Proof of Funds (Express Entry)

[ATD]

Hello all,

Quick question about Proof of Funds for express entry. I have provided letters from all my banking institutions bar the Canadian Bank due to being out of the country and unable to get to my branch, I have instead provided current statements for my Canadian accounts which I am hoping is ok.

My question is weather as an Australian I need to provide evidence of my HECS debt or higher education loan? It is technically not considered a loan as it is not from a private institution but instead the federal government and has no requirement for repayment at present as I have not reached the earnings threshold in the current taxation year. Can anyone help me with this?

 

[saylorgunn]

I'm curious about this, too. I have more than the minimum amount of funds required but I have debt (education loans and credit card debt). The amount of debt exceeds the amount of savings I have. Does anyone think this negatively impacts the application process?

To clarify, I received an ITA and am about to submit it this week (the deadline is on Monday or Tuesday). I wonder now what I should do.

 

[Jim robster]

This is with respect to an older post

Dear experts,

Been following the detailed discussions on this forum for a while now and I had a specific query.
I plan to get into the EE Pool in mid July 2017 when I complete 1 year work ex. I should have a CRS >450 when I enter and I intend to apply in Sept / Oct whenever I get drawn. Visa office will most likely be NDVO.

I had a few queries regarding proof of funds.
I need to show 12300 cad as Im a single unmarried PA.
I plan to show one primary savings account A where I already possess 2000 cad. I will be transferring 800 cad per month for the next 6 months from my salary account Y so that will be around 5000 cad and a total of 7000 cad.
The remaining balance of 6000 cad I will be transferring in 6 installments of 1000 cad from another joint account X with my father through my user name, to my primary account A. This transfer from joint account X to A will be possible earliest in June when a few FDs mature.
The issue is that - the FDs are very old FDs only in my father’s name where he put money for me to inherit for my personal use so rightfully the funds are mine.

When I show my proof of funds – I plan to show the following documents
1.Proof of all funds in my bank account A in a letter from the financial institution and Statements for the last 6 months.
if you can get the letter as per CIC requirements then no need of bank statements
2.Notarized and signed Letter from my father stating that the funds in account X are mine.
Since funds are already transferred to your account A, you would need to upload Gift Deed mentioning all relevant transactions and along with it the proof of transfer (cheque/ online transfer receipt/bank statement )
3.Last 6 months bank statements of joint bank account X
This is fine, will act as proof of transfer
4.A detailed letter of explanation with 2 parts to it explaining the source of funds –
part 1 explaining the regular inflow from my salary account Y
part 2 explaining how the balance amount of 6000 cad is from MY savings held in joint account X
you can use this as cover letter and explain the transactions

Will these 4 documents suffice as proof of funds for CIC and do they adequately cover the bigger inflows of 1000 cad and the subsequent spike in monthly average balances of the later months?
bank statements from account X will show such transfers, so no worries
or CIC will ask for more documents to trace the bigger inflows which are arising due to FD maturity in joint account X?
CIC doesn't bother about the credits in your account if you can prove the funds are yours and you can provide the trail of funds.
I will attach my pay slips in the proof of work ex document.
Good to have not mandatory

Asivad anac , vishalg , anuj gupta kindly throw some light. Will be really grateful for any advise regarding the above situation



With respect to the above reply - about the part in Blue

I had a query.
Do I need to show a proper gift deed form from my dad as mentioned in the reply by Vishalg??
Or will a notarized letter from my Father do which states mainly that

"The money though in my account X, as a result of my FDs maturing, is his (i.e. my son's) inheritance and I do not want it back."

I know its technically very similar to a gift deed but more of an inheritance
So will using the word inheritance be acceptable to the CIC visa officer?

 

[timmykz2]

Hey guys,
does POF need to cover application fees and RRPF if i chose to pay both feea upfront?

 

[umarwaqas]

Guys,

So I intend to share the details of my salary account and savings account both of them happen to be in the same branch/bank. I also have a credit card of the same bank and i intend to attach the latest statement of my card as well.

However, I have a car loan under my name in another bank and I am paying the monthly installment. I have the car with me and I intend to sell it and settle the loan before I proceed to Canada that is offcourse after I get PR.

My question is do i have to mention the car financing (car loan) or the bank documents for my salary and savings account with the required balance would be sufficient?

Would not mentioning the bank account with the other bank (car loan is with a separate bank) cause any problem?

Need your advice since it's the only document left!

 

[hawk1301]

Hello. I have multiple savings accounts. I.e 3 of them in different banks and one salary account which also has a credit card that I use very frequently. One account has avg balance that I need to show. Should I show all my accounts and credit card. What should be done? .How should I get the letter from bank(s)

 

[amala1611]

Hi All, I have around 10L in FD from March 2017 in SBI. My salary/savings account is in ICICI, which doesnot have sufficient balance as CIC requires. My spouse is accompanying me and he has his savings account in SBI. For proof of fund, should I show both ICICI and SBI? Or SBI FD certificate is enough? I have not applied for EE yet. Waiting for IELTS results. ECA done.

 

[jaykay211]

Hi guys,

My wife and I recently got an ITA and we have some concerns about the proof of funds. My wife is the principal applicant and she is getting the funds from her mother. Does she need to show anything stating that funds was a gift? Also, it states that you need to show any loans or credit cards, my wife has none. Does she need to provide documentation showing this?

 

[DelPiero07]

Hi guys,

My wife and I recently got an ITA and we have some concerns about the proof of funds. My wife is the principal applicant and she is getting the funds from her mother. Does she need to show anything stating that funds was a gift? Also, it states that you need to show any loans or credit cards, my wife has none. Does she need to provide documentation showing this?

A self-declaration from her mother that the money is a gift and not a loan + proof of transfer.

 

[callofduty]

A self-declaration from her mother that the money is a gift and not a loan + proof of transfer.

The LOE should be in one file with POF? or LOE should be a separate file.

 

[hamiltondreamer]

You need a Deed of Gift not a notorized letter. A notorized document is affirmation of the content of a document whereas a Deed is a contract which binds both parties .

This is with respect to an older post

Dear experts,

Been following the detailed discussions on this forum for a while now and I had a specific query.
I plan to get into the EE Pool in mid July 2017 when I complete 1 year work ex. I should have a CRS >450 when I enter and I intend to apply in Sept / Oct whenever I get drawn. Visa office will most likely be NDVO.

I had a few queries regarding proof of funds.
I need to show 12300 cad as Im a single unmarried PA.
I plan to show one primary savings account A where I already possess 2000 cad. I will be transferring 800 cad per month for the next 6 months from my salary account Y so that will be around 5000 cad and a total of 7000 cad.
The remaining balance of 6000 cad I will be transferring in 6 installments of 1000 cad from another joint account X with my father through my user name, to my primary account A. This transfer from joint account X to A will be possible earliest in June when a few FDs mature.
The issue is that - the FDs are very old FDs only in my father’s name where he put money for me to inherit for my personal use so rightfully the funds are mine.

When I show my proof of funds – I plan to show the following documents
1.Proof of all funds in my bank account A in a letter from the financial institution and Statements for the last 6 months.
if you can get the letter as per CIC requirements then no need of bank statements
2.Notarized and signed Letter from my father stating that the funds in account X are mine.
Since funds are already transferred to your account A, you would need to upload Gift Deed mentioning all relevant transactions and along with it the proof of transfer (cheque/ online transfer receipt/bank statement )
3.Last 6 months bank statements of joint bank account X
This is fine, will act as proof of transfer
4.A detailed letter of explanation with 2 parts to it explaining the source of funds –
part 1 explaining the regular inflow from my salary account Y
part 2 explaining how the balance amount of 6000 cad is from MY savings held in joint account X
you can use this as cover letter and explain the transactions

Will these 4 documents suffice as proof of funds for CIC and do they adequately cover the bigger inflows of 1000 cad and the subsequent spike in monthly average balances of the later months?
bank statements from account X will show such transfers, so no worries
or CIC will ask for more documents to trace the bigger inflows which are arising due to FD maturity in joint account X?
CIC doesn't bother about the credits in your account if you can prove the funds are yours and you can provide the trail of funds.
I will attach my pay slips in the proof of work ex document.
Good to have not mandatory

Asivad anac , vishalg , anuj gupta kindly throw some light. Will be really grateful for any advise regarding the above situation



With respect to the above reply - about the part in Blue

I had a query.
Do I need to show a proper gift deed form from my dad as mentioned in the reply by Vishalg??
Or will a notarized letter from my Father do which states mainly that

"The money though in my account X, as a result of my FDs maturing, is his (i.e. my son's) inheritance and I do not want it back."

I know its technically very similar to a gift deed but more of an inheritance
So will using the word inheritance be acceptable to the CIC visa officer?

 

[hamiltondreamer]

Hello. I have multiple savings accounts. I.e 3 of them in different banks and one salary account which also has a credit card that I use very frequently. One account has avg balance that I need to show. Should I show all my accounts and credit card. What should be done? .How should I get the letter from bank(s)

The format on how the bank statement should be is on CIC website , if your bank refuse to draft it in that format, you can submit 6 months bank statement . You should submit bank statements of the 3 accounts irrespective of the fact that the required POF is in one account . The credit card I don't think would be an issue.

 

[Maverick28]

Hello. I have multiple savings accounts. I.e 3 of them in different banks and one salary account which also has a credit card that I use very frequently. One account has avg balance that I need to show. Should I show all my accounts and credit card. What should be done? .How should I get the letter from bank(s)

Just show the 1 account that has the required balance. No need to show credit card and other accounts. Ask your bank for a customized letter as per CIC norms. If they agree, then that's all you need. If they say they can only give you their standard letter, then attach your bank statements with that letter.

 

[olipearce1987]

I have a savings account with plenty of funds ($24000 for 2) which has been there over 6 months. I have had some small recent activity on money in and out but nothing much ($1660 out, 830 in), still well above the threshhold . THis account is just a savings account so has only really had money going in each month over the last 1-2 years, so do I not have to show the source of the funds, or is this sufficient for CIC even though its obviously not my standard account where the savings are coming from.

Is it ok just to show this?

 

[james_in_007]

hello Guys,

why do u want to apply for Canada , there are no jobs here . Come only if u r ready to do labour jobs.

There would be hidden discrimination(not on ur face) by companies in hiring you if u r are from Asia , whites gets priority in every job.

i moved here in 2015 and was a senior professional in INDIA with qualification from IIM but am doing labour jobs in warehouse ... what looks good may not be good ......i burnt my bridges before moving here so difficult to return
but guys think n apply only if u r ready for low jobs like cleaner/waiter/labor etc.

sincere advice.