Proof of Funds (Express Entry)

[kakhileshreddy]

if you have this funds then you are eligible for both FSW and CEC.

if you dont have then only CEC(if you have worked in Canada).

people from outside canada with out canadian experience should show this amount(http://www.cic.gc.ca/english/immigrate/skilled/funds.asp).

 

[MAAS]

if you have this funds then you are eligible for both FSW and CEC.

if you dont have then only CEC(if you have worked in Canada).

people from outside canada with out canadian experience should show this amount.




Hi Kakhilesh, Where does it say that those who are applying under CEC do not have to shows these funds?? All I see is that, those who have arranged employment and are authorized to work, do not need to show the funds. So in my case I am applying under CEC but do not have an LMIA approved job, So I would have to show these funds. Please clarify if I am wrong.

Thanks

 

[dobes]

if you have this funds then you are eligible for both FSW and CEC.

if you dont have then only CEC(if you have worked in Canada).

people from outside canada with out canadian experience should show this amount.




Hi Kakhilesh, Where does it say that those who are applying under CEC do not have to shows these funds?? All I see is that, those who have arranged employment and are authorized to work, do not need to show the funds. So in my case I am applying under CEC but do not have an LMIA approved job, So I would have to show these funds. Please clarify if I am wrong.

Thanks

The link has been posted here many times. Go to CIC's webpage, and look under the eligibility requirements for CEC. One year of work in Canada in an NOC 0,A, or B occupation, and IELTS. No proof of funds.

 

[MAAS]

The link has been posted here many times. Go to CIC's webpage, and look under the eligibility requirements for CEC. One year of work in Canada in an NOC 0,A, or B occupation, and IELTS. No proof of funds.

Thanks Dobes. I compared the minimum eligibility requirements for FSW and CEC and got my answer

 

[vinodram]

The link has been posted here many times. Go to CIC's webpage, and look under the eligibility requirements for CEC. One year of work in Canada in an NOC 0,A, or B occupation, and IELTS. No proof of funds.

As per the below link, if you have Job offer through LMO, we need to show the POF


http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[AgentEves]

Hi All.

Very informative thread here. Thanks to all those who have contributed.

Just want to put forward my specific case and see what people think. I'm finding very conflicting info regarding the six month requirement. On another forum they are absolutely adamant that you need to have held the funds for six months. But that a) seems ridiculous because many people will be saving up, and b) it doesn't actually say on the CIC website anything about having held it for six months.

So... My situation. I have had around £5-6k GBP in my current + savings account every month since January. Hovering just below the required amount (Currently £6,200ish based on current exchange rates), but the funds didn't drop below £4.5k GBP at any point.

However, I have £15k GBP inheritance, currently held in Premium Bonds by my father. I have read that PB are not acceptable as they are not liquid. Plus the PB are in my Dad's name. However, the money is mine, as inheritance from my Grandfather and my Dad intends on transferring me the money when I need it.

If I transfer the funds into my account, I will obviously be well over the CAD requirement. I will attach a letter from my father explaining that the money is inheritance, and not to be paid back.

Will this satisfy the officer? Or will I be rejected based on not having over the requirement for the full six months?

 

[Anya654]

Hi All.

Very informative thread here. Thanks to all those who have contributed.

Just want to put forward my specific case and see what people think. I'm finding very conflicting info regarding the six month requirement. On another forum they are absolutely adamant that you need to have held the funds for six months. But that a) seems ridiculous because many people will be saving up, and b) it doesn't actually say on the CIC website anything about having held it for six months.

So... My situation. I have had around £5-6k GBP in my current + savings account every month since January. Hovering just below the required amount (Currently £6,200ish based on current exchange rates), but the funds didn't drop below £4.5k GBP at any point.

However, I have £15k GBP inheritance, currently held in Premium Bonds by my father. I have read that PB are not acceptable as they are not liquid. Plus the PB are in my Dad's name. However, the money is mine, as inheritance from my Grandfather and my Dad intends on transferring me the money when I need it.

If I transfer the funds into my account, I will obviously be well over the CAD requirement. I will attach a letter from my father explaining that the money is inheritance, and not to be paid back.

Will this satisfy the officer? Or will I be rejected based on not having over the requirement for the full six months?

This would be perfectly fine as there's no requirement to have the funds in your account for 6 months. CIC only needs to see your 6 months average balance to determine unexplained large amounts of deposits but since you'll be providing an explanation letter you're good to go.

 

[AgentEves]

This would be perfectly fine as there's no requirement to have the funds in your account for 6 months. CIC only needs to see your 6 months average balance to determine unexplained large amounts of deposits but since you'll be providing an explanation letter you're good to go.

Excellent!

Just out of curiosity - would the funds need to be in a cash account/savings account? Or would simply transferring them to a Premium Bonds account in my name be sufficient? (Assuming, of course, I provide information of the PB account.)

I read somewhere that someone's application was rejected based on Premium Bonds not being instantly accessible (even though the money can be withdrawn and in your account in two days). But I'm not sure if that's true, based on the fact that a) the CIC site says the money can be in the form of cash, or bonds and b) I read that it's acceptable to use real estate as proof of funds, even though a house is one of the most illiquid assets you can have.

To be honest, I'm starting to think that virtually everything I read on the other forum is rubbish. There seems to be a lot of people passing off their opinion as fact. Makes it very frustrating when trying to find out what is actually the correct information!

 

[Amy2Canada]

Hello,

As far as I understand from the information on CIC is that the money needs to be of the candidate applying for PR and should not be loaned. Money can be in cash or deposits as well. In my case I am lucky that my bank accounts are solely owned by me and so are my fixed deposits. If I have to provide proof of funds in future, I plan to show my fixed deposits (which can be liquidated instantly) as well as my equity holdings. I am not going to show much of cash as I think it doesn't make sense if the amount is in deposits and can be liquidated. On CIC website, nothing is specified for equities but still I will be showing them as I think it can also be liquidated easily and CIC might accept that. I am not an expert, but this is just my understanding; Comments on the same are welcome.

Cheers,
Amy

 

[Asivad Anac]

Excellent!

Just out of curiosity - would the funds need to be in a cash account/savings account? Or would simply transferring them to a Premium Bonds account in my name be sufficient? (Assuming, of course, I provide information of the PB account.)

I read somewhere that someone's application was rejected based on Premium Bonds not being instantly accessible (even though the money can be withdrawn and in your account in two days). But I'm not sure if that's true, based on the fact that a) the CIC site says the money can be in the form of cash, or bonds and b) I read that it's acceptable to use real estate as proof of funds, even though a house is one of the most illiquid assets you can have.

To be honest, I'm starting to think that virtually everything I read on the other forum is rubbish. There seems to be a lot of people passing off their opinion as fact. Makes it very frustrating when trying to find out what is actually the correct information!

This is what CIC says - everything else is baloney. And this indicates that the funds have to be supported by bank statements clearly ruling out assets like cars, homes, stocks etc.

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include applicant's name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months.
Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

EDIT: URL for above information ---> http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[AgentEves]

This is what CIC says - everything else is baloney. And this indicates that the funds have to be supported by bank statements clearly ruling out assets like cars, homes, stocks etc.

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include applicant's name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months.
Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

GREAT! Thanks...

Where did that info come from? The CIC site?

 

[pav]

hi experts

I have one query regarding pof..
I am principal applicant-NOC-2211, score 477 and I got PTI and am applying now for OOPNP
But the problem is all the funds are in my husbands name,so if I provide his bank statements,would that be fine?
or do I need to get money transferred into my account?

thanks in advance

 

[vsu]

does anyone by any chance know if funds in RRSP or TFSA is eligible to showed as part of proof of funds ?

 

[Asivad Anac]

GREAT! Thanks...

Where did that info come from? The CIC site?

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[AgentEves]

Great, thanks, Asivad Anac.

Nice username, by the way