Proof of funds requirements - Explained

[hardeepray]

Hello rajkamalmohanram,

i am plainning to apply SINP:

Please tell me can i shows Fix deposits (FD's) all are my Father's name.. can i join my name with him? is is ok opr not? can CIC reject join FD's?
i hv read some blogs and found that in one case they reject..

Please advice/guide me...

 

[Idoless]

Hi guys, is it problematic if my bank account has been just recently created?
When I'll submit my POF, my bank account would has existed for only two months.

 

[thelastimmigrant]

Hi Asivad Anac. I hope you see this on time. Please, how do you show POF for small businesses and online investments that you have been running even before you registered your EE profile and were aware of the Immigration process? No payslips and no further contact with clients after the job was done. These freelance jobs are outside your desired NOC. The savings account has a history of active inflow and outflow of your hard-earned money and your POF is complete and more than required. But your average balance is only 55% of the required POF needed because being a savings account, i eat from there. How can i convince the officer that i worked hard for this funds and its not borrowed? Literally have nothing to show apart from my bank certification letter and my bank statements for 8 months.

Err on the side of caution. No harm in providing additional POF even if that letter doesn't ask for it.

 

[sinaghiassian]

I am a research assistant at a university in Canada but I am working on a study permit not a work permit. Can I use my research assistantship salary letter as the proof of funds for express entry?

 

[serenity_eee]

Hi

I would like to know for someone who has got PR (FSW14) and wants to go to Quebec after landing in Toronto. Consider she has got SIN using a non-Quebec address. Now if she moves to Montreal, should she expect any difficulties like Health Care facilities, Employment benefits, education in future for children (born in non-Quebec). It is understandable that first year she cannot claim any benefits. But how about the bursaries (living expense) that people enjoy while they are in full time education in Montreal? If she stays there for one year, can she claim social benefits for employment and children? Will there be any problem later in future when she will apply for citizenship?

 

[Umidjon90]

Hello guys,
I have found that we need to show bank balance for latest 6 months to prove that we have enough settlement funds. The question is do we have to keep this balance above the minimum CAD 12300 throughout the time period, or is it okay to be below at times. Also, a thing to consider is exchange rate movements as I have my money in USD. Do I have to consider this as well?
Thanks in advance!

 

[Umidjon90]

Hello guys,
I have found that we need to show bank balance for latest 6 months to prove that we have enough settlement funds. The question is do we have to keep this balance above the minimum CAD 12300 throughout the time period, or is it okay to be below at times. Also, a thing to consider is exchange rate movements as I have my money in USD. Do I have to consider this as well?
Thanks in advance!

Forgot to mention, this POF is required under ontario PNP.

 

[ajaiverghese]

Hi,

We are a family of three and have received an ITA after the march 24 draw. I'am a little worried about proof of fund.. As a family of three we are required to show fund for 18700 CAD, of which 12500 is in Fixed deposits, solely in my wifes name ,who's the primary applicant ,for more than 6 months. Now we have another 6700 CAD coming into this account(A) from another account(B) of hers,which she's been holding for more than six months. The only issue is that, this account(B) is jointly held with her mother.
Though the funds are ready and has been with us for more than six months, which can be proved with statements from both accounts, will the presence of her mother as a joint account holder, in one account cause a problem for us?

Can any one suggest a way to get past this.

Cheers
Ajai

 

[russellx]

Hi,

We are a family of three and have received an ITA after the march 24 draw. I'am a little worried about proof of fund.. As a family of three we are required to show fund for 18700 CAD, of which 12500 is in Fixed deposits, solely in my wifes name ,who's the primary applicant ,for more than 6 months. Now we have another 6700 CAD coming into this account(A) from another account(B) of hers,which she's been holding for more than six months. The only issue is that, this account(B) is jointly held with her mother.
Though the funds are ready and has been with us for more than six months, which can be proved with statements from both accounts, will the presence of her mother as a joint account holder, in one account cause a problem for us?

Can any one suggest a way to get past this.

Cheers
Ajai

Add both statements of account and indicate how the money was transferred from the joint account to her own account in a letter of explanation (LOE). And ask her mum to include a gift deed stating that she is giving the money to her as a gift towards her impending migration to Canada and that she is not taking the money back.

That should suffice.

Russ

 

[ajaiverghese]

Add both statements of account and indicate how the money was transferred from the joint account to her own account in a letter of explanation (LOE). And ask her mum to include a gift deed stating that she is giving the money to her as a gift towards her impending migration to Canada and that she is not taking the money back.

That should suffice.

Russ

Thanks Russ

 

[dexternmn]

Seniors please suggest,

We have Rs. 1296000 equivalent to CAD 24924, as the amount we would like to use for the purpose of migrating to Canada for family of 2. This include my contribution of Rs. 739000 and my spouse contribution of amount Rs. 557000.

we have taken a plot loan in Nov 2015 on my spouse name and myself as co-applicant, for Rs. 1142000 equivalent to CAD 21962, which comes down to monthly EMI of Rs. 24743 equivalent to CAD 476, for the period of 5 years. The loan is active and having current outstanding amount yet to paid Rs. 850000 equivalent to CAD 16346. The loan is secured mortgage loan. The current government value of the plot on mortgage is Rs. 1320000 equivalent to CAD 25385, but market evaluation will definitely be more.

1) Please let me know if we can disclose the loan information to IRCC with proper market valuation done stating that pending outstanding amount can be paid by other means such as other family assets ?
2) If we can state in LOE to pay outstanding amount using other family assets, do we need to show such asset ?
3) Also, in bank statement which I will be providing includes remarks for few transaction as "Loan EMI for Mar17" etc, can you pls clarify if this could cause any problem if we wish to not disclose the loan information ?

 

[borah88]

Hey
so if my parents send me some money on my canadian bank account to support me to prove my fund is that okay?

For the work and travel visa I needed to prove my fund in form of statement for the last 3 month. Does anyone know how long the money has to sit on the account?

 

[russellx]

Seniors please suggest,

We have Rs. 1296000 equivalent to CAD 24924, as the amount we would like to use for the purpose of migrating to Canada for family of 2. This include my contribution of Rs. 739000 and my spouse contribution of amount Rs. 557000.

we have taken a plot loan in Nov 2015 on my spouse name and myself as co-applicant, for Rs. 1142000 equivalent to CAD 21962, which comes down to monthly EMI of Rs. 24743 equivalent to CAD 476, for the period of 5 years. The loan is active and having current outstanding amount yet to paid Rs. 850000 equivalent to CAD 16346. The loan is secured mortgage loan. The current government value of the plot on mortgage is Rs. 1320000 equivalent to CAD 25385, but market evaluation will definitely be more.

1) Please let me know if we can disclose the loan information to IRCC with proper market valuation done stating that pending outstanding amount can be paid by other means such as other family assets ?
2) If we can state in LOE to pay outstanding amount using other family assets, do we need to show such asset ?
3) Also, in bank statement which I will be providing includes remarks for few transaction as "Loan EMI for Mar17" etc, can you pls clarify if this could cause any problem if we wish to not disclose the loan information?

Dexternmn,

1. Are you saying the amount of money saved for the purpose of migration will not be adequate now because of the active plot loan?

2.If you can pay off the loan using other family assets, then go ahead and do just that.

3.I don't think Land valuation as POF will work with the NDVO.

4. I suggest you pay off the loan and get clearance that you have completely paid it off. And attach the requisite docs to your letter of explanation (basically saying you had a loan and that it has been fully liquidated). That goes to show that your POF is unencumbered. That is the most important thing here. You don't need to say more.

All the best.

Russ

 

[somaya]

Please seniors I need an urgent advice.

For the proof of fund, I am planning to use my accompanying husband's bank account along with a notarized declaration from him that I can use the money in the account for immigration purposes. In addition, my husband will get the required amount from his brother and we will provide a gift deed for this.

Do you think this will work smoothly?? Did such a situation work with anyone before?
I’ve heard from a consultant here in my country that the bank account should be in the name of the primary applicant or a joint account with spouse? Is that true??

Thanks in advance

 

[dr.termi]

Hello guys,
My question may be repeated but it's really a critical point for me
Regarding the POF, I'm the main applicant and the money available in my account is below the required amount...can I use my spouse's account to complete the required money? Just by applying with both bank statements?
And in this case is there any additional documents required or just the 2 statements are enough?
Thanks in advance