Proof of Funds (Express Entry)

[imacuser]

Both options work.

Thanks for the quick response. If I only get 1000 or 2000 transferred from a friend do I still need a gift deed for a small transaction?

 

[DelPiero07]

Thanks for the quick response. If I only get 1000 or 2000 transferred from a friend do I still need a gift deed for a small transaction?

Yes, otherwise there is no guarantee that the money belongs to you and is not a loan from your friend.

 

[vishalg]

Thank you Vishalg for your guidance.
I will take the home loan outstanding balance certificate from bank and attach LOE separately.
Where to upload the home loan letter from Bank and credit card outstanding or dues letter?
I have almost 3-4 Letter of Explanation, Should I merge all and add in LOE section?

try to keep POF documents in POF section, if you face any challenges related to the size then you can move the documents to the LOE section.

 

[user0309]

Hi guys,

I have balance confirmation certificate for my accounts on bank's letterhead. It specifies the local currency amount and equivalent CAD as on date. Will this statement be sufficient or do I also have to submit 6 months statement?

Appreciate your help, guys.

Thanks!

 

[amala1611]

Hi guys,
I just started the process for Canada Immigration. Received transcript from Anna University and to reach WES is in progress. I have taken personal loan and converted it as Fixed Deposit. By the time I complete the IELTS, WES, profile creation in EE, receiving ITA, the deposit will be at least 5 or 6 months older. I'm planning to show this deposit as my proof of fund. Will that work? Pls help.

 

[Arweny]

Hi guys,
I just started the process for Canada Immigration. Received transcript from Anna University and to reach WES is in progress. I have taken personal loan and converted it as Fixed Deposit. By the time I complete the IELTS, WES, profile creation in EE, receiving ITA, the deposit will be at least 5 or 6 months older. I'm planning to show this deposit as my proof of fund. Will that work? Pls help.

Your funds can't be borrowed, so it can't be a loan. They will ask you if you have any loans, and if it is a personal loan (not a secured one, e.g. mortgage), they will probably deduct the loan amount from your balance, and you won't have enough funds. If you are also planning to repay the loan in full before you submit your documents and your deposit is over 6 months old, in that case it might work, but if you can collect that money in the next 6 months, then there was no point in taking a loan, you could just save it up.

 

[Bane]

Hello guys,

I have a question regarding minimum funds eligibility for the Express Entry. I obtained a report from my bank.

The letter reads as follows:
''... current balance is following:
• EUR Account, total deposit = XXXXX,XX EUR.
• RSD Account, total deposit = XXXXX,XX RSD.
• Mastercard limit = XXXXXX,XX RSD.''

Mastercard limit is allowed sum of money I can take from the bank and then repay it in monthly installments. I have never used this allowed debt limit nor I will.

Is this Mastercard limit subtracted from the total deposit in EUR and RSD account when determining minimum funds requirement eligibility?

The transactional history for the last six months is good enough to satisfy an immigration officer.

Thank you for your help.

Bane

 

[vishalg]

Hello guys,

I have a question regarding minimum funds eligibility for the Express Entry. I obtained a report from my bank.

The letter reads as follows:
''... current balance is following:
• EUR Account, total deposit = XXXXX,XX EUR.
• RSD Account, total deposit = XXXXX,XX RSD.
• Mastercard limit = XXXXXX,XX RSD.''

Mastercard limit is allowed sum of money I can take from the bank and then repay it in monthly installments. I have never used this allowed debt limit nor I will.

Is this Mastercard limit subtracted from the total deposit in EUR and RSD account when determining minimum funds requirement eligibility?

The transactional history for the last six months is good enough to satisfy an immigration officer.

Thank you for your help.

Bane

Mastercard limit will not be subtracted but the amount utilised will be subtracted. Ask the bank to mention total limit along with available limit or just mention any outstanding. If there is none, then no subtraction.

 

[goyal.maninder]

Hi,

I am consolidating all the documents related to POF and need advice on the below:

1) Do I need to club parents' gift deeds and bank statements along with my bank statements, or should I put these under LOE?
2) One of my account is having almost nil balance but had transactions in the past. I have received balance certificate and transaction statements for this. Should I include these in POF or can ignore?
3) For spouse (who is part of application) funds, got all the bank docs. Will a simple declaration from spouse on plane paper to authorise me the unconditional use of funds is enough, or has to be affidavit?
4) Should I create a cover letter to summarise all my fund details combined with spouse?
5) Funds mentioned in my balance certificates are in INR and not CAD. Should I convert these at CADINR fx rate in a Cover Letter?

Really appreciate your help on this!

Thanks

 

[vishalg]

Hi,

I am consolidating all the documents related to POF and need advice on the below:

1) Do I need to club parents' gift deeds and bank statements along with my bank statements, or should I put these under LOE?
2) One of my account is having almost nil balance but had transactions in the past. I have received balance certificate and transaction statements for this. Should I include these in POF or can ignore?
3) For spouse (who is part of application) funds, got all the bank docs. Will a simple declaration from spouse on plane paper to authorise me the unconditional use of funds is enough, or has to be affidavit?
4) Should I create a cover letter to summarise all my fund details combined with spouse?
5) Funds mentioned in my balance certificates are in INR and not CAD. Should I convert these at CADINR fx rate in a Cover Letter?

Really appreciate your help on this!

Thanks

1. If space is not a constraint then upload them in POF section else you can upload some of the docs in LOE section
2. Show only those accounts which form a part of POF.
3. A simple declaration is fine
4. Cover letter would be a good idea to summarize the POF and highlight anything that you want.
5. Convert them as per exchange rate given on bank of Canada's website along with the date.

 

[goyal.maninder]

Thanks Vishalg.

On second point - is it not mandatory to show statements of all bank accounts on my name?

 

[vishalg]

Thanks Vishalg.

On second point - is it not mandatory to show statements of all bank accounts on my name?

not required. Show the ones which have the sun required for POF.

 

[goyal.maninder]

not required. Show the ones which have the sun required for POF.

Thank you again! Really appreciate your always helping attitude!

 

[loveabhic]

You don't need a letter as long as you're accompanying him to Canada.

If you have a bank letter following IRCC's requirements then that's all you need.

In my case mate I am the primary applicant but my wife is the primary account holder. I have already submitted my application. Do I need to raise a CSE and submit a deceleration from my wife that these funds can be used for POF purpose? Please help I am a bit confused.

 

[Bane]

Mastercard limit will not be subtracted but the amount utilised will be subtracted. Ask the bank to mention total limit along with available limit or just mention any outstanding. If there is none, then no subtraction.

Thank you vishalg for your quick response. I have no outstanding debts, and that is stated in the letter I received from the bank. I forgot to mention this in my previous post.

Bane