Proof of Funds| Advice Needed

[teejchubbs]

Hello guys!

I just need an advice on what to do with regard to my situation. I applied under FSW (Express Entry) last July 2016, sitting at 469 points. I am a nurse working here in Qatar, but I am a Filipino.

I have the following accounts with their respective amounts in CAD.

Employment Bank Account in Qatar- 0 (transferred all my savings in this bank to my savings bank account; opened last June 2014)

Savings Bank Account in Qatar- 9,000 CAD (25,000 QAR in local currency; opened last June 2016)

Bank Account in Philippines- 2,728 CAD (100,000 Php in local currency; opened last January 2015, but the amount was just deposited last September 2016- my friend has a debt and the full amount was sent in my account through cheque clearing)

Philippine Stock Account- 10,300 CAD (Around 380,000 Php in local currency; opened last January 2015, putting around 500 CAD monthly since account opening).

What should I do? I am quite confused with my situation. Please help me! It will be a big help! Thank you in advance!

 

[LokiJr01]

Hello Kabayan
It seems like you have more than enough POF to meet the requirements. (The CRS score needs a little boost for you to get invited but that's a different story!)

For starters, get a signed certification from each of those institutions and ask for a 6 month transaction history. You don't need to do this right now since you do not have an invitation to apply yet.
At your Express Entry profile, you don't need to declare all your funds - just declare an amount slightly above the minimum and that should suffice

 

[teejchubbs]

Thanks Kabayan! Yeah if I will not be handpicked in one year, I will try to get a student visa instead. But are stock market investments valid as proof of funds? Others say it is not due to its high volatility.

 

[Stanlee]

Thanks Kabayan! Yeah if I will not be handpicked in one year, I will try to get a student visa instead. But are stock market investments valid as proof of funds? Others say it is not due to its high volatility.

No, you cannot use stocks as POF as these financial instruments are highly volatile and the value keeps fluctuating on a daily basis.

 

[rosi]

Hello,
I have a question about funds. If in this moment I don't have the amount needed in Cash but in properties and the selling process will take time so that I will not be able to have the proper amount in cash for the last 6 months. Will this be a problem if they ask me proof of funds for the last 6 months and instead they find out that this Amount in Cash is only 1 month old?! Or if I prove that this money is provided from selling will be ok?

 

[Stanlee]

Hello,
I have a question about funds. If in this moment I don't have the amount needed in Cash but in properties and the selling process will take time so that I will not be able to have the proper amount in cash for the last 6 months. Will this be a problem if they ask me proof of funds for the last 6 months and instead they find out that this Amount in Cash is only 1 month old?! Or if I prove that this money is provided from selling will be ok?

The reason why 6 months bank statements are asked is to ensure that the applicant has not borrowed money or availed a loan to show POF. As long as you can prove the source of the funds maintained in your account it does not matter if the funds are in there for 6 months or less.

 

[rosi]

I thought so...thanks again for your great help.
Really useful this forum

 

[Stanlee]

I thought so...thanks again for your great help.
Really useful this forum

But, please note that if you are applying to some provinces, some have requirements that funds have to be maintained for at least 3 months.

 

[rosi]

I see... But if I don't have any preference about provinces...just random, how will this story of funds work?

Also, another question raises up ( full of questions),
my husband never worked in what he is graduated for. He is graduated in commerce but worked in tourism, (not related to his graduation).
So, if he will apply with what he is graduated for (he is not the main applicant), he will get 0 points because of non experience. But in the same time, he has long experience in tourism, about 20 years. So what shall we do in this case, because we want to use anything we are and have to get points as much as we can.What would you advice?!

 

[Stanlee]

I see... But if I don't have any preference about provinces...just random, how will this story of funds work?

Also, another question raises up ( full of questions),
my husband never worked in what he is graduated for. He is graduated in commerce but worked in tourism, (not related to his graduation).
So, if he will apply with what he is graduated for (he is not the main applicant), he will get 0 points because of non experience. But in the same time, he has long experience in tourism, about 20 years. So what shall we do in this case, because we want to use anything we are and have to get points as much as we can.What would you advice?!

Regarding POF, the requirement states that '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.
- 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.'

If your husband is not the main applicant and he does not have any Canadian work experience, you cannot claim points for his experience.

 

[rosi]

Very helpful, thanks

 

[joohi]

Hello, most of my funds are in the form of Fixed Deposits which are quite recent (1-2 months old). I also have some percentage of the amount in savings account. Will this be a problem when I give my POF? (I have just created my Express Entry profile.)

 

[Stanlee]

Hello, most of my funds are in the form of Fixed Deposits which are quite recent (1-2 months old). I also have some percentage of the amount in savings account. Will this be a problem when I give my POF? (I have just created my Express Entry profile.)

No, it will not be a problem.

The reason why 6 months bank statements are asked is to ensure that the applicant has not borrowed money or availed a loan to show POF. As long as you can prove the source of the funds maintained in your account it does not matter if the funds are in there for 6 months or less.