Proof of Funds (Express Entry)

[vishalg]

Guys,

I have a query, i currently dont have much money in my account however by June end i shall be getting a gift deed from my dad which will help me achieve CAD 12,500. Will it be an issue that i dont have a good average balance and also that i got these funds so close to my profile submission time?

Thanks

No problem, upload gift deed and proof of transfer along with the bank letter

 

[bunnybunny]

POF will include savings and deposit both.
You can upload deposit certificates if not mentioned separately on the bank letter

Hi vishalg, the bank told me today I cannot change joint to my name only. about 15K from the joint account (not total amount) was transferred from account with my name. So I can use this for trail of funds right? Do I still have to transfer the 15k to a new account under my name? If I do, said account was only created after ITA. What should I do?

 

[vishalg]

Hi vishalg, the bank told me today I cannot change joint to my name only. about 15K from the joint account (not total amount) was transferred from account with my name. So I can use this for trail of funds right? Do I still have to transfer the 15k to a new account under my name? If I do, said account was only created after ITA. What should I do?

your other account is older than 6 months. Average balance can be lower than required amount but current balance should be above LICO. Transfer amount to your account, get a gift deed from your father and provide statement of this account for the trail. This will remove any doubts CIC might have regarding your ownership of the said funds.

 

[bunnybunny]

your other account is older than 6 months. Average balance can be lower than required amount but current balance should be above LICO. Transfer amount to your account, get a gift deed from your father and provide statement of this account for the trail. This will remove any doubts CIC might have regarding your ownership of the said funds.

Got it but in the first place, the money was from my acc (a few years of salary), if I get a gift deed would it mean that it's not my money but my dad's?

 

[vishalg]

Got it but in the first place, the money was from my acc (a few years of salary), if I get a gift deed would it mean that it's not my money but my dad's?

since it is being transferred from the account where your father is also joint owner, so you would need a document proving that he will not claim any share of this fund.

 

[bunnybunny]

since it is being transferred from the account where your father is also joint owner, so you would need a document proving that he will not claim any share of this fund.

Thanks vishalg!!

 

[hassaan_anwar]

No problem, upload gift deed and proof of transfer along with the bank letter

Thanks! +1

 

[Dave2017]

Yes it should be a notarized one, also mention the transfer details,account nos in it as well.

Can we just break the fixed deposit and recreate another one on my name? Will that work without a gift deed?

 

[Hamza Moazam]

No problem, upload gift deed and proof of transfer along with the bank letter

Hi Vishal, i have the same query. Got my gift deed ready on stamp paper and notarized. I received Cash and deposited in my account and i am submitting my bank statement to prave this particular transaction. Any issues? I do not have the deposit slip for the cash deposit though. :s

 

[vishalg]

Hi Vishal, i have the same query. Got my gift deed ready on stamp paper and notarized. I received Cash and deposited in my account and i am submitting my bank statement to prave this particular transaction. Any issues? I do not have the deposit slip for the cash deposit though. :s

Proving cash deposits are difficult. Get hold of deposit slip. Try and upload that

 

[systix]

Anybody have any experience showing proof of funds from US? Does it need to have been converted to Canadian Dollars? Is there a specific format?
`

 

[vishalg]

Anybody have any experience showing proof of funds from US? Does it need to have been converted to Canadian Dollars? Is there a specific format?
`

You can keep your funds in your local currency. No need for conversion.

 

[aarchitj]

Since the Bank is not providing INR to CAD conversion, can we conversion in LOE ?

 

[vishalg]

Since the Bank is not providing INR to CAD conversion, can we conversion in LOE ?

Yes, you can do that, use the conversion rate mentioned on bank of Canada's website. Mention the date and the source of conversion rate in your LOE.

 

[aarchitj]

Yes, you can do that, use the conversion rate mentioned on bank of Canada's website. Mention the date and the source of conversion rate in your LOE.

Thanks !