Proof of Funds (Express Entry)

[One_Topsy]

what I want to know is, if I only declare my savings accounts with all the funds and not my other bank accounts, will this raise questions from the agent, e.g. where does his salary go etc?

It depends on how the money enters your savings.

If there is no way for them to verify the source from the savings statements, then you are better off providing them where your salary is paid that shows you transferred the money to your savings.

You have to give them evidence of how you got the money

 

[thecalendarguy]

I don't know how many times I've discussed this in threads...but here goes again...

No-one knows! EE is such a new program that no-one has obtained PR yet through EE. Until people start obtaining PR and reporting back, there will continue to be so many grey areas.

Regarding POF, all we know is that we need to show the minimum funds requirement and that we need to provide 6 months average balance evidence in our bank account. Thanks. This might sound silly but Just want to know how it the average balance calculated if your balance is last 6 months is ranging from 10900 to 12600. Please help. This might solve a lot of problems for me.. Thank you

My personal opinion, having researched as much as I can, is that whilst we have to show 6 months average balance evidence, we do NOT require to have the full minimum balance for 6 months. I believe that the purpose of 6 months average balance is to highlight any months with large deposits (eg low balance for 5 months and then large deposit of the minimum funds in month 6). This would then raise flags with CIC who would likely ask for further evidence (bank statements) to establish why the balance increased so dramatically.

As far as I am concerned, all you need to be concerned about is a) having the minimum funds at the time of responding to the ITA and b) being able to prove that any large balances are legitimate balances and not loans.

This is just my opinion and no doubt there will be many other people on here with differing opinions.

Until we start seeing people getting PR, that is all we have.

 

[Kapustka]

Hey DelPiero & others,

I've read multiple conflicting opinions on these forums (in this thread itself) as well as on the CIC website about whether Stocks or Mutual Funds are acceptable forms of assets for Proof of Funds. Can someone please help?

Quote

Extract from CIC link:

How much money should you bring?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than CAN$10,000 into Canada. If you do not tell them, you may be fined, and your funds could be seized. These funds could be in the form of:

cash,
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.), or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders.
_-----------------------
I'm planning to apply for a PR thought FSWP with no Canadian experience for a family of 2. I understand that the amount I need to show as PoF is $15500 approx.

What I don't understand is the form that these funds need to be held in - the CIC page clearly mentions that Stocks are permissible. But on the huge Proof of Funds explained thread in this forum, several experienced members have mentioned that Mutual Funds are not accepted as they are prone to swings in value based on the market conditions. However, the same applies for stocks and if anything, mutual funds are less risky in comparison as the risk is spread across multiple equities.

So can someone answer this once and for all - Are Mutual Funds accepted as PoF? Are stocks in portfolio accepted?

If the answer is no, what's the import of the mention of stocks in the CIC page? Is that referring only to the form of funds at time of landing and not at time of PR application?

Thank you!

 

[vishalg]

usually it is calculated on a daily averages basis.
But you shouldn't worry about the avg balance (there is not much fluctuation).

 

[vishalg]

Hey DelPiero & others,

I've read multiple conflicting opinions on these forums (in this thread itself) as well as on the CIC website about whether Stocks or Mutual Funds are acceptable forms of assets for Proof of Funds. Can someone please help?

Quote

Extract from CIC link:

How much money should you bring?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than CAN$10,000 into Canada. If you do not tell them, you may be fined, and your funds could be seized. These funds could be in the form of:

cash,
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.), or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders.
_-----------------------
I'm planning to apply for a PR thought FSWP with no Canadian experience for a family of 2. I understand that the amount I need to show as PoF is $15500 approx.

What I don't understand is the form that these funds need to be held in - the CIC page clearly mentions that Stocks are permissible. But on the huge Proof of Funds explained thread in this forum, several experienced members have mentioned that Mutual Funds are not accepted as they are prone to swings in value based on the market conditions. However, the same applies for stocks and if anything, mutual funds are less risky in comparison as the risk is spread across multiple equities.

So can someone answer this once and for all - Are Mutual Funds accepted as PoF? Are stocks in portfolio accepted?

If the answer is no, what's the import of the mention of stocks in the CIC page? Is that referring only to the form of funds at time of landing and not at time of PR application?

Thank you!

MFs and stocks are not accepted as the final figure depends on the day you liquidate them. Upon liquidation you can utilize them as POF.

 

[UnleashedFX]

It depends on how the money enters your savings.

If there is no way for them to verify the source from the savings statements, then you are better off providing them where your salary is paid that shows you transferred the money to your savings.

You have to give them evidence of how you got the money

I also have a savings account, which I will use. What if it is a direct deposit? How can you prove that given that I get some of my money in cash and not through another bank account.

 

[vishalg]

I also have a savings account, which I will use. What if it is a direct deposit? How can you prove that given that I also receive money in cash and not through another bank account?

with cash you won't be able prove the source of funds unless you have some legal letter mentioning the exact same amount cash being given ( not borrowed but your money; a gift; paid against any service)) to you.

 

[UnleashedFX]

with cash you won't be able prove the source of funds unless you have some legal letter mentioning the exact same amount cash being given ( not borrowed but your money; a gift; paid against any service)) to you.

Should I proceed with entering the difference of CAD 3900 in my account in one go or split it so it doesn't looks suspicious and then explain it with a gift deed?

 

[vishalg]

Should I proceed with entering the difference of CAD 3900 in my account in one go or split it so it doesn't looks suspicious and then explain it with a gift deed?

go for a single deposit, try and use a cheque and upload the scan copy of the cheque as well. Don't worry about the amount, people have taken gifts worth 10k

 

[cec_21]

Seniors/Experts,

Please help, I am expecting ITA in the next draw 510 points, I am arranging $16,000 as POF through friends and family. I have a business which I am closing down and I did not maintain regular cash transaction in that bank account its a small cafe, although I have filed my taxes.

My questions are

1) Can I transfer the funds into my company account and write LOE explaining the money is from closure of the cafe? And provide Tax returns showing the inflow as a proof or will they ask for the bank statement of that account?

2) If money is transferred by a friend or a cousin do I need to get his bank statement along with a Gift of Deed/Affidavit or just the latter is okay?

3) Do I need to keep the funds in my account for a month or 2 and then accept ITA or fresh funds are fine or is there a hard and fast rule about 6 months bank statement?

I can transfer it in my company's account and have bank write a letter on their letter head with balance and all, but would that be fine or what do you suggest?

** Out of track question for this forum but if you have any idea, I have done my upfront medicals for regular CEC which I provided was accepted and passed as well. Can I use the same for express entry or I will have to do medicals again? It was done on 4th Aug 2016 so roughly 7 months back.

Please help, any input any help will be appreciated and blessings will be offered Thanks in advance for reading this post and any inputs you guys will offer. Have a wonderful time ahead.

 

[theTrumpDonald]

Hello friends,
My colleague had this question on POF. Can he take money as Gift from his close friend. His friend is fine with signing a gift deed mentioning he does not expect money back. Does CIC accept gift deed from outside family members, if yes, what additional proof must be submitted?

 

[DelPiero07]

Hello friends,
My colleague had this question on POF. Can he take money as Gift from his close friend. His friend is fine with signing a gift deed mentioning he does not expect money back. Does CIC accept gift deed from outside family members, if yes, what additional proof must be submitted?

Proof of transfer.

 

[DelPiero07]

Seniors/Experts,

Please help, I am expecting ITA in the next draw 510 points, I am arranging $16,000 as POF through friends and family. I have a business which I am closing down and I did not maintain regular cash transaction in that bank account its a small cafe, although I have filed my taxes.

My questions are

1) Can I transfer the funds into my company account and write LOE explaining the money is from closure of the cafe? And provide Tax returns showing the inflow as a proof or will they ask for the bank statement of that account?

2) If money is transferred by a friend or a cousin do I need to get his bank statement along with a Gift of Deed/Affidavit or just the latter is okay?

3) Do I need to keep the funds in my account for a month or 2 and then accept ITA or fresh funds are fine or is there a hard and fast rule about 6 months bank statement?

I can transfer it in my company's account and have bank write a letter on their letter head with balance and all, but would that be fine or what do you suggest?

** Out of track question for this forum but if you have any idea, I have done my upfront medicals for regular CEC which I provided was accepted and passed as well. Can I use the same for express entry or I will have to do medicals again? It was done on 4th Aug 2016 so roughly 7 months back.

Please help, any input any help will be appreciated and blessings will be offered Thanks in advance for reading this post and any inputs you guys will offer. Have a wonderful time ahead.

1 - Is this bank account under your name? Whether you provide tax returns or not you still have to provide a bank letter following IRCC's guidelines, if you're unable to obtain this then you must provide bank statements.

2 - Proof of transfer along gift deed.

3 - You can apply as soon as you get the money.

 

[thecoldperson]

Hello Guys ,

Can anybody help me here.
My Closing balance in my account is 12778 CAD and Average for last 6 months frmo 1st oct to 28th feb is 11114 CAD.
Please help as i am in a situation.
All are saying here that for last 6 months average balance is checked from the bank statements and in the average i am far away from the margin. Is this okay ? Will there be any issue ? If yes how can i overcome it:'( :'(

 

[cec_21]

1 - Is this bank account under your name? Whether you provide tax returns or not you still have to provide a bank letter following IRCC's guidelines, if you're unable to obtain this then you must provide bank statements.

2 - Proof of transfer along gift deed.

3 - You can apply as soon as you get the money.

Yes the bank account is in my name, I will provide a bank letter but IRCC guidelines states that bank has to mention account balance and 6 months average right?

Thanks for your reply..