Proof of Funds (Express Entry)

[DelPiero07]

you have to prove that you had had 6 months of funds over the amount you need, CIC say:

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.

Incorrect, as Stanlee said there is no such rule that the funds must be in the applicant's account for 6 months.

 

[olipearce1987]

Incorrect, as Stanlee said there is no such rule that the funds must be in the applicant's account for 6 months.

Sorry, i dont mean in the account, but you have to prove you have have the funds in some accounts in general. but CIC do want a 6 monthly average....think I am making sense

 

[DelPiero07]

Sorry, i dont mean in the account, but you have to prove you have have the funds in some accounts in general. but CIC do want a 6 monthly average....think I am making sense

The 6 month average is simply to see if there is a considerable discrepancy between such average and the amount one has when getting the bank letter/bank statements.

Again, just to be clear to everyone who reads this thread - there is no such rule that one must have those funds sitting for 6 months.

 

[Almostther]

Guys,

Have a question, I was in Canada from Jan, 2014 to Feb , 2015. I got invitation under CEC and I know I am not required to show POF if invited under CEC. but my question is that if I apply my application in March or say April, will I need to show POF? as I will not be CEC technically after this month(February).

Is it counted on the day of ITA?

 

[DelPiero07]

Guys,

Have a question, I was in Canada from Jan, 2014 to Feb , 2015. I got invitation under CEC and I know I am not required to show POF if invited under CEC. but my question is that if I apply my application in March or say April, will I need to show POF? as I will not be CEC technically after this month(February).

Is it counted on the day of ITA?

http://www.cic.gc.ca/english/resources/tools/perm/express/refuse.asp

See requirement to maintain MEC.

 

[Almostther]

http://www.cic.gc.ca/english/resources/tools/perm/express/refuse.asp

See requirement to maintain MEC.

Got it, Thanks. I will be ready with proof of fund

 

[TanakaM]

The 6 month average is simply to see if there is a considerable discrepancy between such average and the amount one has when getting the bank letter/bank statements.

Again, just to be clear to everyone who reads this thread - there is no such rule that one must have those funds sitting for 6 months.

Hi DelPiero,

Kindly confirm that if there is a considerable discrepancy a LOE is required.

 

[DelPiero07]

Hi DelPiero,

Kindly confirm that if there is a considerable discrepancy a LOE is required.

Yes but what's most important is to provide proof so the officer knows why this discrepancy took place.

Gift deed
Sale proceeds of real estate or other property
Liquidating assets such as stocks, etc

 

[corolla110]

Hi all,
Have some questions about proof of funds.
I plan to show funds by selling my car. I owned this car for last 2 years.
Please correct my process if I am wrong

1. Take a valuation of vehicle before selling the car.
2. Advertise vehicle online and keep the receipt.
3. Sign a vehicle deed and notarized the deed.
4. Transfer money from buyer to seller.

So if I do above and provide
Vehicle registration certificate(which have in my name), Vehicle insurance, advertising receipt, sale deed agreement, bank statement after money transfer,
Would it be accepted as POF by CIC?

please give me your suggestions to do this in best possible way.

Thank you!

 

[PeachesAndMaples]

I am depositing 1.5kCad per month which is my salary. Forgot to keep deposit slips. Will my salary payslip suffice? Please advice.

 

[Idoless]

Hey guys,

I'm from Algeria, where foreign currencies are extremely monitored. My father gave me 9 000 euros in cash, is it problematic that I don't have proof of a bank transfer? will I have to explain where the cash came from? I'm planning on sending my father's bank statment, but he gets payed in algerian dinars and not euros, is it okey or do I have to present a currency change statment?

Also, I deposited this money on an account I just created a week ago. I know it's a big no-no but let me explain : I have a bank account (in a private bank) since september 2015, however when I wanted to deposit my money on that account, I was informed that my bank limited your total deposit to 2 000 euros, and that I had to create a bank account in a state bank, where they did not. Will I have to explain this in the LOE? do I have to just write it down like I just did or do I need some kind of statment from my bank?

Thank you for reading me !

 

[ybhypnotic]

The 6 month average is simply to see if there is a considerable discrepancy between such average and the amount one has when getting the bank letter/bank statements.

Again, just to be clear to everyone who reads this thread - there is no such rule that one must have those funds sitting for 6 months.

Sorry that I might be repeating same question as many have raised, but I could not find the answer. Would be really grateful if you could help. What happens if my bank balance remains constantly above minimum requirement for more than 6 months till ITA but if it changes after AOR? With guaranteed availability during landing.

Thank you.

 

[jackdawn]

I am depositing 1.5kCad per month which is my salary. Forgot to keep deposit slips. Will my salary payslip suffice? Please advice.

Hi, is ur salary not credited to ur same account? If ur pay stubs supports this income it is fine

 

[jackdawn]

Sorry that I might be repeating same question as many have raised, but I could not find the answer. Would be really grateful if you could help. What happens if my bank balance remains constantly above minimum requirement for more than 6 months till ITA but if it changes after AOR? With guaranteed availability during landing.

Thank you.

As mentioned by DelPiero u r not required to maintain those funds for 6 months. But if there is a windfall in between which is inconsistent with ur account statement, u need to back it up with valid reason, a document supporting it and an LOE.

Secondly as long as u fulfill the POF criteria during documentation and during landing u r good to go. The immigration officer might check your POF during landing as well

 

[jackdawn]

Hi all,
Have some questions about proof of funds.
I plan to show funds by selling my car. I owned this car for last 2 years.
Please correct my process if I am wrong

1. Take a valuation of vehicle before selling the car.
2. Advertise vehicle online and keep the receipt.
3. Sign a vehicle deed and notarized the deed.
4. Transfer money from buyer to seller.

So if I do above and provide
Vehicle registration certificate(which have in my name), Vehicle insurance, advertising receipt, sale deed agreement, bank statement after money transfer,
Would it be accepted as POF by CIC?

please give me your suggestions to do this in best possible way.

Thank you!

If the sale amount reflects in ur bank account and if u r showing that as POF, u can show them as proceeds from sale of an asset and explain in an LOE