Proof of Funds

[DMUser]

Hello all

I received my ITA recently. I am currently living and working in US, originally from India.
Does anyone know if I can
1. Acquire proof of funds letter from Indian bank account even though I am in US for last 4 years. I do have some (not all) savings back in India.
2. Also, does LIC policy counts towards the Proof of funds?
3. Can I take some money from my parents? If yes, what document(s) will I need to justify the incoming amount in my account?
4. Will this violate the 6-month average that we may or may not have to show on the Proof of Funds letter?

Please advise. I am thankful to all of you in advance.

 

[maxine714]

hey just so you know, if you are applying under CEC, no need for proof of fund, just an explaining letter is fine. If you have a valid job offer and applying under FSW, no need for funds neither.

 

[DMUser]

hey just so you know, if you are applying under CEC, no need for proof of fund, just an explaining letter is fine. If you have a valid job offer and applying under FSW, no need for funds neither.

Thank you for your reply. I am actually applying through Express entry for Canada Permanent Residence. Don't you think Proof of funds is a mandatory document?

 

[dauntless84]

Thank you for your reply. I am actually applying through Express entry for Canada Permanent Residence. Don't you think Proof of funds is a mandatory document?

It is mandatory under Express Entry.

1. Acquire proof of funds letter from Indian bank account even though I am in US for last 4 years. I do have some (not all) savings back in India.
Show your 6 months Bank statements of Indian bank.

2. Also, does LIC policy counts towards the Proof of funds?
Nope.

3. Can I take some money from my parents? If yes, what document(s) will I need to justify the incoming amount in my account?
Yes, get a letter stating that your Parents are sponsoring.


4. Will this violate the 6-month average that we may or may not have to show on the Proof of Funds letter?
It would show a difference when you put funds, however, you can explain in the Letter of explanation.


Goodluck!


Dan

 

[DMUser]

It is mandatory under Express Entry.

1. Acquire proof of funds letter from Indian bank account even though I am in US for last 4 years. I do have some (not all) savings back in India.
Show your 6 months Bank statements of Indian bank.

2. Also, does LIC policy counts towards the Proof of funds?
Nope.

3. Can I take some money from my parents? If yes, what document(s) will I need to justify the incoming amount in my account?
Yes, get a letter stating that your Parents are sponsoring.


4. Will this violate the 6-month average that we may or may not have to show on the Proof of Funds letter?
It would show a difference when you put funds, however, you can explain in the Letter of explanation.


Goodluck!


Dan

Thank you for your reply.

 

[dauntless84]

Thank you for your reply.

Suggestion: Get a Bank Statement from Bank of America if possible.

 

[DMUser]

Suggestion: Get a Bank Statement from Bank of America if possible.

I can get that statement, however I won't have enough funds to show (as required) by the Immigration Department.

 

[dauntless84]

I can get that statement, however I won't have enough funds to show (as required) by the Immigration Department.

Stick with your plan of getting a funds letter from an Indian Bank in that case. You dont want to move funds here and there and give an opportunity for the Officers to ask any questions.

Prepare an LOE, state what amounts are where, convert them to Canadian Dollars.

a. Indian bank has xyz funds, and convert to Canadian Dollars.
b. US bank has abc funds, and convert them to Canadian Dollars.
c. Other sources

Total them up and let them know that it sums up to the requirement of Express Entry.


I hope this helps.


Dan