Proof of Funds (Express Entry)

[vishalg]

Hi Friends

Request urgent help on below mentioned queries.

I have 2 bank accounts in two different banks :

Account 1 : it is solely opened for EE and required funds are parked here
Account 2 : this is my salary account and mostly used for daily cash needs etc.

Query 1 : If i submit a Bank certificate from Account 1 only, will this be an issue ?No
Query 2 : I had about 6000 CAD transferred from Account 2 to Account 1, 2 months ago, does this make it more important to provide Bank certificate for Account 2?yes, as the funds were transferred within last 6 months so it will be required to show the source of funds and justify your claim for ownership of the said funds
Query 3 : Account 2 is also linked with a Home Loan auto debit, if at all I submit the bank certificate for Account 2, the Home Loan will be exposed, how may this affect my application?
Home loan, car loan and loans for consumer durables doesn't impact your POF.
Query 4 : I have about 8000 CAD in Account 1 which credited by 20th April 2017 only, hence it completes only 2 months as on today, however most of this amount was transferred from Account 2 and my wife's bank account, how does it affect my application?
Any significant credits ( assume CAD1000 or above) credited to your account need to be supported by documents that prove your ownership of the said funds and also provide the source of these funds.
Accompanying spouse's account can be used for POF. You need to get a no objection declaration from your spouse that s/he allows you to utilize the funds for immigration purpose and s/he will be accompanying you upon receiving the COPR
regards
Paramjeet

 

[mjh1981]

Dear forum members,

Me and my family members save through contribution to a kitty/chit fund. For a year, every month we set handover a fixed amount to a friend who has organized a group of 12 people and receive a lump sum amount at a predetermined date/month. I am expecting to receive around $10000 as my share next month and intending to use it for immigration.

Please advise how to explain this amount to be credited to my account and what options are available to prove this amount belongs to me.

Thanks.

 

[vishalg]

Dear forum members,

Me and my family members save through contribution to a kitty/chit fund. For a year, every month we set handover a fixed amount to a friend who has organized a group of 12 people and receive a lump sum amount at a predetermined date/month. I am expecting to receive around $10000 as my share next month and intending to use it for immigration.

Please advise how to explain this amount to be credited to my account and what options are available to prove this amount belongs to me.

Thanks.

It is difficult to prove the source of the funds. Would advice you to get a gift from your family ( account to account transfer through cheque or wire) and get a gift deed

 

[Vish7]

what is a regulated job while filling out eAPR?
does computer engineer fall into regulated jobs? will is ask for additional documents if Yes is input?

 

[mjh1981]

It is difficult to prove the source of the funds. Would advice you to get a gift from your family ( account to account transfer through cheque or wire) and get a gift deed

Thanks for your valuable advice. One more question, do i require 2 separate gift deeds for 2 separate transfers from my parents or only 1 will do for the aggregate amount? They will be transferring money to my account in 2 separate batches.

 

[vishalg]

what is a regulated job while filling out eAPR?
does computer engineer fall into regulated jobs? will is ask for additional documents if Yes is input?

Regulated ones are for doctors etc. Software engineer doesn't fall in that. Regulated are ones where applicants need to pursue further education in Canada to start working in their occupation.

 

[vishalg]

Thanks for your valuable advice. One more question, do i require 2 separate gift deeds for 2 separate transfers from my parents or only 1 will do for the aggregate amount? They will be transferring money to my account in 2 separate batches.

A single gift deed covering both transactions would be fine.
Upload proof of transfer ( cheque/ internet transfer receipt) also.

 

[Wordsgonewild]

I have an interesting question, if somebody can answer that.
I am not married, but will be getting married somewhere in Dec 17. I have applied as a sole applicant but do not own the amount of $s to show in POF. But my girlfriend asked me that, she can help me with her FDs. Though we are yet not married, how can I show that amount? Would that be borrowing? or She can GIFT me the amount?

Any help would be really appreciated.

 

[vishalg]

I have an interesting question, if somebody can answer that.
I am not married, but will be getting married somewhere in Dec 17. I have applied as a sole applicant but do not own the amount of $s to show in POF. But my girlfriend asked me that, she can help me with her FDs. Though we are yet not married, how can I show that amount? Would that be borrowing? or She can GIFT me the amount?

Any help would be really appreciated.

As of now she would be considered your friend and I am not sure if monetary gifts can be given by friends.

 

[Wordsgonewild]

As of now she would be considered your friend and I am not sure if monetary gifts can be given by friends.

Thanks for the info,

Also, we are engaged in March 17, would that be any help?

 

[vimmy91]

hello experts...

I just wanted to clear. whether a Balance Certificate is solely sufficient as a Proof of funds ??
please reply !!

 

[vishalg]

Thanks for the info,

Also, we are engaged in March 17, would that be any help?

Only after getting married.
You can seek others' opinion on common law partner and POF criteria for them. But for common law partner you have to prove that you were living together for at least 12 months.

 

[Vish7]

My salaried account shows few loans ( personal and home). do i need to provide details related to these loans. loans are from different bank and not from salary account bank. and if I need to s

 

[vishalg]

My salaried account shows few loans ( personal and home). do i need to provide details related to these loans. loans are from different bank and not from salary account bank. and if I need to s

Explain those loans ( if they are from the accounts you've got your letter from) using LOE, there will be no impact on your POF.

 

[Iampositive]

Hi Members,

I am showing about CAD 20000 in two accounts.

Account 1 has current balance of CAD 5,000 and avg balance of CAD 2,500, this difference if because this is my salary account and I do a lot of transactions in this account. So the funds are not parked consistently: But the increase in balance is purely because of salary credit+bonus, no cash or transfer has been made from any account
Question: Will this create a problem, diff b/w current and average balance

Account 2 has a current balance of CAD 15,500 and average balance of CAD 8,500, then increase in funds is again due to a transfer of funds from my wife (accompanying spouse). Again will the diff in curr and avg cause any issue.