Proof of Funds (Express Entry)

[mf0965]

Yes.

Said document would be a signed self-declaration from the donor stating that the identified transfer of funds (include transaction details) is a gift not a loan hence these funds need not be returned to them at any point in time. This declaration would be accompanied by proof of actual fund transfer - bank receipt/statement showcasing the money being credited to the receiver's account.

Thanks!
I just need to confirm with my immigration consult with he accepts this way.
Because when he was talking about everything I needed, this wasn't an option for him...
Maybe I should find another one or try to apply alone.

 

[_Aspirant]

Get it done whenever you're comfortable doing this. This has nothing to do with ITA.

If you're expecting to submit your post ITA application within the next 6 months of this 'gift' transaction, you'll need a signed self-declaration from the donor stating that this was a git. If you'll submit your post ITA application after 6 months, that won't be necessary because the money will show up in your account for at least 6 months.

Thanks Asivad.

I will start working on it side by side. I want to avoid any complications in my case.

 

[aditya127]

Hi,

I have few questions.
Could anyone help me with any information on these?

1) Normally how much time does CIC take to complete our process after the day we submit our documents?
2) Do they process it any faster if we have a job offer from Canadian organisation? Approximately how much time do they take considering an employer is awaiting this process?
3) If we dont have a job offer, can we submit real estate property documents, PPF and EPF documents as proof of funds?

 

[sreejimunthikodu]

Guys,
I am in the express entry pool for the last 10 months with a score of 429. I am preparing to join for a masters program in Canada in the coming winter. I am slightly worried about the fund requirement.

I am maintaining the required fund in my account for the last one year. Now that I am planning for studies, I intend to fund that through bank loan. I will not be touching the account which I kept for express entry.

Once I am graduated, mostly I will end up receiving an ITA. I will be having the required fund also in my account. But, the problem is that, almost all of my study expenses, I will be owing to the bank. Will that make me ineligible in terms of fund requirement?

Thanks,

 

[Asivad Anac]

Hi,

I have few questions.
Could anyone help me with any information on these?

1) Normally how much time does CIC take to complete our process after the day we submit our documents?
2) Do they process it any faster if we have a job offer from Canadian organisation? Approximately how much time do they take considering an employer is awaiting this process?
3) If we dont have a job offer, can we submit real estate property documents, PPF and EPF documents as proof of funds?

1. 80% applications within 6 months.

2. No. Slight variation in timelines depending on the program but typically takes 4+ months.

3. Not real estate property documents. Other funds locked in government backed securities/pension plans may be acceptable if they'll be made available to PA on demand.

 

[Asivad Anac]

Guys,
I am in the express entry pool for the last 10 months with a score of 429. I am preparing to join for a masters program in Canada in the coming winter. I am slightly worried about the fund requirement.

I am maintaining the required fund in my account for the last one year. Now that I am planning for studies, I intend to fund that through bank loan. I will not be touching the account which I kept for express entry.

Once I am graduated, mostly I will end up receiving an ITA. I will be having the required fund also in my account. But, the problem is that, almost all of my study expenses, I will be owing to the bank. Will that make me ineligible in terms of fund requirement?

Thanks,

Not at all. All you'll need to showcase is that you have exclusive access to the required funds and that those aren't borrowed from anywhere. You need not disclose other outstanding retail/consumer loans which aren't linked with your settlement funds - IRCC isn't interested in knowing your personal finances.

 

[sreejimunthikodu]

Thanks Asivad!!

 

[Stanlee]

Hi,

I have few questions.
Could anyone help me with any information on these?

1) Normally how much time does CIC take to complete our process after the day we submit our documents? - On an average 6-8 months (at least from what I have read on the forum), but again it depends on a case to case basis.
2) Do they process it any faster if we have a job offer from Canadian organisation? Approximately how much time do they take considering an employer is awaiting this process? - I am not sure about this one. But I am guessing that the employer can request for quicker processing of the case. May be you can take a second opinion.
3) If we dont have a job offer, can we submit real estate property documents, PPF and EPF documents as proof of funds? - As per the requirement, the funds should be unencumbered and readily transferable. So real estate, will not qualify as readily transferable.

Employee Provident Fund can be considered as proof of funds as you can withdraw the whole amount after you have resigned and you will get the proceeds credited to your account in 90 days. But, you will have to submit necessary documents in this regard. I have read on the forum where someone has submitted EPF as proof of funds. You can look up the same on the forum. But you need to check about the recent changes with regard to EPF withdrawal rules (I am not sure whether those have been implemented). What is important is the funds should be unencumbered and readily transferable.

Public Provident Fund (PPF) account matures only on the completion of 15 years from the end of the year in which the account was opened. For PPF, no premature closure is allowed, so this does not meet the requirement of CIC, which says that funds should be unencumbered and readily available. The only case where it can be used as proof of funds is by doing a partial withdrawal if you have completed 7 years (from date of account opening). In that case the proceeds which gets transferred to your savings account can be shown as the proof of funds, but not PPF directly.

 

[aditya127]

Hi,

Thanks for the reply.
Much appreciated!

Can we show FD's held by spouse in her bank account along with an explanation letter, that these funds can be withdrawn whenever needed and that she doesn't have any objection to utilize these funds towards our CIC application/immigration?

Regards,
Aditya

 

[neeti_hasija]

Hi Members,

I need to know about proof of funds declaration .We are going to create EE profile as soon my ECA is completed/
My husband will be primary applicant and i as dependent. We hold a joint savings account in which my name is primary.
will this can cause any problem if we both declare this bank detail.

 

[Fly2Can]

Hope, nomination will be in Jun/ Jul. Hence fresh POF Certificate from Bank for FD Will be required during Sept/Oct. One o f FD's going to renew in Jul. Obviously the Certificate will show account opened in Jul 2016. My question is that will there be problem showing funds on Certificate for 3-4 months?

Thanks for response in advance.

 

[Stanlee]

Hi,

Thanks for the reply.
Much appreciated!

Can we show FD's held by spouse in her bank account along with an explanation letter, that these funds can be withdrawn whenever needed and that she doesn't have any objection to utilize these funds towards our CIC application/immigration?

Regards,
Aditya

Yes, you can show a self declaration from your wife stating that she is a co-applicant in your PR application and the FDs held by her are to be used for migration purposes and she has no objection for the same. The self declaration should have all the details of the FD (bank name, accountholder name, FD account number, FD amount, date of opening, maturity date). Also attach FD receipts as POF. Also submit an LOE for the same.

 

[Prats6]

I have a question about the 6 months of records.

What I did was create a joint account and had funds parked there since Feb 2016. However there has been a currency rate fluctuation (quite significant - approx 10%) and I transmitted the additional amount in April 2nd week (last week). When am I actually eligible to show these POFs. If 6 months is the criteria than do I need to wait 6 months more?

I dont want to accept an ITA and be rejected later because of POFs.

Thanks for your replies.

 

[Stanlee]

I have a question about the 6 months of records.

What I did was create a joint account and had funds parked there since Feb 2016. However there has been a currency rate fluctuation (quite significant - approx 10%) and I transmitted the additional amount in April 2nd week (last week). When am I actually eligible to show these POFs. If 6 months is the criteria than do I need to wait 6 months more?

I dont want to accept an ITA and be rejected later because of POFs.

Thanks for your replies.

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, you are good to go even if the funds have not been maintained for 6 months. You do not have to wait for 6 months to create and submit your Express Entry profile, go ahead and submit your profile.

 

[Prats6]

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, you are good to go even if the funds have not been maintained for 6 months. You do not have to wait for 6 months to create and submit your Express Entry profile, go ahead and submit your profile.

Thanks alot.

I am already in the pool. And as you say - I only have to prove that these funds are mine. In my case I transferred money from 2 account and my wife did the same. We pooled the required funds in one account and created a Fixed Deposit.

Would I need to show how I created the Fixed Deposit. Are my and my wife's salary statement enough?