Proof of Funds (Express Entry)

[Manju Sagwal]

Hi All,

I got an ITA and I am gathering all my documents. I have one questions regarding Proof of Funds. The required fund amount is in my spouse's bank account but I am the principal applicant. However, he will be traveling with me. Is this accepted as POF or I need to have this amount in my own bank account? We can get it transferred but then it will not have 6 months history, while we have been maintaining our balance in his account over a year for this purpose.

Has anyone faced this and what did you finally do in your case? Did you transfer the money in your own account or sent husband's bank statement as proof of fund? What was the outcome?

Will appreciate any help from the ones who have gone through this.

Thanks,

Yes. Funds in the spouse's account can be as 'Proof of funds' provided he/she is the applicant in the PR application.

Please refer to below cic weblink for details:

http://www.cic.gc.ca/english/resources/tools/temp/visa/intake/proof.asp

 

[Asivad Anac]

Yes. Funds in the spouse's account can be as 'Proof of funds' provided he/she is the applicant in the PR application.

Please refer to below cic weblink for details:

http://www.cic.gc.ca/english/resources/tools/temp/visa/intake/proof.asp

Not the right resource - that is for temporary residents.

For PR purposes, CIC explicitly asks for POF from the PA alone.

Check 'Proof of Funds' here ---> http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Recommend that OP's spouse transfer this amount to OP (PA) as a gift and OP showcase the required funds in their account along with a self-declaration from their spouse that this transaction is a gift not a loan.

 

[davidbaek90]

Will they be suspicious if I am 25 years old and have $50,000 in mutual fund investment and another $50,000 in savings account?

I can still show them my 6 months statements but I accumulated this money (work, internship, parents) over 4 years. Total $100,000 before even 6 months..

And of course I will give them a letter from my bank institutions that I do not have any loans or line of credit. Verify that I have full ownership of these assets.

 

[StAnger]

Will they be suspicious if I am 25 years old and have $50,000 in mutual fund investment and another $50,000 in savings account?

I can still show them my 6 months statements but I accumulated this money (work, internship, parents) over 4 years. Total $100,000 before even 6 months..

If this is your hard earned money than you should have no issues. Age has nothing to do with what you earn. Just make sure there are no huge unexplained deposits.

 

[AnnaBG]

So .. I read a lot of opinions here many of which so different regarding this issue.

I am applying with my husband and we both need about $15 000.
He had been keeping some money in his brother's account. Main point is he had the money transfered to my account at the end of october. So we have about $12 000 but this money has only been in my account since oct.

We still do not have ITA but the score is pretty good. So if we happen to get an ITA is there a solution for us ? What do you think?

 

[StAnger]

So .. I read a lot of opinions here many of which so different regarding this issue.

I am applying with my husband and we both need about $15 000.
He had been keeping some money in his brother's account. Main point is he had the money transfered to my account at the end of october. So we have about $12 000 but this money has only been in my account since oct.

We still do not have ITA but the score is pretty good. So if we happen to get an ITA is there a solution for us ? What do you think?

The main point is to prove the assessing officer that the money in your account is not loan that you took expilicitily for PR. Cic wants this money to be yours so that you can use it in the inital settlement when you land in canada.

Since this money was transfered to your account and this is infact a huge sum, so you will have to convince the officer that this is not loan.

 

[AnnaBG]

But this is impossible to do with any kind of documents ... at least what I think.
is there anything to prove that?

 

[AnnaBG]

Another thing that crossed my mind ...
My uncle lives in Toronto for about 15 years (has citizenship as well).

I read the below in the CIC website:
If host in Canada will be funding your expenses: detailed explanation letter from your host
indicating how you are related; their proof of income such as: employment letter, bank
statements, the most recent copy of a Notice of Assessment from Revenue Canada or T4;
and proof of their status in Canada (citizenship, permanent resident, valid authorization or
permit holder, etc.)

Is there a way to use this one ?

 

[StAnger]

But this is impossible to do with any kind of documents ... at least what I think.
is there anything to prove that?

How about a gift deed from your brother in law declaring that this is the gift to his brother to help him settle in canada. Their is an extensive thread on this topic.

 

[harry16125]

Hi all

My express entry score is 948 (348 + 600 LMIA), accordingly I received ITA and applied for the PR. My question is, according to CIC website "I don't need to show Proof of funds if I have valid job offer supported with Positive LMIA". But still I have shown approx $23000 in my savings account, FD's & Mutual funds. Major portion of amount approx ($12-14k) was recently deposited into my bank account inform of cash transactions. Will there be any objection on the same from Immigration officer or NOT ??? If yes, then wht would be the solution?

Kindly advice.

Thanx

 

[StAnger]

Hi all

My express entry score is 948 (348 + 600 LMIA), accordingly I received ITA and applied for the PR. My question is, according to CIC website "I don't need to show Proof of funds if I have valid job offer supported with Positive LMIA". But still I have shown approx $23000 in my savings account, FD's & Mutual funds. Major portion of amount approx ($12-14k) was recently deposited into my bank account inform of cash transactions. Will there be any objection on the same from Immigration officer or NOT ??? If yes, then wht would be the solution?

Kindly advice.

Thanx

If you dont need to show funds than why bother showing it. In any case, you are good to go.

 

[MrTee]

...

Check 'Proof of Funds' here ---> http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

...

Does this mean that I have show all my credit card / loan accounts ?

 

[faith007]

Does this mean that I have show all my credit card / loan accounts ?

If you meets the minimum POF after loan, you can, else it is not advised.

 

[AnnaBG]

The question in this case is can they dig it up ?
As far as I am aware there is a credit record in many countries but the ones who have free access to it are bank institutions and national instritutions but not foreign ones. Anyone other than those who request information about a certain person should be rejected to receive such unless there is some law requirement (like you are a criminal or a suspect or somethign like that).

So can they?

 

[StAnger]

The question in this case is can they dig it up ?
As far as I am aware there is a credit record in many countries but the ones who have free access to it are bank institutions and national instritutions but not foreign ones. Anyone other than those who request information about a certain person should be rejected to receive such unless there is some law requirement (like you are a criminal or a suspect or somethign like that).

So can they?

Yes that's a debatable topic on whether they have access or not. Would xyz country share data with Canada? I may agree on the fact that they will not go at lengths to dig up this unless your submit something that might point towards it.