Proof of Funds (Express Entry)

[istari]

Can I present multiple account statements + provident Fund statement (attested one) as PoF?

Yes.

 

[Dedicated]

Guys, could you please advise me on the POF matter?
I opened a bank account in the middle of June (2016) and deposited 5000 USD there. In the middle of August I made a second deposit of additional 5000 USD. So now I have 10000 USD in my bank account. When I receive an ITA, in the LOE I will explain that the situation with the banks in my country is pretty tough at the moment, several banks have been shut from the beginning of this year (the links to the international news agencies covering this issue will be provided) due to the devaluation of the local currency, and this is why I kept my money in cash at home and deposited it only now - couple of months prior to creating an EE profile. Do you think there will be a problem with that explanation?

 

[valsanail]

I remember several members on this forum had the same issue with their home banks and got ppr without any addl doc request. good, detailed LOE will work.

 

[Stanlee]

Can I present multiple account statements + provident Fund statement (attested one) as PoF?

Yes, you can. In order to make the job of the case officer easy, it would be advisable to mention the amount from each account and the total in an LOE.

 

[kamy]

Below are two points I'm posting here from the POF document required on document checklist page. Second point mentions about loans, Is it really a requirement, so far I have read here that we just need to show the transferrable amount to Canada. Loan thing can be very tricky because it would require property evaluation to show loan can be repaid.

. List of all your bank(chequing and savings) and investment accounts, the account numbers, dates each accouint was opened and the balance of each account over the past six months,
. list of outstanding debts, such as credit cards and loans

 

[tukelly]

Hi,

I have 5 fixed deposit accounts in one bank. The accumulated amount is sufficient for POF. Do I need to list all bank accounts and credit cards I have in different financial institution, or I just need to list the accounts showing in POF.

Thanks

 

[Stanlee]

Hi,

I have 5 fixed deposit accounts in one bank. The accumulated amount is sufficient for POF. Do I need to list all bank accounts and credit cards I have in different financial institution, or I just need to list the accounts showing in POF.

Thanks

You can restrict your POF to the 5 FDs that you have. In addition to the FD Receipt/Certificate/Advice you would also need to submit a letter from the bank in which your FDs are held.

 

[johnjkjk]

You can restrict your POF to the 5 FDs that you have. In addition to the FD Receipt/Certificate/Advice you would also need to submit a letter from the bank in which your FDs are held.

Is it mandatory to get a letter from the bank in addition to an FD Certificate? Does the letter need to mention all my accounts with that bank, or is it sufficient for them to confirm the balance in the one FD that I want to show as POF?

Thanks.

 

[Canada2425]

Yes, you can. In order to make the job of the case officer easy, it would be advisable to mention the amount from each account and the total in an LOE.

Thanks Stanlee. +1 to you again.
Will reach out to you whenever I'm in need of LOE format, I know it's straightforward but still.

 

[tukelly]

You can restrict your POF to the 5 FDs that you have. In addition to the FD Receipt/Certificate/Advice you would also need to submit a letter from the bank in which your FDs are held.

Thanks Stanlee for your information. So I will attach FD certificate and letter from banks (5 FD certficates and 5 letters from bank). One thing is that as I have another account to receive my monthly salary in a different bank and one credit card which I use sometimes, Do I need to show transactions of these accounts within 6 months?

 

[Stanlee]

Thanks Stanlee for your information. So I will attach FD certificate and letter from banks (5 FD certficates and 5 letters from bank). One thing is that as I have another account to receive my monthly salary in a different bank and one credit card which I use sometimes, Do I need to show transactions of these accounts within 6 months?

If I understood your initial question correctly, all the FDs are in the same bank, in that case, you just need one letter which mentions the details of all your FDs and associated bank account.

 

[Stanlee]

Is it mandatory to get a letter from the bank in addition to an FD Certificate? Does the letter need to mention all my accounts with that bank, or is it sufficient for them to confirm the balance in the one FD that I want to show as POF?

Thanks.

As pr the requirement, mentioned by CIC, you need a letter from the bank as well. Check this link http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[johnjkjk]

As pr the requirement, mentioned by CIC, you need a letter from the bank as well. Check this link http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Thanks. Is it sufficient to show one account that meets the requirements, or does the letter need to declare all my holdings? If they want my total net worth, what of accounts held in other banks and in other countries?

 

[kamy]

No harm in showing the additional funds provided you have a Gift Deed for CAD 6k which was transferred by your father-in-law. You can find a sample template of a Gift Deed here http://www.canadavisa.com/canada-immigration-discussion-board/gift-deed-letter-t384602.0.html

A quick question after going through the template. My father doesn't have PAN card and file taxes as he is retired. Is it necesssary to mention this or I can omit this line from my gift deed.

 

[Stanlee]

A quick question after going through the template. My father doesn't have PAN card and file taxes as he is retired. Is it necesssary to mention this or I can omit this line from my gift deed.

PAN is not required. The format that I shared from that thread is only a sample, the idea is to focus more on the gift part and ensure the necessary information is covered. In fact, CIC is not concerned about the donor's tax status.