Proof of Funds (Express Entry)

[rohitbites]

Hey friends,
My bank does not issue a bank statement for last 6 months on its letterhead or any letter with its stamp/sign.

What I could do is only download an electronic copy of 6 months statements from my internet banking account and upload as a part of PoF.

Kindly suggest..

Which bank is this? You might want to check out other branches of the same bank, cos they all work differently. I personally have taken stamped statements and also the balance certificate from different branches of same bank (ICICI), and all 3 times, I have got different formats(for balance certificate).

 

[jpv2212]

It's SBI In-Touch branch in India.

 

[vishalg]

It's SBI In-Touch branch in India.

SBI gives out such docs. Be a little persistent or visit a different branch.

 

[jpv2212]

If it is so, then I'd go for a different branch.

Thanks friends.

 

[EdieRo]

I am the primary applicant with an accompanying spouse. We just received ITA and all our savings are in my accompanying spouse's bank account.
I have been searching and found many different opinions regarding to this situation, I have also called CIC call centre and emailed CIC Ottawa but they were not able to provide guidance. We wanted to clarify:

1 - Is it acceptable to provide the bank letter and statements from my accompanying spouse bank account as the only proof of funds?

2 - If accompanying spouse needs to issue a letter/declaration for the use of the amount in spouse's bank account for the purpose of settlement in Canada, does it need to be an affidavit or notarized?

3 - Should we transfer the required amount (approximately CAD16,000) to primary applicant's bank account in Canada?
If so, does accompanying spouse need to provide a letter to confirm the amount was freely transferred for primary applicant's use and there are no objections or obligations?

Your assistance to this matter will be greatly appreciated!

 

[vishalg]

I am the primary applicant with an accompanying spouse. We just received ITA and all our savings are in my accompanying spouse's bank account.
I have been searching and found many different opinions regarding to this situation, I have also called CIC call centre and emailed CIC Ottawa but they were not able to provide guidance. We wanted to clarify:

1 - Is it acceptable to provide the bank letter and statements from my accompanying spouse bank account as the only proof of funds?
Acceptable
2 - If accompanying spouse needs to issue a letter/declaration for the use of the amount in spouse's bank account for the purpose of settlement in Canada, does it need to be an affidavit or notarized?
Simple declaration is fine
3 - Should we transfer the required amount (approximately CAD16,000) to primary applicant's bank account in Canada?
If so, does accompanying spouse need to provide a letter to confirm the amount was freely transferred for primary applicant's use and there are no objections or obligations?
No need to transfer
Your assistance to this matter will be greatly appreciated!

 

[Umidjon90]

Hi all,

I need your help my friends

I received NOI yesterday I have some problems and seek your help and advice here:
The problem is related with settlement funds, I deposited 12300 CAD only on March 15,
now do I need to wait until September in order to have a bank statement with 6 month minimum 12300 CAD? or can I apply now having only one month with minimum 12300 CAD ?

Thank you for your reply beforehand

 

[metal]

Any more advises on this?

Hi Guys,

Need your suggestion on this delimma,

I am the primary account holder of my savings account which is in INDIA and my parents are in as Joint (secondary applicants). I got all necessary documents from my Bank which includes
1. Letter (without average balance) (on my name)
2. 6 months statement (this document includes my name + parents names)
3. Fixed Deposit statement (on my name)

I have concerns on point # 2 where my parents name is also included in Bank Statement. What do I do in this case?
Should I get a letter from parents with their signature that this Account is primary MY account and we have no concerns? BTW, I have enough proof to explain that this is my account as I have been remitting my salary from my salary account (overseas) on monthly basis to my savings account in India.

Thanks

 

[Phong8877]

funds that are accepted are- saving account, FD, EPF ( if applicable), MFs and Stocks (accepted only after you redeem them), property and other assets such as cars are not accepted. You need to sell these assets and can then count them for POF.

Dear Vishalg, is there any other way I can prove I have enough fund without having to sell the property?

For example, to get independent valuations from third parties?

Thank you.

 

[vishalg]

Dear Vishalg, is there any other way I can prove I have enough fund without having to sell the property?

For example, to get independent valuations from third parties?

Thank you.

I don't think valuations work in this scenario. You can either get a gift from the family or liquidate your stocks/MFs.

 

[Phong8877]

I don't think valuations work in this scenario. You can either get a gift from the family or liquidate your stocks/MFs.

Thanks again vishalq.

But I still have one question. Most of the time (in the last 2 year), 95% of my money is invested in an investment account at a stock brokerage company for stock trading, and this 95% amount is well above the required level for my application. The 5% left is in my current account at a bank which refuses to provide the 6-month average balance information in their bank letter (only confirm current balance).

So in this case, can I just sell all the stocks, transfer the 95% to my bank account, then get the letter from the brokerage company with Current Net asset value (Cash + Stock value) which is negligible now, AND get the bank letter with current 100% cash balance.

Then I will prove the transfer by the 6 month investment statement (showing the daily net asset value), and the 6 month bank statement.

The question is can I provide 1 month statement which includes the transfer from investment account to bank account?

Thanks Sir!

 

[Darshan019]

Hello All,

I'm planning to put my savings in Fixed Deposits for Proof of Funds. I'm the primary applicant and I will be taking my wife and kid along as well.

Can you please advise if I should have all FD's in my account or can I have some FD's in my wife's saving account as well. If yes please advice what should be the proportion and also if I would need any affidavit or other documents to show FD's in my wife's account.

Thanks in advance.

Regards,
Darshan

 

[vishalg]

Thanks again vishalq.

But I still have one question. Most of the time (in the last 2 year), 95% of my money is invested in an investment account at a stock brokerage company for stock trading, and this 95% amount is well above the required level for my application. The 5% left is in my current account at a bank which refuses to provide the 6-month average balance information in their bank letter (only confirm current balance).

So in this case, can I just sell all the stocks, transfer the 95% to my bank account, then get the letter from the brokerage company with Current Net asset value (Cash + Stock value) which is negligible now, AND get the bank letter with current 100% cash balance.

Then I will prove the transfer by the 6 month investment statement (showing the daily net asset value), and the 6 month bank statement.

The question is can I provide 1 month statement which includes the transfer from investment account to bank account?

Thanks Sir!

you can liquidate the required stocks and transfer​ to the relevant account. Get the letter for this account with 6 month average, if they don't provide average then get 6 months stamped statement. For sudden increase in your funds, upload the proof for liquidation of stocks. You are good to go.

 

[vishalg]

Hello All,

I'm planning to put my savings in Fixed Deposits for Proof of Funds. I'm the primary applicant and I will be taking my wife and kid along as well.

Can you please advise if I should have all FD's in my account or can I have some FD's in my wife's saving account as well. If yes please advice what should be the proportion and also if I would need any affidavit or other documents to show FD's in my wife's account.

Thanks in advance.

Regards,
Darshan

You can have FDs in PA and/or in spouse's account. Proportion is up to you. You also have to provide a declaration from your spouse that he/she allows you to utilise the funds for immigration. If you are creating this FD within 6 months then you also need to provide the money trail I.e.Source of funds for these FDs and prove that these funds belong to you and your spouse.

 

[MALLHI]

Hi all,

I need your help my friends

I received NOI yesterday I have some problems and seek your help and advice here:
The problem is related with settlement funds, I deposited 12300 CAD only on March 15,
now do I need to wait until September in order to have a bank statement with 6 month minimum 12300 CAD? or can I apply now having only one month with minimum 12300 CAD ?

Thank you for your reply beforehand

I'm in the same boat. What's the solution guys?