Proof Of Funds

[ashishshirke21]

Hi All,

While submitting Proof of funds do we need to show our liabilities like home loan or credit card bills?

 

[sushsmart15]

No, not required.

 

[Stanlee]

Hi All,

While submitting Proof of funds do we need to show our liabilities like home loan or credit card bills?

Generally, home loan or auto loan is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about home loan or vehicle loan, they are more concerned if the applicant has availed a loan to meet the POF requirements, which I believe is not the case for you (since you have already maintained the required funds). If you choose to mention it (including credit card outstanding), it will not impact your application.

 

[olipearce1987]

Generally, home loan or auto loan is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about home loan or vehicle loan, they are more concerned if the applicant has availed a loan to meet the POF requirements, which I believe is not the case for you (since you have already maintained the required funds). If you choose to mention it (including credit card outstanding), it will not impact your application.

Hi Stanlee,

so are you saying that we can choose what bank/funds we send to CIC? e.g. i have an account with all the funds in for over 6 months, so if i just send them a copy of that statement with a letter will be sufficient?

 

[ani8886]

Hi Stanlee,

so are you saying that we can choose what bank/funds we send to CIC? e.g. i have an account with all the funds in for over 6 months, so if i just send them a copy of that statement with a letter will be sufficient?

I have the same query. But CIC website says that we need to mention all bank accounts including loan and credit card outstanding. Confused what to submit.

 

[ast1980]

Hello,

1- Does CIC consider Employee Provident Fund ( It is credited into salary account as soon employee quits the organization)
2- In my EE Application, I have shown that I will bring to Canada: $ 25600. However, the required amount for 3 member is only $ 18900. I have received ITA in Jan 2017. Can i now change it to $ 20000 or just leave it at $ 25600 assuming that CIC will consider only $ 18900 for three members


Regards,

 

[Stanlee]

Hello,

1- Does CIC consider Employee Provident Fund ( It is credited into salary account as soon employee quits the organization)
2- In my EE Application, I have shown that I will bring to Canada: $ 25600. However, the required amount for 3 member is only $ 18900. I have received ITA in Jan 2017. Can i now change it to $ 20000 or just leave it at $ 25600 assuming that CIC will consider only $ 18900 for three members


Regards,

1. Yes, submit relevant documentary evidence for the same.
2. You can change it to CAD 20,000.

 

[Pawshi]

Hey Stanlee,

Would like to check on this - We will provide the reference of my spouse's bank account for POF along with FD receipt. As such FD is good enough to prove the POF requirement as per the latest POF requirement from CIC. In her bank account, she has proceeds from share purchase/sale, mutual funds installments, salary credit, other allowance credits, credit card payment etc. No home loan emis are paid from this account.

I have my own saving bank account and home loan EMIs are paid from my account.

Do we need to disclose my account and home loan?

Thank you in advance.

 

[ast1980]

Thanks Stanley. I have sent you PM, kindly help to respond.

Best Regards,

 

[amyqasim]

Hi stanlee and other seniors, POST ITA Q

I'm the main applicant n unemployed. I'm going to show proof of funds as my spouse account to which I have authorised access but it cudn be converted to joint account! My qs r

1) many ppl r saying it's OK as long as ur spouse is accompanying but I don't seem to find reference on CIC website.pls suggest me what to do...shall I go ahead with spouse account or make a new joint account with funds transferred.

2)do I have to add letter of explanation for 3 yrs of unemployment after one yr work experience as I'm home maker n housewife

3)my husband has only master eca done, not bachelors... Do I need his bachelor ECA

 

[sushsmart15]

Hi stanlee and other seniors, POST ITA Q

I'm the main applicant n unemployed. I'm going to show proof of funds as my spouse account to which I have authorised access but it cudn be converted to joint account! My qs r

1) many ppl r saying it's OK as long as ur spouse is accompanying but I don't seem to find reference on CIC website.pls suggest me what to do...shall I go ahead with spouse account or make a new joint account with funds transferred.

2)do I have to add letter of explanation for 3 yrs of unemployment after one yr work experience as I'm home maker n housewife

3)my husband has only master eca done, not bachelors... Do I need his bachelor ECA

1. You can use his bank account statements for POF. Just get a self-declaration signed from him stating that he has no objection in using this money for Canada immigration purpose.
2. You can choose to explain your situation in LOE. However, it is not mandatory.
3. No. This current ECA for master's degree is fine.

 

[olipearce1987]

Hi Stanlee,

so are you saying that we can choose what bank/funds we send to CIC? e.g. i have an account with all the funds in for over 6 months, so if i just send them a copy of that statement with a letter will be sufficient?

is the above correct?

 

[amyqasim]

Hi seniors

Post ITA FSW outland
IM going to use my spouse account. His first 3month avg bank blnc is $10k cad n last 3 months will be $ 23 cad which meets POF.he has continuous income .he also has credit card debt n old housloan n car loan...nOW HOW shud v present our POF in order to avoid rejection

 

[Pawshi]

Hi Stanlee,

Could you please share your views on the query raised by me?

Thank you!

 

[madhouseontheshore]

Hi everyone.

I have just enough funds in my primary bank account that are required to produce the proof of funds in few months time. I need to take a loan of relatively small amount from another bank (less than 10% of what I have in my account and it would be repayable in 12 months) to settle some of my upcoming expenses (since I cannot take out amount of my principle bank account otherwise the available funds will go down).

My question is, would any on-going bank loans of smaller amount affect my proof of funds requirement? Does CIC check all bank accounts and loans for all candidates/on sample basis or is it fine and can I go ahead with getting the loan?

By the time I produce my bank statement in response to ITA, I would have paid about quarter my loan. I have my IELTS and WES ready, and have created EE profile but have not submitted because of this confusion. I have score in 460s so I hope to get invited in the next draw after I create my profile (fingers crossed).

Appreciate your response and if anyone else has been in a similar situation, please do share your experience. I know credit cards are fine but what about small loans? This is the only thing I need clarified before I proceed with my EE submission.