply to the proof of funds? Isn't it a prerequisite to submitting express entry and not only for the post-ITA stage? I'm just worried my application will be declined for misrepresentation regarding funds...

 

[Stanlee]

Ok thank you both.

But since one needs to have the official documents (proofs) for eca, ielts, to have at least 1 year of work experience, etc PRIOR to entering the pool of applicants, wouldn't the same condition apply to the proof of funds? Isn't it a prerequisite to submitting express entry and not only for the post-ITA stage? I'm just worried my application will be declined for misrepresentation regarding funds...

POF needs to be submitted only once you get ITA and submit eAPR.

 

[johnmunch]

POF needs to be submitted only once you get ITA and submit eAPR.

Yes I know that. However my question remains valid, for submitting the express entry profile no document is submitted but the applicant has to already have proof for the claims he is making and that grant him CRS points. The same should apply to funds (ie. the applicant is already in possession of the settlement funds even though he doesn't have the paperwork yet) doesn't it?

 

[Stanlee]

Yes I know that. However my question remains valid, for submitting the express entry profile no document is submitted but the applicant has to already have proof for the claims he is making and that grant him CRS points. The same should apply to funds (ie. the applicant is already in possession of the settlement funds even though he doesn't have the paperwork yet) doesn't it?

Ideally yes, the applicant should have had the funds at least for 6 months, but there is no such strict rule. Whenever you submit eAPR, as long as you can prove the money belongs to you and originated from a source other than a loan, you are good to go.

 

[johnmunch]

The one where you meet the minimum funds is sufficient.

This is what CIC asks for:
Document requirements

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
Other documents may also be requested, as necessary.

It means if we have 3 accounts, regardless of how many hold the settlement fun either alone or combined, we need to provide details for each, correct?

 

[jackdawn]

If ur funds are divided in multiple accounts. U cn either transfer them in one account and show backed by a LOE for the transfered amounts or can show multiple accounts which amount to required POF

 

[DelPiero07]

This is what CIC asks for:
Document requirements

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
Other documents may also be requested, as necessary.

It means if we have 3 accounts, regardless of how many hold the settlement fun either alone or combined, we need to provide details for each, correct?

The reality is that they only care about the account for which you have the settlement funds.

You are free to provide information on more accounts but it is not necessary.

 

[johnmunch]

Thank you for that. Greatly appreciate your help.