Proof of Funds (Express Entry)

[SahiSh]

Hello Friends

Just need some information on POFs

There is one FD on my spouse name. Now I joined the saving accnt but FD cant b joined befor maturity.
But on request bank agree to give me certificate like below

( my name n my spuse name ) hold a joint saving account.
And the FD of X amount belong to the joint account
With opening date, balance n maturity jan16

N this cert I will show as POF
So this cert will be fine or need to show any thing more
I thought not to show the actual FD receipt as that hold my spouse name only

So can someone pls suggest how to proceed

 

[jkcanada]

Hello Friends

Just need some information on POFs

There is one FD on my spouse name. Now I joined the saving accnt but FD cant b joined befor maturity.
But on request bank agree to give me certificate like below

( my name n my spuse name ) hold a joint saving account.
And the FD of X amount belong to the joint account
With opening date, balance n maturity jan16

N this cert I will show as POF
So this cert will be fine or need to show any thing more
I thought not to show the actual FD receipt as that hold my spouse name only

So can someone pls suggest how to proceed

This should be good enough. The opening date should be more than 6 months old else write a LOE for funds acq.

 

[Ufa6174]

Thanks for your help mate.

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).

Not really. Statements printed on letterhead AND stamped/signed by bank officials is the way to go.

I'm slightly confused by this tbh. You'd imagine if it is a mandatory requirement they'd explicitly state that in document requirement section. As you're most definitely aware it does not. http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Document requirements

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.
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 in the past six months.
Other documents may also be requested, as necessary.

I'm just wondering if we're over thinking this. UK banks do NOT do such things as stamping and signing their bank statements. They tell you what you get in the post is official. I can see how I would be probably more inclined to provide stamped/ signed statements if I was using my home 3rd-world-country bank account for POF.

Or is it possible that the guidelines they send you for POF are more detailed when you receive the ITA?

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

I'd decline it and wait for the next draw. Your average is below the minimum you'd need if you were the sole applicant. Your average would automatically be higher by the next draw, and chances are if you got ITA in August you'll get it next.

 

[SahiSh]

This should be good enough. The opening date should be more than 6 months old else write a LOE for funds acq.

Thnx for the reply
Apart of that bank cert will u suggest that I also upload the actual FD receipt that holds my spouse name.
Or should I not. Will that be advisable ?

 

[Ufa6174]

Asivad what are your views on #258?

 

[Asivad Anac]

Asivad what are your views on #258?

My views on 258 are biased by this member's refusal reported in June/July for the simple reason of having submitted statements printed from their online account without being stamped/signed by bank officials. Now, we don't know if that was the entire long and short of it or there were other reasons as well. We do know that it is not a good idea and is a possible risk which must be mitigated. And we also know that CIC is not racist (well, certainly not as an organization, because they purposefully invite applicants from '3rd World' countries to move into Canada) so it is unlikely that they blacklist banks from 3rd World countries while exempting banks from 1st World countries - so that is not the reasoning either.

If you want to submit the statements received in the mail, you can certainly choose to do that. Personally, I imagine they are valid and legitimate. Does CIC agree with my interpretation of their rules all the time? Not really. And I know that from painful personal experience.

 

[zanny]

I was scanning my 6 month bank statement and realised last 6 months have seen over 150 transactions. Money has come in and gone out at a very high frequency. In total I have 18 pages of bank account summary.

Should I explain every large transaction (>CAD 1K) in LoE? There are some 30 of them in last 6 months but I can explain each and every one of them as they are legit.

Or,

Should I just explain how I reached CAD 17K in last one month (sales of financial assets and gift from co-applicant)?

 

[Asivad Anac]

I was scanning my 6 month bank statement and realised last 6 months have seen over 150 transactions. Money has come in and gone out at a very high frequency. In total I have 18 pages of bank account summary.

Should I explain every large transaction (>CAD 1K) in LoE? There are some 30 of them in last 6 months but I can explain each and every one of them as they are legit.

Or,

Should I just explain how I reached CAD 17K in last one month (sales of financial assets and gift from co-applicant)?

Explaining everything is an overkill. Just explain any suspiciously large credit transaction - anything bigger than 25% of the required LICO amount in your case.

CIC doesn't intend to handicap every applicant's finances for the entire duration of application processing. I imagine they understand that people have a life, they earn and spend all the time.

 

[zanny]

Explaining everything is an overkill. Just explain any suspiciously large credit transaction - anything bigger than 25% of the required LICO amount in your case.

CIC doesn't intend to handicap every applicant's finances for the entire duration of application processing. I imagine they understand that people have a life, they earn and spend all the time.

Thanks Asivad

 

[Ufa6174]

My views on 258 are biased by this member's refusal reported in June/July for the simple reason of having submitted statements printed from their online account without being stamped/signed by bank officials. Now, we don't know if that was the entire long and short of it or there were other reasons as well. We do know that it is not a good idea and is a possible risk which must be mitigated. And we also know that CIC is not racist (well, certainly not as an organization, because they purposefully invite applicants from '3rd World' countries to move into Canada) so it is unlikely that they blacklist banks from 3rd World countries while exempting banks from 1st World countries - so that is not the reasoning either.

If you want to submit the statements received in the mail, you can certainly choose to do that. Personally, I imagine they are valid and legitimate. Does CIC agree with my interpretation of their rules all the time? Not really. And I know that from painful personal experience.

Thank you. I, too, would think e-statements that are not stamped/ signed is a bad idea. Original statements received via post on monthly basis are considered official as far as I understand. Will probably be submitting them.

 

[InShaA]

Hey Guys,
A quick query to the seniors

In regards to the POF, is it mandatory to show full amount that is you will bring to canada in PA's account or I can show some in mine and some in spouse, as spouse is accompanying me.

 

[gabriel14]

Hello Freestyler,

Did you manage to achieve any clarity on eligibility of ULIPs as Proof of Funds? Please let me know. Thanks.

I have an ITA, and have to submit my application by 20th October. I am 'legally separated', so my points calculation is as if I was a single applicant. I am assuming the funds required to be shown are minimum CAD 11,931.

Now here comes the issue. Do I need to show that I have these funds in my Bank account currently or should I have had a bank balance over that amount over the entirety of the last 6 months?

My current funds are as follows:

960 CAD (approximately) - Savings Bank Account
14600 CAD (approx.) - FD's with Bank
500 CAD (approx.) - Principal Amount of Recurring Deposit with Bank
1200 CAD (approx.) - Unit Linked Insurance Plan (not sure if this will be considered)
250 CAD (appox.) - Mutual Funds (not sure if they are considered)
3150 CAD (approx.) - Public Provident Fund (which may not be considered as it cannot be liquidated as per my wishes)

As you can see the see, the picture currently is decently rosy. The position 6 months ago was as follows:

1400 CAD (approximately) - Savings Bank Account
2500 CAD (approx.) - FD's with Bank
12000 CAD (approx.) - Unit Linked Insurance Plan
250 CAD (approx.) - Mutual Funds
3150 CAD (approx.) - Public Provident Fund

Now, I have a couple of issues which depending on how the CIC treats them could make or break my application.

1. I had the majority of my funds in Unit Linked Insurance Plan for the majority of the last 6 months. If my holdings in Unit Linked Insurance Plan are not considered as Proof of Funds, then I would not be considered to have had the funds in the last 6 months. I liquidated my 12000 CAD holdings in the month of August and made an FD of the same amount. But if CIC does not consider ULIP, then only my FD's and Savings Bank Account might be considered. My Savings Bank Account balance has varied and dipped under 100 CAD as well a couple of times in between April and August, so basically it would mean the 2500 CAD which was FD's in Banks. Does anyone have any idea how CIC takes a view of balances throughout the 6 months and how things might be considered in this particular case?

2. The ULIP that I had invested in was such that I could have liquidated at any time after 5 years and got either surrender value or fund value, whichever was more. Fund value was more throughout and I could have liquidated any time after 2012. It is my mistake that I did not liquidate this sooner, but the fund value was growing and was over 12000 CAD from April to August. Should I get a letter from ICICI Prudential explaining the product and explaining to CIC that I could have liquidated these funds at any time and that the holdings were over 12000 CAD? Would that suffice? I am not even sure ICICI Prudential will give any such thing in writing, but no harm in trying.

Please enlighten me on these 2 points, which are vexing me a lot.

If my application is going to get rejected based on this funds issue, would I be better off declining the invitation and saving the processing fees? I could then perhaps reenter my Express Entry profile in January, as I would still be getting 459 points and should hopefully thus get an ITA again in some draw. By that time, I would have had the minimum amount in my Bank account as well throughout the tenure.

All the funds are mine. Infact, I will get a settlement amount of 12000 CAD when my divorce goes through on October 31. However, my application will have to go before that unfortunately.

Sorry for making you read a lot, but informed opinions would really be appreciated.

 

[wifiwifey]

Hi Asivad Anac,

I have the required fund for 2 people in the form of Fixed deposit for almost a year. But 70% Fixed deposits are in my name and the rest 30% is in my spouse's name. I hardly have any balance in my savings account as I have always withdrawn the money and get a new Fixed deposit. Will it be acceptable to CIC?

 

[Asivad Anac]

Hi Asivad Anac,

I have the required fund for 2 people in the form of Fixed deposit for almost a year. But 70% Fixed deposits are in my name and the rest 30% is in my spouse's name. I hardly have any balance in my savings account as I have always withdrawn the money and get a new Fixed deposit. Will it be acceptable to CIC?

This would be fine provided you can prove that the money exclusively belongs to you. Get yourself added to your wife's account or ask her to transfer that to you and give a signed self-declaration that this is a gift not a loan hence need not be returned to them.

 

[cyronn]

This would be fine provided you can prove that the money exclusively belongs to you. Get yourself added to your wife's account or ask her to transfer that to you and give a signed self-declaration that this is a gift not a loan hence need not be returned to them.

Asivad, is it required to get the money transferred to primary applicant's account? If some amout of PoF money is in my wife's name as FD, RD etc, she being the secondary applicant in our PR application, won't an affidavit from her suffice?