Proof of funds requirements - Explained

[kunalthakker]

I think we need to keep the money through out the year, because if immigration can ask the proof of fund any time in detail.......

True, they can demand bank statement after the dates of statement already submitted. I have seen two such queries.

 

[pino1130]

Dear all,
I need your urgent help regarding my fixed deposit. My fixed deposit is a 1-year term. I opened it in June 2016, which means it's older than 6 months now. My concern is that its maturity date will be Jul 20, 2017 however my deadline for APR is Aug 16, 2017. I got the bank letter already and it clearly mentions the maturity date. Will this make CIC disregard my PoF because it will mature before the deadline? If yes, what should I do? Pls help me!! Thank you.

 

[mitul.p]

Hi everyone, URGENT help required!

I need some urgent clarity on few points regarding "Proof of funds"

1. My father has transferred money in my account. I'll be using it create a FD. Will I then need a Gift Deed or any other document to support this?

2. Does the name in my FD be exactly the same as in my passport?


Please help, fellow members. I really appreciate and thank each one of you in advance.

 

[gayathri.a]

Hi All,
Should I submit a gift deed in case if the money is transferred from another person's (my friend is gifting this money) account to my bank account?

Is there a specific format for Canada? What other docs will they require if I'm being gifted, she is taking a loan from pledging her land and GIFTING this money to me.

Please clarify- Thanks in advance

 

[2017applicant]

Hi everyone, URGENT help required!

I need some urgent clarity on few points regarding "Proof of funds"

1. My father has transferred money in my account. I'll be using it create a FD. Will I then need a Gift Deed or any other document to support this?

Yes, better to get a gift deed done so that you can justify the source of money.



2. Does the name in my FD be exactly the same as in my passport?

Not sure, but I guess technically it should be the same name unless the FD does not show your middle name.


Please help, fellow members. I really appreciate and thank each one of you in advance.

 

[JackMa]

Please enlighten!
My spouse having 2 Bank Account.
I am having 3 Bank Accounts.

We gathered all the money and put it in one account of my spouse. Transaction in that account is showing that money came from me and my spouse other account. But we did it withing ITA periodI.

Is it going to weak the chances?

 

[mrzbd]

Hi,

Is provident fund statement considered as Valid source of fund? I know someone who did show Provident Fund balance in his proof of fund document.He applied in FSWP 2014 and got visa very recently. Still, I am worried. Can anyone shed some light on Provident Fund?Can it be a source of fund?

Thanks

mrzbd

 

[Afroz436]

Hi,

i just would like to know, do i need to show POF balance for entire 6 months ?
if i credit each month some amount to my account and after 6 months it would be equal to POF requirement, can i use this statement?
or Visa officer going to ask me to show constant balance for 6 months?
confused a lot, your valuable suggestions highly apprecited.

thanks,
afroz

 

[pravquery]

Is it necessary to show a personal loan on my POF account? Will they offset the loan value against my POF? I took the personal loan in February for a totally different purpose while I got the ITA in May. Would that be bordering on not meeting the unencumbered criteria?

 

[pravquery]

Are gift deeds from in-laws acceptable? Considering that I'm applying together with my spouse?

Also can I show my rental advance deposit as a POF? Once I leave this house that would be returned to me.

 

[HassanH]

Hi guys,

If I have funds in my account more than the required minimum, and I provide the letter, do they ask about small transfers and deposits in between? Like sometimes my father (who lives abroad) sends me $2,000-$3,000 so I have a few transfers like that from his bank account in my statement.

I don't know if I should give an explanation for this or not..

thanks

 

[sa83]

me and wife are having joint bank account. will it be ok to show POF?

 

[Cai21]

Has anyone had issues showing POF as primary applicant's account and a portion from the spouse's account? Thanks!

 

[mytimet]

Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.

You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada

I noticed that motor vehicle was not mentioned. I'm just wondering if that could be used just like the real estate

 

[Cai21]

I noticed that motor vehicle was not mentioned. I'm just wondering if that could be used just like the real estate

Real estate and vehicle valuations are not allowed as POF. See IRCC's updated POF requirements as of 7/18/17
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp