Proof of Funds (Express Entry)

[stepover]

Good day guys,

Please I need clarification on these proof of funds issues.

I have a plot of land purchased some years ago as an investment so it will appreciate better in value, rather than to keep in a bank account or stocks. I intend to sell it and put the money in my savings account to fund my possible immigration to Canada. Other funds in my accounts do not add up to the required POF level.
Now, if I am able to sell the land ONLY AFTER I receive an ITA through the EE pool or less than 6 months before I submit my application, it will mean the required POF level will not be in the account for up to 6 months prior AND there will be a case of bulk fund paid into the account. My questions are:

(1) What is the implication if the minimum balance in the account is not up to the required level after submitting your EE profile?

(2) What is the implication if the minimum balance in the account is not up to the required level throughout the 6 months period before you submit your PR application?

(3) What can I do after ITA is received to address the situation?

Thanks in advance!

 

[kryt0n]

It's fine. You don't have to have had the money for 6 months. Just provide evidence of the sale of land (and original purchase etc) with your documents to account to for the sudden deposit of money.

 

[stepover]

It's fine. You don't have to have had the money for 6 months. Just provide evidence of the sale of land (and original purchase etc) with your documents to account to for the sudden deposit of money.

Thanks a lot....and that was fast!

So I guess I will have to provide the following in the attachment:
1. Bank letter showing account status
2. Bank Statements
3. Letter of Explanation for funds from sale of land
4. Evidence of Land purchase
5. Evidence of Land sale.

Is this order OK, or is any other format recommended?

 

[kryt0n]

Sounds good! Just make sure that the sale of the land amount matches the amount that is deposited in your account. So if the receipt says "$10,245" make sure you have the same as a deposit on your statement. Otherwise you may have to explain a bit more.

 

[stepover]

Sounds good! Just make sure that the sale of the land amount matches the amount that is deposited in your account. So if the receipt says "$10,245" make sure you have the same as a deposit on your statement. Otherwise you may have to explain a bit more.

Thanks again!

 

[stepover]

One more implication from what I am reading now.

With my situation as described above, it means
(1) if I am issued a notice of invitation by a province, e.g. Ontario, while in the EE pool, I may not be able to accept / apply because POF will not be adequate / ready and their timelines for submission are usually short.
(2) Also means I will not be able to apply for any PNP until I can get the required funds into my account.
Is that the case?

 

[canadacanada17]

Just so you are aware:

Do I need to include proof of funds for Express Entry?

You will be asked to enter in your Express Entry profile the amount of money you will have to help you settle in Canada. This is to show that you can support yourself and any family who come with you to Canada, and helps us assess which programs you may be eligible for.

You will only need to meet the settlement fund requirement if it applies to the program you are invited to apply under.

If you are invited to apply under the Federal Skilled Worker Program or Federal Skilled Trades Program, you will need to show that you meet the settlement funds requirement unless you:

are currently authorized to work in Canada, and
have a valid job offer from an employer in Canada.
Note: You do not have to meet the funds requirement if you were invited to apply under the Canadian Experience Class.

The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer.

 

[stepover]

Just so you are aware:

Do I need to include proof of funds for Express Entry?

You will be asked to enter in your Express Entry profile the amount of money you will have to help you settle in Canada. This is to show that you can support yourself and any family who come with you to Canada, and helps us assess which programs you may be eligible for.

You will only need to meet the settlement fund requirement if it applies to the program you are invited to apply under.

If you are invited to apply under the Federal Skilled Worker Program or Federal Skilled Trades Program, you will need to show that you meet the settlement funds requirement unless you:

are currently authorized to work in Canada, and
have a valid job offer from an employer in Canada.
Note: You do not have to meet the funds requirement if you were invited to apply under the Canadian Experience Class.

The system currently asks all applicants to provide a proof of funds document. If you don’t need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer.

Thanks a lot, but does this not mean I can't fill the EE profile until I have adequate POF?

 

[kryt0n]

Thanks a lot, but does this not mean I can't fill the EE profile until I have adequate POF?

You can have the money in another form (like land) or knowing your parents promised you money etc. You HAVE the money, it's just in a different format. It's fine.

 

[stepover]

You can have the money in another form (like land) or knowing your parents promised you money etc. You HAVE the money, it's just in a different format. It's fine.

Ok!!

 

[stepover]

One more implication from what I am reading now.

With my situation as described above, it means
(1) if I am issued a notice of invitation by a province, e.g. Ontario, while in the EE pool, I may not be able to accept / apply because POF will not be adequate / ready and their timelines for submission are usually short.
(2) Also means I will not be able to apply for any PNP until I can get the required funds into my account.
Is that the case?

Guys, any comment on this?

 

[prabag]

Hi Vishalg and other experts please.......
Should I declare home loan or not?
Kindly suggest
Thanks in advance.......

 

[kryt0n]

Hi Vishalg and other experts please.......
Should I declare home loan or not?
Kindly suggest
Thanks in advance.......

You can, it won't make any difference.

 

[fabiosmartini]

Guys, I've got some simmilar problem going on here.

I have about 30k CAD$ equivalent in cash (in my actual currency). I have deposited about half that in my saving account about a month ago, and now that I have received my ITA, I must deposit the rest, so I can cover the 23k CAD$ to immigrate with a 4 people family.

I do have that cash money declared in my income tax for the last 3 years, so that is clearly my money. What I intend to do is:

1- Attach those 3 years income tax receipts showing proof the money is mine
2- Attach the savings account bank records (even if it less than 6 months)
3- Write a LOE explaining the whole situation

Should I also attach chequing account records? It has barely 1k CAD$ equivalent in it.

Will that be enough, or should I look for professional assistance?

 

[malikirfan]

Hi All,

I know this question has been answered several times, but in most cases, people had some funds of their own. My account did not have any funds until last month when my father transferred the required money in two transactions. So my average monthly balance for six months would show an almighty spike. My father does not expect to have the money back, and he can provide this in writing. Can this money work as proof of funds? If yes, which documents I need to provide?