When is proof of fund asked for

[Aragorn165]

Am asking to know if i should submit my paper as soon as i prepare them and by the time i will be able to save the money since i am not having it already on my balance and its less than 6 months or should i wait untill i have the full amount staying in my account and then submit

It is advisable to have the required money in your account as early as possible. My advice is to transfer the funds to your account now, and then proceed with the application normally.

 

[Stanlee]

Am asking to know if i should submit my paper as soon as i prepare them and by the time i will be able to save the money since i am not having it already on my balance and its less than 6 months or should i wait untill i have the full amount staying in my account and then submit

The reason for asking 6 months bank statement as part of POF is to ensure that the applicant has not taken a loan to meet the POF requirement. As long as you can prove the source of funds (to show that it rightfully belongs to you), you are good to go even if the funds have not been maintained for 6 months.

 

[Wolverine17]

Issue is i have like 60 percent of the required funds in my account for a period less than 6 months and an trying to save more,i didnt submit my file yet since am still preparing the required paper works and language exam. Etc so it might take me a couple of month for that,will check how much my spouse have cause am not sure if its wise to submit as soon as my papers are ready and in that time try to save more or should i wait till am having the full amount for a period of more than 6 months thrn apply

 

[Stanlee]

Issue is i have like 60 percent of the required funds in my account for a period less than 6 months and an trying to save more,i didnt submit my file yet since am still preparing the required paper works and language exam. Etc so it might take me a couple of month for that,will check how much my spouse have cause am not sure if its wise to submit as soon as my papers are ready and in that time try to save more or should i wait till am having the full amount for a period of more than 6 months thrn apply

If you are able to complete all document formalities in a couple of months and you are also able to arrange the required funds (provided you can prove that the funds rightfully belong to you and is not a loan), you do not have to necessarily wait for 6 months, just to show 6 months bank statements.

 

[Wolverine17]

If you are able to complete all document formalities in a couple of months and you are also able to arrange the required funds (provided you can prove that the funds rightfully belong to you and is not a loan), you do not have to necessarily wait for 6 months, just to show 6 months bank statements.

So what should i do if am having the fund amount for
Less than 6 month?

 

[gurik]

Am asking to know if i should submit my paper as soon as i prepare them and by the time i will be able to save the money since i am not having it already on my balance and its less than 6 months or should i wait untill i have the full amount staying in my account and then submit

If you are applying through Express entry directly then you can definitely submit your profile even if you don't have funds currently, as you do not need any proof of funds to create your profile. Its only needed after you get your ITA, that also you have 60 days to gather your documents and funds. If you still have not taken your IELTS then i understand that you still have a month to submit your profile, try to gather you funds simultaneously as take your exam and go through initial filing process. You can show a new FD as a source of funds if you gather them in the nick of time after your ITA, so no problem there. If you want specific details then please do tell the category you are applying under and have you got your WES or not?

 

[gurik]

So what should i do if am having the fund amount for
Less than 6 month?

The best option is to go for Fixed deposit route. It should be noted though that your money should be not borrowed and you should not have any loan on your FD.
If someone is gifting you the amount then you can show a gift deed.
If you for FD then last 6 months bank statements will not affect your case if there is no anomaly in your last 6 months bank statements for example- unexplained huge amounts of money deposited etc. So if your bank transactions are normal nothing to worry about.

 

[Stanlee]

So what should i do if am having the fund amount for
Less than 6 month?

In case the funds are less than 6 months old in your account, they will look at your sources of income and try to see whether the inflow of funds to your account can be justified. If not, they will ask you for a fresh bank statement or other proofs. To avoid this, you can submit your bank statements which shows the amount of funds that you have saved for migration along with a Letter of Explanation stating the source of funds (since it is less than 6 months old) - liquidation of stocks, mutual funds, gift from parents or siblings etc etc whatever your reason may be. The main aim over here is to prove that the funds have not been borrowed.

 

[Wolverine17]

Thanks a lot guys for the advices i will try to save as much as i can while am preparing my papers,ielts exam preparation ,etc and then see where i stand when everything is ready and then decide accordingly what to do ,one more q if am having my funds ready and the amount in my account for 6 months will they look any further,for example my visa card,car loans,personal loans ,anything?