Proof of Funds (Express Entry)

[swish003]

Hi,

If i can get bank letter that shows current balance and avg. balance of past 6 months, then do i need to attach bank statements of past 6 months too?
And, i have car loan worth $7000 (USD) pending. Is it ok if i dont show that? I will be paying it off anyways in next year.

 

[istari]

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

It can be on any sort of paper, but it needs to be notarised.

 

[Invicta]

Hello everyone. I just went to the bank to ask for a proof of funds. The bank can only provide the balance as of today, and a statement saying that whatever I deposited six months ago is still available today. They refuse to mention anything about my credit card, and the entire statement does not have an address, phone number, or email address. Someone did sign it and they put three stamps on the statement, but that is about as authentic as it gets. The statement is printer on their letterhead, but it is missing some information that CIC requested. They agree to hand write the address on the statement if I need it.

Are most of you able to get the bank to mention outstanding balances on your credit card? Is it just a sentence saying that you still owe the bank X amount from your credit card purchases? Also, can I just explain to CIC that my bank refused to cooperate? I live in Taiwan and I guess banks here do not write customized letters...

 

[hsinxh]

Hi all,

I have received ITA in the last draw and now I am in the process of submitting my application. I have one question regarding fee to be paid, I am married but my wife is not going to accompany me, so do I need to pay the above mentioned fee for both of us or is it just for me only?


Thanks,

 

[kryt0n]

Hi all,

I have received ITA in the last draw and now I am in the process of submitting my application. I have one question regarding fee to be paid, I am married but my wife is not going to accompany me, so do I need to pay the above mentioned fee for both of us or is it just for me only?


Thanks,

Why isn't your wife accompanying you?

 

[Belgiancouple1986]

Hi all,

I have a question about my proof of funds current situation.

We are currently in the pool with 471 points so I think there is a fair chance of getting selected any time now.

I have been saving for a while now and at the moment I have 8500CAD in my account.

I am coming with my wife (no kids) so I believe we need to have $15,143 as proof of funds right?

I should have 12400CAD by end December and I will get another 5000CAD back from taxes but only in April 2017.

- What should we do if we get ITA now?
- Decline this ITA and wait untill we have the money in the account?
- Don't decline and just keep saving to hopefully have them money by the time they ask (if we get selected now we will only have it in like 6 - 7 months).

- Our accountant will have a letter stating that we will get 5000CAD back from taxes but only in April 2017. If I let this document translate by an eligible translating office, would that count? It will not be an official state document but only the accountants calculations... The official state document won't follow untill february 2017...

Any other tips for us?

Thanks in advance for your help!

 

[kryt0n]

Hi all,

I have a question about my proof of funds current situation.

We are currently in the pool with 471 points so I think there is a fair chance of getting selected any time now.

I have been saving for a while now and at the moment I have 8500CAD in my account.

I am coming with my wife (no kids) so I believe we need to have $15,143 as proof of funds right?

I should have 12400CAD by end December and I will get another 5000CAD back from taxes but only in April 2017.

- What should we do if we get ITA now?
- Decline this ITA and wait untill we have the money in the account?
- Don't decline and just keep saving to hopefully have them money by the time they ask (if we get selected now we will only have it in like 6 - 7 months).

- Our accountant will have a letter stating that we will get 5000CAD back from taxes but only in April 2017. If I let this document translate by an eligible translating office, would that count? It will not be an official state document but only the accountants calculations... The official state document won't follow untill february 2017...

Any other tips for us?

Thanks in advance for your help!

As you have an EE profile I'm assuming you have stated you already have the funds?
You will be asked to prove you have the funds when you submit your profile. If you cannot prove you had the funds you states in your EE profile it will be rejected as you are currently lieing on your profile.

 

[Belgiancouple1986]

I don't remember what exactly was asked but I probably said yes to having the funds because I thought that our house we own also counted.

I even just found a link stating it does on a form but I already read the form and everyone says it doesn't count unless you have a proof that you already sold it.

So, according to you, I should even get out of the pool then untill I have the liquid funds on my account and then re-enter the pool...

Underneath text from link, also from this form somewhere:

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.

 

[Tito G]

Hello everyone,

I had CAD 13,000 when I submitted my application in January but I have had to make some investments as I did not want to funds to just be dormant. So funds come in and go out every now and then.

I hope this will not be a problem when I am asked for POF as I may have to break a few investments and call back my money from the individuals that I have invested with.
I guess my question is will it be a problem if i credit my account up to the stated POF a few days before I submit my statement?

Thanks.

 

[kryt0n]

I don't remember what exactly was asked but I probably said yes to having the funds because I thought that our house we own also counted.

I even just found a link stating it does on a form but I already read the form and everyone says it doesn't count unless you have a proof that you already sold it.

So, according to you, I should even get out of the pool then untill I have the liquid funds on my account and then re-enter the pool...

Underneath text from link, also from this form somewhere:

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.

Can I ask where that quote is from?

I have read the same that SOME offices accept this, however it is obviously not guaranteed. And in theory, yes, if you do not have the funds now then you should remove yourself from the pool.

 

[Belgiancouple1986]

I can't post links but it came from this canadavisa.com form but from 2010... So maybe that's outdated...

 

[kryt0n]

I can't post links but it came from this canadavisa.com form but from 2010... So maybe that's outdated...

Hmmm, I would be very careful with this. If you do not have enough funds now but you say you have in order to receive an ITA then they can regard it as misrepresentation.

You can try and submit all your house value details and hope that it is still accepted. If not, be ready to prove you have the funds you claim separately.

 

[Belgiancouple1986]

I redid the 'are you eligible...' test online and they only ask 'How much many will you bring to Canada'. So they don't ask: How much money do you currently have.

I was under the impression, and still am, that we are going to sell our house once we get our VISA and then the liquids won't be any problem. I know they ask (when you get ITA) how much money in liquids you have but I don't know if that's the same as the question they ask you in the eligibility test. So according to me, I am not lying since I am going to bring a certain amount of money, higher than the requested liquids, to Canada...

 

[Stanlee]

Hello everyone,

I had CAD 13,000 when I submitted my application in January but I have had to make some investments as I did not want to funds to just be dormant. So funds come in and go out every now and then.

I hope this will not be a problem when I am asked for POF as I may have to break a few investments and call back my money from the individuals that I have invested with.
I guess my question is will it be a problem if i credit my account up to the stated POF a few days before I submit my statement?

Thanks.

As long as you can explain the same with supporting documents, you are good to go.

 

[kryt0n]

I redid the 'are you eligible...' test online and they only ask 'How much many will you bring to Canada'. So they don't ask: How much money do you currently have.

I was under the impression, and still am, that we are going to sell our house once we get our VISA and then the liquids won't be any problem. I know they ask (when you get ITA) how much money in liquids you have but I don't know if that's the same as the question they ask you in the eligibility test. So according to me, I am not lying since I am going to bring a certain amount of money, higher than the requested liquids, to Canada...

Well your ee profile asks how much you intend to bring to Canada, that's what decides if your profile is eligible or not