Question regarding Proof of Funds

[thinkingtoapply]

Hi everyone, I am planning to apply under Express Entry FSW
I had a question regarding proof of funds...
I read that for a family of 3, I have to show ~19k Cad$ as available funds in currency of my country.
My condition right now is that i have invested my funds in real estate worth ~200k Cad$ and I have an existing loan of 56k Cad$ for the same.
Will this existing loan be considered as a liability and will i have to show 56k + 19k = 75k as a balance so as to stay in positive? Or the existing loan will not be considered a liability and I just have to show around 19k cad$ in my bank statements?
Also is there a rule on how long should I have a balance of ~19k Cad$ in my bank statement before sending proof of funds?

 

[md_uddin]

Hi everyone, I am planning to apply under Express Entry FSW
I had a question regarding proof of funds...
I read that for a family of 3, I have to show ~19k Cad$ as available funds in currency of my country.
My condition right now is that i have invested my funds in real estate worth ~200k Cad$ and I have an existing loan of 56k Cad$ for the same.
Will this existing loan be considered as a liability and will i have to show 56k + 19k = 75k as a balance so as to stay in positive? Or the existing loan will not be considered a liability and I just have to show around 19k cad$ in my bank statements?
Also is there a rule on how long should I have a balance of ~19k Cad$ in my bank statement before sending proof of funds?

Read the "what we accept as pof" in this link http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

You ll need to show 6 months average fund equals to $19,000 on the day you submitt your application till your application is being processed. And its fully on your luck whether the immigration officer will ask you pof while landing. But it is the requirement to hve it.

 

[thinkingtoapply]

Read the "what we accept as pof" in this link http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

You ll need to show 6 months average fund equals to $19,000 on the day you submitt your application till your application is being processed. And its fully on your luck whether the immigration officer will ask you pof while landing. But it is the requirement to hve it.

TY for your reply... was waiting eagerly for someone to reply
I read through the POF documents. I will have 19k in my balance for 6 months..
but will my other loans be considered a weakness in my file? Or they won't consider it as negative point, as my asset value is higher than the loans.

 

[DelPiero07]

TY for your reply... was waiting eagerly for someone to reply
I read through the POF documents. I will have 19k in my balance for 6 months..
but will my other loans be considered a weakness in my file? Or they won't consider it as negative point, as my asset value is higher than the loans.

What the other poster said is incorrect.

You must meet the required funds when submitting your eAPR but there is simply no rule that average balance of the past 6 months must equal the required funds. As long as there is proof of where this money is coming from (sale of assets, gift deed, salary, etc) you could have the funds for a single day for all IRCC cares.

 

[md_uddin]

What the other poster said is incorrect.

You must meet the required funds when submitting your eAPR but there is simply no rule that average balance of the past 6 months must equal the required funds. As long as there is proof of where this money is coming from (sale of assets, gift deed, salary, etc) you could have the funds for a single day for all IRCC cares.

On IRCC it says that we have to show 6 months average balance on the bank letter..why do they ask for it? I have asked the same question to couple of seniors over here, they said it has to be the average and we obviously have to prove it from where we got the lump sum....and I knew the same thing you just stated...but so many ppl said about the average... are you 100% sure that the required fund is not the average 6 months?

 

[maissom]

On IRCC it says that we have to show 6 months average balance on the bank letter..why do they ask for it? I have asked the same question to couple of seniors over here, they said it has to be the average and we obviously have to prove it from where we got the lump sum....and I knew the same thing you just stated...but so many ppl said about the average... are you 100% sure that the required fund is not the average 6 months?

Hi md_uddin,

The POF document's ending balance should be equivalent to the requirement by IRCC (it varies from size of family members immigrating) on the day you are submitting eAPR. That is the rule of thumb. I did not worry about the average, neither do the immigration officers.

Thanks.

Maissom.

 

[md_uddin]

Hi md_uddin,

The POF document's ending balance should be equivalent to the requirement by IRCC (it varies from size of family members immigrating) on the day you are submitting eAPR. That is the rule of thumb. I did not worry about the average, neither do the immigration officers.

Thanks.

Maissom.

I knew that it has to be the required IRCC balance, doesn't matter when we got the money with proof. but, Few ppl screwed my head with the average balance.

Btw, did u apply and got your PR?

 

[maissom]

I knew that it has to be the required IRCC balance, doesn't matter when we got the money with proof. but, Few ppl screwed my head with the average balance.

Btw, did u apply and got your PR?

Yes, I have already gone through the whole process and just yesterday received my COPR and passports with visa counterfoil.

Feel free to contact. I am happy to help as and give back to all the members here, as I learnt a lot through this forum.

All the best.

-Maissom.

 

[md_uddin]

Yes, I have already gone through the whole process and just yesterday received my COPR and passports with visa counterfoil.

Feel free to contact. I am happy to help as and give back to all the members here, as I learnt a lot through this forum.

All the best.

-Maissom.

Good to hear that. Congrats. Got few things to ask:
1) Did you apply for FSW? single or family?
2) What documents did you submit to proof your work experience? Did they call your employer or you or interviews?
3) Exactly what information did you have on your bank reference letter and did you submit 6 months bank statement as well?
lastly,
4) how long before you had the fund before e-APR?

It will really helpful.
Thanks

 

[maissom]

Good to hear that. Congrats. Got few things to ask:
1) Did you apply for FSW? single or family?
2) What documents did you submit to proof your work experience? Did they call your employer or you or interviews?
3) Exactly what information did you have on your bank reference letter and did you submit 6 months bank statement as well?
lastly,
4) how long before you had the fund before e-APR?

It will really helpful.
Thanks

Hi Md_Uddin,

Below are my answers to your queries:

1. I applied for FSW (NOC = 2173 - Software Quality Assurance engineering), with family (Spouse, 2 children)
2. For my work experience, I got experience letters issued from my employers on the company letter head. Every employer has their own format, so that does not matter. However, note the following key items for experience letter (which IRCC officers look for keenly):
   1. It must mention that you were full time and your weekly hours information e.g. 40 hour/week job
   2. Your job nature i.e. permanent or part time
   3. Your gross salary, and any other benefits information
   4. Must have company's contact information, such as address, phone number, etc.
3. I provided bank statement for my account taken on the last day before I submitted my eAPR. It covered record for the past 6 months. In addition, if you have credit card, you can also have it statement from your issuer. The information from the bank again varies from bank to bank. My letter mentioned my full name, and confirmation that I have been account holders since the particular date. Additionally it mentioned my closing balance on that day. You don't need to worry much about the format. All IRCC cares is a proof that your account is maintained and has the required balance.
4. Covered in point 3 above.

Hope it helps.

-Maissom.

 

[md_uddin]

Hi Md_Uddin,

Below are my answers to your queries:

1. I applied for FSW (NOC = 2173 - Software Quality Assurance engineering), with family (Spouse, 2 children)
2. For my work experience, I got experience letters issued from my employers on the company letter head. Every employer has their own format, so that does not matter. However, note the following key items for experience letter (which IRCC officers look for keenly):
   1. It must mention that you were full time and your weekly hours information e.g. 40 hour/week job
   2. Your job nature i.e. permanent or part time
   3. Your gross salary, and any other benefits information
   4. Must have company's contact information, such as address, phone number, etc.
3. I provided bank statement for my account taken on the last day before I submitted my eAPR. It covered record for the past 6 months. In addition, if you have credit card, you can also have it statement from your issuer. The information from the bank again varies from bank to bank. My letter mentioned my full name, and confirmation that I have been account holders since the particular date. Additionally it mentioned my closing balance on that day. You don't need to worry much about the format. All IRCC cares is a proof that your account is maintained and has the required balance.
4. Covered in point 3 above.

Hope it helps.

-Maissom.

Thanks for the reply Maissom. Appreciated.
For question 4, what I meant is, for a family of 4, you were required to show atlist CAD $22,856. In this case, how long back did u keep the fund in your bank before applying for eAPR?

Did they call you for interview or did they call your employer or you regarding your work experience?

 

[maissom]

Thanks for the reply Maissom. Appreciated.
For question 4, what I meant is, for a family of 4, you were required to show atlist CAD $22,856. In this case, how long back did u keep the fund in your bank before applying for eAPR?

Did they call you for interview or did they call your employer or you regarding your work experience?

Hi Md_uddin,

I did not keep it for long. I remember somewhere around Mid May we liquidated a family land asset and I got the equivalent amount transferred to my bank account so that I have >= CAD 22856. I had around a month and a half (till July 01) before I submitted my eAPR. It is recommended to maintain that balance till your application is approved and you get COPR and passports, better yet keep it maintained till you land in Canada because once you land, the immigration officer also needs to see bank statement as part of their SOP.

Regarding work experience, they did not reach me out or called for any interview. They however can contact you or your employer.

Hope this helps.

-Maissom.

 

[md_uddin]

Hi Md_uddin,

I did not keep it for long. I remember somewhere around Mid May we liquidated a family land asset and I got the equivalent amount transferred to my bank account so that I have >= CAD 22856. I had around a month and a half (till July 01) before I submitted my eAPR. It is recommended to maintain that balance till your application is approved and you get COPR and passports, better yet keep it maintained till you land in Canada because once you land, the immigration officer also needs to see bank statement as part of their SOP.

Regarding work experience, they did not reach me out or called for any interview. They however can contact you or your employer.

Hope this helps.

-Maissom.

Any documents requested ?

 

[maissom]

Any documents requested ?

Once you fill out detailed form as part of your eAPR (post receiving ITA), they will ask to submit the scans of documents required, the list of which you already know, I assume. Other than those, they did not require any additional document from me (after I received AOR).

Apart from required documents list, they also give you leverage to add additional document, where you can add any explanations. This is usually called Letter of explanation (LOE). It is not mandatory document.

Hope this helps.

-Maissom.

 

[md_uddin]

Once you fill out detailed form as part of your eAPR (post receiving ITA), they will ask to submit the scans of documents required, the list of which you already know, I assume. Other than those, they did not require any additional document from me (after I received AOR).

Apart from required documents list, they also give you leverage to add additional document, where you can add any explanations. This is usually called Letter of explanation (LOE). It is not mandatory document.

Hope this helps.

-Maissom.

Brother, you have really provided valuable information. Jazak Allah khair