Proof of Fund - Clarification

[Raz1256]

Hello everyone. Just a quick question regarding PoF.

I have 2 accounts: A savings account with sufficient amount to prove PoF and a current account with salary transfer. However, I have a personal and auto loan deduction on my current account. Both accounts are in two different banks.

1. Will this be acceptable? Or can I just show them my savings account statements for 6 months?

2. Will they ask me to show statement of current account in which my salary is transferred?

3. Can I also show my End of Service benefits accumulated as my PoA?

Thanks for your time

 

[Peacekeeper87]

Hello everyone. Just a quick question regarding PoF.

I have 2 accounts: A savings account with sufficient amount to prove PoF and a current account with salary transfer. However, I have a personal and auto loan deduction on my current account. Both accounts are in two different banks.

1. Will this be acceptable? Or can I just show them my savings account statements for 6 months?

2. Will they ask me to show statement of current account in which my salary is transferred?

3. Can I also show my End of Service benefits accumulated as my PoA?

Thanks for your time

1/ Just savings is fine. You don't have to include all your accounts. I myself included only both (me and spouse) savings account, as they had enough money.
2/It's possible. If they need more evidence about your employment, like making sure you were paid, they can ask for statements showing salary deposits back up to 12 months. That's why it's always a good idea to include pay slips.
3/Of course. Anyway it will be in your bank account. Just explain it in LOE, as it may show as a large transfer to your account at once. If it's supported by a letter or any other document, provide that as well.

 

[Raz1256]

1/ Just savings is fine. You don't have to include all your accounts. I myself included only both (me and spouse) savings account, as they had enough money.
2/It's possible. If they need more evidence about your employment, like making sure you were paid, they can ask for statements showing salary deposits back up to 12 months. That's why it's always a good idea to include pay slips.
3/Of course. Anyway it will be in your bank account. Just explain it in LOE, as it may show as a large transfer to your account at once. If it's supported by a letter or any other document, provide that as well.

Thanks alot for the detailed reply.

Regarding point #3, my End of service benefits can be availed only after I resign from the job. I was asking if my HR can provide a letter stating that my accumulated EOSB is X amount and will be available to me when I resign, will they accept that as PoF? Since it's a guaranteed amount when I resign after getting my PR.

Thanks & Regards,

R

 

[Peacekeeper87]

Thanks alot for the detailed reply.

Regarding point #3, my End of service benefits can be availed only after I resign from the job. I was asking if my HR can provide a letter stating that my accumulated EOSB is X amount and will be available to me when I resign, will they accept that as PoF? Since it's a guaranteed amount when I resign after getting my PR.

Thanks & Regards,

R

In that case, I don't think that's acceptable.
Your funds should be immediately available. Yes your HR can guarantee you'll have the money if you resign, but IRCC doesn't know if your termination will be the result of a resignation or lay-off of some reason.
They also don't know that you will actually leave your job upon receiving PR. Many applicants do long distance work as PR.
The money needs to be available in your account. It's like real-estate evaluations. One could argue "Hey I'll sell my house when I get PR and here is the value".

 

[Raz1256]

In that case, I don't think that's acceptable.
Your funds should be immediately available. Yes your HR can guarantee you'll have the money if you resign, but IRCC doesn't know if your termination will be the result of a resignation or lay-off of some reason.
They also don't know that you will actually leave your job upon receiving PR. Many applicants do long distance work as PR.
The money needs to be available in your account. It's like real-estate evaluations. One could argue "Hey I'll sell my house when I get PR and here is the value".

Oh thanks for that information.

I have a few doubts regarding the bank statement requirements and payslips:

1. Does a bank statement need to include every transaction you made within the 6 months period? (In my case that could be alot of pages since I make most of my payments without hard cash.) Or Can I just get a letter from my bank stating the average balance in my account for the each of the previous 6 months?

2. As for payslips, do I need to provide my company provided payslips for a period of 6 months? Or are they looking for my salary transfer entry in my detailed bank statement?

Really appreciate your assistance and I apologise if my questions are too silly.

- R

 

[Peacekeeper87]

Oh thanks for that information.

I have a few doubts regarding the bank statement requirements and payslips:

1. Does a bank statement need to include every transaction you made within the 6 months period? (In my case that could be alot of pages since I make most of my payments without hard cash.) Or Can I just get a letter from my bank stating the average balance in my account for the each of the previous 6 months?

2. As for payslips, do I need to provide my company provided payslips for a period of 6 months? Or are they looking for my salary transfer entry in my detailed bank statement?

Really appreciate your assistance and I apologise if my questions are too silly.

- R

1. Bank statements logically need to be presented in their entirety. The average balance on the bank letter need to be for the entire 6 months period, not for each month.
2.They need to make sure you were paid. So if you're providing payslips, it's widely acceptable to provide the first 3 and last 3 payslips. It not only shows your salary, but also your employment period, position, benefits, taxes retained...etc. It basically corroborates everything mentioned in your work letter.

 

[hitesh0414]

1/ Just savings is fine. You don't have to include all your accounts. I myself included only both (me and spouse) savings account, as they had enough money.
2/It's possible. If they need more evidence about your employment, like making sure you were paid, they can ask for statements showing salary deposits back up to 12 months. That's why it's always a good idea to include pay slips.

Not just 12 months, IRCC can ask you to provide salary slips, income tax documents and bank statements showing salary deposits for all the periods you have shown your work experience. Recently my friend was asked to submit all these documents for last 8 years.


3/Of course. Anyway it will be in your bank account. Just explain it in LOE, as it may show as a large transfer to your account at once. If it's supported by a letter or any other document, provide that as well.

 

[Reet_123]

Plz let me know if we have to get the large amount of money fron parent's account .would it be safe or should we get it transfered in small amounts .....??? To avoid income tax dept notices...

 

[Peacekeeper87]

@hitesh0414
12 months is the usual course of action to make sure you were paid.
Yes it's of course a possibility they can ask for more. If you want to go down that road, they can also ask for your proof of benefits or even company proof of existence itself, sure. They can ask for anything they think is relevant if that's your point.
But in the case of your friend, it appears he/she had some serious issues with his application and proof of experience, which is why they asked for so much. It's very rare. If someone has a straight forward application and just want to make sure you were paid, 12 months is the usual.

 

[hitesh0414]

@hitesh0414
12 months is the usual course of action to make sure you were paid.
Yes it's of course a possibility they can ask for more. If you want to go down that road, they can also ask for your proof of benefits or even company proof of existence itself, sure. They can ask for anything they think is relevant if that's your point.
But in the case of your friend, it appears he/she had some serious issues with his application and proof of experience, which is why they asked for so much. It's very rare. If someone has a straight forward application and just want to make sure you were paid, 12 months is the usual.

We ordered GCMS notes, from there we came to know that there was no issues with work experience and the letter issued by HR can be easily verified from employer’s website by entering the barcode number of letter which will pop up the copy of same letter issued by company.

The issue in the application was salary of my friend was on bit higher side and still we were showing 100 % POF in the form of gift deed.

Whatsoever, the PPR was issued on the same day we submitted the additional documents.

 

[Mr_fabrizio]

Please I need further clarification on proof of funds.
My proof of funds is currently in a fixed deposit account.How long is such monies required to be in my account before CIC carries out its investigation about my eligibility? Is two (2) months sufficient?