Proof of Funds (Express Entry)

[gudman89]

Hi everybody,

Got a question here: Can I provide my proof of funds from a non-canadian bank? Has anybody had experience like that?

Thank you in advance!

 

[faultyjack99]

Asivad, if I don't send statement then how do I prove the transaction.
What are the acceptable documents in this case.

 

[sidy1116]

Hi Asivad ,

Just want some info. Here is my case.

We are 3 ppl in family so we need to show 950,000. Me myself and my kid.
My wife is primary applicant . and we got ITA today. For proof of funds we are planning to show gift deed as follows

1. My wife got 200,000 from her father for which she can show gift deed
2. I had around 200,000 in my account and i got in month of december as my FD matured, Another 550,000 was transfered to my account from my grandfather for which he will provide gift deed. So the total in my account is 750,000

My question is Can we both submit the proof of funds or only my wife need to show it. What all documents will be required .As per my understanding .

We both will need to give 6 month monthly statements , along with Gift Deed. Will that be sufficient ?

Thanks in advance .

 

[kool_buddy]

Show bank statements clearly highlighting credit into your account.

Got it. Thank you very much Asivad.

 

[Asivad Anac]

Asivad, if I don't send statement then how do I prove the transaction.
What are the acceptable documents in this case.

You'll have to provide bank statements to prove actual funds transfer - no way around that requirement.

 

[sidy1116]

Hi Asivad,

If i provide gift deed to my wife for 14k CAD then how many months statement i need to provide as proof of transfer . CAN CIC ask me source of my funds also , as I am a co applicant . My wife being primary applicant . But recently only i got around around 10k CAD from my grandfather .

Thanks

 

[Asivad Anac]

Hi Asivad,

If i provide gift deed to my wife for 14k CAD then how many months statement i need to provide as proof of transfer . CAN CIC ask me source of my funds also , as I am a co applicant . My wife being primary applicant . But recently only i got around around 10k CAD from my grandfather .

Thanks

If you're gifting funds, you don't have to prove source of funds. CIC doesn't ask for source of funds from the donor.

 

[yankabatkay]

Hello everyone!
That's my first post here, but I'm a devoted reader. Thank you all for valuable info.

I've got a question. I received an ITA just this week. I don't have any 6 -month old deposits.
I`ve got a spare apartment (an investment made 8 years ago) and a close relative of mine wants to buy it right now.
Will that do if I put my money as a lump sum in the bank and enclose a copy (with translations of course) of a Selling contract confirmed by notary public. Legally in my country that means that the property is sold for the indicated sum of money.

Is there any trouble that a close relative (my brother) actually is the Buyer?

Thanks in advance

 

[Asivad Anac]

Hello everyone!
That's my first post here, but I'm a devoted reader. Thank you all for valuable info.

I've got a question. I received an ITA just this week. I don't have any 6 -month old deposits.
I`ve got a spare apartment (an investment made 8 years ago) and a close relative of mine wants to buy it right now.
Will that do if I put my money as a lump sum in the bank and enclose a copy (with translations of course) of a Selling contract confirmed by notary public. Legally in my country that means that the property is sold for the indicated sum of money.

Is there any trouble that a close relative (my brother) actually is the Buyer?

Thanks in advance

You can certainly do this and it doesn't matter who buys the apartment. All you need to legally and conclusively prove is,

1. That you owned the apartment entirely in your name without any residual mortgage/part ownership. If there is a mortgage/part ownership, disclose details about that as well.

2. That the sale was conducted and concluded as per the laws prevalent in your country.

3. That the money was indeed transferred to your bank account by the buyer/financial institution supporting the buyer in this transaction.

4. That this money belongs exclusively to you and all mortgage/part ownership claims on said apartment have been settled, if any.

If you can prove this, these funds can be used for POF purposes.

 

[Shipper]

You'll have to provide bank statements to prove actual funds transfer - no way around that requirement.

Dear Asivad,

For which duration the donor account statement should be shown? If I show bank statement of the donor for recent one month showing the transfer of fund into my account, will that suffice?

 

[Asivad Anac]

Dear Asivad,

For which duration the donor account statement should be shown? If I show bank statement of the donor for recent one month showing the transfer of fund into my account, will that suffice?

Just that transaction alone would suffice.

 

[AnnaBG]

Hi did I miss something.. Is it required to have tthe donors bank document? Isnt it enough to see in your statememt that his bank account is feeding your bank account with tthe rrequied sum?

 

[Asivad Anac]

Hi did I miss something.. Is it required to have tthe donors bank document? Isnt it enough to see in your statememt that his bank account is feeding your bank account with tthe rrequied sum?

True. No harm in submitting the debit side of things as well.

 

[aish89]

Hi all,

I am going to apply for OINP under human capital stream. To show proof of funds I have 3 options as per application guide which are as below

Bank account in Canada :
If you have a personal bank account in Canada, provide copies of bank statements for the six months prior to the submission of the application to OINP.

Bank account outside of Canada :
If you do not have a personal bank account in Canada, you must provide six months of original up-to-date bank statements from a recognized financial institution.

Income in Ontario :
If you demonstrate ongoing employment income to satisfy the settlement funds requirement, submit supporting documents as evidence of ongoing employment in Ontario or a valid job offer in Ontario (note that you must be able to legally work in Ontario). See Section 3.1 for required documents.

Since I don't have enough money in my bank account so I m going to prove settlement funds through my income in Ontario. But in the document checklist in the application there are only following options to tick
1> Current bank certification letter; or
2> Evidence of savings balance; or
3> Fixed or time deposit statements.

So which option should I choose?

 

[aish89]

Hi all,

I am going to apply for OINP under human capital stream. To show proof of funds I have 3 options as per application guide which are as below

Bank account in Canada :
If you have a personal bank account in Canada, provide copies of bank statements for the six months prior to the submission of the application to OINP.

Bank account outside of Canada :
If you do not have a personal bank account in Canada, you must provide six months of original up-to-date bank statements from a recognized financial institution.

Income in Ontario :
If you demonstrate ongoing employment income to satisfy the settlement funds requirement, submit supporting documents as evidence of ongoing employment in Ontario or a valid job offer in Ontario (note that you must be able to legally work in Ontario). See Section 3.1 for required documents.

Since I don't have enough money in my bank account so I m going to prove settlement funds through my income in Ontario. But in the document checklist in the application there are only following options to tick
1> Current bank certification letter; or
2> Evidence of savings balance; or
3> Fixed or time deposit statements.

So which option should I choose?