Proof Of Funds - After getting ITA - India

[sameermaira]

Hello,

I live in India and was fortunate to get an ITA yesterday. Unfortunately, I was not aware of the proof of funds requirements till today and am now a little worried about the right way to show these.

I don't think I have the required balance currently or a consistent balance for the last 6 months in my bank accounts. But I know I can save up from my salary and other incomes in the next 2-3 months to show the required CAD $15530.

I'm looking for more information on the timeline. According to the website its says "The funds must be available both when you apply and when (if) we issue you a permanent resident visa." Does this refer to filing my application for PR (which I need to do in the next 90 days) or at the time of entering the pool which was in July 2017?

Additionally, what all can I show as proof? The following is what I feel I can use but need confirmation and have a few questions.

1. I have a PPF account for almost 6 years now but I just spoke to my banker and they said I cannot prematurely withdraw the entire amount unless it's for higher education or medical emergency. Can they issue a certificate of some sort to me which I can use in my application towards proof of funds? Or should I withdraw what I can (about 50% they say) and make a fixed deposit for it instead?

2. I have a life insurance policy which has been IN FORCE since 2011. My agent can send me an official status and a surrender value. Is that enough to be shown for proof of funds? My wife has an LIC policy too. Can her policies surrender value be used as well?

3. My wife and I run a business and have a current account with some money in it. Can we use this too? I don't have any debts or salaries to pay so this is actually our money (without outstanding debt). Do I need a letter from a banker for this stating the current balance and balance for last 6 months? Anything else required?

4. I was living and working in the US since 2015 and still hold a US bank account which has some money in it. Can I use this to show proof of funds as well? I'm not sure if I can get a letter from the US bank account.

5. I have a property in my name but it's under construction. I have an active home loan that I pay every month for this. How can I use this towards proof of funds? I don't have posession of this property yet. The loan is going to continue for the next 10 years. Do I need to disclose this?

6. My wife has a property in her name and possession. Can this be used? Will I need to liquidate it? If not, what documentation can I obtain to show this as an asset which can be used towards proof of funds?

7. I have a few fixed deposit accounts. How can I show these as proof of funds?

8. The savings bank account is where I get my salary. This is also the account from which I created my fixed deposits. This is also the account where I pay my home loan from. What kind of documentation do I need to accurately use this account for proof of funds?

9. I can save 30-40% of the funds required as proof and create more fixed deposits from my salary in the next 2-3 months. Will this work? I am not sure because I'm confused about the time period as stated above.

10. If I still need some money, will a gift deed or affidavit work if I get that prepared now considering I already have my ITA?


I know that's a lot of questions but I'm super nervous right now. Don't want to make any wrong moves! In fact, I'm considering hiring an immigration counsellor to make sure I don't make a mistake but that will take away from my proof of funds

Cheers!
Sameer

 

[CthulhusCupcakes]

Congrats on getting an ITA...
Gonna follow this post cause similar issues...

 

[sameermaira]

Thanks! Hopefully someone replies soon

 

[CthulhusCupcakes]

If you don't mind me asking, what are you going to show for the self employed part? Your own business documents?

 

[piyush1132003]

Hello,

I live in India and was fortunate to get an ITA yesterday. Unfortunately, I was not aware of the proof of funds requirements till today and am now a little worried about the right way to show these.

I don't think I have the required balance currently or a consistent balance for the last 6 months in my bank accounts. But I know I can save up from my salary and other incomes in the next 2-3 months to show the required CAD $15530.

I'm looking for more information on the timeline. According to the website its says "The funds must be available both when you apply and when (if) we issue you a permanent resident visa." Does this refer to filing my application for PR (which I need to do in the next 90 days) or at the time of entering the pool which was in July 2017?

Additionally, what all can I show as proof? The following is what I feel I can use but need confirmation and have a few questions.

1. I have a PPF account for almost 6 years now but I just spoke to my banker and they said I cannot prematurely withdraw the entire amount unless it's for higher education or medical emergency. Can they issue a certificate of some sort to me which I can use in my application towards proof of funds? Or should I withdraw what I can (about 50% they say) and make a fixed deposit for it instead?

2. I have a life insurance policy which has been IN FORCE since 2011. My agent can send me an official status and a surrender value. Is that enough to be shown for proof of funds? My wife has an LIC policy too. Can her policies surrender value be used as well?

3. My wife and I run a business and have a current account with some money in it. Can we use this too? I don't have any debts or salaries to pay so this is actually our money (without outstanding debt). Do I need a letter from a banker for this stating the current balance and balance for last 6 months? Anything else required?

4. I was living and working in the US since 2015 and still hold a US bank account which has some money in it. Can I use this to show proof of funds as well? I'm not sure if I can get a letter from the US bank account.

5. I have a property in my name but it's under construction. I have an active home loan that I pay every month for this. How can I use this towards proof of funds? I don't have posession of this property yet. The loan is going to continue for the next 10 years. Do I need to disclose this?

6. My wife has a property in her name and possession. Can this be used? Will I need to liquidate it? If not, what documentation can I obtain to show this as an asset which can be used towards proof of funds?

7. I have a few fixed deposit accounts. How can I show these as proof of funds?

8. The savings bank account is where I get my salary. This is also the account from which I created my fixed deposits. This is also the account where I pay my home loan from. What kind of documentation do I need to accurately use this account for proof of funds?

9. I can save 30-40% of the funds required as proof and create more fixed deposits from my salary in the next 2-3 months. Will this work? I am not sure because I'm confused about the time period as stated above.

10. If I still need some money, will a gift deed or affidavit work if I get that prepared now considering I already have my ITA?


I know that's a lot of questions but I'm super nervous right now. Don't want to make any wrong moves! In fact, I'm considering hiring an immigration counsellor to make sure I don't make a mistake but that will take away from my proof of funds

Cheers!
Sameer

You cannot use any property, gold or any immovable asset as proof of fund including PPF. The only Liquid fund which can easily be withdrawn from any FD, MF or RD or amount in your savings/current account can be shown as proof of funds.
Obviously, you can liquidate any fund by selling, for example, your property, car or jewelry or by surrendering insurance policy meanwhile and show it as proof of fund.
CIC point is clear, they want you to have liquid money which you can use easily once you reach there and use it for survival in case, you don't find a job(just in case).
They ask 6 months statement to know that you have not borrowed money from elsewhere. So, as far as you are able to show that from where you got money, I believe they are happy and should be acceptable.

Disclaimer: This is based on the discussion with current PR holder, agents and some who are still trying.

 

[Histrionics]

You cannot show property, gold etc. It has to be liquid funds that you can use readily. You cannot take a loan and that is why your 6month statements are required.

You can show the withdrawable PPF balance by getting the bank to issue a certificate that states the same.

You can use a notarised affidavit as gift deed. You can show your FDs using the FD certificate from the bank. The principal amount is considered for FDs. It is best for the FD to be at least 3 to 5 months old and for a period of 12 months.

The following video should be helpful for other queries:

 

[piyush1132003]

You cannot use any property, gold or any immovable asset as proof of fund including PPF. The only Liquid fund which can easily be withdrawn from any FD, MF or RD or amount in your savings/current account can be shown as proof of funds.
Obviously, you can liquidate any fund by selling, for example, your property, car or jewelry or by surrendering insurance policy meanwhile and show it as proof of fund.
CIC point is clear, they want you to have liquid money which you can use easily once you reach there and use it for survival in case, you don't find a job(just in case).
They ask 6 months statement to know that you have not borrowed money from elsewhere. So, as far as you are able to show that from where you got money, I believe they are happy and should be acceptable.

Disclaimer: This is based on the discussion with current PR holder, agents and some who are still trying.

One more point to add, you can show your PF fund as well, as they can be withdrawn if you leave your job or leave country for good.

 

[sameermaira]

Thanks for the information.

I'm still confused on the timeline. According to the website its says "The funds must be available both when you apply and when (if) we issue you a permanent resident visa." Does this refer to filing my application for PR (which I need to do in the next 90 days) or at the time of entering the pool which was in July 2017?

 

[sameermaira]

If you don't mind me asking, what are you going to show for the self employed part? Your own business documents?

For my business I have a partnership deed and all necessary documents including PAN card.

For freelance work experience I have signed contracts and work orders that I plan to show.

 

[piyush1132003]

Thanks for the information.

I'm still confused on the timeline. According to the website its says "The funds must be available both when you apply and when (if) we issue you a permanent resident visa." Does this refer to filing my application for PR (which I need to do in the next 90 days) or at the time of entering the pool which was in July 2017?

See if this helps :
https://www.getgcms.com/blog/proof-funds-requirement-express-entry/

There is a statement : The funds must be available with the applicant, both, when the application for permanent residency is filed and when a permanent resident visa is issued.

I assume you have not yet filed application for permanent residency, once you file or say pay the fee...at that time, you must have POF.

 

[CthulhusCupcakes]

For my business I have a partnership deed and all necessary documents including PAN card.

For freelance work experience I have signed contracts and work orders that I plan to show.

Cool, thanks man! All the best for the rest of it!!!

 

[sameermaira]

Thanks Piyush.

This is very helpful.

See if this helps :
https://www.getgcms.com/blog/proof-funds-requirement-express-entry/

There is a statement : The funds must be available with the applicant, both, when the application for permanent residency is filed and when a permanent resident visa is issued.

I assume you have not yet filed application for permanent residency, once you file or say pay the fee...at that time, you must have POF.

anks

 

[anandekraj]

Hi all... Need your help,can I submit fixed deposit statement And bank letter or do I have to submit Fixed deposit receipt also... Is it compulsory to submit fixed deposit receipt..... Please suggest

 

[sameermaira]

I received my COPR and visa so I know this probably worked.

I am sharing a link to a PDF document which is what I submitted for proof of funds along with my LIC surrender value quotation. I withdrew my PPF and transferred the amount into my Savings Account and then created a Fixed Deposit for it. I don't think I submitted my bank statements or Fixed Deposit statements. This seemed to be sufficient for them but if you have additional things to share (like bank statements) , it won't hurt. Just make sure you have a bank letter like the one attached from your bank(s). That is the most important!

DOWNLOAD HERE : https://drive.google.com/file/d/15lzDGgi-cRQckV4KXSbl1NXEbJH956ne/view?usp=sharing

Hi all... Need your help,can I submit fixed deposit statement And bank letter or do I have to submit Fixed deposit receipt also... Is it compulsory to submit fixed deposit receipt..... Please suggest

 

[Anishcool]

Co

I received my COPR and visa so I know this probably worked.

I am sharing a link to a PDF document which is what I submitted for proof of funds along with my LIC surrender value quotation. I withdrew my PPF and transferred the amount into my Savings Account and then created a Fixed Deposit for it. I don't think I submitted my bank statements or Fixed Deposit statements. This seemed to be sufficient for them but if you have additional things to share (like bank statements) , it won't hurt. Just make sure you have a bank letter like the one attached from your bank(s). That is the most important!

DOWNLOAD HERE : https://drive.google.com/file/d/15lzDGgi-cRQckV4KXSbl1NXEbJH956ne/view?usp=sharing

Congrats on your PR. Just wanted to know were the funds available in your account, through fixed deposit, at the time of getting this letter was six months old? I am in same situation.