Proof of Funds (Express Entry)

[pino1130]

Hey @pino1130,
Sorry I have missed to see your question...thanks for your personal message

The FD proof alone is enough for showing the POF and it is a valid way to show it. They wouldn't bother about how much amount you have in your salary account as you are showing the FD proof. I'm not sure how the bank prints the letter for FD proof but yeah it should work..

Your second and third points are a bit confusing.. if your FD is about to mature next month, how are you going to show it as a proof? And usually if the bank doesn't write that line it's okay because FD's start and end dates will be mentioned in the letter...that's enough (my guess)...

So what I think is that, your FD is going to mature anyway...and will be back to your savings account... so give out that amount which you said to your parents.. remaining will anyway meet the minimum requirement..so you will be showing your savings account balance for POF.. All you have to do is mention this in a Letter of explanation... like your source of income was your own FD, you liquidated it/it got matured (attach the proof).. the outflow of cash was to gift your parents to meet personal expenses (maybe better explanation would be required/gift deed).

Hope this helps.. if not let's research for more options.. I'll be happy to help...
You clearly have your own funds...CIC just needs to know that...so only paperwork...

Thank you so much.
My 3rd question means my FD is going to mature next month and I will liquidate 60% of it into cash and give my parents. 40% of it I will continue to deposit as FD and will provide this FD to CiC. So the letter will show I have the original fund for the past 12 months and the new funds (40% of the original one) with new maturity date. Is it ok?

 

[nbt11]

Thank you so much.
My 3rd question means my FD is going to mature next month and I will liquidate 60% of it into cash and give my parents. 40% of it I will continue to deposit as FD and will provide this FD to CiC. So the letter will show I have the original fund for the past 12 months and the new funds (40% of the original one) with new maturity date. Is it ok?

Yeah that should be fine. You have to attach the source of income proof for this new FD, which you already have ready, so it's fine. Just make sure your paperwork is clear that's all.
Cheers Good luck

 

[pino1130]

Yeah that should be fine. You have to attach the source of income proof for this new FD, which you already have ready, so it's fine. Just make sure your paperwork is clear that's all.
Cheers Good luck

So do I need to explain the outflow? Like it's for my parents? Is it necessary? Thank you so much.

 

[Umair Maqsood]

Need Help!.

Proof of Funds:

My spouse and my child (one) will be accompanying me after receiving PR. Therefore In view to that I have saved around 18,850 (Round 19,000 CAD). Amount is in my account (under my name) since more then four years. The breakup of 19,000 CAD collection is as follows:

1. Last year Bonus: 5500 $ CAD
2. Saving at home (In the form of Cash): 7000 $ CAD
3. Remaining 6500 $ CAD saved from three month salary.

Queries:
1. Do I need to give any proof (gift deed/pay slips/etc) for any of the above money.
2. Since money is there for more then four (04) months do I need to give any bank statement.
3. Am i missing something. Please advice

Regards,

 

[nbt11]

So do I need to explain the outflow? Like it's for my parents? Is it necessary? Thank you so much.

I'm not very sure... I told this considering the fact that your FD gets matured and is in your account.. (large amount of inflow..but you have a proof), and you are putting out the whole of it (40% to FD again, 60% to parents...large amount of outflow..).. Hmm, but any of this is not affecting your minimum requirement... Sorry, I'm honestly not sure I told that considering there is a large amount of outflow from your account but it's nothing wrong going on there... but CIC might be thinking that you owe a considerable amount of money to someone and may ask questions... but again not sure.. :|

 

[danishsaeed]

Guys,

I need your help with respect to POF. I only have one bank account which is a salary account. All my savings are in Gold and I have done a freelance project for a friend worth US 10,000 dollars. Now, I have sold some of the gold and I have receipts to prove that. I also have a legal contract with my friend that explains the services I've provided and the money I have charged.

Now suddenly, my account will go from 1500 USD to around 15,000 USD. Will that be an issue or showing the contract and the sold gold receipts as proof will be enough? Please help as I only have 20 days to go before my ITA expires. Thanks.

 

[nejitee]

Hello guys i submitted my AOR on 9th of June and my total bank balance came to $24,000 CAD. The requirement for a family of 4 is $22,856 CAD. The issue is right now the Canadian dollar has gained over 8% against all currencies and my balance will read less than the required amount? What do you guys advise? Should i wait for a request for Updated POF or do i just send a CSE with updated funds?

 

[siju22]

Happy that I was of some help
Seems like you have all the amount which is your own now..without liabilities..Just keep all the paperwork straight forward.. that is enough.
If in doubt, Google through for more answers.
Good luck.. Cheers

Thank you so much. GOD Bless you Bro. Cheers.

 

[W.Naeem]

Hi,
I've saving certificates in my name. They are in Urdu language. If I liquidate them, ask them to give me a cheque and deposit it in my account. Will it work ?
What documents do I need to prove that it is my amount ? Translation etc ?
Please help

 

[nbt11]

Hi,
I've saving certificates in my name. They are in Urdu language. If I liquidate them, ask them to give me a cheque and deposit it in my account. Will it work ?
What documents do I need to prove that it is my amount ? Translation etc ?
Please help

Yep it works and yep get them legally translated and...that's enough to prove that it's your own money..
Good luck..

 

[PEIlove]

Hi good ppl! I received ITA last draw.already had most of my documents just a bit confused over the proof funds requirement.Hoping if you guys can help. I have more than enough money in my fixed deposit,another savings and both are readily disposable ,almost steady for 12months now.Do i still need to show my other current accounts?and if I just show my FD as POF do i need to provide source of fund as well although I am already submitting around 12months of payslips from 2 different jobs?Just to mention i got a letter from bank saying i dont have any debts in my name.sorry my questions might sound a bit naive but I just opened the profile last week june,dont have much experience in documentation requirements.Thanks in advance.

 

[nbt11]

Hi good ppl! I received ITA last draw.already had most of my documents just a bit confused over the proof funds requirement.Hoping if you guys can help. I have more than enough money in my fixed deposit,another savings and both are readily disposable ,almost steady for 12months now.Do i still need to show my other current accounts?and if I just show my FD as POF do i need to provide source of fund as well although I am already submitting around 12months of payslips from 2 different jobs?Just to mention i got a letter from bank saying i dont have any debts in my name.sorry my questions might sound a bit naive but I just opened the profile last week june,dont have much experience in documentation requirements.Thanks in advance.

Your FD is steady from 12 months? You will be asked for the source of income proof when there is a sudden raise in funds in the past 3-6 months.. You don't have any problem mate. You are all set... Good luck Cheers

 

[W.Naeem]

Yep it works and yep get them legally translated and...that's enough to prove that it's your own money..
Good luck..

Another problem that I might have is the saving certificates are in my home country. I'm living in Middle East. So half of my balance is in my salary account and half would be in my account where I deposited my saving certificates amount. In this case I've to provide two bank statements. Right ?

 

[nbt11]

Another problem that I might have is the saving certificates are in my home country. I'm living in Middle East. So half of my balance is in my salary account and half would be in my account where I deposited my saving certificates amount. In this case I've to provide two bank statements. Right ?

Yes, you can show both the account statements as your money is split in to different accounts. It's not a problem.

 

[W.Naeem]

That's great. Thank you so much for your help.

Yes, you can show both the account statements as your money is split in to different accounts. It's not a problem.