Proof Of Funds

[jackdawn]

If the loans are secured (home/car) then it is fine it will not effect the POF clause. But if the immigration officer notices that u have taken a loan to fund the POF then it might create a problem

 

[TanakaM]

If the loans are secured (home/car) then it is fine it will not effect the POF clause. But if the immigration officer notices that u have taken a loan to fund the POF then it might create a problem

How about personal loans secured by terminal benefits?

 

[resu]

Hi,
Do I have to maintain the amount much before that I mentioned while creating the EE profile or just before accepting the ITA?

If it is to be maintained then how many months before i should maintain it?

 

[techLover]

Hi,

Me and my spouse have enough amount in our individual Bank accounts to show as POF. I am worried about the withdrawal transcations few days before for the purchase of land/plot approx 4500$ Canadian and some amount transfered approx. 3500$ Canadian to my spouse bank account.

Are these withdraws problem?

Best,

 

[jackdawn]

Hi,
Do I have to maintain the amount much before that I mentioned while creating the EE profile or just before accepting the ITA?

If it is to be maintained then how many months before i should maintain it?

You should have maintained the balance for 6 months in ur account. If u have investments in MF/Equities u can sell them later and show them as proceeds from sale. I believe EPF is also considered for POF

 

[jackdawn]

Hi,

Me and my spouse have enough amount in our individual Bank accounts to show as POF. I am worried about the withdrawal transcations few days before for the purchase of land/plot approx 4500$ Canadian and some amount transfered approx. 3500$ Canadian to my spouse bank account.

Are these withdraws problem?

Best,

As long as ur average balance is matching the required POF i dont think the withdrawals should be a problem

 

[jackdawn]

How about personal loans secured by terminal benefits?

If they are backed by terminal benefits, i believe ul have to repay completely at the time of leaving the organization. Hence ur relieving. More over if loan is from the organization it will show in ur pay stubs not in bank statement, right??

 

[TanakaM]

If they are backed by terminal benefits, i believe ul have to repay completely at the time of leaving the organization. Hence ur relieving. More over if loan is from the organization it will show in ur pay stubs not in bank statement, right??

Well i guess it depend on the country you are in. In my home county, it wont show on your pay slips, the company you work for writes a letter to the bank confirming that if you leave they will pay off the loan using your terminal benefits and that your salary will be paid to that bank for the duration of the loan.

 

[Stanlee]

Hey Stanlee,

Would like to check on this - We will provide the reference of my spouse's bank account for POF along with FD receipt. As such FD is good enough to prove the POF requirement as per the latest POF requirement from CIC. In her bank account, she has proceeds from share purchase/sale, mutual funds installments, salary credit, other allowance credits, credit card payment etc. No home loan emis are paid from this account.

I have my own saving bank account and home loan EMIs are paid from my account.

Do we need to disclose my account and home loan?

Thank you in advance.

You can submit your spouse's bank balance certificate along with FD receipt. If the balance certificate does not have the information required by CIC, then in addition to the FD receipt, you can submit 6 months bank statements signed and stamped by the bank. As a rule of thumb, ensure that you explain any credits of CAD 1,000 or more into the account, so that it is clear to CIC that these are not loan or borrowed funds.

If the above account has enough funds, then there is no need to show your bank account and home loan details. If you are the main applicant, and you are showing your spouse's funds as POF, then get a signed self declaration from your spouse stating that she is a co-applicant in your PR application and the funds so held in her account are to be used for migration and settlement purposes and she has no objection for the same.

 

[Stanlee]

Hi everyone.

I have just enough funds in my primary bank account that are required to produce the proof of funds in few months time. I need to take a loan of relatively small amount from another bank (less than 10% of what I have in my account and it would be repayable in 12 months) to settle some of my upcoming expenses (since I cannot take out amount of my principle bank account otherwise the available funds will go down).

My question is, would any on-going bank loans of smaller amount affect my proof of funds requirement? Does CIC check all bank accounts and loans for all candidates/on sample basis or is it fine and can I go ahead with getting the loan?

By the time I produce my bank statement in response to ITA, I would have paid about quarter my loan. I have my IELTS and WES ready, and have created EE profile but have not submitted because of this confusion. I have score in 460s so I hope to get invited in the next draw after I create my profile (fingers crossed).

Appreciate your response and if anyone else has been in a similar situation, please do share your experience. I know credit cards are fine but what about small loans? This is the only thing I need clarified before I proceed with my EE submission.

Loan entries in the account are going to be a concern unless and until you can prove that the settlement funds have been in the account long before you availed the loan and it has been untouched the entire period. Also you need to prove that the loan repayment(s) will not affect the settlement funds which you have set aside.

 

[madhouseontheshore]

Loan entries in the account are going to be a concern unless and until you can prove that the settlement funds have been in the account long before you availed the loan and it has been untouched the entire period. Also you need to prove that the loan repayment(s) will not affect the settlement funds which you have set aside.

Thanks for responding.

 

[corolla110]

Hi all,
Quick question. If I sell my car to show POF, what documents should I upload to CIC?
Anyone done this before?

Thanks in advance !

 

[Stanlee]

Hi all,
Quick question. If I sell my car to show POF, what documents should I upload to CIC?
Anyone done this before?

Thanks in advance !

Proof of sale and details of credit in your bank account. You can explain the same in an LOE.

 

[CAN119079]

Hi All,

HELP REQUIRED.........

I am in confusion regarding Proof of Fund.There are following channel I can utilize to show proof of Fund but need an expert advice if this is acceptable.

1. I will be taking money from my mother and covert that into 1 Year FD after getting fund into mine account. Will this be acceptable after getting a Gift Deed from my mother?

2. I am having an existing 5 Year FD in SBI account which I will be showing as Proof Of Fund. In same Bank, I am having Home Loan so do I have to show the Home Loan detail as well? and Will it create any negative impact on my profile since I am having liability from Bank?

3. I am planning to show Employee Provident Fund as Proof of Fund. Will it be acceptable? If yes, what all document, I need to show for this?

4. Lastly, If instead of EPF, I will take fund from another source and convert it into 1 Year FD, will it be acceptable with out any issues?

 

[trikings2000]

Please I require a detailed response and most safest option concerning my POF.

I currently own a current and savings account with GT bank. The current account has been my salary account for about 6 months (savings was previously the salary account). Additionally, I got a loan of about 5mil from GT bank in december which was paid into my current account. Monthly and yearly deductions occur on this account to settle the bank loan taken.

With this is in view what account can I tender as my POF?

I have the option of paying off the balance of the loan (3.75mil) before presenting this as my POF. The problem with this is that i will need about 8million to clear off the loan and have sufficient funds to present as my POF. Can this suffice? Even after clearing the loan as my account will show that a loan was just cleared recently?

Another option will be to use my wife's account (savings). The challenge is that there has been no sufficient flow of funds in her account as she has not been working in the Last 6 months. Her mum though intend to transfer some sum into her account as a gift. Can her savings account in this instance be used for POF?

Based on the circumstance described above please kindly advice on the safest and most viable option.

Humbly Awaiting your responses. Thanks