Proof of Funds

[fedmolac]

Dear,
While filling up the EE form I came up to "How much money (in Canadian dollars) will bring to Canada to support themselves and their family?".

My question is, can i show the funds in my Indian bank account ? or Do I have to carry the cash with me.

Like if I enter $ 300,000. Should I carry with me or is it enough to show in my personal bank account back in India ??

Please let me know.

Thanks.

 

[sainathreddy]

Dear,
While filling up the EE form I came up to "How much money (in Canadian dollars) will bring to Canada to support themselves and their family?".

My question is, can i show the funds in my Indian bank account ? or Do I have to carry the cash with me.

Like if I enter $ 300,000. Should I carry with me or is it enough to show in my personal bank account back in India ??

Please let me know.

Thanks.

Are you sure you have $300,000 with you? Assuming it is CAD $, it translates to Rs. 15,884,100 or Rs. 15 Crores.

As for the other questions,
1. Yes, you can show funds in Indian Bank accounts. Infact, you need to show the 6-months average balances and the funds should be your own. Better to avoid having any lump-sum transfers into your account.
2. CIC requires that you maintain the same amount of funds throughout the entire process. You are expected to land in Canada with the funds that you have mentioned.

 

[fedmolac]

Are you sure you have $300,000 with you? Assuming it is CAD $, it translates to Rs. 15,884,100 or Rs. 15 Crores.

Its coming to 1.5 crore not 15 crore. I don't have any problem if they ask I can show this much money in my personal account.

As for the other questions,
1. Yes, you can show funds in Indian Bank accounts. Infact, you need to show the 6-months average balances and the funds should be your own. Better to avoid having any lump-sum transfers into your account.

Could you please explain me. I don't understand. Is it enough if I show the amount in my personal bank in India. I don't have any lump sum transfer it is only my salary account.


2. CIC requires that you maintain the same amount of funds throughout the entire process. You are expected to land in Canada with the funds that you have mentioned.

Do you mean I should carry 300 thausand with me at the time I am first going to Canada?? How could I carry this amount I can only carry $5,000 cash.

Could you please explain me actually how much money I should carry. Or how much money I should input while filling the EE form. Some are saying me that there is a good chances of getting PR if you show more money.

 

[_Harry_]

Could you please explain me actually how much money I should carry. Or how much money I should input while filling the EE form. Some are saying me that there is a good chances of getting PR if you show more money.

There is a minimum limit that one needs to show per applicant. It is mentioned in the CIC website. For instance, for single applicant it is around 12300 CAD, for a couple it is around 15.3K and so on increase as the applicant count increases.
Go to this link to get the exact info and money you need to show http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Showing more money won't make your case strong as there are many variables that decides your approval. On the other hand, showing less money will definitely results in rejection.

 

[sainathreddy]

Oops.. My Bad.
Even then, its better to show a bit more than the minimum amount.
As @_Harry_ suggested, check that link and calculate how much amount you need to show, based on the number of applicants.

 

[fedmolac]

There is a minimum limit that one needs to show per applicant. It is mentioned in the CIC website. For instance, for single applicant it is around 12300 CAD, for a couple it is around 15.3K and so on increase as the applicant count increases.
Go to this link to get the exact info and money you need to show http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Showing more money won't make your case strong as there are many variables that decides your approval. On the other hand, showing less money will definitely results in rejection.

Thanks Harry for your link. Its help me alot. For a family of 4, its mentioned $ 22,856.

So I have to put only $ 22,856 in the input field ??

its also mentioned in the website "Keep your funds up-to-date in your profile. The system may find that you are eligible for more than one program. You don’t always know ahead of time which program you will be invited under.".

The amount $ 22,856, should I have to carry cash ?

 

[fedmolac]

Oops.. My Bad.
Even then, its better to show a bit more than the minimum amount.
As @_Harry_ suggested, check that link and calculate how much amount you need to show, based on the number of applicants.

If I enter more money, should I have to carry with me as a cash. Due to custom rules, we cannot carry more cash. Its not enough to show in our native bank account.

 

[jackdawn]

ev

If I enter more money, should I have to carry with me as a cash. Due to custom rules, we cannot carry more cash. Its not enough to show in our native bank account.

everything i mentioned in the link posted above

 

[sainathreddy]

If I enter more money, should I have to carry with me as a cash. Due to custom rules, we cannot carry more cash. Its not enough to show in our native bank account.

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

How much money you should bring
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. Canadian customs regulations require you to declare if you're bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined, and your funds could be seized. This includes:

• cash
• documents that show property or capital payable to you, such as:
  • stocks
  • bonds
  • debentures
  • treasury bills
• documents that guarantee payment of a set amount of money, which are payable to you, such as:
  • banker's drafts
  • cheques
  • travellers’ cheques
  • money orders).

 

[fedmolac]

ev

everything i mentioned in the link posted above

Thank you for clearing my query.

 

[fedmolac]

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

How much money you should bring
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. Canadian customs regulations require you to declare if you're bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined, and your funds could be seized. This includes:

• cash
• documents that show property or capital payable to you, such as:
  • stocks
  • bonds
  • debentures
  • treasury bills
• documents that guarantee payment of a set amount of money, which are payable to you, such as:
  • banker's drafts
  • cheques
  • travellers’ cheques
  • money orders).

Thank you for clearing my query with detail response.

 

[_Harry_]

Thanks Harry for your link. Its help me alot. For a family of 4, its mentioned $ 22,856.

So I have to put only $ 22,856 in the input field ??

its also mentioned in the website "Keep your funds up-to-date in your profile. The system may find that you are eligible for more than one program. You don’t always know ahead of time which program you will be invited under.".

The amount $ 22,856, should I have to carry cash ?

In your case, show around 23-24K. There are many variables here and forex exchange rate and everything so it is best to prepare for around 25k.
No you don't need to carry everything cash. In fact you can't carry more than 10K cash. Carry 4-5K cash and the rest needs to be in your bank account.

 

[flanerie017]

I have a bank account at the RBC Royal Bank of Canada. In the Proof of Funds letter provided by my bank, they only mentioned the type of account, date opened, current balance, and the client is currently in good standing.

I have two questions:
1) Is it okay to submit a black and white bank letter?
2) Bank letter didn't mention the average balance of past 6 months or outstanding debts/loans (I don't have any outstanding debt/loans).

Is this information sufficient or do I need to get a colored letter with the missing information?

 

[ContactFront]

I have a bank account at the RBC Royal Bank of Canada. In the Proof of Funds letter provided by my bank, they only mentioned the type of account, date opened, current balance, and the client is currently in good standing.

I have two questions:
1) Is it okay to submit a black and white bank letter?
2) Bank letter didn't mention the average balance of past 6 months or outstanding debts/loans (I don't have any outstanding debt/loans).

Is this information sufficient or do I need to get a colored letter with the missing information?

1. Scan the letter in color
2. Letter + 6 months statements will suffice.