Proof of Funds (Express Entry)

[Vish7]

Explain those loans ( if they are from the accounts you've got your letter from) using LOE, there will be no impact on your POF.

Do I need to provide the loan summary letters along with my POF documents? or just specifying it in LOE is fine? one of the loan summary docs is not attested and the letter head does not have address, it only has the logo. the other 2 loan summary letters are as per requirement.

And Vishal. Thanks for all the help. And I see you got a PPR request. CONGRATULATIONS !!!

 

[Vish7]

Do I need to provide the loan summary letters along with my POF documents? or just specifying it in LOE is fine? one of the loan summary docs is not attested and the letter head does not have address, it only has the logo. the other 2 loan summary letters are as per requirement.

And Vishal. Thanks for all the help. And I see you got a PPR request. CONGRATULATIONS !!!

and also, the loans are from bank which do not having any savings or FD. I only have loan account in these banks. But the EMI is reflected in my salaried account.

 

[Vish7]

Also, is full PF amount considered for POF? or only employee share?

 

[vishalg]

Hi Members,

I am showing about CAD 20000 in two accounts.

Account 1 has current balance of CAD 5,000 and avg balance of CAD 2,500, this difference if because this is my salary account and I do a lot of transactions in this account. So the funds are not parked consistently: But the increase in balance is purely because of salary credit+bonus, no cash or transfer has been made from any account
Question: Will this create a problem, diff b/w current and average balance

Account 2 has a current balance of CAD 15,500 and average balance of CAD 8,500, then increase in funds is again due to a transfer of funds from my wife (accompanying spouse). Again will the diff in curr and avg cause any issue.

No problems with low averages as long as current balance is above the minimum requirement.
Any credits in your account within last 6 months should be supported with relevant documents that prove your ownership of the said funds and also provide the source of funds.

 

[vishalg]

Do I need to provide the loan summary letters along with my POF documents? or just specifying it in LOE is fine? one of the loan summary docs is not attested and the letter head does not have address, it only has the logo. the other 2 loan summary letters are as per requirement.

And Vishal. Thanks for all the help. And I see you got a PPR request. CONGRATULATIONS !!!

Thanks a lot.
Just mention it in your LOE and also these loans will be mentioned on your bank letter along with the nature of these loans.

 

[vishalg]

and also, the loans are from bank which do not having any savings or FD. I only have loan account in these banks. But the EMI is reflected in my salaried account.

If your bank letter mentions these loans then use an LOE to explain the nature of these loans. No harm

 

[vishalg]

Also, is full PF amount considered for POF? or only employee share?

EPF is considered in full( including employer contribution and pension). However tax will be levied on it if the fund is less than 5 years old

 

[Iampositive]

rted with relevant documents that prov

No problems with low averages as long as current balance is above the minimum requirement.
Any credits in your account within last 6 months should be supported with relevant documents that prove your ownership of the said funds and also provide the source of funds.

Thanks Vishal,

One question on this, so if I am transferring funds from my wife's account, am i required to provide the source if funds in my wife's account as weell (if the funds have been parked for more then 6 months)

 

[Vish7]

Vishal, bank letter does not mention these loans, but EMI from bank statement shows these loan numbers. Bank letter is from ABC bank. Its statement shows EMI going to bank XYZ? Also, if I am able to show POF without my salary account, is it ok if i dont show salary account at all. In Employment reference section, I am proviidng pay slips which will shows my salary account.

 

[vishalg]

Thanks Vishal,

One question on this, so if I am transferring funds from my wife's account, am i required to provide the source if funds in my wife's account as weell (if the funds have been parked for more then 6 months)

Yes, also get a no objection declaration from your wife.

 

[bkbk8]

Hello All,

I'm in the USA and have multiple accounts (3+ credit cards, checking and savings account). I was able to get letters from my banks for Checking and Savings (but not Credit), will that be a problem? I usually pay my credit cards on time and keep a very low balance.

Also, my bank statement letter shows all my joint accounts with my partner, Savings balance total showing $30,000+ and the 6 month average 15k+. Should that be sufficient or do I need to ask for letters from Credit card agencies (I don't think they provide letters, e.g.: Amex, Citi?); balances on those are $0

any guidance with this is appreciated.

 

[vishalg]

Hello All,

I'm in the USA and have multiple accounts (3+ credit cards, checking and savings account). I was able to get letters from my banks for Checking and Savings (but not Credit), will that be a problem? Not a problem I usually pay my credit cards on time and keep a very low balance.

Also, my bank statement letter shows all my joint accounts with my partner, Savings balance total showing $30,000+ and the 6 month average 15k+. Should that be sufficient or do I need to ask for letters from Credit card agencies (I don't think they provide letters, e.g.: Amex, Citi?); balances on those are $0
Not required, I have amex credit card and didn't provide separate details for that.
any guidance with this is appreciated.

 

[salvatorexiang]

Hello,

I am working on my PR application of two (My spouse and I). I currently have 13K CAD in my back account with average balance 12K at each month end. I also own some company stocks and current values are 4K CAD. Will those two enough for my POF ? Will stocks to be considered as POF? CIC requires 15K for an application of two.

My parent can also give me 5K as family support so my bank account can have 18K after that, but will CIC suspect any thing because my balance increased from 13K to 18K from May to June ?

Any idea is much appreciated

Thanks,
Daniel

 

[KiranK]

Hello,

I am working on my PR application of two (My spouse and I). I currently have 13K CAD in my back account with average balance 12K at each month end. I also own some company stocks and current values are 4K CAD. Will those two enough for my POF ? Will stocks to be considered as POF? CIC requires 15K for an application of two.

My parent can also give me 5K as family support so my bank account can have 18K after that, but will CIC suspect any thing because my balance increased from 13K to 18K from May to June ?

Any idea is much appreciated

Thanks,
Daniel

Stocks cannot be shown as POF, you can liquidate money and then show the stocks to be source of the money added in your account.
For money from parents, you will need to attach a gift deed in POF to show CIC the source of sudden jump in your account balance and show them that money is yours and not a loan.

 

[salvatorexiang]

Stocks cannot be shown as POF, you can liquidate money and then show the stocks to be source of the money added in your account.
For money from parents, you will need to attach a gift deed in POF to show CIC the source of sudden jump in your account balance and show them that money is yours and not a loan.

Thanks, KiranK. Is there a specific format for the gift deed ? Does it has to be signed by my parent and me, and notarized by the notary office ?