How to prepare for Proof of Funds

[aniket12323]

Hello There,

I am not sure about how to be ready with proof of funds.

What I need to do for this, shall I deposit all required money in bank and get some certificate from them which is internationally valid? Or there is something else which needs to follow.

I have already secured money which I will need, while migrating to Canada. But I am not able to figure out in what way I should be ready with Proof of Funds.

Also, I went through information as they will ask us for Six Months bank statement. So is it mandatory that from start of our immigration process we should put our money into bank.

Any help in this regards will be really helpful.

Thanks,
AP

 

[Pipis Husband]

Hello There,

I am not sure about how to be ready with proof of funds.

What I need to do for this, shall I deposit all required money in bank and get some certificate from them which is internationally valid? Or there is something else which needs to follow. Place the funds in your bank account or a fixed deposit and get the account statement or deposit certificate as proof that you have the required funds

I have already secured money which I will need, while migrating to Canada. But I am not able to figure out in what way I should be ready with Proof of Funds. See above

Also, I went through information as they will ask us for Six Months bank statement. So is it mandatory that from start of our immigration process we should put our money into bank. It is advisable to have the funds in place as at when you want to start the process

Any help in this regards will be really helpful.

Thanks,
AP

Hi, see above.

 

[gmichelli]

According to the website you have to provide a letter from the bank, with information regarding account opening date, account number, if you have any debts and the monthly balance of your accounts for the last 6 months. This letter should be signed, dated and has to be on the bank's letterhead paper. It doesn't state that the money has to be there for the last 6 months, however, if you have any large sums of money being deposited into your account during that period you should explain with details and provide sufficient evidence for the officer to conclude that this money is yours and was not borrowed from anyone else. Try to keep the money in your savings account and try not to move around the money or else you will have to explain in details and this saves you a lot of time when you receive your ITA.

 

[Pipis Husband]

According to the website you have to provide a letter from the bank, with information regarding account opening date, account number, if you have any debts and the monthly balance of your accounts for the last 6 months. This letter should be signed, dated and has to be on the bank's letterhead paper. It doesn't state that the money has to be there for the last 6 months, however, if you have any large sums of money being deposited into your account during that period you should explain with details and provide sufficient evidence for the officer to conclude that this money is yours and was not borrowed from anyone else. Try to keep the money in your savings account and try not to move around the money or else you will have to explain in details and this saves you a lot of time when you receive your ITA.

I applied with a fixed deposit certificate for money I fixed for 1 year. I was not requested to get any letter on the bank's letter head through out the processing of my application. I received PR visas for my family and I'm here in Canada and this is the same process for countless others who've had their applications processed the same way. Hope you're open to learning, cheers.

 

[aniket12323]

Thanks guys for your reply. Making Fix Deposit is good option.

 

[gmichelli]

I applied with a fixed deposit certificate for money I fixed for 1 year. I was not requested to get any letter on the bank's letter head through out the processing of my application. I received PR visas for my family and I'm here in Canada and this is the same process for countless others who've had their applications processed the same way. Hope you're open to learning, cheers.

Hello, the information I provided is on the CIC website, according to link below. I didn't make this up from my experience. If this steps you mentioned worked for you that is awesome, I'm really glad, but, I was just stating what CIC says we are supposed to present for proof of funds.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Proof of funds
Purpose

To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family

Document requirements

• The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
  • o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
• Other documents may also be requested, as necessary.

 

[aniket12323]

Hello, the information I provided is on the CIC website, according to link below. I didn't make this up from my experience. If this steps you mentioned worked for you that is awesome, I'm really glad, but, I was just stating what CIC says we are supposed to present for proof of funds.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Proof of funds
Purpose

To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family

Document requirements

• The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
  • o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
• Other documents may also be requested, as necessary.

Thanks for your reply. It is getting confusing to me. Let me check what I can do it from my end.

 

[Haneef khan]

Hi All,
Can we show EPF as POF ? Any help would be appreciated.

Thanks.

 

[aniket12323]

Hi All,
Can we show EPF as POF ? Any help would be appreciated.

Thanks.

Now whats this? Electronic Proof of Funds and (Physical) Proof of Funds?

 

[Haneef khan]

Now whats this? Electronic Proof of Funds and (Physical) Proof of Funds?

No. I mean Employees provident fund. Which is generally referred as PF.

 

[pat2311]

No. I mean Employees provident fund. Which is generally referred as PF.

No, EPF is not acceptable proof of funds.