Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
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cutesmile_1728
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Hi. Good day! Any advise what to input under "How much money need to bring to Canada to support themselves and their family" if already working here in Canada? Thanks in advance!
Hi all, Hi Asivad Anac,
I've 448 points in EE and preparing myself for an ITA. Regarding POF, my question is - I have fixed deposits in my name that mature in Dec 2015 and June 2016. Can I show these, or should I have to liquidate them?
Separately, I have bond funds worth about 25000 CAD in my name. These are all debt funds and not equity funds. If I start liquidating them, I'll get into the same problem as earlier post, in that I might have to show the paper trail of holdings, liquidations and date when it appeared in bank statement. But if I don't liquidate them, can I directly show the fund holding statements signed and sealed by the bank? In my opinion, these are liquid funds because these can be made cash in 2 days, but I think the opinion of the case officer is what counts right.
Also, a third question. My name in the bank account is JOHN M PETER. However my name in passport is PETER JOHNSON MULFORD. Is this a problem? Do I have to get an affidavit made by a lawyer that says I'm the same person as JOHN M PETER and that the said bank account is mine and noone else's?
I've 448 points in EE and preparing myself for an ITA. Regarding POF, my question is - I have fixed deposits in my name that mature in Dec 2015 and June 2016. Can I show these, or should I have to liquidate them?
Separately, I have bond funds worth about 25000 CAD in my name. These are all debt funds and not equity funds. If I start liquidating them, I'll get into the same problem as earlier post, in that I might have to show the paper trail of holdings, liquidations and date when it appeared in bank statement. But if I don't liquidate them, can I directly show the fund holding statements signed and sealed by the bank? In my opinion, these are liquid funds because these can be made cash in 2 days, but I think the opinion of the case officer is what counts right.
Also, a third question. My name in the bank account is JOHN M PETER. However my name in passport is PETER JOHNSON MULFORD. Is this a problem? Do I have to get an affidavit made by a lawyer that says I'm the same person as JOHN M PETER and that the said bank account is mine and noone else's?
The official letter issued from my financial institution does not have dates each account was created. It also does not have my balance statement for the past 6 months. Is it ok to attach to the official letter the past 6 months balance statement I downloaded from the institution's website? What should I do about creation date of each account? Thanks in advance guys!
Date of creation isn't very important if the account is older than 6 months. Just submit 6 months of bank statements, that would suffice.hamoonExpressEntry said:
No.nirav277 said:
CIC doesn't need your personal financial profile. They just want to know if you have at least the minimum required unencumbered funds to survive in Canada for at least 1 year after your PR.
Dear Sir,
This is Jyothi from India. I’ve been reading your posts(Anuj Gupta and Asivad) regarding POF. The solutions were amazing which no consultancy could provide even better. Your patience in answering queries is really laudable as POF is one of the vital issues where a common man gets struck-up. I request you to suggest me in my case also.
I am expecting ITA in Dec’2015 and planning to submit application in Feb’2015. Our family consists of 3 people and we need to show 9.5 lakh approx. My Bank bal are as follows for 6 months.
1. Aug - Op/bal-50k Cl/bal-80k
2. Sep - Op/bal-80k Cl/bal-3Lakh (on 9th Sep 2L from father a/c through NEFT) and 50K wdrawl
3. Oct - Op/bal-2.5L Cl/bal-5Lakh (on 7th Oct 2.5L from husband a/c through RTGS).
4. Nov
5. Dec
6. Jan
Can we accumulate remaining 4.5 lakhs in the remaining 3 months? Or shall we deposit the whole in Nov?
My father is a state Govt employee who draws 70K per month who is in service now (retires after 2 years).I would like to take a gift deed from him as you said. I can also show his pay slip and form 16.
My husband is doing business which is not registered. He earns 70k per month. How to prove the source of fund in case of money transfer from his a/c?
I worked as an Asst Prof in a private college from 2006-2014.Currently I am not working and on the verge of submitting my PhD. I have my salary slips and form 16 for those years.
I have 2 sites/plots on my name. I could provide net-worth of them through CA.
My a/c is with HDFC and they are not mentioning 6 month avg- bal in letter. They said they give statement for every quarter/3-months.
While showing money transfer from father/husband a/c ,can we take a single day statement(to show that particular transaction of money transfer)? Or any rule like 1-month transaction?
Kindly suggest the solution for my situation. I shall remain highly grateful to you for the help.
This is Jyothi from India. I’ve been reading your posts(Anuj Gupta and Asivad) regarding POF. The solutions were amazing which no consultancy could provide even better. Your patience in answering queries is really laudable as POF is one of the vital issues where a common man gets struck-up. I request you to suggest me in my case also.
I am expecting ITA in Dec’2015 and planning to submit application in Feb’2015. Our family consists of 3 people and we need to show 9.5 lakh approx. My Bank bal are as follows for 6 months.
1. Aug - Op/bal-50k Cl/bal-80k
2. Sep - Op/bal-80k Cl/bal-3Lakh (on 9th Sep 2L from father a/c through NEFT) and 50K wdrawl
3. Oct - Op/bal-2.5L Cl/bal-5Lakh (on 7th Oct 2.5L from husband a/c through RTGS).
4. Nov
5. Dec
6. Jan
Can we accumulate remaining 4.5 lakhs in the remaining 3 months? Or shall we deposit the whole in Nov?
My father is a state Govt employee who draws 70K per month who is in service now (retires after 2 years).I would like to take a gift deed from him as you said. I can also show his pay slip and form 16.
My husband is doing business which is not registered. He earns 70k per month. How to prove the source of fund in case of money transfer from his a/c?
I worked as an Asst Prof in a private college from 2006-2014.Currently I am not working and on the verge of submitting my PhD. I have my salary slips and form 16 for those years.
I have 2 sites/plots on my name. I could provide net-worth of them through CA.
My a/c is with HDFC and they are not mentioning 6 month avg- bal in letter. They said they give statement for every quarter/3-months.
While showing money transfer from father/husband a/c ,can we take a single day statement(to show that particular transaction of money transfer)? Or any rule like 1-month transaction?
Kindly suggest the solution for my situation. I shall remain highly grateful to you for the help.
Hey chaps,
I'm slightly confused about a few points and would love to get your guidance.
1. I presume e-statements are not accepted. Are original bank statements received each month valid then? These do not have any bank stamps or signatures on them, which is not mentioned on the document requirements on the CIC page, so I'm confused why some people are mentioning them.
2. If you show past bank statements up to 6 months, do you really have to show the date the account was opened?
3. Same goes for the average balance requirement, I want to double check that showing day-to-day translations up to last 6 months would suffice (my bank statements doesn't show averages).
4. Now the for the tricky question. I transferred my money from my UK bank account, £20K, to my home country account (which has zero money). It's been 6 days and still no money showing up in my home account. My bank now is telling me that some large international transfers could take up to a month!! They previously had told me it takes 5-6 days. I have about £3.5K left in the UK account but these will be gone in a few days for other commitments. Before that and over the past 6 months, my UK account always kept a balance in the range of £20K-£25K with no problems. My question is, in terms of average daily/monthly balance over the past 6 months being over $12K CAD, I of course will be fine. But thinking of a worst case scenario where it takes a few more days for my transfer to arrive to my home country account, and so £20K being completely gone from my statements for a fortnight or so, would that still be Ok you reckon from the CIC view point? I think by the time I'm likely to get ITA, I'll be showing 5 month statements from my UK account and 1 month statement from my home country account.
I greatly appreciate your opinions, guys. Thanks!
I'm slightly confused about a few points and would love to get your guidance.
1. I presume e-statements are not accepted. Are original bank statements received each month valid then? These do not have any bank stamps or signatures on them, which is not mentioned on the document requirements on the CIC page, so I'm confused why some people are mentioning them.
2. If you show past bank statements up to 6 months, do you really have to show the date the account was opened?
3. Same goes for the average balance requirement, I want to double check that showing day-to-day translations up to last 6 months would suffice (my bank statements doesn't show averages).
4. Now the for the tricky question. I transferred my money from my UK bank account, £20K, to my home country account (which has zero money). It's been 6 days and still no money showing up in my home account. My bank now is telling me that some large international transfers could take up to a month!! They previously had told me it takes 5-6 days. I have about £3.5K left in the UK account but these will be gone in a few days for other commitments. Before that and over the past 6 months, my UK account always kept a balance in the range of £20K-£25K with no problems. My question is, in terms of average daily/monthly balance over the past 6 months being over $12K CAD, I of course will be fine. But thinking of a worst case scenario where it takes a few more days for my transfer to arrive to my home country account, and so £20K being completely gone from my statements for a fortnight or so, would that still be Ok you reckon from the CIC view point? I think by the time I'm likely to get ITA, I'll be showing 5 month statements from my UK account and 1 month statement from my home country account.
I greatly appreciate your opinions, guys. Thanks!
Thanks Asivad. I take it on question number 1 you meant normal bank statements received via post each month would suffice then? (offical bank statements printer on the letterhead of the bank).
For question 4 I just called the sending bank and told them to cancel the transfer as they were needing more info and I didn't want to show a large gap in my bank account. They told me it'll bounce back in 5 working days. I'll keep the £20K there and just transfer a couple of grands to keep me going here, and then just use my UK account for POF. I'm planning on writing a letter myself to explain why there was a £20K debit then a credit for the same amount 10 days after on my statement. I'll attach it with the bank statements in addition to the international transfer slip to show the transfer was going to another bank account of my own anyway.
I just realised I forgot to ask about the last point.
The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans.
How can you satisfy this requirement if you don't have any outstanding debts? How can you prove it? I only ever had 1 credit card which has been closed since 3 months. I can theoretically show the last statements, but that doesn't guarantee I don't have another credit card or loans (or with different banks), so I'm a bit confused on how can one satisfy this requirement?
For question 4 I just called the sending bank and told them to cancel the transfer as they were needing more info and I didn't want to show a large gap in my bank account. They told me it'll bounce back in 5 working days. I'll keep the £20K there and just transfer a couple of grands to keep me going here, and then just use my UK account for POF. I'm planning on writing a letter myself to explain why there was a £20K debit then a credit for the same amount 10 days after on my statement. I'll attach it with the bank statements in addition to the international transfer slip to show the transfer was going to another bank account of my own anyway.
I just realised I forgot to ask about the last point.
The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans.
How can you satisfy this requirement if you don't have any outstanding debts? How can you prove it? I only ever had 1 credit card which has been closed since 3 months. I can theoretically show the last statements, but that doesn't guarantee I don't have another credit card or loans (or with different banks), so I'm a bit confused on how can one satisfy this requirement?
I had got the ITA in Aug and need to upload all the documents by 20th Oct.
The only issue with my application is dicey Proof of Funds.
Avg 6 month balance is C$ 11,300.00
Current Balance is C$ 28,000.00
Do you think this large difference in Avg and current balance would be an excuse for the VO to reject.
Or is it better if i decline this invite and try for ITA in the next draw.
Thanks in advance to all members of this forum who have made EE Application easy for people like me ;D
The only issue with my application is dicey Proof of Funds.
Avg 6 month balance is C$ 11,300.00
Current Balance is C$ 28,000.00
Do you think this large difference in Avg and current balance would be an excuse for the VO to reject.
Or is it better if i decline this invite and try for ITA in the next draw.
Thanks in advance to all members of this forum who have made EE Application easy for people like me ;D