Proof of Funds (Express Entry)

[ETE]

Hi All.

Very informative thread here. Thanks to all those who have contributed.

Just want to put forward my specific case and see what people think. I'm finding very conflicting info regarding the six month requirement. On another forum they are absolutely adamant that you need to have held the funds for six months. But that a) seems ridiculous because many people will be saving up, and b) it doesn't actually say on the CIC website anything about having held it for six months.

So... My situation. I have had around £5-6k GBP in my current + savings account every month since January. Hovering just below the required amount (Currently £6,200ish based on current exchange rates), but the funds didn't drop below £4.5k GBP at any point.

However, I have £15k GBP inheritance, currently held in Premium Bonds by my father. I have read that PB are not acceptable as they are not liquid. Plus the PB are in my Dad's name. However, the money is mine, as inheritance from my Grandfather and my Dad intends on transferring me the money when I need it.

If I transfer the funds into my account, I will obviously be well over the CAD requirement. I will attach a letter from my father explaining that the money is inheritance, and not to be paid back.

Will this satisfy the officer? Or will I be rejected based on not having over the requirement for the full six months?

Why do you need to transfer the 15k GBP into your account? The 6,200 GBP you have now based on the current exchange rate is enough for you to present as your POF. Although, you said you will attach a letter saying it's an inheritance, i actually think you will be making your application complicated. Just submit the bank statement for 6 months and you will be fine. About the fluctuation it doesn't really matter, that's why they ask for 6 months bank statements to see if the money actually belongs to you.
A friend of mine had his money in his UK account since 2014, but travelled elsewhere and took that money with him where he deposited it into another account (bearing his name). When he came back he deposited back into his Uk account. He submitted the bank statement from both of these accounts and he was alright. He just got his PPR. So the thing is that in as much as the money is in your name and account i think it'll be fine.

 

[ETE]

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??

I think you can use the joint account statement. However, I don't think that's a good idea, i would rather you stick to one bank account if the account contains the required funds.
The amount ideally should be in the principal applicant's account. If you are coming with your spouse alone then you need to show CAD $14,853.

 

[EFK]

Thankyou.

yes will be showing the amount in PA account..bt wanted to know if there could possiblt be an advantage to show EXTRA on top of that? Usually for visit visa we need to show ALOT just to prove that we will be alright and we want to have a proper holiday etc..it has made a difference for all of us when we have got rejections before- to reapply with more funds.. (Indian and Pakistani passports)

 

[ETE]

Thankyou.

yes will be showing the amount in PA account..bt wanted to know if there could possiblt be an advantage to show EXTRA on top of that? Usually for visit visa we need to show ALOT just to prove that we will be alright and we want to have a proper holiday etc..it has made a difference for all of us when we have got rejections before- to reapply with more funds.. (Indian and Pakistani passports)

I understand what you mean, it doesn't hurt to have Extra funds, but in this case if you show the required funds you should be fine. I don't think showing EXTRA would give you an advantage or speed up the whole process.

 

[new_day]

I was applying for Express Entry program under FSW scheme. I encountered a question : "How much money you can bring to Canada ?"

Regarding this i want to confirm my doubt .

I have Bank FD (Fixed Deposite) of amount 15000$ (CAD) , but in the FD certificate my name is in the 2nd applicant .
does this FD acceptable as a proof ? Or my name has to be in the 1st applicant in FD ?
Can any one help me pls ?

Who is first applicant? This FD is accepted only if the joint applicant is your spouse otherwise unacceptable.

 

[new_day]

Ok lets assume that i do not have the required POF when i applied . but right now i can manage the fund that is required for EE. and I wanted to Fixed deposit it in our (me and spouse) account ( 9000 for my account and 6000 for spouse) because it goes with the salary statement that i get.

We have two EE profile My wife is principle applicant with 376 point where i am second and another mine is principle applicant with 366 point where my wife is second. both we declared that we have CAD 15000 fund when we open the EE profile . if anyone get the ITA (probably my wife will get first) then we wanted to show the fund combined. Is that ok. need the experts comments.

Account balance in spouse's individual name was accepted in the past but it's not guaranteed to be accepted in EE, you should keep a joint account with your spouse's name to be safe side.

 

[canadaxprs]

Hi guys,

question for an express entry CEC single applicant...Do we need to show 12000$ at both the time of submitting application and at the time of landing if we have a full time, "permanent" job secured in a NOC A. Or simply we have to prove what we declared in our profile (0$ for example) with T4,NOA and pay stubs? Thank you

 

[casadog]

Hi guys,
The pof requested by cic and pnp should be in local currency not CAD right? I always read ppl talking about CAD while if you are a bank account outside canada then it is the local currency that will be on the papers
are we talking here about the equivalent amount of money?
Thanks

 

[Asivad Anac]

Hi guys,
The pof requested by cic and pnp should be in local currency not CAD right? I always read ppl talking about CAD while if you are a bank account outside canada then it is the local currency that will be on the papers
are we talking here about the equivalent amount of money?
Thanks

Local currency where bank account is located. Equivalency to be established based on currency conversion rates as on the day your bank issues the POF certificate.

 

[Asivad Anac]

Hi guys,

question for an express entry CEC single applicant...Do we need to show 12000$ at both the time of submitting application and at the time of landing if we have a full time, "permanent" job secured in a NOC A. Or simply we have to prove what we declared in our profile (0$ for example) with T4,NOA and pay stubs? Thank you

For CEC, CIC considers other supplementary evidence including pay stubs, T4s and NOA in addition to work authorization status, job offer mentioning salary etc. Showcase what you have in the bank and send in an LOE along with supplementary evidence.

 

[vgsvenkat]

Hai

Proof of funds: If you are in Canada and have a valid job offer then we should fill the schedule 4 for PNP applications and unencumbered funds declaration form if it is for EE. All the funds should be in CAD only for the convenience of the Officer. If you hold a bank account or funds in a foreign country other than Canada then you should ask your bank or your financial institution to issue you a letter stating details of your account and total closing balance as of that day in your local currency and in CANADIAN dollars converted in accordance to the conversion rate of that day. If possible try to get the Chartered Accountant report which makes process much easier for you.

Thanks
Venkat.

 

[vgsvenkat]

Hai

Proof of funds: If you are in Canada and have a valid job offer then we should fill the schedule 4 for PNP applications and unencumbered funds declaration form if it is for EE. All the funds should be in CAD only for the convenience of the Officer. If you hold a bank account or funds in a foreign country other than Canada then you should ask your bank or your financial institution to issue you a letter stating details of your account and total closing balance as of that day in your local currency and in CANADIAN dollars converted in accordance to the conversion rate of that day. If possible try to get the Chartered Accountant report which makes process much easier for you.

Thanks
Venkat.

 

[aspireimmi]

Hi Every1 and Asivad Anac,

I am working in KSA and I have NRE account in INDIA .

I am willing to show POF from NRE account which is india. Can i do that?

Br,
Hamed Mir.

 

[Asivad Anac]

Hi Every1 and Asivad Anac,

I am working in KSA and I have NRE account in INDIA .

I am willing to show POF from NRE account which is india. Can i do that?

Br,
Hamed Mir.

Yes.

 

[casadog]

Hi Asivad Anac,

Please what do you think about this?

Quote from: ralliArt on July 09, 2015, 03:12:22 pm
I this read somewhere recently:

"What is commonly known as Show Money for Canada is technically called Canada Settlement Fund."

Retirement Plan - If you work in a Company that offers its employees a retirement Plan, and you are already eligible to receive the benefits of the program (early retirement plan for example)you can ask your Human Resource Department to issue a Certification, in your companies security papers (Official Letter head) that you are already eligible to receive the amount allotted to you (net of obligations-loans, cash advances and the like), at any time that you choose to retire. But since the Visa office of Canada is aware that not all companies offers this program to its employees, I would say it is safe to use this if your Company belongs to the Top 5000 corporation of your country.

Is this option still valid as Proof of settlement Funds for Canada? As this only way I can come up with the ~$12000 CAD (~$1.2 mil JMD).

Please advice.

Source: http://dreamofcanada.blogspot.com/2010/03/show-money-or-settlement-fund-for.html

Please anyone else to confirm that is possible? I have a second retierment plan and I can get the money in 15 days if I want by leaving the company - Can I present this as POF?