Proof of Funds (Express Entry)

[bunnybunny]

the bank letter ( for the account you intend to show as POF) is the joint one ( I hope my understanding is correct). Let's say you opened joint account in July 2016 get the complete ownership tomorrow. So the bank letter should mention your name along with account opening date as July 2016. The letter should not mention your father's name.

Thank you, gotcha, so one letter showing only my name and the original account opening date. I am still worried bank statements may show my father's name in history. Should I get an affidavit by my Father just to be on safe side? I intend also to submit letter of explanation, including bank statements from my other accounts let's call it B, (the one with my name only) proving that B was the source of fund for joint. Is this too much? :/

 

[vishalg]

Thank you, gotcha, so one letter showing only my name and the original account opening date. I am still worried bank statements may show my father's name in history. Should I get an affidavit by my Father just to be on safe side? I intend also to submit letter of explanation, including bank statements from my other accounts let's call it B, (the one with my name only) proving that B was the source of fund for joint. Is this too much? :/

after you become the owner of the account only your name will be mentioned in the statement and if the funds are consistent in the account for the last 6 months you don't need to show your statements.

 

[bunnybunny]

after you become the owner of the account only your name will be mentioned in the statement and if the funds are consistent in the account for the last 6 months you don't need to show your statements.

Thank you, yes the funds are completely untouched. So all I need to do is to change joint account name to mine and show 6 months statements for that, is that right?

 

[vishalg]

Thank you, yes the funds are completely untouched. So all I need to do is to change joint account name to mine and show 6 months statements for that, is that right?

if the account is consistent for last 6 months you just need to upload the bank letter. No need for bank statements unless your letter misses some details such as average balances.

 

[maver]

don't withdraw until you submit your application. Post submission you can do that and also if you're keeping it above the LICO there is no problem. Cic is only concerned about the minimum funds.

Thank you, vishalg! I'm submitting my application today and will withdraw next month or so. Are we required to re-submit a new bank letter showing the latest status of our financial profile after we get our COPR?

 

[vishalg]

Thank you, vishalg! I'm submitting my application today and will withdraw next month or so. Are we required to re-submit a new bank letter showing the latest status of our financial profile after we get our COPR?

You can withdraw but remember CIC can ask for a revised POF (not necessarily) during any time of the process. At the time of landing you're​ supposed to carry the POF ( revised/latest).

 

[bunnybunny]

You can withdraw but remember CIC can ask for a revised POF (not necessarily) during any time of the process. At the time of landing you're​ supposed to carry the POF ( revised/latest).

OK another thing, The account was opened just last October (making it less than 6 months old). Is this ok, and do I have to prove where source of fund is?

 

[maver]

You can withdraw but remember CIC can ask for a revised POF (not necessarily) during any time of the process. At the time of landing you're​ supposed to carry the POF ( revised/latest).

yes, this is why I told in my application that I'm bringing less than I have (but again more than the minimum)- just in case I won't be able to show the current amount at the time of landing. Do you think it is a good idea to explain this in LOE? I mean, the reason why I am declaring less than I have?

 

[vishalg]

OK another thing, The account was opened just last October (making it less than 6 months old). Is this ok, and do I have to prove where source of fund is?

if it is less than 6 months then provide the trail of funds. However, 6 months are done by April if account is opened in october

 

[vishalg]

yes, this is why I told in my application that I'm bringing less than I have (but again more than the minimum)- just in case I won't be able to show the current amount at the time of landing. Do you think it is a good idea to explain this in LOE? I mean, the reason why I am declaring less than I have?

no need to mention that in LOE. CIC is concerned about minimum required funds. At the time of landing carry the proof of funds more than minimum required.

 

[aarchitj]

Average Balance for Last six months can include the Deposit accounts as well right apart from savings ? Most of my money is in deposits and I do not really keep much in Savings Account.

 

[bunnybunny]

if it is less than 6 months then provide the trail of funds. However, 6 months are done by April if account is opened in october

Sorry, I meant november, it turns 6 months in 5 days time. Do I still have to provide trail of funds? (I have gotten ita a few days ago)

Really appreciate your patience!

 

[hassaan_anwar]

Guys,

I have a query, i currently dont have much money in my account however by June end i shall be getting a gift deed from my dad which will help me achieve CAD 12,500. Will it be an issue that i dont have a good average balance and also that i got these funds so close to my profile submission time?

Thanks

 

[vishalg]

Average Balance for Last six months can include the Deposit accounts as well right apart from savings ? Most of my money is in deposits and I do not really keep much in Savings Account.

POF will include savings and deposit both.
You can upload deposit certificates if not mentioned separately on the bank letter

 

[vishalg]

Sorry, I meant november, it turns 6 months in 5 days time. Do I still have to provide trail of funds? (I have gotten ita a few days ago)

Really appreciate your patience!

if it is neck to neck then provide the trail of funds.