Proof of funds requirements - Explained

[Luder]

Hi friends,

Few minutes ago I was going thru the documents I sent to IRCC. I see that my bank statement for POF to CIC is from 1st of May till 12th Oct. Which means it is 18 days short of 6 months. I didn't notice it fully or I think since I said the bank staff I need six months statement so there's no need to count the months to see if it covers a full six months period. It's my mistake I admit.

I'm sure I said the bank staff for 6 months but she had printed like this. And I submitted the application to IRCC. What do I do now? Will it pass the check or they will ask for a new one or they just reject the application?

I am quite troubled.

Please share your experiences and opinions.

Sincerely,

Luder

 

[somel]

I had several monthly deposit accounts on different banks. 7 days ago I have withdraw all the payment from those accounts into a single account as a fixed deposit schema. But the problem is I have my own proof of fund amounts as a fixed deposit now that I had transferred from my own different accounts but it still has not 3 months maturity for any PNP program needs. Only 7 days maturity age it has now.

Now if I want to apply any PNP program then how can I solve this problem. Can anybody help me?

 

[holbond]

Hi Guys,
Is land acceptable as Proof of Funds ? I am really confused. Some say it is and some dont. Can anyone give me the contact ID of cic so that I ask them ?

 

[mihirp83]

Hey Serge

PPF is not accepted as POF.
POF can be something which you can immediately spend.
That's the reason fixed assets are also not considered as POF.

Best Wishes,
vmraja

Hey,

I think it should be allowed as POF as I can withdraw 50% amount which is deposited till last year. So will that be considered or not ??? Guess I can include 50% of amount as POF

 

[Teebanks]

Proof of funds

Hi all

I got married after submitting my application to CIC and I have notified CIC of my marriage, do I need to show funds for two people despite the fact that I'm not including my spouse in my application or just proof of funds for myself would do?

Regards

 

[venki497]

Proof of Funds Puzzle.

-------
In short :

Options for documents to support source of cash that i want to you as PoF.

1) Salary statements, IT returns. No account statements as i have loan on salary account and it will appear in account statements.
2) GIFT deed from parents without supporting documents of their accounts.
3) Affidavit from friend saying he is repaying the loan he has taken.

I am in dilemma which one of the above three options is better.


Long Story:

---------------------------

My Situation:

I received ITA and got another 59 days to submit all documents. So depositing cash and waiting for 3 months is not an option.

1) I have my salary account where salary gets deposited every month for last 4 years.But the accout also has a loan and the deductions for loan installments appears in account statements.
I used to withdraw all the money from the account after the salary is credited. So average account balance is not great.

2) I have enough 'cash' for POF saved out of my salary. Physical cash and not in accounts, so cant submit account statements showing the gradual savings except for salary statements, IT returns saving
the source of money.

3) Can make gift deed from parents but the gift deed statement cant have Cheque numbers or account numbers as my parents being farmers(they are not salaried) dont have Pan Card and with the curreent situation in India, cant deposit
large amount of cash in parents account without pancard.



My Options :

Option 1 :
Use part of the cash to pay off loan on salary account.Put the remaining amount as PoF(this will meet CIC requirements) in salary account.Take a 'no' loan letter from bank and submit same in LoE.
Use the salary account statement to submit as PoF.

In this option,i am thinking if showing loan unnecessarily complicates the scenario . I am worried if VO officer thinks ,i might have borrowed money from outside(not the case) to pay off loan and for PoF.

Option 2 :

Deposit all the cash into another account without loan . This is rarely used with minimum transactions every month (no salary credits). So average balance will be very less. If the VO asks
for source of cash, only salary slips and IT returns or gift deed from parents without their account statements can be submitted. Will this suffice?

Fixed deposit with cash
Also if the VO asks for account statement for salary credited, it will have loan in that account.

Option 3 :

Sale of Gold document to show as source of cash. I am not getting enough information (documents to be submitted) to use this approach.

Experts advice and comments needed.

 

[rajkamalmohanram]

Hi all

I got married after submitting my application to CIC and I have notified CIC of my marriage, do I need to show funds for two people despite the fact that I'm not including my spouse in my application or just proof of funds for myself would do?

Regards

You MUST show enough funds for all your family members (family members = self + spouse + children) irrespective of whether they are accompanying you or not.

 

[rajkamalmohanram]

Proof of Funds Puzzle.

-------
In short :

Options for documents to support source of cash that i want to you as PoF.

1) Salary statements, IT returns. No account statements as i have loan on salary account and it will appear in account statements.
2) GIFT deed from parents without supporting documents of their accounts.
3) Affidavit from friend saying he is repaying the loan he has taken.

I am in dilemma which one of the above three options is better.


Long Story:

---------------------------

My Situation:

I received ITA and got another 59 days to submit all documents. So depositing cash and waiting for 3 months is not an option.

1) I have my salary account where salary gets deposited every month for last 4 years.But the accout also has a loan and the deductions for loan installments appears in account statements.
I used to withdraw all the money from the account after the salary is credited. So average account balance is not great.

2) I have enough 'cash' for POF saved out of my salary. Physical cash and not in accounts, so cant submit account statements showing the gradual savings except for salary statements, IT returns saving
the source of money.

3) Can make gift deed from parents but the gift deed statement cant have Cheque numbers or account numbers as my parents being farmers(they are not salaried) dont have Pan Card and with the curreent situation in India, cant deposit
large amount of cash in parents account without pancard.



My Options :

Option 1 :
Use part of the cash to pay off loan on salary account.Put the remaining amount as PoF(this will meet CIC requirements) in salary account.Take a 'no' loan letter from bank and submit same in LoE.
Use the salary account statement to submit as PoF.

In this option,i am thinking if showing loan unnecessarily complicates the scenario . I am worried if VO officer thinks ,i might have borrowed money from outside(not the case) to pay off loan and for PoF.

The officer looks if the applicant has enough funds in the bank. Unless there are unexplained large deposits (other than your salary), then that is a problem. IMO, they cannot be any more unconcerned about your debits. No applicant has ever reported being asked to explain debits from the account.

Your case seems to be pretty straightforward to me - You just show the account where you have money. Doesn't matter if you have a loan on that account, IMO. I am telling this based on my observation so far - I have not seen anyone getting rejected for the reason of having a debit that goes towards a loan.

Finally, the average balance is asked just to make sure the funds are not borrowed. If you can prove the funds are not borrowed (in your case payslips would work), the average balance doesn't even matter.



Option 2 :

Deposit all the cash into another account without loan . This is rarely used with minimum transactions every month (no salary credits). So average balance will be very less. If the VO asks
for source of cash, only salary slips and IT returns or gift deed from parents without their account statements can be submitted. Will this suffice?

Fixed deposit with cash
Also if the VO asks for account statement for salary credited, it will have loan in that account.

Option 3 :

Sale of Gold document to show as source of cash. I am not getting enough information (documents to be submitted) to use this approach.

Experts advice and comments needed.

 

[tech_writer]

Will CIC decline the application if the amount shown as POF is more in spouse bank account than the primary applicant?

 

[pritywiz]

I am an Indian National applying as principal applicant for Express Entry via Federal skilled workers. My husband and 2 children will also be accompanying me. My husband is a Nepalese and has family property in Nepal, which can be submitted as proof of funds.

My question is that as an Indian National will the Canadian Immigration Authority in India accept that as proof of funds. If not, what could be my options?

Thanks in advance

 

[rajkamalmohanram]

I am an Indian National applying as principal applicant for Express Entry via Federal skilled workers. My husband and 2 children will also be accompanying me. My husband is a Nepalese and has family property in Nepal, which can be submitted as proof of funds.

My question is that as an Indian National will the Canadian Immigration Authority in India accept that as proof of funds. If not, what could be my options?

Thanks in advance

Property cannot be shown as Proof of Funds. Funds have to be liquid - Could be money in a savings account, a Fixed Deposit that doesn't have a lock-in period etc.

For 3 people, you need at least CAD 18,617.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[jpv2212]

A little help here please..

I am from India. I have paid income tax for last 2 years from my government job salary. I was wondering :'(
Can I submit my Income Tax return certificate (Form 16) for my POF?

Kindly give answer...
TIA

 

[Asivad Anac]

A little help here please..

I am from India. I have paid income tax for last 2 years from my government job salary. I was wondering :'(
Can I submit my Income Tax return certificate (Form 16) for my POF?

Kindly give answer...
TIA

How does that fulfill IRCC requirements? They need to see money in the bank.

 

[jpv2212]

How does that fulfill IRCC requirements? They need to see money in the bank.

Thanks for your reply.

Sorry for a little bit confusing post.

I meant to say that we are to show proof of bank balance for last 6 months. If we are not able to make it, then can we show IT returns form?? As this form also describes the income for the last whole year.

 

[rajkamalmohanram]

Thanks for your reply.

Sorry for a little bit confusing post.

I meant to say that we are to show proof of bank balance for last 6 months. If we are not able to make it, then can we show IT returns form?? As this form also describes the income for the last whole year.

The 6 months requirement is to ensure that you are not showing borrowed funds. If you are able to demonstrate the source of funds (pay slips if it was saved from your salary/sale receipt if it was from the sale of your car etc) you are good to go!