Proof of Funds (Express Entry)

[shagunsangwan]

Need help here please:
I am in pool at the moment, my score is 452 (along with spouse), will easily get ITA in next draw. She is on study permit and I am on an open work permit.
I am having a skilled job level B, my salary is $18/hr, 43 hrs a week.

Do i need to show proof of funds ?
If yes, We do not have much savings here. I will ask my parents in India to support us.
Should I show the funds in canadian account or Indian account ?
Would this raise eyebrows if $12000 jump into my account all of a sudden

 

[uppperkut]

Need help here please:
I am in pool at the moment, my score is 452 (along with spouse), will easily get ITA in next draw. She is on study permit and I am on an open work permit.
I am having a skilled job level B, my salary is $18/hr, 43 hrs a week.

Do i need to show proof of funds ?
If yes, We do not have much savings here. I will ask my parents in India to support us.
Should I show the funds in canadian account or Indian account ?
Would this raise eyebrows if $12000 jump into my account all of a sudden

Yes of course.

A gift deed would be acceptable in your case. Please note that you will need $15,312 (Canadian) according to this:
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[trikings2000]

Yes of course.

A gift deed would be acceptable in your case. Please note that you will need $15,312 (Canadian) according to this:
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Please can you provide a sample format for a gift deed and a notarized affidavit

 

[uppperkut]

Please can you provide a sample format for a gift deed and a notarized affidavit

Sorry I haven't done one myself so wouldn't know. Try searching the forum or wait someone else to help you. Good luck!

 

[shagunsangwan]

Yes of course.

A gift deed would be acceptable in your case. Please note that you will need $15,312 (Canadian) according to this:
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Got it, correct me if I am wrong. So I should arrange for the funds in my Canadian account and then show it as gift deed, some of my savings and other which my father would send as gift deed, together around $16000 should do?

 

[shagunsangwan]

Please can you provide a sample format for a gift deed and a notarized affidavit

Here, someone gave this link to me
http://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-format-of-gift-deed-affidavit-and-loe.487054/

 

[trikings2000]

Here, someone gave this link to me
http://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-format-of-gift-deed-affidavit-and-loe.487054/

Thanks so much. Ur a blessing.
Please whats the meaning of S/O and R/O as shown in the format on the link pasted.

 

[trikings2000]

Please I require a detailed response and most safest option concerning my POF.

I currently own a current and savings account with GT bank. The current account has been my salary account for about 6 months (savings was previously the salary account). Additionally, I got a loan of about 5mil from GT bank in december which was paid into my current account. Monthly and yearly deductions occur on this account to settle the bank loan taken.

With this is in view what account can I tender as my POF?

I have the option of paying off the balance of the loan (3.75mil) before presenting this as my POF. The problem with this is that i will need about 8million to clear off the loan and have sufficient funds to present as my POF. Can this suffice? Even after clearing the loan as my account will show that a loan was just cleared recently?

Another option will be to use my wife's account (savings). The challenge is that there has been no sufficient flow of funds in her account as she has not been working in the Last 6 months. Her mum though intend to transfer some sum into her account as a gift. Can her savings account in this instance be used for POF?

Based on the circumstance described above please kindly advice on the safest and most viable option.

Humbly Awaiting your responses. Thanks

Dear all,
I please await your responses on this

 

[vishalg]

Thanks so much. Ur a blessing.
Please whats the meaning of S/O and R/O as shown in the format on the link pasted.

'Son of' and 'resident of'

 

[Jim robster]

Dear Experts ,

I have a query here about PoF

I plan to get into the pool in July , and will have sufficient points to get drawn. The savings bank account is in my name only. My bank has agreed to provide me the PoF letter in the format designated by CIC

My query is that does one have to have the Funds for the last 6 months??
Or only the final balance has to be above the cutoff amount??
A lot of people on this forum seem to claim that the funds have to be in the account for the last 6 months , but according to what is considered canon , this link http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp , the only requirements (for 1 Primary Applicant) are:-
1.The current balance must be above the cutoff for 1 person
2.The funds must not be borrowed in any way
3.The funds must be yours and there must be no obligation on it

I will provide all trails for the money

I will reach the desired amount by August and have saved up in a steadily growing stream over the last 6 months (I opened the bank account in Jan 17)

Will having a 7 month old account raise any red flags??

Any help regarding the above query will be greatly appreciated

 

[vishalg]

Dear Experts ,

I have a query here about PoF

I plan to get into the pool in July , and will have sufficient points to get drawn. The savings bank account is in my name only. My bank has agreed to provide me the PoF letter in the format designated by CIC

My query is that does one have to have the Funds for the last 6 months??
Or only the final balance has to be above the cutoff amount??
A lot of people on this forum seem to claim that the funds have to be in the account for the last 6 months , but according to what is considered canon , this link http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp , the only requirements (for 1 Primary Applicant) are:-
1.The current balance must be above the cutoff for 1 person
2.The funds must not be borrowed in any way
3.The funds must be yours and there must be no obligation on it

I will provide all trails for the money

I will reach the desired amount by August and have saved up in a steadily growing stream over the last 6 months (I opened the bank account in Jan 17)

Will having a 7 month old account raise any red flags??

Any help regarding the above query will be greatly appreciated

Current balance should be above LICO and you should be able to provide trail ( and your proof of ownership)of significant funds deposited in your account within last 6 months.

 

[HadiMilan]

Current balance should be above LICO and you should be able to provide trail ( and your proof of ownership)of significant funds deposited in your account within last 6 months.

Hi Vishalg!
I asked this question before but no one answered me. When you guys say 'significant fund' how much money are you talking about? I have around 1600 dollars at home (in Canada) which I keep for the emergency; just in case. If I deposit it to my account would it be considered significant deposit? My balance is currently around 11k.
Thanks in advance.

 

[vishalg]

Hi Vishalg!
I asked this question before but no one answered me. When you guys say 'significant fund' how much money are you talking about? I have around 1600 dollars at home (in Canada) which I keep for the emergency; just in case. If I deposit it to my account would it be considered significant deposit? My balance is currently around 11k.
Thanks in advance.

Stanlee suggested anything above $1000. Few other experts suggested anything above 10-15% rise is considered significant.
Considering the second scenario, your's is still a border line case. I would suggest you to mention it in POF covering letter/LOE that these funds were part of your emergency fund which you had kept as cash. I am hoping they will consider this.
Best of luck.

 

[pino1130]

Dear all,
i got the ITA last week and now figuring out the POF. I'm currently having no bank saving account which is 6 months old. I only have bank statement which states my monthly salary whose balance is not enough.

• For the minimum required amount for 1 family member ($12,300), I intended to ask my father give $12,300 as a gift to me, then I will prove it as gift deed. Or the 2nd option, I will ask my father to transfer the ownership of the house to me, then I'll liquidate house and deposit the money into my account. For the 2 options, I'm just afraid of the "6 months old" concern.

• The last option is to ask my father to transfer the ownership of his bank savings to me which is already more than 6 months, but the amount of money is much more than $12,300.

Senior member please help to advice!!! Thank you.

 

[HadiMilan]

Stanlee suggested anything above $1000. Few other experts suggested anything above 10-15% rise is considered significant.
Considering the second scenario, your's is still a border line case. I would suggest you to mention it in POF covering letter/LOE that these funds were part of your emergency fund which you had kept as cash. I am hoping they will consider this.
Best of luck.

Thank you my friend! Your help is much appreciated.
I'll address that issue in my covering letter for sure.
Thanks again