Proof of Funds ?

[rafzy]

Asivad Bro and All Guys of this Forum .... URGENT HELP/GUIDANCE NEEDED !

I am in dilemma over the ways to prove Proof of funds. I can prove these funds in either of two ways;

1. I have an bank account on my own name and my father is prepared to submit cash of about 35000 CN$ in my account from his own account directly for the purpose of immigration application. My question is that, how can i prove to VO that this money in my account is a gift for my father and not a debt from him i.e. i don't have to return this money to him even after i get selected.

2. I have fixed bank deposits of about 40000 CN$ on my name and my father's name in a joint account from last 4 years. Is it in any way possible for me to use those funds as my proof of funds? If YES, how can i prove to VO that these deposits are accessible to me anytime i want and that my father is a joint person named in this account just in-case, he wants to draw some money when i am away or out of country ?

3. Any other ways for me to prove my source and level of funds ?

Waiting for your urgent reply.

Thanks

 

[rafzy]

anyone......guys ?

 

[Asivad Anac]

Recommend that you showcase the joint account because that requires lesser explanations compared to the other options.

Submit a bank certificate/statement in the format as required by CIC along with a signed self-declaration from your father (because he holds the account jointly with you) explicitly stating that he has no reservations against you using the monies available in that account towards your settlement funds and POF purposes. That would suffice.

All the best!

 

[rainman400]

I think that a joint account doesnt work as POF as 2 people have joint custody of the funds. If your father is applying as well on the same application then it would, but otherwise not so much.

About your father gifting you the money, you could submit a letter of explanation from your father with the transaction details stating that he is gifting you the money and will not ask for its return, and then get that letter notarized. That said, there is still a possibility of rejection as it depends on the officer.

So, as I see it there are 2 options; transfer the money now and apply after the money has been lying in an account with your name alone for 6 months, or take the risk with the above mentioned procedure and hope for the best.

 

[rafzy]

Thanks Asivad Bro for your quick response

I have one more follow-up question... My father also has an account just in his name with a balance of more than 130,000 CN$.

As suggested by my father, that he can provide me with a declaration form/paper that 30000 CN$ from this account can be used by me for the purpose of immigration application and he will have no problem with it.

Is it possible i can also use this as a proof or should i go with the joint bank account statement thing as suggested by you earlier ?

 

[rainman400]

Recommend that you showcase the joint account because that requires lesser explanations compared to the other options.

Submit a bank certificate/statement in the format as required by CIC along with a signed self-declaration from your father (because he holds the account jointly with you) explicitly stating that he has no reservations against you using the monies available in that account towards your settlement funds and POF purposes. That would suffice.

All the best!

or that xD. Although I think a lot depends on the officer at this point, i have an inkling that an officer could pretty easily not be convinced with that much.

And I would say definitely the joint account scenario, it has to be in your name.

 

[Asivad Anac]

Thanks Asivad Bro for your quick response

I have one more follow-up question... My father also has an account just in his name with a balance of more than 130,000 CN$.

As suggested by my father, that he can provide me with a declaration form/paper that 30000 CN$ from this account can be used by me for the purpose of immigration application and he will have no problem with it.

Is it possible i can also use this as a proof or should i go with the joint bank account statement thing as suggested by you earlier ?

Don't push your luck. POF is as critical as other areas of your application and you can't afford to slip there. It is not just about the funds available with you - personally I have had enough assets to showcase 10x times the POF, just that not all of it is collecting savings deposit interest in a bank account - but what is most important is to prove conclusively that you have unfettered access to the required funds and that they are unencumbered.

In fact, the best option would be to try and convert the joint account into a singly held account by you alone. Given that the monies have been there for years, you wouldn't have to worry about proving that the funds aren't borrowed AND the bank certificate/letter shows you as the sole owner of the account. The bank certificate/letter will most probably not show that it was converted from a joint account to a single account and you're good to go.

 

[affan_123]

Thanks Asivad Bro for your quick response

I have one more follow-up question... My father also has an account just in his name with a balance of more than 130,000 CN$.

As suggested by my father, that he can provide me with a declaration form/paper that 30000 CN$ from this account can be used by me for the purpose of immigration application and he will have no problem with it.

Is it possible i can also use this as a proof or should i go with the joint bank account statement thing as suggested by you earlier ?

Dear, your score justify that you will receive an ita in the next draw? If yes then second option seems better. But my opinion is your first option will be better and safe for you if it remains unchange for next six months. People do not agree with me on having six months balance statement but my own research says to keep your bank account full to meet minimum threshold for minimum of six months. Your average monthly balance will automatically justify your account balance. As I always say the old and healthy your account is the more chances to clear pof step after ita.

 

[sujeetraja]

Hello,

Is is really necessary that the POF has to be in the name of the primary applicant. My wife is the primary applicant and we have a fixed deposit in my name. Would that be fine.


Regards,
Sujeet Raja

 

[varinder kaur]

Hey guys
I have one question do we need funds to show in account even after getting pnp. M not clear about that bcoz website says unless u have valid job offer.....
Anyone who can help to clear it?

 

[se7en]

Hey guys
I have one question do we need funds to show in account even after getting pnp. M not clear about that bcoz website says unless u have valid job offer.....
Anyone who can help to clear it?

Actually CIC has shown no transparency for PNP candidates. You have already seen the PoF page where CIC says that unless you have valid job offer (LMIA supported) or being invited under CEC, you have to show PoF. So it leaves PNP candidates in dark and no providing PoF would be a risk.
Earlier today I was looking at the PNP checklist for paper based application where I couldn't see the requirement of PoF, which is a good thing. But still it needs to be confirmed with CIC.
I have my ITA under PNP while myself and my spouse are both in Canada at present on work permits and we both are doing full time jobs and we both have funds good enough for PoF but I am feeling a bit uncomfortable as I have seen a few good folks here have been very unfortunate and slipped because of PoF. But in the end we have no choice.

 

[varinder kaur]

Thnx for ur response. But how much? Based on cec or wht?

 

[Phil89]

Actually CIC has shown no transparency for PNP candidates. You have already seen the PoF page where CIC says that unless you have valid job offer (LMIA supported) or being invited under CEC, you have to show PoF. So it leaves PNP candidates in dark and no providing PoF would be a risk.
Earlier today I was looking at the PNP checklist for paper based application where I couldn't see the requirement of PoF, which is a good thing. But still it needs to be confirmed with CIC.
I have my ITA under PNP while myself and my spouse are both in Canada at present on work permits and we both are doing full time jobs and we both have funds good enough for PoF but I am feeling a bit uncomfortable as I have seen a few good folks here have been very unfortunate and slipped because of PoF. But in the end we have no choice.

Read this
http://www.cic.gc.ca/english/resources/tools/perm/express/pnp.asp

 

[Asivad Anac]

Hello,

Is is really necessary that the POF has to be in the name of the primary applicant. My wife is the primary applicant and we have a fixed deposit in my name. Would that be fine.


Regards,
Sujeet Raja

Two opinions on this.

Personally I think POF has to be in the PA's name as CIC explicitly asks for that.

Others are of the opinion that Spouse funds can be showcased and some provinces allows you to do that as well. At the same time, some provinces allow you to showcase jewelry valuations as well which CIC doesn't allow as POF.

Your call.

 

[se7en]

Read this
http://www.cic.gc.ca/english/resources/tools/perm/express/pnp.asp

Interesting.
It says at time of APR, PNP Express Entry applicants must demonstrate that they meet the PNP program requirements and, for A11.2 assessment that they meet the program requirements of one federal immigration program (FSWP or CEC or FSTP).

Evaluating PNP applicants on A11.2
It is possible that a candidate may appear to meet the program requirements of more than one federal immigration program. When this occurs, the processing office must only determine that the applicant meets oneof the federal programs for which they have been tagged. Once the applicant is determined to have met one of the federal immigration programs there is no need for further assessment of the others.
Processing offices should assess PNP applicants for federal programs in the following order:
CEC
FSTP
FSWP

Should the applicant fail to meet the first program considered, the processing office should consider the other programs to which the applicant has been tagged in turn until the applicant either meets one program or all possible tagged programs have been considered.

If it is determined that the applicant does not meet any of the tagged federal immigration programs, the application should be refused on A11.2. Misrepresentation should also be considered, as appropriate.

With that being said, I am not required to provide PoF as before ITA my profile was eligible only for CEC. So I am totally out of PoF game.

Phil89 thank you very very much for sharing this. I would not have spoiled my weekend if I knew this.