Proof Of Funds

[Mustang166]

Hi,

Query 1)

In order to provide POF (3 members), we are around 6000 Canadian $ short.

My wife being the Primary Applicant (PA) , Is the following solution feasible?

Show multiple account statements of a joint account (me and my spouse) AND my spouse's own salary account. (i.e show them more than one account statements of different bank accounts).

Query 2)

POF should be around 17093 CAD. Do we need to maintain these funds for a period of 6 months prior to the Express entry application? If not so, can we have some cash deposited in our accounts later on just before submitting our documents?

For example, if we submit our documents on 1 November 2018, is it ok that we deposit 6000 CAD just 2 months prior to that and meet the requirement of 17093 CAD balance?

Thanking everyone in anticipation.
Cheers

 

[hope2018]

Hi,

Query 1)

In order to provide POF (3 members), we are around 6000 Canadian $ short.

My wife being the Primary Applicant (PA) , Is the following solution feasible?

Show multiple account statements of a joint account (me and my spouse) AND my spouse's own salary account. (i.e show them more than one account statements of different bank accounts).

Query 2)

POF should be around 17093 CAD. Do we need to maintain these funds for a period of 6 months prior to the Express entry application? If not so, can we have some cash deposited in our accounts later on just before submitting our documents?

For example, if we submit our documents on 1 November 2018, is it ok that we deposit 6000 CAD just 2 months prior to that and meet the requirement of 17093 CAD balance?

Thanking everyone in anticipation.
Cheers

1. You can show more than 1 account. If showing spouse's solo account, it is best to take from spouse written declaration that spouse is OK with fund being used for settlement purpose.

2. Yes ideal to maintain for 6 months, if there is a deposit 2 months prior then if you can prove the source of funds and it is your own money then it is OK to do so.

 

[Mustang166]

1. You can show more than 1 account. If showing spouse's solo account, it is best to take from spouse written declaration that spouse is OK with fund being used for settlement purpose.

2. Yes ideal to maintain for 6 months, if there is a deposit 2 months prior then if you can prove the source of funds and it is your own money then it is OK to do so.

Thank You Hope2018

1) the "proof" can be a letter on a plain paper signed by the spouse? or is it better to get it notorized?

2) Same question for the deposit 2 months prior? My father will gift me the money to help us settle in Canada..... How to prove that this deposit is a "gift"?

 

[hope2018]

Thank You Hope2018

1) the "proof" can be a letter on a plain paper signed by the spouse? or is it better to get it notorized?

2) Same question for the deposit 2 months prior? My father will gift me the money to help us settle in Canada..... How to prove that this deposit is a "gift"?

1. Plain paper declaration is OK.
2. Get a gift deed made.

 

[Mustang166]

1. Plain paper declaration is OK.
2. Get a gift deed made.

Thank You !!!!!!

 

[Peacekeeper87]

Hello all!
I was looking for an answer to my questions in all the forum, but to no avail... I hope someone who went through the process can offer me a piece of advice...

Me and my wife (i.e 2 family members) require to have 15,531 CA$.
In my checking account on which I receive my salary, I have an amount given by my father a month ago to help out setting up a side business. (equivalent of 7000 CA$).
In order to avoid having to ask him to write a gift deed or affidavit, I thought of just excluding that checking account from the list of accounts I will be submitting. I will just show my savings account, joint account with my wife, and my wife's checking account (with her written consent to use the funds for PR). The total of these account are well above the minimum requirement, with no loan on them, or any form of debt.

So my question is, do you guys think it's required/necessary/useful to show the account where the salary is received, or it's fine to show any combination of accounts in our name as long as they have the necessary funds?

Would really appreciate any advice on the matter.

Thanks to all in advance!

 

[hope2018]

Hello all!
I was looking for an answer to my questions in all the forum, but to no avail... I hope someone who went through the process can offer me a piece of advice...

Me and my wife (i.e 2 family members) require to have 15,531 CA$.
In my checking account on which I receive my salary, I have an amount given by my father a month ago to help out setting up a side business. (equivalent of 7000 CA$).
In order to avoid having to ask him to write a gift deed or affidavit, I thought of just excluding that checking account from the list of accounts I will be submitting. I will just show my savings account, joint account with my wife, and my wife's checking account (with her written consent to use the funds for PR). The total of these account are well above the minimum requirement, with no loan on them, or any form of debt.

So my question is, do you guys think it's required/necessary/useful to show the account where the salary is received, or it's fine to show any combination of accounts in our name as long as they have the necessary funds?

Would really appreciate any advice on the matter.

Thanks to all in advance!

You are free to show any account in your name as long as it has minimum required funds. You don't have to show all accounts you hold.

 

[Peacekeeper87]

You are free to show any account in your name as long as it has minimum required funds. You don't have to show all accounts you hold.

Thanks a lot HOPE for your prompt response. Really appreciate it!
Just to be sure:
(Sorry, I just thought of these questions with my paranoid tendencies ...)

1/It's okay that the amount I mention in EE profile is reached only when adding all the accounts together. Right? I mean each account is below requirement, but when added together, it adds up.

2/What's the best document to have for my wife's account, showing that I "have access to the funds" as stated by CIC? I thought maybe of a power of attorney document, clearly stating that I have access to the account. But it won't mention that it's exclusively for immigration since it's a standardized bank form that she gets notarized. Is that okay?

3/If that's not okay, any specific format letter? Does that letter need to be notarized or something, or just basic signature?

Thanks a lot for letting me pick your brain a little!

 

[hope2018]

Thanks a lot HOPE for your prompt response. Really appreciate it!
Just to be sure:
(Sorry, I just thought of these questions with my paranoid tendencies ...)

1/It's okay that the amount I mention in EE profile is reached only when adding all the accounts together. Right? I mean each account is below requirement, but when added together, it adds up.

2/What's the best document to have for my wife's account, showing that I "have access to the funds" as stated by CIC? I thought maybe of a power of attorney document, clearly stating that I have access to the account. But it won't mention that it's exclusively for immigration since it's a standardized bank form that she gets notarized. Is that okay?

3/If that's not okay, any specific format letter? Does that letter need to be notarized or something, or just basic signature?

Thanks a lot for letting me pick your brain a little!

1. Yes
2. People do it with written and signed declaration on plain paper as well. Anything more that is even better.
3. No specific format needed.

Do remember though that you should be maintaining these funds for last 6 months in whichever accounts you end up showing. You need a bank letter for these accounts with your name, opening date, account balance and last 6 months average balance.

 

[Peacekeeper87]

1. Yes
2. People do it with written and signed declaration on plain paper as well. Anything more that is even better.
3. No specific format needed.

Do remember though that you should be maintaining these funds for last 6 months in whichever accounts you end up showing. You need a bank letter for these accounts with your name, opening date, account balance and last 6 months average balance.

Thanks big time!

 

[Peacekeeper87]

1. Yes
2. People do it with written and signed declaration on plain paper as well. Anything more that is even better.
3. No specific format needed.

Do remember though that you should be maintaining these funds for last 6 months in whichever accounts you end up showing. You need a bank letter for these accounts with your name, opening date, account balance and last 6 months average balance.

Hi again Hope!
Just reread your answer, and wanted to ask you...
The amount I declare in my EE profile needs to have been available since 6 months ago? I'm asking this in situations where I have reached that declared amount two months ago.

Example if I declare 20,000CAD, and bank statements show:
Month 1: 15,000CAD
Month 2: 16,000CAD
Month 3: 17,000CAD
Month 4: 18,000CAD
Month 5: 19,000CAD
Month 6 (Now): 20,000CAD

You mean by "you should be maintaining these funds for last 6 months" that it's not okay to declare 20,000CAD when answering the question "how much money will you bring to Canada"?

Thanksss!

 

[hope2018]

Hi again Hope!
Just reread your answer, and wanted to ask you...
The amount I declare in my EE profile needs to have been available since 6 months ago? I'm asking this in situations where I have reached that declared amount two months ago.

Example if I declare 20,000CAD, and bank statements show:
Month 1: 15,000CAD
Month 2: 16,000CAD
Month 3: 17,000CAD
Month 4: 18,000CAD
Month 5: 19,000CAD
Month 6 (Now): 20,000CAD

You mean by "you should be maintaining these funds for last 6 months" that it's not okay to declare 20,000CAD when answering the question "how much money will you bring to Canada"?

Thanksss!

Average comes out to be 17.5. Basically they want to see if you have been maintaining that balance consistently for last 6 months or not.
It shouldn't be the case you had a huge deposit from somewhere just for the purpose of showing settlement funds.

 

[Peacekeeper87]

Average comes out to be 17.5. Basically they want to see if you have been maintaining that balance consistently for last 6 months or not.
It shouldn't be the case you had a huge deposit from somewhere just for the purpose of showing settlement funds.

So you're saying I should declare 17.5?... not 20?
I understand their purpose of looking for warning signals. But I'm kind of confused in terms of what amount I should declare. Wether it's the average amount of 6 months, or the amount on the last statement...

 

[hope2018]

So you're saying I should declare 17.5?... not 20?
I understand their purpose of looking for warning signals. But I'm kind of confused in terms of what amount I should declare. Wether it's the average amount of 6 months, or the amount on the last statement...

In simple terms they want to see if you have been maintaining settlement funds for last six months or not. So you can declare 20 also as minimum required is 15.5 odd and your average is above that.

 

[hamgha]

So you're saying I should declare 17.5?... not 20?
I understand their purpose of looking for warning signals. But I'm kind of confused in terms of what amount I should declare. Wether it's the average amount of 6 months, or the amount on the last statement...

As long as you dont declare less than the needed amount