Canada PR proof of funds - 6 months average

[deeps1987]

Hi All,
I am an Express Entry PR applicant under the FSW program.I am planning to travel to Canada in October and I have a query regarding the proof of funds we are required to produce at the POE.
I have maintained a certain amount in my home(indian) bank account which I will be using as proof of funds,I also have a Bank letter signed by the manager stating the funds in my account.However,the entire amount is in Indian currency so I am confused if the Immigration Officer at the POE will accept the Bank letter listing the amount in Indian Currency instead if CAD.
Can anyone throw some light on this?Do i need to get the entire amount converted to CAD before travelling?

Most likely they will not even ask for it. Even if they, it will be fine if you provide the fund letter in INR. However, I think they will be most interested if you are carrying CAD 10k or more in cash as you need to declare it during immigration.

If you are bringing money to Canada, bring either in forex card and some cash in CAD for your initial days. Rest you can wire transfer from India once you open your account.

 

[multani6767]

Hi All,
I have a doubt, I am applying for Canada PR and have a fund of $12,700 currently in my savings account. I am taking a home loan for my family and I have doubt that the bank will add the money in my savings account which is my salary account. So does the influx of sudden money will create suspicion(even I have $12,700 in my account) or justification of those funds will work fine(that loan is for my family).
Also, please suggest me any other options I could look forward to avoid rejection.

 

[subodhp]

Hi All,
I have a doubt, I am applying for Canada PR and have a fund of $12,700 currently in my savings account. I am taking a home loan for my family and I have doubt that the bank will add the money in my savings account which is my salary account. So does the influx of sudden money will create suspicion(even I have $12,700 in my account) or justification of those funds will work fine(that loan is for my family).
Also, please suggest me any other options I could look forward to avoid rejection.

Explain in your loe or cover letter for financial documents stating the source and nature of funds

 

[Z86]

Hi,
If we are applying from inland under the FSW with a LMIA exempt job offer , do we still need to produce proof of funds ?

The below link says its not required but just wanted to confirm from others.

https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1145&top=29

 

[immonger]

Hi,
If we are applying from inland under the FSW with a LMIA exempt job offer , do we still need to produce proof of funds ?

The below link says its not required but just wanted to confirm from others.

https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1145&top=29

The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer.

 

[Z86]

The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer.

So basically I wont have to provide Proof of Funds then since i have a valid LMIA exempt job offer!

 

[immonger]

So basically I wont have to provide Proof of Funds then since i have a valid LMIA exempt job offer!

Correct. The LETTER is proof in your case.

 

[Z86]

Correct. The LETTER is proof in your case.

Awesome. Thank you so much.

 

[tsdhaliwal]

I have a joint account with my mother where i am the primary holder. I have transferred some funds from this joint account to my own savings account ao that i can show bank letter from a single account. Do i need to make a gift deed for the amount transferred from the joint account or is it that the bank statement is enough as i am the primary accountholder?

 

[Eshank]

Hey guys i need urgent help!!
i recieved my ITA on 9th Jan 2020...
For POF i have the below query
1. I made a FD of 4 lacs in the month of Nov ..(it was from a joint account of mine and my father...should i obtain a gift deed for same)
2. My Spouse made a FD of 4 lacs which was a joint FD with her mother...the bank has agreed to remove the mother name from the FD but they wont issue a new FDR...instead they will stamp it and say 2nd holder removed..
would such an FDR work..
Kindly suggest!!

 

[Z86]

Correct. The LETTER is proof in your case.

While creating express entry profile the system asks for how much money you will be bringing to canada. In my case for LMIA exempt job offer and applying under FSW within 1 year experience in Canada, should i specify the minimum required amount or it doesn't matter ?

 

[immonger]

While creating express entry profile the system asks for how much money you will be bringing to canada. In my case for LMIA exempt job offer and applying under FSW within 1 year experience in Canada, should i specify the minimum required amount or it doesn't matter ?

It does not matter.

Note: You do not have to meet the funds requirement if you were invited to apply under the Canadian Experience Class.

The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer.

 

[Z86]

It does not matter.

Note: You do not have to meet the funds requirement if you were invited to apply under the Canadian Experience Class.

The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer.

Thank you.
But I wont be applying under the Canadian experience Class as I am yet to complete 1 year inland.
So just to confirm, if applying for FSW with LMIA exempt job offer, its not mandatory to show Proof of Funds and we can even specify 0 Dollars while creating the express entry profile ? Also post ITA what docs are required for funds?

 

[immonger]

Thank you.
But I wont be applying under the Canadian experience Class as I am yet to complete 1 year inland.
So just to confirm, if applying for FSW with LMIA exempt job offer, its not mandatory to show Proof of Funds and we can even specify 0 Dollars while creating the express entry profile ? Also post ITA what docs are required for funds?

Putting down 0 will make your profile ineligible. I would suggest just writing down the actual amount depending on number of family members in the application by referring to the proof of funds table on the IRCC website. You will not be asked to provide proof of these funds in case you have a valid job offer. However, you are required to mention this in a Letter of Explanation.

 

[Z86]

Putting down 0 will make your profile ineligible. I would suggest just writing down the actual amount depending on number of family members in the application by referring to the proof of funds table on the IRCC website. You will not be asked to provide proof of these funds in case you have a valid job offer. However, you are required to mention this in a Letter of Explanation.

Thank you for your prompt response. Will do the same!