Proof of Funds (Express Entry)

[tichupichu]

what is family means actually?
if I'm single and wants to apply for myself then i need to show funds only for one person, right?

It means you and your dependents that you want to sponsor under your application. Wife/Legal partner, children both biological and adopted.

 

[ehabfathymoh101]

Regarding POF..I have a car that when sold, would give me the ((HALF)) of the settlement required and I can manage to have the other half in my bank account in cash from employment salary..Can I get an EE file and when I receive my ITA, would sell my car to get the other half in my account ?? ( knowing that I have only 90 days to complete my documents, money in my account wouldn't have the 6 months period required by CIC )
so..
1-WAIT to complete the settlement funds from my employment salary and disregard the car in my POF
or
2-GO ON for EE file and when I receive my ITA, I could sell the car and put the money in my account and present it as my POF with the other cash half ( and how can I present a supporting document explaining the big amount of money in my account after ITA ??)

Waiting for your valuable feedback...

 

[tichupichu]

Regarding POF..I have a car that when sold, would give me the ((HALF)) of the settlement required and I can manage to have the other half in my bank account in cash from employment salary..Can I get an EE file and when I receive my ITA, would sell my car to get the other half in my account ?? ( knowing that I have only 90 days to complete my documents, money in my account wouldn't have the 6 months period required by CIC )
so..
1-WAIT to complete the settlement funds from my employment salary and disregard the car in my POF
or
2-GO ON for EE file and when I receive my ITA, I could sell the car and put the money in my account and present it as my POF with the other cash half ( and how can I present a supporting document explaining the big amount of money in my account after ITA ??)

Waiting for your valuable feedback...

If the car is under your name you can easily go for option B. you will just need to attach the sale deed and explain this situation in LoE. if you can also prove the money trail by metnioning the cheque number / bank transfer number in the sale deed that's better.

I assume your other half would be in the account for more than six months at the time of submitting the application.

 

[devd1986]

Hi All.

I recently got divorced. I am planning for creating express entry profile. I got some amount as alumni money from my ex-husband as part of mutual settlement.
Can I show that amount as proof of funds?
Do I need any kind of letter/Deed/Declaration from my ex-husband?
Will divorce paper will be sufficient if it is mentioned on the divorce paper?

Sorry for too many question.

Please suggest.

Thanks in advance.

 

[neljo]

Hello,

My Father-In-Law (FIL) is funding the money for my PR processing. He will transfer the money into my account in the next few days and I am planning to apply for express entry by end of the month. My IELTS is done and WES is in progress.

My questions are,
1) can we do a gift deed done from my FIL to me? Or do I have to show the source in any other way, like sale of car to FIL etc?
2) My account did not have the average required in the last 6 months, but would have more than sufficient balance once my FIL transfers the money. Would the average be a problem?

thanks in advance.

 

[tichupichu]

Hi All.

I recently got divorced. I am planning for creating express entry profile. I got some amount as alumni money from my ex-husband as part of mutual settlement.
Can I show that amount as proof of funds?
Do I need any kind of letter/Deed/Declaration from my ex-husband?
Will divorce paper will be sufficient if it is mentioned on the divorce paper?

Sorry for too many question.

Please suggest.

Thanks in advance.

If the amount is written in the divorce papers and you can prove the money trail by way of cheque number/online transfer (money trail is my recommendation but leave it if not possible) than I think no need for a separate declaration/Deed.

Just attach the divorce papers and explain the situation in the LOE.

 

[tichupichu]

Hello,

My Father-In-Law (FIL) is funding the money for my PR processing. He will transfer the money into my account in the next few days and I am planning to apply for express entry by end of the month. My IELTS is done and WES is in progress.

My questions are,
1) can we do a gift deed done from my FIL to me? Or do I have to show the source in any other way, like sale of car to FIL etc?
2) My account did not have the average required in the last 6 months, but would have more than sufficient balance once my FIL transfers the money. Would the average be a problem?

thanks in advance.

I think a proper gift deed would be sufficient. no need to manipulate the source.

 

[keano16]

Hello,

My Father-In-Law (FIL) is funding the money for my PR processing. He will transfer the money into my account in the next few days and I am planning to apply for express entry by end of the month. My IELTS is done and WES is in progress.

My questions are,
1) can we do a gift deed done from my FIL to me? Or do I have to show the source in any other way, like sale of car to FIL etc?
2) My account did not have the average required in the last 6 months, but would have more than sufficient balance once my FIL transfers the money. Would the average be a problem?

thanks in advance.

A gift deed should be fine. What's your anticipated CRS? I mean if you know that you will get an ITA in the upcoming draw then your avg balance will be low, but if you end up waiting a bit, then your average will be higher.

My bank refused to give me an avg balance figure (lazy bunch) but they gave me statements for the last 6 months

 

[tichupichu]

A gift deed should be fine. What's your anticipated CRS? I mean if you know that you will get an ITA in the upcoming draw then your avg balance will be low, but if you end up waiting a bit, then your average will be higher.

My bank refused to give me an avg balance figure (lazy bunch) but they gave me statements for the last 6 months

if average balance is lower but you can put in the shortfall as a one-off credit and prove the source via gift deed etc then POF requirements are met

Normally most banks doesn't give average balance. Bank statements would suffice

 

[marshalmodern]

Hello,

I know this has been discussed many time but I actually could not get my answer or the scenarios are not matching my situation so I would like to get your advice.

I am applying for PR through express entry and here is the question.

I have 3 accounts in 3 different banks:
Bank 1- Current account where I get my salary (Also has some credit debt)
Bank 2- Saving account in my home country
Bank 3- Account which I have mortgage for the apartment.

Should I declare the Bank3 account? or it is not necessary?


Thanks a lot.

 

[tichupichu]

Hello,

I know this has been discussed many time but I actually could not get my answer or the scenarios are not matching my situation so I would like to get your advice.

I am applying for PR through express entry and here is the question.

I have 3 accounts in 3 different banks:
Bank 1- Current account where I get my salary (Also has some credit debt)
Bank 2- Saving account in my home country
Bank 3- Account which I have mortgage for the apartment.

Should I declare the Bank3 account? or it is not necessary?


Thanks a lot.

You have to disclose all your liabilities so you need to declare all the 3 banks

 

[ehabfathymoh101]

If the car is under your name you can easily go for option B. you will just need to attach the sale deed and explain this situation in LoE. if you can also prove the money trail by metnioning the cheque number / bank transfer number in the sale deed that's better.

I assume your other half would be in the account for more than six months at the time of submitting the application.

Thank you Bro for your valuable reply

 

[keano16]

ye

if average balance is lower but you can put in the shortfall as a one-off credit and prove the source via gift deed etc then POF requirements are met

Normally most banks doesn't give average balance. Bank statements would suffice

Yeah true, so then you are saying time also doesn't matter..like it doesn't have to be deposited 3 to 6 months in advance. Well, I think if someone has a gift deed, that makes sense.

 

[tichupichu]

ye


Yeah true, so then you are saying time also doesn't matter..like it doesn't have to be deposited 3 to 6 months in advance. Well, I think if someone has a gift deed, that makes sense.

Yes, any big credited within last six months must be supported with a proof. a credited older than six months doesn't matter at all as you are only providing six months bank statement

 

[emmann]

Hello
I have a complicated question :/
We have the sufficient amount in bank account statement in the local currency but nowadays the local currency exchange rate dropped markedly in the black market while still the same in the official banks but we can't exchange money in banks
We can only do that in black market.
Would the officer consider us as we don't have enough funds?
Please note my application is in IP2