Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
Hello All,
Please I have one question which I feel it's going to benefit most of us.
It is conerning d POF bcos d rate keeps fluctuating daily. How do they check final current balance as against meaning the requirement? Do they use daily rate for the last six months or do they use the balance on the final day of submission to judge if someone meet the pof requirements .
Thanks in advance
Please I have one question which I feel it's going to benefit most of us.
It is conerning d POF bcos d rate keeps fluctuating daily. How do they check final current balance as against meaning the requirement? Do they use daily rate for the last six months or do they use the balance on the final day of submission to judge if someone meet the pof requirements .
Thanks in advance
Ideally the applicant should mention the CAD equivalence of their POF as and when they submit it. As far as I know, the value of POF would be considered as at the time of submission. However, to be on the safer side, it is advisable to have more funds as POF than the exact amount mentioned as per LICO. Having at least CAD 500-1500 more than the LICO would ensure that currency fluctuations can be easily factored in or accommodated.delpi said:
Hello. Question.
This is my situation. I still do not have an ITA but I am preparing in case I will have one in the coming weeks.
I have declared in my EE profile that I will be showing 13,000 CAD as my POF.
Opened an account in the Philippines last January 2014 with 10 USD balance. The amount stayed like this until September 2016.
Circumstance 1: On September 2016. My friend who has a debt of a converted amount of 2700 CAD paid me by sending a cheque to my almost empty account.
Circumstance 2: Also, once I receive an ITA, I will transfer my money (amounting to 10500 CAD) from the stock market to my savings account to fulfill the required POF by CIC.
Will I need to support both circumstances with a letter of explanation? What documents do I need to support with this case?
This is my situation. I still do not have an ITA but I am preparing in case I will have one in the coming weeks.
I have declared in my EE profile that I will be showing 13,000 CAD as my POF.
Opened an account in the Philippines last January 2014 with 10 USD balance. The amount stayed like this until September 2016.
Circumstance 1: On September 2016. My friend who has a debt of a converted amount of 2700 CAD paid me by sending a cheque to my almost empty account.
Circumstance 2: Also, once I receive an ITA, I will transfer my money (amounting to 10500 CAD) from the stock market to my savings account to fulfill the required POF by CIC.
Will I need to support both circumstances with a letter of explanation? What documents do I need to support with this case?
Hi,
I have checking account and car loan with my bank. I have the money required for PoF in the account. But if i show car loan then I won't have enough money. What should i do? Can i get by not showing that i have car loan? Value of car exceeds loan amount, and I have job, so will pay it off in next year.
I have checking account and car loan with my bank. I have the money required for PoF in the account. But if i show car loan then I won't have enough money. What should i do? Can i get by not showing that i have car loan? Value of car exceeds loan amount, and I have job, so will pay it off in next year.
For C1, you will need an affidavit from your friend, stating that he is returning money he borrowed from you.teejchubbs said:
For C2, you will need a document that proves that you sold your stock for a certain amount of money.
Thank you so much Istari. Follow up question. Does the affidavit need to be notarized or only a signature from my friend will do?istari said:
Dear Experts
Couple of questions
1. For POF does one need to show all the assets and liabilities they have or just show selectively those liquid assets which amount to greater than the requirement.
2. Does one need to show the loans and liabilities they have?
Couple of questions
1. For POF does one need to show all the assets and liabilities they have or just show selectively those liquid assets which amount to greater than the requirement.
2. Does one need to show the loans and liabilities they have?
Hey folks, quick question. If I don't have the minimum amount for the POF will I be rejected? Does it matter if I submit months worth of pay stubs to show that I have a steady source of income and would have more than the minimum amount by the time that I would need to land if my PR application is approved? I can accumulate the balance within the 60 day timeframe but I don't want to have to wait to submit my application. Right now I have half of the minimum amount that's required.
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?istari said: