Proof of Funds (Express Entry)

[pav]

Thanks Asivad Anac

So if I get money transferred into my account from my husband's..what document I have to get to prove from where that money come from?
I mean copy of bank transfer or some affidavit?

 

[Asivad Anac]

Great, thanks, Asivad Anac.

Nice username, by the way

Thanks, was feeling lazier than usual that day

 

[Asivad Anac]

Thanks Asivad Anac

So if I get money transferred into my account from my husband's..what document I have to get to prove from where that money come from?
I mean copy of bank transfer or some affidavit?

If it is a joint account with your name on it, you can use the same account for POF purposes.

If not, get a signed declaration from your husband mentioning your relationship, his status as spouse in your application, fund transfer records (date, amount, transfer ref no, bank details etc) and a line to the effect that he is transferring this money into your account for the purposes of settlement funds towards POF and that you do not have to return it to his account because this is not a loan.

I know it sounds weird but that's how it is. CIC has to be absolutely reassured that these funds are not encumbered for any reason.

All the best!

 

[Jkal]

I never read this on this forum. It is implied that the co-appplicant (spouse) can always help in POF and i haven't come across any such post which says something like what you have mentioned, though you are technically correct.

If it is a joint account with your name on it, you can use the same account for POF purposes.

If not, get a signed declaration from your husband mentioning your relationship, his status as spouse in your application, fund transfer records (date, amount, transfer ref no, bank details etc) and a line to the effect that he is transferring this money into your account for the purposes of settlement funds towards POF and that you do not have to return it to his account because this is not a loan.

I know it sounds weird but that's how it is. CIC has to be absolutely reassured that these funds are not encumbered for any reason.

All the best!

 

[Asivad Anac]

I never read this on this forum. It is implied that the co-appplicant (spouse) can always help in POF and i haven't come across any such post which says something like what you have mentioned, though you are technically correct.

Like I said, it sounds weird.

I can be wrong about this but I haven't been able to find any supporting evidence anywhere on CIC (or seen anything on any thread where it is substantiated with an official link rather than being simply a standalone hypothesis) where it says that PA can show anyone else's account information, even if it were their spouse, unless the PA is also included in that account.

And this is what CIC says about Proof of Funds. http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Note the focus on PA.

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s 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 current balance of each account as well as the average balance in the past six months.
Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

 

[Amy2Canada]

Friends, any comments on my understanding over the topic please?

Hello,

As far as I understand from the information on CIC is that the money needs to be of the candidate applying for PR and should not be loaned. Money can be in cash or deposits as well. In my case I am lucky that my bank accounts are solely owned by me and so are my fixed deposits. If I have to provide proof of funds in future, I plan to show my fixed deposits (which can be liquidated instantly) as well as my equity holdings. I am not going to show much of cash as I think it doesn't make sense if the amount is in deposits and can be liquidated. On CIC website, nothing is specified for equities but still I will be showing them as I think it can also be liquidated easily and CIC might accept that. I am not an expert, but this is just my understanding; Comments on the same are welcome.

Cheers,
Amy

 

[Asivad Anac]

Friends, any comments on my understanding over the topic please?

CIC won't accept equities since their value is notional and prone to market fluctuations. In much the same way, CIC doesn't accept residential properties or land assets as POF.

 

[Amy2Canada]

Alright for equities; How about Fixed deposits(that can be liquidated) instead of cash.

Thanks,
Amy

 

[Asivad Anac]

Alright for equities; How about Fixed deposits(that can be liquidated) instead of cash.

Thanks,
Amy

Short-term FDs should be fine. Not those 3 year/5 year ones, if your bank offers those instruments.

 

[OmarSarfraz]

Short-term FDs should be fine. Not those 3 year/5 year ones, if your bank offers those instruments.

If i open term deposit now for 6 months they only bank statements for term deposit and not bank certificate for term deposit.

how about this?

 

[esquire75]

This is why I decided to refuse my ITA. I thought I will be asked to proof funds when I'll arrive in Canada not at the moment of filling PR on myCIC. I don't have this amount of money now. Even if it's hard I think this is for our own security. I know that I will get an ITA again so this is just a matter of time.
Don't try to fraud, that could lead to an exclusion of asking PR for a long time. In North America rules are rules...

 

[vigneshj]

Do we need to maintain the funds from the day 1 of submitting the EE in our bank account or we need to maintain it only after getting ITA. Can somebody confirm.

 

[Asivad Anac]

Do we need to maintain the funds from the day 1 of submitting the EE in our bank account or we need to maintain it only after getting ITA. Can somebody confirm.

CIC doesn't insist on any specific start date for POF but it is recommended that this be done as early as possible if only to avoid any suspicion on CIC's part about the funds being encumbered. And you'll have to maintain the funds throughout the process.

 

[vigneshj]

Thanks Asivad

Others how you all have done for the same.

 

[EFK]

Assuming I meet the minimum required funds... but should I add my spouse's bank statement just in case as well... Will it help to show more funding?. this is more for the case of after receiving an ITA, for them to be reassured that we should be able to manage ok for a while after landing...
and for EE what is the amount I should say I have? The amount in my account alone or mine and spouse?

Since I will be adding it "just incase", I don't think I need a letter or declaration etc. from him??