Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
Hi guys
Recently my dad who lives in USA gave me power of attorney to sell one of our house in Pakistan. I got all the money in my account. Ill shift some of it to my Dollar account and sent it to him through banking channels.
Can anyone guide me on whether this huge amount of money could raise red flags in providing proof of funds.
Recently my dad who lives in USA gave me power of attorney to sell one of our house in Pakistan. I got all the money in my account. Ill shift some of it to my Dollar account and sent it to him through banking channels.
Can anyone guide me on whether this huge amount of money could raise red flags in providing proof of funds.
as long as you can prove the sale and transfer you should be fine. they just want to make sure you didn't take a loan for it
I'm planning to do the same... I sold my car and notarized the selling...
can you tell me your concerns / comments?
Hi Friends,
My POF situation is little funny and it is a mix of my over-information to CIC and some significant deposits. Any suggestions to clarify my situation will be really helpful to me as I think I have little time to send CSE before CIC takes any decision. I am FSW-O and no movement happened on my application so far.
I live in country A, and have 25K CAD closing balance for family of 3 in self AC. However, Avg balance is 16K CAD, because i withdrew considerable amount of money in few initial months, and later stopped to build balance. I provided 6 months certified statement + certified balance certificate. Bank did not provide avg balance in letter so I added certified 6 months statement.
Unfortunately, I thought that my average balance could put me in soup so I provided my another self AC's statement + balance certificate from my home country. My 6 months back account opening was 22 K CAD and closing balance became 50 K CAD because, 1.5 yrs back, I sold my all household stuff, antiques, and car in package deal to my friend as I moved out of country. We didn't do any papers and he paid me in AC almost 4 months before my AOR which was almost 10 months after the actual sales. This was done in multiple credits of 4K CAD each through Bank. This is reflected in my AC statement I sent to CIC.
Though my salary AC already have required amount (25K vs min needed of ~18900 CAD for 3 persons), however, I am worried about my large credits in my second account, as I did not provide any LOE on those. Over-information given to government could be detrimental few times.
I am seeking advise on type of justification, proof, and LOE from this experienced forum to avoid going into source of funds questions and a potential rejection OR directly landing into rejection if they decide not to ask me but take a silo action (they did with Asivad, we all know).
My POF situation is little funny and it is a mix of my over-information to CIC and some significant deposits. Any suggestions to clarify my situation will be really helpful to me as I think I have little time to send CSE before CIC takes any decision. I am FSW-O and no movement happened on my application so far.
I live in country A, and have 25K CAD closing balance for family of 3 in self AC. However, Avg balance is 16K CAD, because i withdrew considerable amount of money in few initial months, and later stopped to build balance. I provided 6 months certified statement + certified balance certificate. Bank did not provide avg balance in letter so I added certified 6 months statement.
Unfortunately, I thought that my average balance could put me in soup so I provided my another self AC's statement + balance certificate from my home country. My 6 months back account opening was 22 K CAD and closing balance became 50 K CAD because, 1.5 yrs back, I sold my all household stuff, antiques, and car in package deal to my friend as I moved out of country. We didn't do any papers and he paid me in AC almost 4 months before my AOR which was almost 10 months after the actual sales. This was done in multiple credits of 4K CAD each through Bank. This is reflected in my AC statement I sent to CIC.
Though my salary AC already have required amount (25K vs min needed of ~18900 CAD for 3 persons), however, I am worried about my large credits in my second account, as I did not provide any LOE on those. Over-information given to government could be detrimental few times.
I am seeking advise on type of justification, proof, and LOE from this experienced forum to avoid going into source of funds questions and a potential rejection OR directly landing into rejection if they decide not to ask me but take a silo action (they did with Asivad, we all know).
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Hey Guys,
My bank provided me the closing balance of the last six months in the letter but they did not include the average balance for the last six months. Do I still need average balance of the last six months? I am sure my bank will include that information too if I make a request. On a side note, average of the last six months mean closing of (month1 + closing of month2......+current balance of month six)/6 right???
Also, if I have more than one issues that are needed to be explained in the LOE, should I write two different LOEs or explain everything in one?
Please help and thank you again.
My bank provided me the closing balance of the last six months in the letter but they did not include the average balance for the last six months. Do I still need average balance of the last six months? I am sure my bank will include that information too if I make a request. On a side note, average of the last six months mean closing of (month1 + closing of month2......+current balance of month six)/6 right???
Also, if I have more than one issues that are needed to be explained in the LOE, should I write two different LOEs or explain everything in one?
Please help and thank you again.
1. Closing balance of the last 6 months works just fine - it serves the same purpose. You don't need to include the average balance or worry about how to calculate it, if you have the 6 months' closing balances.
2. Write 1 LOE addressing all the matters (it's going to be uploaded as one document anyway). Just make it brief, simple, and clear.
Your letter should state the 6 month average balance (or the closing balance for each of the last 6 months). In lieu of this, you can attach the past 6 months of bank statements, but the preference is to get the average stated in the letter, as this is in IRCC's list of requirements for the appropriate proof of funds documents.
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http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp
The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
- o 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 for the past six months.
Hi all,
I have more than 14000 CAD in my account stagnant for more than a year now and bigger amount above this balance have been deposited and withdrawn but the balance amount has never reduced below 14000 CAD.
Would i need to show my salary in my job reference letter or provide an LOE to CIC for the big incoming and outgoing amounts?
I have more than 14000 CAD in my account stagnant for more than a year now and bigger amount above this balance have been deposited and withdrawn but the balance amount has never reduced below 14000 CAD.
Would i need to show my salary in my job reference letter or provide an LOE to CIC for the big incoming and outgoing amounts?
THanks I have another query.
The bank that I will take the average balance letter have my loan from that bank as well. What should I do in this situation?