Proof of Funds (Express Entry)

[istari]

That's what I thought, thanks for your response! Ok, another question, there are people that borrowed money from me who I'll be contacting. When they pay it back and I deposit it onto my account is that going to raise a red flag? Also, I read something saying that if family members gift money to you it's fine once you have a notarized affidavit is that true?

If people are repaying debts owed to you, you'll need some sort of document that proves it. A notarised affidavit signed by the person, stating that they are returning money that they owe will suffice.

Anyone can give you money, it doesn't have to be family. But whoever gives it to you will need to sign a notarised affidavit.

 

[RAH242]

If people are repaying debts owed to you, you'll need some sort of document that proves it. A notarised affidavit signed by the person, stating that they are returning money that they owe will suffice.

Anyone can give you money, it doesn't have to be family. But whoever gives it to you will need to sign a notarised affidavit.

Does the affidavit have to be in a particular format or anything? I'm really nervous and I know that they can be very strict on what they accept. I want to make sure that I don't do anything that'll cause me to get rejected.

 

[istari]

Does the affidavit have to be in a particular format or anything? I'm really nervous and I know that they can be very strict on what they accept. I want to make sure that I don't do anything that'll cause me to get rejected.

There is no one acceptable format.
For a gift deed, you can Google "gift deed format"; there are plenty of them out there.

For a debt repayment affidavit, there's no standard format, as far as I know.

If it were me, I'd put something along the lines of:

"I, __________ (person repaying the money), of ___________ (address of person repaying the money), was lent _______ (sum of money) by ________ (your name) of ___________ (your address) on _________ (date the money was lent). [You could state why the money was borrowed, but I'm not sure it's necessary.]

This deed witnesses that on ________ (date the money was returned), I returned the sum of ________ (sum of money) in full to _________ (your name), and consider the debt settled."

 

[RAH242]

There is no one acceptable format.
For a gift deed, you can Google "gift deed format"; there are plenty of them out there.

For a debt repayment affidavit, there's no standard format, as far as I know.

If it were me, I'd put something along the lines of:

"I, __________ (person repaying the money), of ___________ (address of person repaying the money), was lent _______ (sum of money) by ________ (your name) of ___________ (your address) on _________ (date the money was lent). [You could state why the money was borrowed, but I'm not sure it's necessary.]

This deed witnesses that on ________ (date the money was returned), I returned the sum of ________ (sum of money) in full to _________ (your name), and consider the debt settled."

Awesome! Thank you soooo much! You've been a tremendous help.

 

[Harinshif]

Hi..pls guide me..at the time when i filled form for express entry we had only half the funds required to show POF but after 14 days we recieved our ITA and now i have added the money to meet the requirements...i have yet to submit my file for pr...will it be problem that i did not have required money at that time when i filed for express entry??
2. as my husband is main applicant and is on govt job..can his ppf cpf or pf be shown as POF??
Pls reply...asap

 

[Canada2425]

Seniors Help, Indians specifically.
Have got ITA in the last draw. Currently, in process of gathering required documents.

Coming to PoF -
1. Have funds in multiple accounts - savings a/c and salary a/c. Thinking of getting certificates from both the banks. That's fine I believe.
2. For savings a/c, I have a FD opened 2 months back. Can attach FD certificate and that should be fine.
3. If I check my a/c statements for last 6 months, I don't have the entire sum in my account. I have started liquidating my equity holdings and mutual funds. Will this create any fuss going forward? I can attach MF a/c and demat a/c statements. Will that be sufficient to explain recent credits to my salary a/c?
4. I'm assuming Provident fund amount will not be an issue. Will get the attested copy from PF office. Any negative experiences with PF balance as PoF?
5. Not sure about average funds stuff. Please enlighten me.

Thank you in advance.

 

[NIUBIFUFU]

Hi wise,
I have a question for you guys. Now I am invited to apply through EE. About the proof of funds, I would like to submit my checking and saving account. If I submit it, can I still use these accounts for daily life like shopping (of course, I will keep the money above their requirement all the time)? Thanks.

 

[istari]

Hi wise,
I have a question for you guys. Now I am invited to apply through EE. About the proof of funds, I would like to submit my checking and saving account. If I submit it, can I still use these accounts for daily life like shopping (of course, I will keep the money above their requirement all the time)? Thanks.

Yes, of course you can.

 

[Harinshif]

Hi..pls guide me..at the time when i filled form for express entry we had only half the funds required to show POF but after 14 days we recieved our ITA and now i have added the money to meet the requirements...i have yet to submit my file for pr...will it be problem that i did not have required money at that time when i filed for express entry??
2. as my husband is main applicant and is on govt job..can his ppf cpf or pf be shown as POF??
Pls reply...asap

 

[shah1989]

I recently got my ITA and wanted to get some information regarding POF.

I am taking the required amount 12200 CAD from my father with a gift deed stating that this money is transfer to me without any claim. Although I will submit 6 months statement, but this amount would only be visible for a month or 3 three weeks at the time of submitting eAPR. Would this be okay for CIC?

Also, can I use this amount after submitting the eAPR? Does CIC come back at any stage later to ask for the POF again before PR. Do I need to lock in that amount in bank until I get the PR decision.

Would request senior to please advise as I will not be in a position to lock in that entire amount from application submission till PR decision.

 

[istari]

I recently got my ITA and wanted to get some information regarding POF.

I am taking the required amount 12200 CAD from my father with a gift deed stating that this money is transfer to me without any claim. Although I will submit 6 months statement, but this amount would only be visible for a month or 3 three weeks at the time of submitting eAPR. Would this be okay for CIC?
If you can prove where the money came from, it's not necessary for it to have been in your account for 6 months.
So yes, this is fine.

Also, can I use this amount after submitting the eAPR? Does CIC come back at any stage later to ask for the POF again before PR. Do I need to lock in that amount in bank until I get the PR decision.
You must submit an updated bank statement when you complete your landing in Canada. So it's best to leave the money in your account until after you land.

Would request senior to please advise as I will not be in a position to lock in that entire amount from application submission till PR decision.

 

[shah1989]

thanks istari for the advice and suggestion. Need your help further.

I can show that the amount is transferred from my dad's bank account to mine with a gift deed. Would this be sufficient to prove the trail of money and fulfill the requirement.

However, I may not be able to maintain that balance after submission. As far as the landing is concerned, I will sale one of my assets before reaching and show it in my account with a proof if required.

So the issue is regarding the interim period between submission and landing. Would CIC be concerned if the required amount is not maintain fully in this interim period. Also, is there an instance where CIC asks for bank statement again in the processing period.

Would be thankful for your help here

 

[NIUBIFUFU]

Yes, of course you can.

Thank you very much.
Another question is I saw that we need to the show dates of each account was opened and the email of bank. I am in canada and have bank account in RBC, I can download standard e-statement which doesn't include the openning date of each account and the email of bank. Otherwise, it satisfys all requirements.
Is it that strict?

Thanks

 

[kryt0n]

Thank you very much.
Another question is I saw that we need to the show dates of each account was opened and the email of bank. I am in canada and have bank account in RBC, I can download standard e-statement which doesn't include the openning date of each account and the email of bank. Otherwise, it satisfys all requirements.
Is it that strict?

Thanks

Just ask the bank to write you a letter...

 

[pk910]

Hi Forum members,

Can anyone explain if the gift deed is on notary paper or plain paper?if it is not on plain paper what kind of document does it have to be written?Is there any specific Rs paper like 10,100 or 500 that it needs to be done? Please explain.Thanks