Query about Proof of Funds for Express Entry Application

[skaushik88]

Hi,

I have received ITA and needs to apply before 22-Nov. I have one doubt related to Proof of Funds. I have around 9 lacs in my own PPF account and as this account has already matured and is currently in extended period, I can withdraw 60% (i.e. 5.5 lacs) from my PPF account immediately.

I was told that the 6 month average balance should be there in our saving bank account, will it be okay if I withdraw the amount now from my PPF account and keep it in my saving bank account now until completion of my PR process. By adding this amount in my saving account, I will have over 9 lacs in my savings account which will be enough to support me and my spouse application.

Can someone kindly guide me if this will be fine for showing PoF or the amount should be at least there for 6 months in my savings account to avoid rejection?

 

[hamgha]

Hi,

I have received ITA and needs to apply before 22-Nov. I have one doubt related to Proof of Funds. I have around 9 lacs in my own PPF account and as this account has already matured and is currently in extended period, I can withdraw 60% (i.e. 5.5 lacs) from my PPF account immediately.

I was told that the 6 month average balance should be there in our saving bank account, will it be okay if I withdraw the amount now from my PPF account and keep it in my saving bank account now until completion of my PR process. By adding this amount in my saving account, I will have over 9 lacs in my savings account which will be enough to support me and my spouse application.

Can someone kindly guide me if this will be fine for showing PoF or the amount should be at least there for 6 months in my savings account to avoid rejection?

Don't know the conversion rate but the important things are to have the required amount in CAD when submitting (take a picture of the exchange rate on the day and add it to the LOE. In our case, due to the fluctuations, it changed of over 1000CAD from when we submitted until now. We got lucky and submitted early.
It's important to not have had sudden large transactions during the 6 months that are covered by the statement. At the first of our 6 months we had about 75% of the amount and 100% by the time we submitted. But if you have it all it's fine and keep a record of the transaction in case they ask (doubtful) where the money originally came from)
Good luck!

 

[skaushik88]

Don't know the conversion rate but the important things are to have the required amount in CAD when submitting (take a picture of the exchange rate on the day and add it to the LOE. In our case, due to the fluctuations, it changed of over 1000CAD from when we submitted until now. We got lucky and submitted early.
It's important to not have had sudden large transactions during the 6 months that are covered by the statement. At the first of our 6 months we had about 75% of the amount and 100% by the time we submitted. But if you have it all it's fine and keep a record of the transaction in case they ask (doubtful) where the money originally came from)
Good luck!

Thank you so much for your reply. I have one more question. If I take the whole amount from my father as a gift deed and prepare an affidavit to support that, will that suffice as my proof of fund?

If I prepare the gift deed now when there is only 2 months left to apply for PR, will that create any doubts in the mind of visa officer that it doesn't have average 6 months balance in my account and money has been credited after ITA is received?

Anyone who prepared a gift deed within 2 months of applying for PR and got the PR? Please help here.

 

[hamgha]

Thank you so much for your reply. I have one more question. If I take the whole amount from my father as a gift deed and prepare an affidavit to support that, will that suffice as my proof of fund?

If I prepare the gift deed now when there is only 2 months left to apply for PR, will that create any doubts in the mind of visa officer that it doesn't have average 6 months balance in my account and money has been credited after ITA is received?

Anyone who prepared a gift deed within 2 months of applying for PR and got the PR? Please help here.

the sooner the better I guess

 

[crescent_jam]

Thank you so much for your reply. I have one more question. If I take the whole amount from my father as a gift deed and prepare an affidavit to support that, will that suffice as my proof of fund?

If I prepare the gift deed now when there is only 2 months left to apply for PR, will that create any doubts in the mind of visa officer that it doesn't have average 6 months balance in my account and money has been credited after ITA is received?

Anyone who prepared a gift deed within 2 months of applying for PR and got the PR? Please help here.

I didn't use a gift deed and haven't gotten PR yet, but it shouldn't be an issue, based on my understanding.

The '6-month balance' rule is only in place so that IRCC has access to your 6-month history to check for suspicious deposits (any deposit that could potentially have been a loan that you're passing off as your own unencumbered funds in order to meet the settlement fund requirement, which is not allowed). They don't actually care that you've had the money for 6-months, just as long as it's yours to use as you see fit at the time of submission of your application (and again when you get PR).

The fact that it was credited after ITA shouldn't matter either. The requirement is that you have the money at the time of submission of your eAPR and at the time that you land if you are granted PR, not at the point of submission of your Express Entry profile, or receipt of ITA.

So it doesn't matter if you only get the funds from the gift deed 2 months before applying. It doesn't matter if you get the funds from the gift deed a day before applying. The gift deed is just to show that the funds are yours free and clear. In this case, the 6-month history doesn't matter because the gift deed and affidavit provides IRCC with the proof that the recent large deposit isn't a loan - it's your money.