Proof of Funds (Express Entry)

[Maverick28]

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!!

INR should be fine. If the bank agrees to mention it in CAD then that will be best.

You can include a screen shot of the conversion rate between INR and CAD on the day of submission of eAPR in your LOE.

 

[Wolverine17]

It can be but chances are low. Probability of them asking for revised POF is high. But you never know with CIC

Is there any cases of rejection due to an old pof letter?

 

[Maverick28]

Is there any cases of rejection due to an old pof letter?

Never heard of one.

 

[Wolverine17]

Never heard of one.

thanks

 

[Jim robster]

INR should be fine. If the bank agrees to mention it in CAD then that will be best.

You can include a screen shot of the conversion rate between INR and CAD on the day of submission of eAPR in your LOE.

Thanks Maverick for the reply.
just a few further queries.

If the bank agrees to give it in CAD (which is highly likely in my case) , exchange rate will be on the date of issuance of the POF letter.

Now if I submit my e-APR 20-30 days after the day of issuance of POF letter, do I need to put all the revised amounts (i.e. the CAD amounts arising due to exchange rate on day of submission of e-APR) in my LoE??


Also the PoF letter should ideally be within 15-20 days before submission of e-APR , right??

 

[Maverick28]

Thanks Maverick for the reply.
just a few further queries.

If the bank agrees to give it in CAD (which is highly likely in my case) , exchange rate will be on the date of issuance of the POF letter.

Now if I submit my e-APR 20-30 days after the day of issuance of POF letter, do I need to put all the revised amounts (i.e. the CAD amounts arising due to exchange rate on day of submission of e-APR) in my LoE??


Also the PoF letter should ideally be within 15-20 days before submission of e-APR , right??

Make sure your bank mentions INR as well as CAD and the date at which the conversion was done. It is highly unlikely that the rate will fluctuate much in 15-20 day so as to make a huge difference in the funds.

You can plan on getting the POF letter as close as possible to your eAPR submission date.

 

[Bayparc]

Hi People,
I am self-employed as a director in my own company and I am hoping to transfer the funds required for my POF from my company account to my personal account. Does anyone have an idea if this would be accepted and also what documents might be required?
If there are people in the same circumstance, Kindly share your opinions too. Thanks all

 

[naliniparthiban]

Thanks a lot Vishal. But do I need to produce gift deed for transfer of funds from my spouse account as well or a simple declaration from him that I can use his funds for anything would do??.

Also for his EPF do I need to get any letter from his employer apart from the EPF ledger???

Thanks a lot....

 

[vishalg]

Thanks a lot Vishal. But do I need to produce gift deed for transfer of funds from my spouse account as well or a simple declaration from him that I can use his funds for anything would do??.
I would suggest you to keep your spouse's funds in his account only and just get a declaration from him.

Also for his EPF do I need to get any letter from his employer apart from the EPF ledger???
a signed and stamped EPF ledger is enough
Thanks a lot....

 

[aditi04]

My spouse and I moved funds from our joint savings account to a CD (certificate of Deposit) more than 6 months ago and the CD is only in my spouse's name.

However, I am the primary applicant for PR and the application includes both of us with my spouse as a secondary. And I personally do not have enough funds to show since we've transferred them to a CD in my spouse's name only.

Can I show bank letter in my spouse's name for Proof of Funds? OR Do I have to have my name on the CD?

If we add my name now to the CD, it will be equivalent to breaking and creating a new CD - thus, all previous history will not be associated to the new CD, anyhow.

 

[vishalg]

My spouse and I moved funds from our joint savings account to a CD (certificate of Deposit) more than 6 months ago and the CD is only in my spouse's name.

However, I am the primary applicant for PR and the application includes both of us with my spouse as a secondary. And I personally do not have enough funds to show since we've transferred them to a CD in my spouse's name only.

Can I show bank letter in my spouse's name for Proof of Funds? OR Do I have to have my name on the CD?

If we add my name now to the CD, it will be equivalent to breaking and creating a new CD - thus, all previous history will not be associated to the new CD, anyhow.

Just get a declaration from your spouse that he allows you to utilise the funds for immigration and he will be accompanying you upon receiving the COPR.

 

[aditi04]

Thanks Vishalg!

In that case, I need to get a bank letter in his name and not mine, correct?

And can we use the CD to show proof of funds or do the funds have to be in an account where they are more readily accessible as compared to a CD?

 

[vishalg]

Thanks Vishalg!

In that case, I need to get a bank letter in his name and not mine, correct?
Yes
And can we use the CD to show proof of funds or do the funds have to be in an account where they are more readily accessible as compared to a CD?
FD certificates are valid

 

[vnykvjyn]

Hi.
In my case I received an ITA on the 13th April 2017 and my dad gfted my INR 6,00,000 in my account. I intend to show htis as a gift deed.
Whats the procedure in acquiring a gift deed. Alternatively, will a attested (from a gazetted notary) letter from my dad do good in this case, along with my LOE

 

[vishalg]

Hi.
In my case I received an ITA on the 13th April 2017 and my dad gfted my INR 6,00,000 in my account. I intend to show htis as a gift deed.
Whats the procedure in acquiring a gift deed. Alternatively, will a attested (from a gazetted notary) letter from my dad do good in this case, along with my LOE

visit a public notary, ask him to prepare a gift deed on minimum value of stamp paper ( as applicable in your state). These guys generally have a format of gift deed available or you can find a gift deed format in the forum. Your father and you have to sign it and you're done.