help on proof of funds

[futurecanadiannew123456]

hi there.

i would be really glad if some one can help me with my question.

i know once we get an ITA we need to show proof of funds if we do not have a valid job offer.


my score is 402 and i am hoping to get an ITA under FSW in a month or twos time.

how ever my question is i do not have enough money in my account right now but i shall have it soon


what proof is needed to submit as proof of funds, if its is a bank statment which show i have enough money in my account will that be ok and how many months of bank statment is needed and do i need to maintain that amount of money for that time period.

for example if i get my ITA in april last week i will have 60 days to submit my application.


so if i have to submit my application in last week of june so i have to attach a bank statment from april 1st till june 30th showing i have 12000 $CAD? or can 12000$ come in my account in first week of june.

the reason i am asking this question is because the cic webiste says we cannot borrow this money.

i wont be borowing this money but by the time i save up 12000 dollars its gonna be around june or july or may be even august and what if i get an ITA before that in which case i will have to ask for a cash advance from my employer or have to borrow this money and return it later.

please advice

 

[Pippin]

It is my understanding that you need to have the required funds in order to qualify for FSW, otherwise you do not qualify for EE.

 

[zhk]

if your parents can gift you the money , it would work I assume. I might be wrong but I am thinking gift isn't considered borrowing.

 

[MotorHed]

Hi futurecanadiannew123456,

I don't have an expert answer for you but I did receive an ITA under the FSW class of Express Entry. I'm now uploading the documents requested in the application and for proof of funds the instructions only say:

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile.

Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the balance of each account over the previous 6 months.

You must scan all proof of funds documents and save them as one file.

 

[niravk]

This brings me to another question. The CIC explicitly states that -

You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).

You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.

The amount of money you need to support your family is set by the size of your family. We update these amounts every year.

So if there are three members in my family, including my parents and they are not immigrating with me, still I need to show proof of funds for three people? I hope I have construed it correctly.

 

[Pippin]

No. Your parents are not your dependants and are not part of your application. Family would mean your spouse and children.

 

[niravk]

Noted. Thnx Pippin

 

[futurecanadiannew123456]

Hi futurecanadiannew123456,

I don't have an expert answer for you but I did receive an ITA under the FSW class of Express Entry. I'm now uploading the documents requested in the application and for proof of funds the instructions only say:

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile.

Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the balance of each account over the previous 6 months.

You must scan all proof of funds documents and save them as one file.

thanks a lot.

so basically they will see how much money we have over the period of six months. well i wont meet the criteria but i shall have the money i hope that will fulfil their requirement.

all the best to you

and cheers

 

[kryt0n]

No idea what to do here.

I have modest savings (CAD$5000) in investment and a constant paycheck in NZ but never in my life have I had $15,000 in my account at one time.

Genuine problem though, my mum is selling company shares worth a considerable amount. She's planning on giving me and my sister a portion. Great, except I bet this will fall perfectly in time for me to have to 'prove' my PoF.

Do I get mum to sign an affidavit explaining the situation along with proof of shares sales?

 

[henryahmed]

This brings me to another question. The CIC explicitly states that -

You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).

You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.

The amount of money you need to support your family is set by the size of your family. We update these amounts every year.

So if there are three members in my family, including my parents and they are not immigrating with me, still I need to show proof of funds for three people? I hope I have construed it correctly.

Niravk, so this means you do not have to show any loans or mortgage information? I have a mortgage for my apartment and i thought i would have to show that information (capital and interest owed) as well as any personal loan from my bank.

 

[henryahmed]

Hi futurecanadiannew123456,

I don't have an expert answer for you but I did receive an ITA under the FSW class of Express Entry. I'm now uploading the documents requested in the application and for proof of funds the instructions only say:

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile.

Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the balance of each account over the previous 6 months.

You must scan all proof of funds documents and save them as one file.

motorhed, so this means you do not have to show any loans or mortgage information? I have a mortgage for my apartment and i thought i would have to show that information (capital and interest owed) as well as any personal loan from my bank.

 

[sarasamaniac]

I have my savings in cash what do I do? If I deposit all the money at the same time how do I explain the growth in my bank account? Besides, since the money is in a foreign currency, it's a LOT of money (although not in dollars), but it will easily triple my balance for the last months.

I'll be applying with my husband, can we transfer each other's money? or should we BOTH send our bank account statements?

I'm lost.

 

[Pippin]

I have my savings in cash what do I do? If I deposit all the money at the same time how do I explain the growth in my bank account? Besides, since the money is in a foreign currency, it's a LOT of money (although not in dollars), but it will easily triple my balance for the last months.

I'll be applying with my husband, can we transfer each other's money? or should we BOTH send our bank account statements?

I'm lost.

Show whatever statements you must to reach the required amount. Show the paper trail of where the funds originated. Do not leave it to the imagination of the VO to interpret. Anything that deviates from the CIC requirements can be explained in a cover letter with your statements. Applying as a couple the money can be in either name or joint account.

 

[sarasamaniac]

Thanks Pippin, but the problem is exactly that I don't have anything in paper to explain where the funds came from. It's just money I saved in cash during the years and foreign currency we bought years ago, but don't have anything to back up that claim anymore.

I was also thinking of selling some savings I have in a trust fund (well, I'm not sure about the exact translation). I guess in that case I'd need a certificate of the sale of my rights and funds.

What if my partner and I open a joint bank account today and start depositing our savings together? We'd still need a 6 months balance and all the proof of where the funds came from.

 

[futurecanadiannew123456]

hey guys thanks a lot for all the info.


well as i said my score is 402 and i am expecting some where to get an ITA in next two to three months (at the max)

i do not have any savings in my account at the moment but i am employed and i will have the money saved till june and i can then show a bank statment showing my salary being credited, how ever if i get an ITA in the 6th draw or 7th draw that is by april end then i am screwed as i wont have money .....oh well in that case i will just have to ask for a advance pay check i guess from my employer.


i am hoping as long as we show we have funds in our account and meet all the criteria i dont think the VO shall have a problem as its genuine money in your bank account.