Proof of Funds (Express Entry)

[Kellakella]

I have an issue with my proof of fund.

Currently I have enough money to cover the minimum but that's BEFORE paying the application fee.
Should I have enough money to cover the minimum + application fee in the account for the proof of fund?

I have a cheque saved for the application fee but not sure if I should deposit it now so it will show on the bank letter.
Since I don't want CIC to question why I have money transferred to my account just before submitting the file.

Also, Would using a bank letter from Mid June and bank statements from Jan-June be okay?
Or it has to be for August?

 

[Canadaprseeker]

can Provident fund documents be used as proof of funds ?

 

[Asivad Anac]

can Provident fund documents be used as proof of funds ?

No. CIC explicitly asks for unencumbered funds in the bank.

 

[Canadaprseeker]

thanks

 

[inproxima]

Hi Everyone,

I put about 50K in a one-year fixed deposit account about 5 months ago. At the time, i didn't know I would get an LMIA 5 months later. Now, that I got an ITA, my proof of funds include two foreign account (one opened 2011 and is basically empty and the fixed one-year deposit, which is 5 months old). I also included my inland accounts (totalling about 3k) and my NOA. I added payslips, but to show that I was working in Canada (did not include them in POF section). I applied for a work permit on the 31st of July and attached the confirmation letter to the letter of explanation.
Do you think there will be a problem as most of my money is in a fixed deposit account?
Do you think there will be a problem as the account is only 5 months old?

 

[kaizadhans]

What if i create an FD in my name and my parents transfer the money into that FD account. Can i show that as a proof of funds to CIC? Do i still need to declare to CIC that its a gift from my parents even though the FD is in my name? Do i still have to present a deed or an affidavit?

Another question is that... How much influx of money will CIC consider questionable? for eg: I have 4000 canadian dollars in my account from past 5 months.. Even month, i receive 1100 Canadian dollars as salary which i do not use at all.. So in the next 4 months, it is safe to say that i will have a total of 8800 canadian dollars in my account, all of which i received from my salary...

Now, i am due to receive some payment from one of my friend who borrowed money from me few years ago and he has agreed to pay me monthly around 1000$ for the next 5 months... Can i show that as a side business income or something? Would this be considered as a large influx of fund? If yes, then what kind of proof would i have to submit? Please advice what is the best way forward in such a case scenario?

Last but not the least, i have decided to sell off my car. IF i do so, i will receive around 6K dollars.. How can i show the same to CIC in POF? I will receive that money through an XYZ person and i have all my sale deed, etc documents with me ready... will this be considered questionable or is it okay?

 

[kaizadhans]

Bump

 

[gupti]

Hi All,

I have a topic that has been discussed a little previously but I would like further input from peoples experiences if possible. People seem to be having a hard time to get the CIC proof of funds when it comes to the letter with the average balance. So a lot of people are going for the official letter with the rest of the details on it (account numbers, date opened etc), backed up by the 6 months statements, which seems ok. However it seems that the CIC are requesting letters from your banks only with any debts or credit cards etc with that bank. If a person has outstanding debt on a credit card away from the companies that they bank with, should they get letters from these also and if so will the CIC take the debt amount away from the proof of positive funds from the banks.

So if someone has 15000 CAD positive in a bank with minus 8000 CAD on a credit card do the CIC look at that as plus 7000 CAD and reject or do they not take those debts into the equation.

Just wanted to throw it out there as it is very confusing and banks seem to not understand the concept of the average balance and anyhow the CIC wants all debts declared with a disregard for other non monetary positive assets.

Gup

 

[Asivad Anac]

Hi All,

I have a topic that has been discussed a little previously but I would like further input from peoples experiences if possible. People seem to be having a hard time to get the CIC proof of funds when it comes to the letter with the average balance. So a lot of people are going for the official letter with the rest of the details on it (account numbers, date opened etc), backed up by the 6 months statements, which seems ok. However it seems that the CIC are requesting letters from your banks only with any debts or credit cards etc with that bank. If a person has outstanding debt on a credit card away from the companies that they bank with, should they get letters from these also and if so will the CIC take the debt amount away from the proof of positive funds from the banks.

So if someone has 15000 CAD positive in a bank with minus 8000 CAD on a credit card do the CIC look at that as plus 7000 CAD and reject or do they not take those debts into the equation.

Just wanted to throw it out there as it is very confusing and banks seem to not understand the concept of the average balance and anyhow the CIC wants all debts declared with a disregard for other non monetary positive assets.

Gup

CIC doesn't want the liabilities side alone. That is an unfortunate misunderstanding of their requirement statement. Possibly they requested for credit card details to check if someone took an overdraft on their card to showcase as POF (which would be the wrong thing to do).

You certainly do not have to showcase your entire financial profile to CIC (no harm in doing it but CIC doesn't care for it). As you rightly pointed out, CIC doesn't let you add positive assets (beyond cash in the bank) so it will be fairly harmful to upfront information about all your liabilities alone.

Best thing to do would be to plan things out in a way wherein you have the required amounts of POF in a specific bank account (for more than 6 months, if possible) and provide a letter from that institution alone to keep things simple for all concerned.

 

[gupti]

CIC doesn't want the liabilities side alone. That is an unfortunate misunderstanding of their requirement statement. Possibly they requested for credit card details to check if someone took an overdraft on their card to showcase as POF (which would be the wrong thing to do).

You certainly do not have to showcase your entire financial profile to CIC (no harm in doing it but CIC doesn't care for it). As you rightly pointed out, CIC doesn't let you add positive assets (beyond cash in the bank) so it will be fairly harmful to upfront information about all your liabilities alone.

Best thing to do would be to plan things out in a way wherein you have the required amounts of POF in a specific bank account (for more than 6 months, if possible) and provide a letter from that institution alone to keep things simple for all concerned.

Thanks Asivad,

Its good advice. Really appreciate your help as always.

Cheers,

Gup

 

[limbo]

I got my bank in Canada to print out my current balance, as well as the end of month balance for the past 6 months (incl. account open date) for my chequings & savings account, and my current balance for my brokerage account. Would that work?

My totals in my chequings & savings account for the first month listed is about $1K below the required amount - but have been increasing steadily after and is now considerably higher than what's required. The thing is my brokerage account would bring me above the requirement in the first month, but the bank branch is unable to access my previous balance - only the current balance. Would it be okay if I supplement the letter with a PDF statement generated by my bank's online portal? It is generated only quarterly, but hopefully that will be sufficient.

I will try to head to the brokerage office to get something, but I am not very optimistic that they'll help..

 

[Asivad Anac]

I got my bank in Canada to print out my current balance, as well as the end of month balance for the past 6 months (incl. account open date) for my chequings & savings account, and my current balance for my brokerage account. Would that work?

My totals in my chequings & savings account for the first month listed is about $1K below the required amount - but have been increasing steadily after and is now considerably higher than what's required. The thing is my brokerage account would bring me above the requirement in the first month, but the bank branch is unable to access my previous balance - only the current balance. Would it be okay if I supplement the letter with a PDF statement generated by my bank's online portal? It is generated only quarterly, but hopefully that will be sufficient.

I will try to head to the brokerage office to get something, but I am not very optimistic that they'll help..

Ignore your brokerage account.

Submit what you have along with evidence of your work authorization status, job offer mentioning salary details and T4/NOA etc.

 

[limbo]

Ignore your brokerage account.

Submit what you have along with evidence of your work authorization status, job offer mentioning salary details and T4/NOA etc.

Thanks! I do plan to include those information as well. It is just unfortunate I got the ITA under FSW rather than CEC, requiring me to provide this proof of funds.

I assume for the T4/NOA I should provide all years that fall under my declared employment? Would I then include my PGWP permit, job letter (not written as an offer, but verification of current employment with salary), and T4/NOA as 1 PDF file and upload it under the "Employment Records" requirement?

 

[Asivad Anac]

Thanks! I do plan to include those information as well. It is just unfortunate I got the ITA under FSW rather than CEC, requiring me to provide this proof of funds.

I assume for the T4/NOA I should provide all years that fall under my declared employment? Would I then include my PGWP permit, job letter (not written as an offer, but verification of current employment with salary), and T4/NOA as 1 PDF file and upload it under the "Employment Records" requirement?

Not for all the years. Just the most recent assessments would suffice to showcase that you have a job and access to sufficient funds to manage for yourself without going on welfare.

Strongly recommend that you showcase whatever monies you have along with all supporting evidence mentioned in my previous post and a nicely drafted LOE which highlights your stable financials over the past few years.

 

[deyka]

Hi All,

Have a quick query on POF.

I have more then sufficient fund required as POF in my current account - which is in UK.

I have an indian mortgage - for it I have got the valuation report & purchase agreement in my name the asset value is 45,00000 INR and the loan is around 20,00000. I am renting out the property so currently i am paying around 11,000 INR from my pocket.

The confusion is around should I show the mortgage & asset valuation and unnecesssary complicate the file or just stick to showing the POF in UK.

I am getting conflicting response from my friends who already have PR , some are saying show it as the libality is secured with the property and not tagged to your liquid cash while few others are saying don't show as it unnecessary complicates things.

Response will be highly appreciated.

Thanks,