Proof of Funds (Express Entry)
- Thread starter ThisIsHoof
- Start date
you can show any account where minimum required funds are parked. Here is an examplesidpune said:
Account 1- current balance above LICO ( considering 13k single applicant)
Month 1 - 5k
Month 2 - 8k ( increase of 3k, need to show where the funds came from)
Month 3- 9k
Month 4 - 9k
Month 5 - 9k
Month 6 - 13k ( increase of 4k, need to show where the funds came from)
Suppose the funds came from account 2 ( your salary account) then you need to get a letter for this account if from a different bank (else it should have been mentioned on the letter for account 1) if letter doesn't mention 6 month avg. then you need to show statements that the funds were already there and you moved them to account 1. But account 2 letter will mention all loans taken.
So no need to provide history of Any money received before 6 months but for funds received within 6 months you need to provide the audit trail.
Hope this gives clarity.
Hello Experts,
I had queries regarding submission of proof of funds,sorry for the laundry list,appreciate your help
1)My employer (Trust) maintains my EPF account hence Epassbook is not available for me in EPFO site,however ecopy is available in Employer's payroll site showcasing my account no,Name,Employer Name and contributions made by myself and my employer,also i have applied for transfer of balance my old PF account through Form 13 which i expect to be complete my end of this month,will EPF be considered eligible for POF, and do i need to provide proof of the transfer as balance will have a sudden surge,also do i need to get the estatement stamped my HR?
2)I have NSC certificates that i got from Indian Post Office,are they accepted by CIC,I plan to get a statement from post office mentioning the current valuation in their letter head along with authorized signature
3) I have couple of SIP's going for purchasing Mutual Funds can i showcase the mutual fund statement as POF or i mandatorily need to liquidate them and then show them in my savings account as POF.
4)My major fixed deposits were opened in Dec 2016 and i plan to submit my CIC application by 5th May,do i need to show money trail for them,also i plan to get statement or letter from Bank on 2nd May so that i can show my salary for last month as well for POF will that be fine?
5)My Salary account is in ICICI which i intend to show in my POF however i have Homeloan from SBI and Personal Loan from AXIS for which funds get deducted from my salary account,do i need to mention about those loans as well.
6)My father will be providing me some money as i read notes from some experts that a gift deed will suffice,just confirming if that's the only doc i will need to justify my father's contribution.
I had queries regarding submission of proof of funds,sorry for the laundry list,appreciate your help
1)My employer (Trust) maintains my EPF account hence Epassbook is not available for me in EPFO site,however ecopy is available in Employer's payroll site showcasing my account no,Name,Employer Name and contributions made by myself and my employer,also i have applied for transfer of balance my old PF account through Form 13 which i expect to be complete my end of this month,will EPF be considered eligible for POF, and do i need to provide proof of the transfer as balance will have a sudden surge,also do i need to get the estatement stamped my HR?
2)I have NSC certificates that i got from Indian Post Office,are they accepted by CIC,I plan to get a statement from post office mentioning the current valuation in their letter head along with authorized signature
3) I have couple of SIP's going for purchasing Mutual Funds can i showcase the mutual fund statement as POF or i mandatorily need to liquidate them and then show them in my savings account as POF.
4)My major fixed deposits were opened in Dec 2016 and i plan to submit my CIC application by 5th May,do i need to show money trail for them,also i plan to get statement or letter from Bank on 2nd May so that i can show my salary for last month as well for POF will that be fine?
5)My Salary account is in ICICI which i intend to show in my POF however i have Homeloan from SBI and Personal Loan from AXIS for which funds get deducted from my salary account,do i need to mention about those loans as well.
6)My father will be providing me some money as i read notes from some experts that a gift deed will suffice,just confirming if that's the only doc i will need to justify my father's contribution.
FDSW Express Entry: Proof of Fund... Working in Canada under Open Work Permit
« on: April 14, 2017, 02:51:31 pm »
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Hello Experts,
Please, help me answering this question. Firstly, I have been living in Canada me, and my wife for the past five years, however, i was on a study permit, and i recently finish my studies and got a job here in Canada (Not with an LMIA). Currently, i'm working under a Post graduate work permit (again, no LMIA). I have less than one year of work experience in Canada, that's why i can only qualify for Express Entry (Federal Skilled work category). My family size is 3. So, it is required to provide at least we have $18,825. I don’t have that much money in my own personal bank account, however, I can provide proof for that amount ONLY if I provide bank statements for both me and my wife (We don’t have joint accounts though ).
My wife has 50% of this amount in her bank account in her home country, and I have the other half in my bank account here in Canada.
Will that be okay? (Note: my wife is also applying with me, but not as the main applicant, and she can’t be the main applicant)
« on: April 14, 2017, 02:51:31 pm »
Reply with quoteQuote Modify messageModify Remove messageRemove
Hello Experts,
Please, help me answering this question. Firstly, I have been living in Canada me, and my wife for the past five years, however, i was on a study permit, and i recently finish my studies and got a job here in Canada (Not with an LMIA). Currently, i'm working under a Post graduate work permit (again, no LMIA). I have less than one year of work experience in Canada, that's why i can only qualify for Express Entry (Federal Skilled work category). My family size is 3. So, it is required to provide at least we have $18,825. I don’t have that much money in my own personal bank account, however, I can provide proof for that amount ONLY if I provide bank statements for both me and my wife (We don’t have joint accounts though ).
My wife has 50% of this amount in her bank account in her home country, and I have the other half in my bank account here in Canada.
Will that be okay? (Note: my wife is also applying with me, but not as the main applicant, and she can’t be the main applicant)
Guys please explain if I am a primary applicant and my husband has the funds in his account how can I go around this!? The answers are confusing me so far as I am some say having the funds in the accompanying spouse's account is ok and others say it has to be in my account for at least six months. Any advise please?
Dear Experts ,
I had a simple query regarding proof of funds document.
Do we have to ask the bank (where we are displaying proof of funds) to convert the amounts in INR to CAD on the letter according to the exchange rate prevailing on the date of issue of the letter??
Or do we provide the entire amounts in INR on the letter?
Amounts as in last 6 months average balances and the final amount?
And if it has to be left in INR , what is the exchange rate CIC will use to convert the aforementioned amount in INR??
Is it going to be
a)The exchange rate on the date of issue of the letter by the bank? OR
b)The exchange rate on the date of submission of the e-APR?
Any help regarding the above clarifications will be greatly appreciated.
Thanks in advance!!
I had a simple query regarding proof of funds document.
Do we have to ask the bank (where we are displaying proof of funds) to convert the amounts in INR to CAD on the letter according to the exchange rate prevailing on the date of issue of the letter??
Or do we provide the entire amounts in INR on the letter?
Amounts as in last 6 months average balances and the final amount?
And if it has to be left in INR , what is the exchange rate CIC will use to convert the aforementioned amount in INR??
Is it going to be
a)The exchange rate on the date of issue of the letter by the bank? OR
b)The exchange rate on the date of submission of the e-APR?
Any help regarding the above clarifications will be greatly appreciated.
Thanks in advance!!