Proof of Funds (Express Entry)

[bimale4bipeople]

Hi,

Part of my Proof of Funds money would be gifted by my father. I have the following questions:

A) Is it okay if it's transfered via internet banking as opposed to a cheque? I'm asking this because the gift deed formats I've seen so far mention cheque details only.

- any form will work https://www.quora.com/Is-a-Deed-of-Gift-acceptable-as-proof-of-funds-for-PR-in-Canada-What-do-the-deeds-look-like

B) When should I get the gift deed and affidavit? Before, after or on the day of transfer? Or anytime would work?

- at the same time you receive gift

C) My father's name, as spelled in his bank account, is different from what it is in my documents — difference of a letter in his first name. Would this be an issue? If yes, how do I remedy this?

- you can have the deed letter clearly mention his name as per bank account details and the passport details so there is no ambiguity for the case officer

Anything else I should know about this?

Thanks.

Check imbedded replies

 

[bimale4bipeople]

I have 3 bank accounts. one out ove which is a salary account and other too I hardly use mush and just have minimum balance in them. I also have a home loan and the EI gets paid from the salary account. Also hold only one credit card which is 0 balance as of now, nothing due there.

Question:
- Do I have to show 6 month statements for all 3 accounts?
- Do I have to show details of my Home Loan? If yes, what do i need to show
- Does Home loan affects my PoF total? Do I have to show PoF as Home Loan debt amount + the PoF amount?
- Do I have to show Credit Card statement?
- My salary account has 25% of my PoF balance which is from salary saving and the amount might not be 6 months older as there are regular transactions happening, Do I have to show salary sleeps to prove those 25% poF?
- 25% comes from a EPF and Ill get a statement from the pf office. Another - 25% will be a gift deed from father.
- Remaining 25% is coming from selling my car, bike and other stuff like costly hobby equipment etc. What proof can I show for these ? or do i just add it to my father's gift deed ?

Please help, I am more worried about the home loan questions.

They are looking for liquidated cash in your account. If you meet this level it’s fine. Non Cashable-FD/Stock/EPF does not work if you don’t have required liquidated funds in your account.
If you don't wanna show bank statements, get a letter from your bank to show what is the current balance (the letter should dated around the same time you are submitting the application) in these 3 accounts.
The reason a case officer wants to see these funds is the fact once you land here you should have that much money available for normal day to day expenses and emergency purposes. You get health cover only after 90 days of landing in the country

Check this video out

 

[Option Paralysis]

When CIC says "average balance for the past six months", do they want one figure? My bank added up the balances on the statements for the last 6 months and divided it by 6 to get an average. I thought that sounded right, but I've seen others here doing it differently, so I'm a bit concerned. Anyone have any idea what the correct answer is? Thanks.

 

[DelPiero07]

When CIC says "average balance for the past six months", do they want one figure? My bank added up the balances on the statements for the last 6 months and divided it by 6 to get an average. I thought that sounded right, but I've seen others here doing it differently, so I'm a bit concerned. Anyone have any idea what the correct answer is? Thanks.

There's no correct answer. Both approaches are fine.

 

[Option Paralysis]

There's no correct answer. Both approaches are fine.

Thank you! Got a little nervous there because I already submitted my application earlier today. I know they're super nitpicky, so I was extra careful, but you never know. Hopefully it'll all go smoothly.

 

[Archavin89]

Does anyone know if a letter from the bank stating I am one of the beneficiaries (have X percentage of the company's portfolio) of an Offshore Trust (but not the only one) would work as a proof of funds? The portfolio is consisted by cash, stocks, bonds and others investments products.

Or this is assessed as being like a ''joint account'' since there are other beneficiaries as well and, thus, cannot be used?

ps: Considering, of course, the letter also states al the other information required (Average balance for the past 6 months, account number etc).

What I am concerned about it is the fact that it is only one account (and more than one beneficiary) linked w the Offshore Trust. Thus, I do not know if they will consider that as being a ''joint account'' even if the bank states I own X percentage of the portfolio.

ps: the others beneficiaries r not moving to Canada

Could anyone else put some light on this issue? Thnx!

 

[sukrithy]

Hi everyone

How soon after getting bank statement should we submit the application. I got my bank statement for pof yesterday but my husband and I couldn’t apply yesterday due to family emergency. We can only apply next week. The bank is quite far away and I had to take leave to get a statement. How many days do I have to apply without having to take a re statement . Please help
Thankyou

 

[suzipats]

Hi everyone

How soon after getting bank statement should we submit the application. I got my bank statement for pof yesterday but my husband and I couldn’t apply yesterday due to family emergency. We can only apply next week. The bank is quite far away and I had to take leave to get a statement. How many days do I have to apply without having to take a re statement . Please help
Thankyou

It need not be same day. I week old statement will be fine.

 

[rk186024]

Hi All,

I got a certificate of balance from Citibank(received funds through gift deed), but they refused to mention "these funds are fully free of any liens, debts and/or encumbrances and are maintained and available for immediate transfer as of DATE".

What they have mentioned is "as of 15 June, 2018, the Account Holder has access to funds, from his account with the Bank, in the principal amount of Rs. *****, which is equivalent to *** CAD...".

They said they have provided similar letter to many people for Canadian immigration purposes. Is it fine that the statement related to lien, debts etc above is not mentioned in the certificate? Can there be any issues due to this?

Thanks.

 

[Ese2014]

Dear all,

Thank you for all the great work you are doing here, helping newbies and novice like me.

My question is on identification documents for children when filling the post ITA profile. Assuming the child is an American citizen and a South African citizen, parents are South Africans, and they live in South Africa currently. Would it be necessary to input both South African and American passport or just the American passport which the parents intend to use for the child. Child's birth certificate was obtained in the USA.

Secondly, is it necessary to scan all VISAs and stamps from previous passports.

Thanks.

 

[Wiki_now]

Hi there,
I work in UAE where as I have savings bank account in my home country. Can I use bank statement for that account. Moreover I have enough funds to satisfy the visa officer but there's one transaction in my statement that is huge but more than 6 month old. Is that Okay?

 

[bimale4bipeople]

Hi there,
I work in UAE where as I have savings bank account in my home country. Can I use bank statement for that account. Moreover I have enough funds to satisfy the visa officer but there's one transaction in my statement that is huge but more than 6 month old. Is that Okay?

Is it possible along with this statement(signed & stamped) a letter from your home country bank providing info about the availability of funds in your account ?

 

[pizzacat]

Im not sure of this is okay to post this here but we received ITA for new brunswick provincial nomination and we need to submit the documents.
How do we fill out the Personal worth form? We have already the required fund in banks. But we have a house loan, we have already paid the half of contract price with few more years to pay. Where do we declare it? In real property asset or real mortgage? In the form, we have to compute the personal worth = assets - liabilities. If we compute that way, the personal worth total will be less than the required amount of fund.
We can sell the house and get some money there but we dont want to do it since we have already enough fund. Maybe we sell it after we get PR but not now.
Please advise anyone.

 

[bimale4bipeople]

Im not sure of this is okay to post this here but we received ITA for new brunswick provincial nomination and we need to submit the documents.
How do we fill out the Personal worth form? We have already the required fund in banks. But we have a house loan, we have already paid the half of contract price with few more years to pay. Where do we declare it? In real property asset or real mortgage? In the form, we have to compute the personal worth = assets - liabilities. If we compute that way, the personal worth total will be less than the required amount of fund.
We can sell the house and get some money there but we dont want to do it since we have already enough fund. Maybe we sell it after we get PR but not now.
Please advise anyone.

I am not sure about NB PNP system, but what I understand from the EE system you need to show liquidated cash in you account (single and/or joint, current and/or joint). You can get a bank letter where you can ask the bank to mention the current balance along with your bank account details. You can also attach your bank statement along as well to show that you have account in good standing( the letter and statement should be signed and stamped from the bank and on there letter head). Property and other assets such as cars, stocks are not considered as funds available in your account

You refer the link for the min funds required for the PNP
https://www.canadavisa.com/eligibility-requirements-for-the-new-brunswick-provincial-nominee-program-nb-pnp.html

 

[pizzacat]

I am not sure about NB PNP system, but what I understand from the EE system you need to show liquidated cash in you account (single and/or joint, current and/or joint). You can get a bank letter where you can ask the bank to mention the current balance along with your bank account details. You can also attach your bank statement along as well to show that you have account in good standing( the letter and statement should be signed and stamped from the bank and on there letter head). Property and other assets such as cars, stocks are not considered as funds available in your account

You refer the link for the min funds required for the PNP
https://www.canadavisa.com/eligibility-requirements-for-the-new-brunswick-provincial-nominee-program-nb-pnp.html

Hi thanks! We already have enough fund. But in this particular form of NB, we have to put the assets and liabilities for computation of personal net worth. My only concern is that do they evaluate based on personal net worth or liquid cash to meet the “proof of fund”?