Proof of Funds (Express Entry)

[LittleBeeInCanada]

CIC states that if I am applying for permanent residence in Canada, I must provide an official letter issued by your financial institution indicating my financial profile.
This must:
list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address).

I have a bank account with sufficient funds for 2 people (me and my husband) and a secured credit card in one bank, and I have a car loan in another bank. Should I get letters from both banks? The money I have is more than a loan, but still if I deduct a car loan from my funds it will be less than CIC requires. I am CEC and provincial nominee applicant BTW.
Any help? Please!

 

[Asivad Anac]

CIC states that if I am applying for permanent residence in Canada, I must provide an official letter issued by your financial institution indicating my financial profile.
This must:
list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address).

I have a bank account with sufficient funds for 2 people (me and my husband) and a secured credit card in one bank, and I have a car loan in another bank. Should I get letters from both banks? The money I have is more than a loan, but still if I deduct a car loan from my funds it will be less than CIC requires. I am CEC and provincial nominee applicant BTW.
Any help? Please!

Ignore the other bank account, has no relevance to your application as your POF is entirely available in Bank 1.

Moreover, if you're invited under CEC you won't be asked for POF.

 

[Sanazeh]

Hello,

My bank (Standard Chartered) is not providing the letter that is required by CIC. They are only providing a bank balance certificate (which will have my name, account number and date account was opened) and a six month statement separately. Is that okay? Or do I need to submit a LOE explaining this or should I push my bank to give me the letter in exact format?

 

[Asivad Anac]

Hello,

My bank (Standard Chartered) is not providing the letter that is required by CIC. They are only providing a bank balance certificate (which will have my name, account number and date account was opened) and a six month statement separately. Is that okay? Or do I need to submit a LOE explaining this or should I push my bank to give me the letter in exact format?

Perfectly fine.

 

[leandrotbs]

Should I translate all my bank statements?

 

[leonht]

Just a thought... if an individual has got ITA under PNP but is eligible CEC, would he/she have to provide PoF?

 

[Neel0526]

Guys, I have fixed deposits on my spouse name (who is included in the application) but it's maturities are in 2018. However, I can break the fixed deposits whenever required. Can I show these fixed deposits as POF for my application?

 

[HudsonBanks]

Hi everyone,

I just got an ITA from the January 13th draw and will like to clarify some info concerning proof of funds.

I'm currently in Canada on a visitors visa & I was able to open a bank account with one of the Canadian banks in November last year and I moved in all my funds from the UK into my new Canadian account anticipating an ITA since same November.

My question: Will it be a problem using just my Canadian bank account as Proof of funds? And do I have to include the source of the funds as well?

 

[JoacRy]

Hello, sorry for such a question, but anyway I would appreciate if somebody could clarify, in my POF I or rather to say the bank mentioned the money amount not in CAD because my account is in other intl currency. However bank officer mentioned in the bottom of the page the exchange rate (through my national currency) as per that day, so that they could calculate it. Will this make any issue? :-X

No you have done the right thing. Ensure the document is on bank letterhead.

Just a thought... if an individual has got ITA under PNP but is eligible CEC, would he/she have to provide PoF?

No, not required.

Guys, I have fixed deposits on my spouse name (who is included in the application) but it's maturities are in 2018. However, I can break the fixed deposits whenever required. Can I show these fixed deposits as POF for my application?

This week, Asivad was assisting another forum member who got rejected for showing Fixed Deposits. Suggest you only show your funds in cheque or Savings Accounts to be 100% sure CIC will regard this as POF. Asivad, please correct me if I'm wrong.

Hi everyone,

I just got an ITA from the January 13th draw and will like to clarify some info concerning proof of funds.

I'm currently in Canada on a visitors visa & I was able to open a bank account with one of the Canadian banks in November last year and I moved in all my funds from the UK into my new Canadian account anticipating an ITA since same November.

My question: Will it be a problem using just my Canadian bank account as Proof of funds? And do I have to include the source of the funds as well?

No its even better as no Foreign currency exchange translation is required.

 

[HudsonBanks]

No its even better as no Foreign currency exchange translation is required.

Thanks for the quick & reassuring reply! I'm grateful.

 

[yeokyungjin]

If I have funds in a form of investments, do I need to cash it out in order to use it as my settlement funds?

 

[JoacRy]

As discussed, earlier in the week Asivad was assisting a person who was rejected because he showed his Funds as Fixed deposits. To be safe, cash out the funds and show in your Savings or cheque accounts.

 

[priyatarun]

Hi everyone,
While declaring my funds in my CIC profile do I need to declare about my car loan and home loan which is about to start. Please guide, how could it affect my application if I don't do that.

regards

 

[Asivad Anac]

As discussed, earlier in the week Asivad was assisting a person who was rejected because he showed his Funds as Fixed deposits. To be safe, cash out the funds and show in your Savings or cheque accounts.

Fixed deposits are perfectly acceptable. What needs to be understood is that CIC wants conclusive evidence from the PA that the funds belong exclusively to them and aren't borrowed.

 

[Iriscidiscent77]

Hi All,

Is spouse savings account valid as proof of fund also for EE PR application?

Thanks