Proof of Funds (Express Entry)

[neljo]

A gift deed should be fine. What's your anticipated CRS? I mean if you know that you will get an ITA in the upcoming draw then your avg balance will be low, but if you end up waiting a bit, then your average will be higher.

My bank refused to give me an avg balance figure (lazy bunch) but they gave me statements for the last 6 months

I should be somewhere in the 470/480 mark, when do you think I should expect an ITA?

 

[Hasan Raza Awan]

Hello
I have a complicated question :/
We have the sufficient amount in bank account statement in the local currency but nowadays the local currency exchange rate dropped markedly in the black market while still the same in the official banks but we can't exchange money in banks
We can only do that in black market.
Would the officer consider us as we don't have enough funds?
Please note my application is in IP2

In my opinion, CIC will not consider the rates of black market. It will only be done with open market.
Thanks

 

[tichupichu]

Hello
I have a complicated question :/
We have the sufficient amount in bank account statement in the local currency but nowadays the local currency exchange rate dropped markedly in the black market while still the same in the official banks but we can't exchange money in banks
We can only do that in black market.
Would the officer consider us as we don't have enough funds?
Please note my application is in IP2

Which market are you talking about ?
you should keep a safe margin for the exchange fluctuations. CIC will take your balance in local currency from the bank statement and convert it to CAD using globally accepted rate.
You cannot show the POF in cash so exchange rate in the black market is neither applicable nor acceptable.

 

[tichupichu]

I should be somewhere in the 470/480 mark, when do you think I should expect an ITA?

If you are sure you have 470/480 mark. you should get the ITA in the very next draw because last many draws are below the mark of 460.

 

[keano16]

I should be somewhere in the 470/480 mark, when do you think I should expect an ITA?

Most probably in the next draw that occurs after you enter the pool

 

[Hardit singh]

Hello. I am from india.
My question is regarding proof of funds. At what stage do we need to put funds in bank account??

 

[Batman_is_Real]

Maybe this question is already answered but I want to ask specifically to my situation.

How does they judge the money that I have is mine and not borrowed ??

I was in Canada until March 2017 and all my savings in Canadian account. After that I moved back to home country and bcoz my canadian status expired and express entry profile got rejected for other reason, I close all my Canadian accounts, opened a new account in home country and transferred all money into new account.

Now new account has more then enough balance to cover POF requirements but the age of account is only 3 months and one time deposite amount is high, would this raise any concern when I submit new profile, which I am doing within few weeks.

 

[DelPiero07]

Hello. I am from india.
My question is regarding proof of funds. At what stage do we need to put funds in bank account??

You must have the funds when submitting your e-APR after receiving your ITA.

That being said, if you are going to deposit the funds in a lump sum amount you better have proof of where that money came from.

 

[tichupichu]

Maybe this question is already answered but I want to ask specifically to my situation.

How does they judge the money that I have is mine and not borrowed ??

I was in Canada until March 2017 and all my savings in Canadian account. After that I moved back to home country and bcoz my canadian status expired and express entry profile got rejected for other reason, I close all my Canadian accounts, opened a new account in home country and transferred all money into new account.

Now new account has more then enough balance to cover POF requirements but the age of account is only 3 months and one time deposite amount is high, would this raise any concern when I submit new profile, which I am doing within few weeks.

How did you transfer the money ? if its a bank to bank transfer, you can show that both bank accounts belong to you by Account title.

 

[KV_hopeful]

My savings are in multiple annual fixed deposits with different start dates. Now the start dates of around 60% of them are older then 6 months and remaining 40% are like 3-4 months old. But the older start date deposits are sufficient to cover the minimum requirement. The recent deposits ,though significant, are only taking my balance well above minimum requirements. Do I still need to explain these recent fixed deposits?

The source of these recent deposits is that my old deposits matured, got credited in my account and I reinvested them. My bank statements only show reference numbers of deposits in debits and credits. Bank won’t authenticate my old matured deposits.

 

[harrys147]

Hello,

i have couple of fixed deposits joint with my mother. i would like to show it as proof of funds. what should i do?

1. consent letter from mother stating that i am free to use these funds any time
or 2. an affidavit or notarized NOC stating that these funds are gift to me. which one is better?
or 3. i can not use it

thank you in advance

 

[Batman_is_Real]

How did you transfer the money ? if its a bank to bank transfer, you can show that both bank accounts belong to you by Account title.

I did bank to bank transfer only, but I closed one account which was no use for me and getting any statement for that account is close to impossible.

 

[mbhargava2003]

Hello everyone,

1) I have transferred savings from my US accounts to my mother's account before I returned back to India and some savings directly to my Indian account after I came back from US. Then my mother also transferred those funds back to my Indian account after I came back to India.
I have an affidavit from my mother that she received those funds from me and then she transferred back to me.
I have a document that contains these transactions from US to India - Xoom transfer service account statement.
2) Other part of my proof of funds come as a gift deed from my mother. Have a gift deed.
3) I have about 4 bank account in US - 2 checking and 2 savings bank accounts - not using them anymore, have some money it them.
4) I also have 7 credit card account in US - 0 balance in all of them.

My question is: What documents should I upload in Proof of financial support after ITA?

For now, I was thinking - Indian bank letter, statements for 6 months, FD certificate, gift deed, Xoom transfer statement, Affidavit from my mother for transfer, US bank account letters and statements, Credit card latest statements. Am I making this too complicated or should I just include my Indian account details and provide additional documents when asked?
Please advice. Thank you.

 

[bmelia]

You must have the funds when submitting your e-APR after receiving your ITA.

That being said, if you are going to deposit the funds in a lump sum amount you better have proof of where that money came from.

@DelPiero07
Are you meaning that the immigration officer will accept the POF even if the needed amount was credited in my bank account after receiving an ITA?
It's a gift (gift deed already arranged).
Thx for you advice.

 

[DelPiero07]

@DelPiero07
Are you meaning that the immigration officer will accept the POF even if the needed amount was credited in my bank account after receiving an ITA?
It's a gift (gift deed already arranged).
Thx for you advice.

Yes.