Proof of Fund Confusion

[amith.s.m]

Hello,

I have only one question regarding proof of fund for the Express Entry Process.

I am required to have $12000 in my savings account as POF. And that I consistently do. But at the same time, I also consistently have $4000 on my credit card with the same bank account. My credit limit is $10000.

So do they calculate my POF to be $12000 OR $12000 - $4000 = $8000. I've been trying to get some clarity on this information everywhere, no luck. So kindly advise please.

Regards,
Confused!!

 

[JoacRy]

Hi, the amount for a single applicant is $12,164. It helps if you supplement the following to show your POF:

1) Gift Deeds
2) Pay Slips
3) Letter signed by Bank Manager confirming the account is yours and the date account opened (on Bank Letterhead)
4) Current Balance and Average balance over the prior 6 months

 

[amith.s.m]

Agreed "the amount for a single applicant is $12,164".

But given my current debt, do they assume I have currently $12000 or $8000 as my available amount? Because of the $4000 credit card debt in addition to the $12000 savings in the bank. That's my question.

 

[JoacRy]

It has to be 'Net Assets' so at the moment your 'Net Assets' are $8,000

 

[maverick85]

Agreed "the amount for a single applicant is $12,164".

But given my current debt, do they assume I have currently $12000 or $8000 as my available amount? Because of the $4000 credit card debt in addition to the $12000 savings in the bank. That's my question.

You are supposed to show your net worth without debts such as credit card dues etc. If your credit card is not from the same bank where you have your account, then CIC may not find out if you have such a debt (your bank letter with average balance will not say anything about your credit card), however, its not worth taking a risk (I will never do this since it is practically a fraud). They can always ask for your bank statements if they have any doubts and then your statement may mention your credit card bill payments and you may get into trouble. So, you should try to have your net balance as $12,164 after credit card payments.

 

[amith.s.m]

That really sucks. But thank you so much for the information you guys.

 

[amith.s.m]

And I have to show these funds even if I have been working here(Canada) for the last two years correct? Because I dont have an LMIA ? I am working on an open post graduate work permit.

 

[maverick85]

And I have to show these funds even if I have been working here(Canada) for the last two years correct? Because I dont have an LMIA ? I am working on an open post graduate work permit.

Without LMO, you will get invited under FSW most probably. So, you will need to show proof of funds. If by any chance you do get invited under CEC, you will not need to show proof of funds. If you have got invitation already, check your invitation letter, it will tell you if you got invited under FSW or CEC.

 

[amith.s.m]

I havent applied yet because I wanted to get all of this sorted out first.

 

[maverick85]

I havent applied yet because I wanted to get all of this sorted out first.

All the best!

 

[amith.s.m]

Thank you for all the information.

 

[jes_ON]

And I have to show these funds even if I have been working here(Canada) for the last two years correct? Because I dont have an LMIA ? I am working on an open post graduate work permit.

Under EE, if you qualify for both FSW and CEC (and many people do), CIC appears to issue ITAs for FSW by default.

You can try to qualify for only CEC, if you can "not" qualify for FSW. There are 3 things that FSW requires that CEC does not - (1) foreign work experience/score of 67 on FSW selection factors, (2) ECA (for non-Canadian education), and (3) proof of funds. So, if you don't have those things on your profile, but still qualify under EE and CEC ...

 

[Queries]

what will happen for a candidate in PNP and under that CEC ? is POF mandatory ?

 

[Asivad Anac]

what will happen for a candidate in PNP and under that CEC ? is POF mandatory ?

Exempted.

 

[Asivad Anac]

Hello,

I have only one question regarding proof of fund for the Express Entry Process.

I am required to have $12000 in my savings account as POF. And that I consistently do. But at the same time, I also consistently have $4000 on my credit card with the same bank account. My credit limit is $10000.

So do they calculate my POF to be $12000 OR $12000 - $4000 = $8000. I've been trying to get some clarity on this information everywhere, no luck. So kindly advise please.

Regards,
Confused!!

Are these $4000 taken as a loan towards POF? If not, doesn't matter. Almost every applicant out there has some consumer loan or the other. CIC doesn't care about net worth - only that you have at least $12164 in your bank AND that those funds aren't borrowed from anywhere.