Proof of Funds (Express Entry)

[im.ran]

Hi Guys,

1. I have the required money in my account but that money is not in my account for 06 months. The money has gradually accumulated over the period of time. So, I am confused; is it ok or I need to show the money in my account for 06 months ?

2. Instructions in the document checklist asks to list all the current and investment accounts. So, I need to provide the list of all the accounts ?? or the bank statement with letter from the bank, would be sufficient ?

3. I have recently received ITA and consequently, I got big installments of money coming in my account from various sources (addition of which complete the required amount for PR application), Although, I can show this money is from valid sources and not lended money. Can CIC create objection on this money coming in my account at the time of my ITA.

Thanks.

 

[DelPiero07]

Hi Guys,

1. I have the required money in my account but that money is not in my account for 06 months. The money has gradually accumulated over the period of time. So, I am confused; is it ok or I need to show the money in my account for 06 months ?

2. Instructions in the document checklist asks to list all the current and investment accounts. So, I need to provide the list of all the accounts ?? or the bank statement with letter from the bank, would be sufficient ?

3. I have recently received ITA and consequently, I got big installments of money coming in my account from various sources (addition of which complete the required amount for PR application), Although, I can show this money is from valid sources and not lended money. Can CIC create objection on this money coming in my account at the time of my ITA.

Thanks.

1 - Yes, it's fine.
2 - The account where you meet the required funds is sufficient.
3 - No issue as long as you can provide proof of where this money came from (gift deed, sale of assets, savings from salary, etc).

 

[im.ran]

1 - Yes, it's fine.
2 - The account where you meet the required funds is sufficient.
3 - No issue as long as you can provide proof of where this money came from (gift deed, sale of assets, savings from salary, etc).

Thanks for prompt response.

For point no. 3, do I attach the source of amount with a Letter of explanation ? or wait if CIC raise a query then I submit my response ?
This is my salary account and recently I got bonus and tax refund which together make around 5k CAD.

 

[DelPiero07]

Thanks for prompt response.

For point no. 3, do I attach the source of amount with a Letter of explanation ? or wait if CIC raise a query then I submit my response ?
This is my salary account and recently I got bonus and tax refund which together make around 5k CAD.

Do not wait and submit everything upfront.

 

[im.ran]

Do not wait and submit everything upfront.

Thanks for advice.

Really appreciate your help.

 

[paulpriyanka23]

Do not wait and submit everything upfront.

Hi
I have current balance which is more than the minimum requirement for 1 person. But my average balance (6 month average) is less than the minimum requirement. Should that be a problem? Is there anything else that i should submit along with the bank letter- like a letter of explanation, 6 month statement showing all the activity etc. Please advise.

Also, the average balance would definitely rise in the coming few months (i.e. when my application is been evaluated).

 

[tichupichu]

I am going to receive funds from my father via gift deed. Can i withdraw funds from my account after AOR? Will that be a problem?

You'll have to show the POF at the time of landing in Canada. I wont recommend withdrawing a major amount .

 

[tichupichu]

Hi
I have current balance which is more than the minimum requirement for 1 person. But my average balance (6 month average) is less than the minimum requirement. Should that be a problem? Is there anything else that i should submit along with the bank letter- like a letter of explanation, 6 month statement showing all the activity etc. Please advise.

Also, the average balance would definitely rise in the coming few months (i.e. when my application is been evaluated).

If the increase is gradual and out of your income (for eg salary) and no big deposits then Its fine. No explanation required.
If there is a big deposit than you need to explain the source and provide proof where applicable.

 

[paulpriyanka23]

If the increase is gradual and out of your income (for eg salary) and no big deposits then Its fine. No explanation required.
If there is a big deposit than you need to explain the source and provide proof where applicable.

Thats' correct.. in the coming few months I am hopeful that the average would rise because of my salary. But I am going to submit my PR application this 15th Jan and the average of 6 months is less than minimum. Please advise if this is fine or if I need an LOE or activity of the account for the past 6 months

 

[ertarun]

Hi Everyone,

I intend to create my EE profile by Feb 2018 end. I have few questions around Proof of Funds, would request help from seniors:

1. I have a fixed deposit worth 7 Lakh INR joint with my father and mother. What is best advisable way to use this money?
2. My wife has a fixed deposit only in her name, with my name added as a nominee. Value of Fixed deposit is around 6.5 Lakh INR. She is also the co-applicant(I am primary). Can we leverage this money? What is the best method to use this money to demonstrate PoF?

3. I have 2 Fixed deposits, joint with my wife, amounting to a total of 1 Lakh INR. Can we use this FD upfront? Or what is the best way to utilize this as well?

4. Last, Do we use principle value or maturity value of a Fixed deposit?

Thanks in advance
Tarun.

 

[danytheone]

Hi everyone, I request your advice on to act on my situation.

I have submitted my application with all the necessary documents and proof of funds. I am a recent MS student from a US university. This week I was asked to submit additional documents explaining my recent studies including the source of funding. I have over 5 years of work experience. Part of my studies was from my savings and the rest was financed by my dad. I do not have any obligation to pay the money back to my dad. I request you to help me on how to word my response. Thanks

 

[brunolord]

Guys

I am a bit desperate and you are about to know why... I just submitted my Express Entry application and made a very dumb mistake... I left the field for the proof of funds with a ?... Yes, a question mark.

I submitted my application this way by accident, I left it to change in the end waiting for the bank letter that I received just before submission and just forgot to fill it in...

I, have more than enough funds, I did write a detailed explanation about my proof of funds in the LOE and presented all the evidence in the format required.

What should I expect now? Is there anything I can do at this point?

Thanks in advance

 

[tichupichu]

Thats' correct.. in the coming few months I am hopeful that the average would rise because of my salary. But I am going to submit my PR application this 15th Jan and the average of 6 months is less than minimum. Please advise if this is fine or if I need an LOE or activity of the account for the past 6 months

If you've acheived the minimum required within last 2 months then Its fine I believe. In any case, no harm in explaining in the LoE. No need for a separate LoE for POF, you can include one small para under the Heading POF within the LOE you are submitting for other areas.

 

[tichupichu]

Hi Everyone,

I intend to create my EE profile by Feb 2018 end. I have few questions around Proof of Funds, would request help from seniors:

1. I have a fixed deposit worth 7 Lakh INR joint with my father and mother. What is best advisable way to use this money?
2. My wife has a fixed deposit only in her name, with my name added as a nominee. Value of Fixed deposit is around 6.5 Lakh INR. She is also the co-applicant(I am primary). Can we leverage this money? What is the best method to use this money to demonstrate PoF?

3. I have 2 Fixed deposits, joint with my wife, amounting to a total of 1 Lakh INR. Can we use this FD upfront? Or what is the best way to utilize this as well?

4. Last, Do we use principle value or maturity value of a Fixed deposit?

Thanks in advance
Tarun.

Hi Tarun

1. I would suggest to get it transferred to your account/under your name now. If ITA is issued before June, you can submit a gift Deed. If after June, nothing would be required.
2. you can show the funds as POF in the Accompanying Spouse account. Just a simple NOC would be required from her at the time of Subimtting the application after ITA.
3. refer my ans to point 2. NOC would suffice.
4. The value which can be proved from the statement that you are submitting. Principal plus and accumulated interest as of the statement date if any.

 

[tichupichu]

Guys

I am a bit desperate and you are about to know why... I just submitted my Express Entry application and made a very dumb mistake... I left the field for the proof of funds with a ?... Yes, a question mark.

I submitted my application this way by accident, I left it to change in the end waiting for the bank letter that I received just before submission and just forgot to fill it in...

I, have more than enough funds, I did write a detailed explanation about my proof of funds in the LOE and presented all the evidence in the format required.

What should I expect now? Is there anything I can do at this point?

Thanks in advance

Where did you send your POF details and LOE after submission ? I mean which email id.

I dont think there will be an issue. Just ask them to acknowledge the receipt of your email for the mistake you did.