Proof of Funds (Express Entry)

[NJ_SKG]

Dear Senior Members,

We am planning to take 13K$ personal loan (in my spouse name who is also a co-applicant) from her salary bank in India to add in our POF for EE/PR.

Kindly advise the best approach for us when applying for the EE:
1. Should I transfer this entire loan amount from her bank account to my saving account & get an authorization letter from her to show it as a POF ?
2. Should I put this money in FD in our joint or PA name and enclose the FD certificate as a POF while applying for the EE/PR ?
2. Since the 13K$ gonna be laying in her saving account. After 6 months or so when applying for EE/PR, should I show her this bank statement (along with my own a/c) as a POF ?

Since this personal loan is a liability (but in spouse name) from CIC point of view, can they question me or my spouse about the source of 13K ?

Thanks,
SKG

 

[crescent_jam]

Dear Senior Members,

We am planning to take 13K$ personal loan (in my spouse name who is also a co-applicant) from her salary bank in India to add in our POF for EE/PR.

Kindly advise the best approach for us when applying for the EE:
1. Should I transfer this entire loan amount from her bank account to my saving account & get an authorization letter from her to show it as a POF ?
2. Should I put this money in FD in our joint or PA name and enclose the FD certificate as a POF while applying for the EE/PR ?
2. Since the 13K$ gonna be laying in her saving account. After 6 months or so when applying for EE/PR, should I show her this bank statement (along with my own a/c) as a POF ?

Since this personal loan is a liability (but in spouse name) from CIC point of view, can they question me or my spouse about the source of 13K ?

Thanks,
SKG

If I'm understanding you correctly - you plan to use the funds garnered through a personal loan as your settlement funds for Canada? Is that right?
Because if it is, you CANNOT use a loan as proof of funds for settlement. This is expressly stated by IRCC. The funds you claim for settlement must be yours, free and clear, and unencumbered; they must not be borrowed from anyone. If IRCC finds out you did this and tried to pass of the funds from the loan as your own funds, I'm pretty sure you application will be refused.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[hamgha]

m

Dear Senior Members,

We am planning to take 13K$ personal loan (in my spouse name who is also a co-applicant) from her salary bank in India to add in our POF for EE/PR.

Kindly advise the best approach for us when applying for the EE:
1. Should I transfer this entire loan amount from her bank account to my saving account & get an authorization letter from her to show it as a POF ?
2. Should I put this money in FD in our joint or PA name and enclose the FD certificate as a POF while applying for the EE/PR ?
2. Since the 13K$ gonna be laying in her saving account. After 6 months or so when applying for EE/PR, should I show her this bank statement (along with my own a/c) as a POF ?

Since this personal loan is a liability (but in spouse name) from CIC point of view, can they question me or my spouse about the source of 13K ?

Thanks,
SKG

major no, can do you more harm than good

 

[optimus_prime]

Dear Forum Members,

Please advice me on the following:
1. The bank account that I had in my home country, opened around 2010 has no significant balance and is dormant (blocked) now because of the lack of transaction.
2. I used to live and work abroad and all my savings while i was working abroad were transferred from time to time to my parent's bank account in home country.
3. Now I have returned to my home country since last 10 months and I am unemployed. So i still don't have a bank account.

Now, considering the things above, I am trying to show entire amount of POF as a gift deed from my father. He has enough funds in his account maintained since long time and regular transactions. I have opened a new bank account in my home country (yesterday). So I will include:
1. my father's bank statement for past 6 months,
2. his balance certificate issued by bank shown in CAD,
3. a notarized gift deed
4. scanned copy of the cheque used to transfer the amount,
5. balance certificate of my new account. (after depositing the cheque given as gift by my father)
6. certified relation certificate between my father and me.

Is this good enough? Will my new bank account raise any flags? Is there anything else I will need to do to make my POF more solid?

I will not have my 6 month statement. Is that alright?

Please advice.

Thankyou very much.

P.S. I have already received my ITA and planning to submit my application next week.

 

[alanvan1510]

Hi guys,
What does CIC mean by 6 month average balance. Is it just the closing balances for the past 6 months? Or is it the weighted average balance for every month for the past 6 months?
My concern here is: I have received the letter from my bank indicating the closing balances for all the past 6 months. Do you think I need to submit my 6 month statements indicating all transactions together with this letter or would this letter is sufficient by itself?

 

[crescent_jam]

Hi guys,
What does CIC mean by 6 month average balance. Is it just the closing balances for the past 6 months? Or is it the weighted average balance for every month for the past 6 months?
My concern here is: I have received the letter from my bank indicating the closing balances for all the past 6 months. Do you think I need to submit my 6 month statements indicating all transactions together with this letter or would this letter is sufficient by itself?

It can be either. CIC isn't really so concerned about how much money you had in the past 6 months, so much as they're looking for a huge unexplained jump or jumps in your balance that could possibly be the proceeds from a loan you're trying to pass off as your own, unencumbered funds (you can't use money from a loan to satisfy proof of funds). Definitely submit your bank statements for the last 6 months along with the letter, as this will give CIC further evidence that none of the deposits made to your account over the last 6 months warrant suspicion (I assume ) but otherwise, both quoting the closing balance for each of the last 6 months, and providing the average balance for the past 6 months, are acceptable in the letter.

 

[thunguyen]

Hi everyone,
Please advise:
I'm expecting my ITA in the next round. Does the required amount of funds for Express Entry Program need to be in my bank account for 6 months ago, or can I just add in more money now because I'm not having enough money in my bank account now.
Thanks so much for any idea.

 

[deepaksisodia079]

Hi everyone,
Please advise:
I'm expecting my ITA in the next round. Does the required amount of funds for Express Entry Program need to be in my bank account for 6 months ago, or can I just add in more money now because I'm not having enough money in my bank account now.
Thanks so much for any idea.

the funds should be six months old and unencumbered

 

[sainathreddy]

CIC's official page for proof of funds includes these wordings:

• cash
• documents that show property or capital payable to you, such as:
  • stocks
  • bonds
  • debentures
  • treasury bills
• documents that guarantee payment of a set amount of money, which are payable to you, such as:
  • banker's drafts
  • cheques
  • travellers’ cheques
  • money orders).

As a result I proceeded to apply for my EE with approximately 60-70% of my POF in mutual funds, shares. Although I am yet to receive my PPR (currently in IP2), as per the analysts comments in my GCMS notes the proof of funds have been met.

Hi All,
I am from Hyderabad, India and this is my first post on the forum, but a long time silent observer

I got the required cutoff score in IELTS yesterday, as such I did not update my EE profile yet.
I am trying to start of the documentation and the first hurdle I see for the PoF. I have a few queries regarding the PoF and would like the seniors/experts clarify them.

I have stocks under the Restricted Stocks and Employee Stock Purchase Plan worth around US $10K, from my current employer. These are sellable stock as of today, but as the stock price is very low, I am holding off from selling them.
I have around 2L currently in my salary account and another 1L in a Recurring Deposit in another (different) bank account.

My question is, Can I show the stock as my PoF? If yes, Is the statement downloaded from website enough? The website is ETrade. Can someone point me how to get the statement from ETrade which is acceptable for CIC?

Another point is, I am currently working for the past 10yrs in Software domain and have around INR 10L in Provident Fund accounts (2 accounts). Can I use the funds in PF accounts to show that I meet the criteria? If yes, What document do I need to get?

Thanks in advance.

 

[cgms1231]

Hello everyone!

I received a refusal letter from CIC because they say that my current account balance is below what they require for a family of two (which is more than CAD15,000 - they said I only have CAD12,000). When I try to compute it myself, I have around CAD20,000. I already sent an enquiry to IRCC to ask for further explanation but it has already been two weeks since they told me they've forwarded it to the responsible office and I still haven't received any response yet. Do you have any advice on this? Do you think I should just submit another express entry profile (CRS is 433)?

 

[Ginni0890]

Hello friends, I have partial funds in my spouse account. how can I declair that I have access to these funds. Pl help

 

[Ginni0890]

Hello everyone!

I received a refusal letter from CIC because they say that my current account balance is below what they require for a family of two (which is more than CAD15,000 - they said I only have CAD12,000). When I try to compute it myself, I have around CAD20,000. I already sent an enquiry to IRCC to ask for further explanation but it has already been two weeks since they told me they've forwarded it to the responsible office and I still haven't received any response yet. Do you have any advice on this? Do you think I should just submit another express entry profile (CRS is 433)?

I have seen in cic site that all funds must be in PA acount or in a joint account with accompaniyng spouse.Pl check all your account whether these are in joint name

 

[Sam$]

can Provident fund documents be used as proof of funds ?

U r talking about EPF or PPF?
To my understanding, EPF is unencumbered while PPF is encumbered

 

[Ginni0890]

Hello Dear Friends, Can I show my EPF account as POF and how much %age of balance in EPF account they consider as POF. As for I know, I can withdraw entire amount in one go from EPF account . Thanks

 

[sainathreddy]

Hi All,
I am from Hyderabad, India and this is my first post on the forum, but a long time silent observer

I got the required cutoff score in IELTS yesterday, as such I did not update my EE profile yet.
I am trying to start of the documentation and the first hurdle I see for the PoF. I have a few queries regarding the PoF and would like the seniors/experts clarify them.

I have stocks under the Restricted Stocks and Employee Stock Purchase Plan worth around US $10K, from my current employer. These are sellable stock as of today, but as the stock price is very low, I am holding off from selling them.
I have around 2L currently in my salary account and another 1L in a Recurring Deposit in another (different) bank account.

My question is, Can I show the stock as my PoF? If yes, Is the statement downloaded from website enough? The website is ETrade. Can someone point me how to get the statement from ETrade which is acceptable for CIC?

Another point is, I am currently working for the past 10yrs in Software domain and have around INR 10L in Provident Fund accounts (2 accounts). Can I use the funds in PF accounts to show that I meet the criteria? If yes, What document do I need to get?

Thanks in advance.

Anyone, please help on the "Stocks" situation?