Proof of Funds (Express Entry)

[Marquise2016]

As long as you can prove that the funds that you deposited/plan to deposit in the bank account belongs to you and it is not a loan/borrowed, you should be good. Yes, it would be good to substantiate your situation with a Letter of Explanation. Also submit 6 month statements of your salary account along with a letter from the bank which states 6 months and 6 months average details.

Stanlee, thanks for such a prompt reply
Could you please advise what it the best way to prove that the money belongs to me and is not borrowed?
I do not have any outstanding loans (which I can state in LOE) and the bank account will be in my name.
Is that ok? Or do I need something in addition?

 

[Stanlee]

Stanlee, thanks for such a prompt reply
Could you please advise what it the best way to prove that the money belongs to me and is not borrowed?
I do not have any outstanding loans (which I can state in LOE) and the bank account will be in my name.
Is that ok? Or do I need something in addition?

Since it is cash that you are holding on to, you will have to explain in the LOE how you have accumulated the funds over a period of time and declare that it has not been borrowed nor a loan (fully unencumbered) and readily transferable. You can also highlight the reason why you have held on to the funds as cash rather than depositing in the bank earlier. If you can prove from other relevant sources that the banking system in Ukraine is unreliable then I think you should be good. May be you can get links and screenshots of the information to substantiate your claim. You can attach these to the LOE.

 

[Asivad Anac]

Since it is cash that you are holding on to, you will have to explain in the LOE how you have accumulated the funds over a period of time and declare that it has not been borrowed nor a loan (fully unencumbered) and readily transferable. You can also highlight the reason why you have held on to the funds as cash rather than depositing in the bank earlier. If you can prove from other relevant sources that the banking system in Ukraine is unreliable then I think you should be good. May be you can get links and screenshots of the information to substantiate your claim. You can attach these to the LOE.

It is impossible to conclusively prove source of funds for cash deposits.

The best option here would be to get a friend/relative to deposit the amount into the OP's account while simultaneously giving the OP a signed self-declaration stating that this is a gift not a loan. IRCC doesn't ask for donor's source of funds so the OP can simply provide a bank letter, 6 months of bank statements (in lieu of 6 months average balance), that declaration, proof of fund transfer and an LoE wherein they connect all the dots.

 

[Marquise2016]

It is impossible to conclusively prove source of funds for cash deposits.

The best option here would be to get a friend/relative to deposit the amount into the OP's account and then transfer those funds into your account while simultaneously giving the OP a signed self-declaration stating that this is a gift not a loan. IRCC doesn't ask for donor's source of funds so the OP can simply provide a bank letter, 6 months of bank statements (in lieu of 6 months average balance), that declaration, proof of fund transfer and an LoE wherein they connect all the dots.

Asivad, theoretically I can ask my parents to do that for me... In this case as far as i understand i will not have to provide information about my salary account - just bank letter + statement from this new account, right?
And also there should be no questions why I opened a new account (because salary one is in local currency and I need one in USD)?
Also one concern: I'm an adult, working for like 10 years in good job and somehow money for my immigration are granted by my parents. Isn't it suspicious? Or i'm just overthinking?

And also... OP stands for?

 

[Asivad Anac]

Asivad, theoretically I can ask my parents to do that for me... In this case as far as i understand i will not have to provide information about my salary account - just bank letter + statement from this new account, right?
And also there should be no questions why I opened a new account (because salary one is in local currency and I need one in USD)?
Also one concern: I'm an adult, working for like 10 years in good job and somehow money for my immigration are granted by my parents. Isn't it suspicious? Or i'm just overthinking?

And also... OP stands for?

You don't have to provide any information about your salary account if you're going to get this money transferred into the new account. You don't really need a new account - you can use the local currency account itself.

IRCC won't question why you get a gift. They are only interested in knowing if you have the required money and that it isn't borrowed.

OP - Original Poster (you in this case).

 

[Marquise2016]

You don't have to provide any information about your salary account if you're going to get this money transferred into the new account. You don't really need a new account - you can use the local currency account itself.

IRCC won't question why you get a gift. They are only interested in knowing if you have the required money and that it isn't borrowed.

OP - Original Poster (you in this case).

Asivad,

Thank you so much.
I will need to open a new acount because it's way too risky to have money in local currency. So this will not cause any problems i guess?
as for the gift certificat - i found this discussion http://www.canadavisa.com/canada-immigration-discussion-board/gift-money-declaration-from-father-to-son-outline-t347593.0.html with drafts of the certificats - did they prove ok? Can i use them?
also just double-checking: my mom can whire it on the blank paper, no stamps, no notary - just her words & signature in local languge and i then get it translated. Like that?

 

[Udayesh]

Hi, I am in a bit of confused state regarding proof of funds.

During my OINP application I had shown pof in my spouse account ( which was not a joint account then), somewhere I read that only joint account will be accepted and then immediately converted the same from single to joint account by adding my name. Iam yet to get AOR, Shall I send the new account details, which my name addition, and updated pof to OINP over email or wait for AOR, Iam afraid they might reject my application because of this missing doc.

Kindly help.

 

[Asivad Anac]

Asivad,

Thank you so much.
I will need to open a new acount because it's way too risky to have money in local currency. So this will not cause any problems i guess?
as for the gift certificat - i found this discussion http://www.canadavisa.com/canada-immigration-discussion-board/gift-money-declaration-from-father-to-son-outline-t347593.0.html with drafts of the certificats - did they prove ok? Can i use them?
also just double-checking: my mom can whire it on the blank paper, no stamps, no notary - just her words & signature in local languge and i then get it translated. Like that?

Creating a new account is fine but you'll still need to conclusively proves sources of funds in that account. You can use those formats.

Preferably get it written in English and signed by your mother - avoid translation and notarization if you can.

 

[Asivad Anac]

Hi, I am in a bit of confused state regarding proof of funds.

During my OINP application I had shown pof in my spouse account ( which was not a joint account then), somewhere I read that only joint account will be accepted and then immediately converted the same from single to joint account by adding my name. Iam yet to get AOR, Shall I send the new account details, which my name addition, and updated pof to OINP over email or wait for AOR, Iam afraid they might reject my application because of this missing doc.

Kindly help.

Shouldn't be a problem. Don't send them anything till you receive an AOR.

 

[Udayesh]

Shouldn't be a problem. Don't send them anything till you receive an AOR.

Even i am optimistic for a positive outcome. Thanks for your support.
+1

 

[kartiktowniee]

Guys I would like to bring something to your attention
My POF for express entry FSW Outland was as follows:

1. In a joint account with my Dad who is not accompanying me.
2. Account which was 2 weeks old.
3. And I sent an online Bank Statement

I did not mention anything in LOE. I just later on sent a CSE stating that the money if a gift from my Dad with no document attached.

Still I had no problems with my POF. This just shows that POF is treated separately for applications. Just be honest in your application and everything will work out well.

Cheers!! ;D

 

[expressTarun]

Guys,

I've sent my application for OINP. For POF, i've sent copy of my 11 months old Fixed/Term deposit and original statement from bank on letter head. Additionally i've submitted a declaration that money belongs to me and i can get the money en cashed as per my prerogative. I've not mentioned anything about source of the funds. Will that be a problem?

 

[babarsaeed02263]

Hi Guys,

need your help, since, Canadian dollar is gaining against the other currencies, therefore, i have taken 3 advance salaries to maintain the threshold for minimum funds requirement. my question here " is it fine with CIC" if i they ask and i show them that i had taken advance salaries:

Thanks in advance:

 

[Asivad Anac]

Hi Guys,

need your help, since, Canadian dollar is gaining against the other currencies, therefore, i have taken 3 advance salaries to maintain the threshold for minimum funds requirement. my question here " is it fine with CIC" if i they ask and i show them that i had taken advance salaries:

Thanks in advance:

No - any kind of 'advances' would still be borrowed funds - these funds would probably be fine at the end of 3 months assuming you aren't paid for those 3 months. You might take a chance here and attach a clearly worded communication from your organization that they are advancing you 3 months of salaries for contingency purposes which will be recovered by not paying you salaries for the nrxt 3 months and that this does not constitute a loan but, even with such a letter, it would still be prudent to wait for 3 months to elapse before using these funds as your POF.

 

[expressTarun]

Guys,

I've sent my application for OINP. For POF, i've sent copy of my 11 months old Fixed/Term deposit and original statement from bank on letter head. Additionally i've submitted a declaration that money belongs to me and i can get the money en cashed as per my prerogative. I've not mentioned anything about source of the funds. Will that be a problem?

@Asivad: Can you please clarify on above doubt?