Required Proof of Funds

[Singalingali]

Does financial institution mean the bank from which we need to take the letter stating that applicant has sufficient funds in his /her account

Yes

 

[neatransa]

Hello guys, please help.
if i have $15000 as a fixed deposit ( for 6 months)in my wife's name started about a month ago, do i need other proofs and statement of account????
it was a gift from my parents.

 

[Kazem]

Hey guys. I'm in a bit of a pickle and hoping someone could clarify this issue for me:

I have around CAD 18k to my name in the form of sales commission at my company. Now my company has a policy that if you don't want to withdraw the commission, you can "invest" it with the company and get a bi-annual return on it. So I chose to do that.

Last year, in October, I applied for FSW immigration and for that I withdrew the money and put it in my account. However, since it wasn't required to have the money on you for 6 months, just to be able to show the money in your account, I reinvested the money with my company after getting a valid bank certificate and Bank Statement for the immigration package.

Unfortunately, my FSW application was returned to me as the cap was reached, so now I'm applying for EE. And here I learn i need to have the money in my account for the past 6 months, which I do not. I put in 18k in the EE application whilst filling it out.

Now my score is 438, so I'm pretty hopeful about getting an ITA the next round or the round after that. So I am in process of withdrawing my money out of my company again, and will also get a signed and stamped letter from the company stating that I have 18k to my name as Sales Commission which was invested in the company for such and such duration and with an annual interest rate of such and such with bi-annual return payments - and which is being returned to me on my request. Obviously, if and when I go to Canada, I will bring this 18k with me as settlement funds.

So now I'm concerned if CIC will accept this explanation and if it is incumbent upon me to show a bank statement for the past 6 months, which will naturally show I had 18k in the account for a few weeks, then withdrew and then after a few months have 18k again...

Someone please help in this matter and shed some light about the questions CIC might raise and how I might be able to answer them.

 

[tiffany123]

Do people get ITA under CEC have to submit proof of fund as well ? I think the answer is no but just want to double check Thanks !!

 

[kryt0n]

I think if your company explains that the money was yours for the entirety it should be OK. Do you have a letter or anything from the reinvestment stating you had 18k from 3 months ago, say? You could also include the month statement from the bank where you put the 18k back into investment.

 

[kakmam]

Yes

My bank denied to give me average of last six month statements as it will be tedious for them ???

They are ready to give only bank letter stating the current balance, account opening date and other personal details.

Would this be ok for applying or are there any issues

 

[dublinfunk]

I have a question, can you absolutely not touch the money or is it ok for it to come in and out? The reason for me asking is I recently lent the money a month ago but has paid me since but for at least a good 3 weeks, the balance is low.

 

[Newkid]

Hi,

I have purchased a house in my home town. In which 30% is my money and 70% is the loan taken from home.

Can I show this in my proof of funds. Or will there will in a issue in it.

 

[dobes]

My bank denied to give me average of last six month statements as it will be tedious for them ???

They are ready to give only bank letter stating the current balance, account opening date and other personal details.

Would this be ok for applying or are there any issues

Mine also - well, the bank didn't refuse to do it, just didn't understand. In the letter, they did everything just right, except they said that my average balance in the checking account over the last 6 months had been "in the mid-four figures" and in the savings account "in the mid-five figures". Just like that! That was their second attempt at producing a letter, so since it had all the other information I needed, I simply attached the top sheet of my statements for the last six months, showing opening and closing balances of each account.

The six-month thing is just so that if you suddenly had tens of thousands in an account that had been empty, they can ask why and you can tell them. They want to make sure it isn't borrowed or fake - there is no requirement that you actually hold onto this money for six months!

 

[kakmam]

You're welcome. They're not likely to ask for your statement. They don't want to go through the trouble of looking at your very lengthy bank statement for the last six months. They want your bank to do this for them and give them the average for the last six months. The Express Entry system asks for the summary letter in order to reduce processing times as they would like to complete the processing under 6 months.

Thanks Singalingali for inputs.

I am only able to get the balance certificate from bank which has details for current account balance menntioning the account holder name, account opened date and some details regarding the bank..
please suggest if I need to collect any other docs

 

[Singalingali]

Thanks Singalingali for inputs.

I am only able to get the balance certificate from bank which has details for current account balance menntioning the account holder name, account opened date and some details regarding the bank..
please suggest if I need to collect any other docs

Well many people have this issue. Some banks in the UK and other countries will not write that CIC letter to detail. In addition to your bank certificate, however, you should submit your six month bank statement. That's what I did. A bank statement at the beginning usually summarizes d statenent such as date opened, total credit, total debit and closing balance.

 

[PrincessIrene02]

does anybody send a bank letter only and CIC approves it?

 

[Prolifix]

Could someone with actual knowledge on this please confirm the following: If I have approximately $2000-$3000 in my account for the first 5 months, and then in the final month my balance increases to $12000 (through a gift or transfer from another account not under my name) would CIC likely accept this, or would they demand that the minimum $12000 be in my account every single month for the past 6 months?

 

[bharathi039]

Guys..

Anyone got better understanding on what is the best way to maintain POF.

I heard people saying as open a new account and put in your funds and freeze it till you get ITA. Few say the other way as it doesn't matter as you can also show your daily usage in account statement.

My only concern is my primary account would have lots of transactions per month. Is it advisable to project such an account to CIC(it will still hold the money that CIC wants but with lots of credits and debits)?

 

[CanadaImmi2015]

Proof of Funds.

Acceptable Proof of funds are:
- Bank accounts in your name or the name of your accompanying spouse/common-law partner;
- Cash-able investments in your name or the name of your accompanying spouse/common-law partner;
- Cash-able fixed deposits in your name of the name of your accompanying spouse/common-law partner.

Not Acceptable as Proof of funds include:
- Bank accounts in someone else's name;
- Bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
- Bank accounts in the name of your spouse who is not accompanying you to Canada ;
- Property valuations;
- Vehicle valuations;
- Jewelry valuations.

Amounts required as based on number of family members:

No.Family Members Funds Required

No.Family Members: 1 $11,931
No.Family Members: 2 $14,853
No.Family Members: 3 $18,260
No.Family Members: 4 $22,170
No.Family Members: 5 $25,145
No.Family Members: 6 $28,359
No.Family Members: 7+ $31,574

You do not have to show that you have these funds if:

- you have a valid offer of arranged employment in Canada AND
- you are currently working or authorized to work in Canada.

Hi CanadianDreams419,

can you point me to the source of this information, Bcoz a few folks are suggesting that funds in the name of your spouse will not be accepted as valid POF.