Proof of funds

[Jatt2canada]

Can anyone help with the proof of funds process?

 

[Navneetk_18]

Can anyone help with the proof of funds process?

Yeah ... what you need to know ?

 

[Mbains]

Anyone knows if under CEC I need to submit LoE or no? As I m invited under CEC and put my funds 0$ and there was no coloumn to submit POF ..do I need to submit LoE through webform? Or there is no need..it’s soo much confusion.. some people are saying you don’t need to submit any LoE and some are saying it’s better to submit.. what really needs to be done? Can anyone help in this?

 

[Mbains]

Ok thanks but there won’t be any problem right like some people say that there can be refusals because of no POF. I know again same question but just to make sure I m asking

 

[Mbains]

No. Note what is says on the IRCC website:

"You do not have to meet the funds requirement if you were invited to apply under the Canadian Experience Class."

So they obviously can't reject your application if you don't supply something that isn't required.

But if you are so concerned about it, there is of course no harm in providing an LoE if you like.

Thanks a lot

 

[gloryc60]

Hello, can I use a fixed deposit account as my PoF?

 

[Nikhilsharda94]

I am currently in Canada on work permit and want to apply for FSW program, All my savings are in my Indian bank account. Can I show the bank statement from that account as proof of funds for the FSW program or will it be a problem since I am in Canada for almost a Year and I showing funds from my Indian bank account?

I was also thinking of transferring the whole amount to my Canadian bank account but thought that it might create some problem with my application as instantly this huge sum would come to my account. I know that funds should be in the account for at least 6 months, All these questions pertain to where I should keep my money to show I have enough after 6 months when I apply.

 

[Kent.vaan]

I am currently in Canada on work permit and want to apply for FSW program, All my savings are in my Indian bank account. Can I show the bank statement from that account as proof of funds for the FSW program or will it be a problem since I am in Canada for almost a Year and I showing funds from my Indian bank account?

I was also thinking of transferring the whole amount to my Canadian bank account but thought that it might create some problem with my application as instantly this huge sum would come to my account. I know that funds should be in the account for at least 6 months, All these questions pertain to where I should keep my money to show I have enough after 6 months when I apply.

Yes, you can show your Indian bank statement as proof of funds for the FSW program

 

[J-star]

Hi everyone...
I have a question regarding the proof of funds..
In my case only my wife is planning to go Canada as of now and for proof of funds I will be transferring money to her account let say in July and get a Fixed deposit made for her, if for example if she gets ITA in Aug then does she need to show Affidavit that from where that money come from or in LOE shall she mention that husband has given money?
Because they ask for past 6 months bank statement and as per that it will be clear that money came to her account recently...

suggestion will be appreciated...

 

[rsl11]

Hi All,

Is gift deed from brother for half of the required funds acceptable?

Thank you.

 

[rsl11]

Has anybody succeeded with PR process with a gift deed? If so it would be very helpful if you post your story here.

 

[RK2Canada]

I had shown my POF through YES Bank account. After YES Bank went bankrupt in March 2020, I immediately transferred the funds to my dad's and mom's (joint account with me). I had to do it ASAP as couldn't take any risk + could not go to open a new account due to unwelcoming pandemic.
My COPR expired after that. Should I now open a new account only under my name, transfer the funds and show all these fund movements in the new RTT web form?

 

[RK2Canada]

Has anybody succeeded with PR process with a gift deed? If so it would be very helpful if you post your story here.

Yes. Sorry for the late reply. If it's still useful, I submitted a gift deed from my parents(on a stamp paper if that's your question) and had converted it to a pdf and submitted it.

 

[Ruhi27]

Hi Everyone,
Can anyone please confirm if stocks/ investment account is acceptable as proof of funds ? My major savings is in stocks and not sure if it would be acceptable.
Thanks in advance !

 

[Sydneyaccountant]

Below are the requirements of Proof of funds. Looks like they do look at your investment account.

My question is if i dont have any credit cards or loans (no personal loan but i do have a mortgage), is it a requirement that the letter states that i don't have any outstanding debts? Also, does mortgage come under outstanding debts?

Express Entry - Permanent Residents
If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

• list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
• list all outstanding debts, such as credit cards and loans,
• be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address).