Proof of Funds (Express Entry)

[Rk Gunner]

Hey Guys,

I have been grateful for all the information you have given me regarding POF. But I kind of have an situation here. Its going to be a long post. Please bear with me.

I was hoping to get the funds transferred from my parents(in Nepal currently) to my bank at US. But apparently, none of the banks in Nepal are allowed to send me the money(Central Bank rule). I also thought of Western Union or Moneygram and it looks like they cannot do anything about it either.

So I have been thinking of preparing two gift deeds. One from my parent to one of their friend who lives in US but is currently in Nepal. And another gift deed from him to me once he returns to US. And I am also planning to write LOE explaining why we did this. Will it be an issue?

Am I complicating the whole process? Is there any simpler ways to do this? Am I missing the whole point?

Any insights on the matter please. Thank you.

 

[k.narinder21]

Bank statements question-
I am a single applicant and have a home loan outstanding of approx 8 lakh linked to my savings account...
I have 6.2 lakh in my Fixed deposits and approx 1 lakh in my savings account.
How should i prove my financial stability without showing my outstanding home loan amount.
If i attach 6 month statements, my EMI will show my running loan. Experts please advice how to go about it

 

[k.narinder21]

Bank statements question-
I am a single applicant and have a home loan outstanding of approx 8 lakh linked to my savings account...
I have 6.2 lakh in my Fixed deposits and approx 1 lakh in my savings account.
How should i prove my financial stability without showing my outstanding home loan amount.
If i attach 6 month statements, my EMI will show my running loan. Experts please advice how to go about it

 

[Gbemife]

Dont have to.

You can just type it out in a normal Words Document and have it printed. Notorize it is for "added safety". Not stopping you from doing that.

Hi pls can you help with a gift deed template with both opening and closing statements? I used the template commonly seen, but saw a different one titled affidavit of gift deed. It got me confused

 

[Maverick007]

Hi All,

I have a doubt about Proof of funds. I am going to apply for Express entry. According to CIC i need to show close to 16,000 CAD for myself and my spouse.

1. Should i have the amount ready in my account while creating the Express entry profile (Pre ITA phase) or should i have this amount ready while submitting my application after i receive the ITA ? I have around 12,000 CAD, need one month time to arrange the rest of the funds. Should i wait for creating a profile till i get the funds ?

2. Can i show funds in my spouse's bank account ?

 

[canadans123]

Hey guys
What would happen if I have a loan since 2015 and the remaining balance is about 23000$. I curently have in my checking acount 17000$ to proof that I can support myself and my wife.
How will that work?
Thanks

 

[kennerve]

Hi pls can you help with a gift deed template with both opening and closing statements? I used the template commonly seen, but saw a different one titled affidavit of gift deed. It got me confused

Hi,

There is no standard template and in fact you can just write a simple letter about it. I believe one of my earlier post have shown what is needed.

Simple way you can put is as follows:


Dear Sir/Madam,



Discharge of funds to support <Your Name> in Canada Permanent Residency application



I, <Name of Person who is giving you the deed>, holder of <Country> Passport number, XXXXXXXXX, do solemnly declare that I am willing to discharge the funds in the below mentioned account to support <Relationship between you both> for his Canada Permanent Residency application. My <Relationship> with <Your Name> is a holder of <Country> Passport number XXXXXXXXX


The account which I am willing to discharge all my funds are:

1. <Account Number>, <Bank Name>


Should you require any further information, I can be contacted at <XXX Number, i.e. the person who is discharging the funds to you>

 

[kennerve]

Bank statements question-
I am a single applicant and have a home loan outstanding of approx 8 lakh linked to my savings account...
I have 6.2 lakh in my Fixed deposits and approx 1 lakh in my savings account.
How should i prove my financial stability without showing my outstanding home loan amount.
If i attach 6 month statements, my EMI will show my running loan. Experts please advice how to go about it

Firstly, I am not sure about the equivalent in currency terms between your country and Canada..

Next, you can have multiple accounts (meaning multiple bank reference letters) to show you have the funds to add up to the amount you need for POF.

From my understanding, you have:
1. A FD of 6.2lakh - This is fine. You will need a bank reference letter with 6 months transaction with this.
2. Savings Account - In this account, it is linked to the 8 lakh home loan? If yes, do you have any other account that is not linked to the home loan.

If you do not have any other accounts, you will need to get that letter from the bank explaining the mortgage you are currently servicing. Remember, you are highly not recommended to transfer big sums of money at one go to a new account as it may raise a red flag at IRCC.

 

[kennerve]

Hi All,

I have a doubt about Proof of funds. I am going to apply for Express entry. According to CIC i need to show close to 16,000 CAD for myself and my spouse.

1. Should i have the amount ready in my account while creating the Express entry profile (Pre ITA phase) or should i have this amount ready while submitting my application after i receive the ITA ? I have around 12,000 CAD, need one month time to arrange the rest of the funds. Should i wait for creating a profile till i get the funds ?

2. Can i show funds in my spouse's bank account ?

You do not need to show POF at the point of Express Entry. However, if your CRS points are high enough and that you are able to confidently know that you will get ITA in the next draw, you will have that 90 days window to show POF.

You should have the money ready NOW.

Yes, you can show funds using your spouse bank account as both of you are part of the application. If both of you have a joint account showing that money totalling up to CAD 16K, you are good.

 

[kennerve]

Hey guys
What would happen if I have a loan since 2015 and the remaining balance is about 23000$. I curently have in my checking acount 17000$ to proof that I can support myself and my wife.
How will that work?
Thanks

Firstly, you have to declare you have a loan. The balance of the $17K you mentioned.. is it part of the loan? Note on the below under CIC website regarding POF:

What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access them to use to settle here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you are keeping money.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

 

[Rk Gunner]

Hey Guys,

I have been grateful for all the information you have given me regarding POF. But I kind of have an situation here. Its going to be a long post. Please bear with me.

I was hoping to get the funds transferred from my parents(in Nepal currently) to my bank at US. But apparently, none of the banks in Nepal are allowed to send me the money(Central Bank rule). I also thought of Western Union or Moneygram and it looks like they cannot do anything about it either.

So I have been thinking of preparing two gift deeds. One from my parent to one of their friend who lives in US but is currently in Nepal. And another gift deed from him to me once he returns to US. And I am also planning to write LOE explaining why we did this. Will it be an issue?

Am I complicating the whole process? Is there any simpler ways to do this? Am I missing the whole point?

Any insights on the matter please. Thank you

 

[Maverick007]

16K, you are good

Thanks a lot for the information. I dont have a joint account with my spouse but she has her own account. I hope fund in that account should be fine to show as she will be part of the application.

I have 435 points and my wife can have 440 points if she becomes the primary applicant and cut off for Aug 2nd draw was 441, looking forward for next draw.

Thanks

 

[sundar17feb99]

Hey Guys,

I have been grateful for all the information you have given me regarding POF. But I kind of have an situation here. Its going to be a long post. Please bear with me.

I was hoping to get the funds transferred from my parents(in Nepal currently) to my bank at US. But apparently, none of the banks in Nepal are allowed to send me the money(Central Bank rule). I also thought of Western Union or Moneygram and it looks like they cannot do anything about it either.

So I have been thinking of preparing two gift deeds. One from my parent to one of their friend who lives in US but is currently in Nepal. And another gift deed from him to me once he returns to US. And I am also planning to write LOE explaining why we did this. Will it be an issue?

Am I complicating the whole process? Is there any simpler ways to do this? Am I missing the whole point?

Any insights on the matter please. Thank you

Have you considered making a fixed deposit? In that case, the amount of time a bank can hold the amount varies with each banks, so go with the bank where you have maintain the amount not more than 6 months.
On the other hand, even if your parents send you the money, bank statements will show a bulk transaction since the transaction happened within six month which you need to be explain in your LOE. Gift deed is acceptable within your family circle (Mom,dad,sis,bro) anything other than that would cause confusion.

I found this for you through google, believe it would be of help

• Go to the nearest NBL or any other bank remitting agent (agent also include the branch of the bank), (make sure that bank recognized by Nepal Rastriya Bank), you can also choose SBI etc..
• Ask for 'Send Request Form'
• Fill the personal information and the beneficiary information as requested.
• Fill the amount for remittance.
• If cash transfer you are provided the secrete key else not.
• Convey the secrete key to the beneficiary securely and guide him/her to receive the remitted amount from specific branch/agent of NBl remit product.

 

[stepover]

Hi all,

In reviewing your PR application, is it expected that if your have up to 10 years working experience, you should have reasonable level of savings to migrate and not rely on gift deed for POF for family of 4. Can you be rejected because of this?
I am asking because myself and spouse have assets above the required funds which we are trying to sell, but it will take time. However, I can be gifted the funds from family. Can I go ahead with the gift deed.

Thanks in advance

 

[gauravpande]

Hullo friends! I've received the express entry ITA on 2nd of August.

I have a very specific query about getting the proof of funds part of the eAPR application correct.

In a nutshell, my wife is the primary applicant and her father submitted the equivalent of CAD 15k to her account just one day before the ITA. We've got the gift deed prepared and also ready to show the agreement of sale of her father's house through which he got the money. But my fear is that this might not be sufficient as we've not held that money for six months. I'm also ready to show another CAD 15K in my account (I'm accompanying spouse) that my mother transferred to me about 2.5 months back for which also I have the gift deed.

I don't want to go wrong with the POF and screw up my application. We have 479 CRS points.


Thanks and regards,

Gaurav