Proof of Funds (Express Entry)

[blackh0le]

I have 3 bank accounts. one out ove which is a salary account and other too I hardly use mush and just have minimum balance in them. I also have a home loan and the EI gets paid from the salary account. Also hold only one credit card which is 0 balance as of now, nothing due there.

Question:
- Do I have to show 6 month statements for all 3 accounts?
- Do I have to show details of my Home Loan? If yes, what do i need to show
- Does Home loan affects my PoF total? Do I have to show PoF as Home Loan debt amount + the PoF amount?
- Do I have to show Credit Card statement?
- My salary account has 25% of my PoF balance which is from salary saving and the amount might not be 6 months older as there are regular transactions happening, Do I have to show salary sleeps to prove those 25% poF?
- 25% comes from a EPF and Ill get a statement from the pf office. Another - 25% will be a gift deed from father.
- Remaining 25% is coming from selling my car, bike and other stuff like costly hobby equipment etc. What proof can I show for these ? or do i just add it to my father's gift deed ?

Please help, I am more worried about the home loan questions.

 

[Jaywalker]

No....computer generated are not acceptable....sign and stamp is mandatory...

I was checking CIC website. It mentions that the letter should be on the letter head and it should have the address, email and telephone. It nowhere mentions that it should have sign and stamp. Am I missing something?
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

 

[tobs]

Hi,

Part of my Proof of Funds money would be gifted by my father. I have the following questions:

A) Is it okay if it's transfered via internet banking as opposed to a cheque? I'm asking this because the gift deed formats I've seen so far mention cheque details only.

B) When should I get the gift deed and affidavit? Before, after or on the day of transfer? Or anytime would work?

C) My father's name, as spelled in his bank account, is different from what it is in my documents — difference of a letter in his first name. Would this be an issue? If yes, how do I remedy this?

Anything else I should know about this?

Thanks.

I'm interested in the answer to this, because my dad transferred to me via internet banking.
Also I'm still months away from needing to provide pof, I'm just trying to gather the money early enough.

 

[HARMAN08]

If you have LMIA, then you do not need to show PoF.

I am not so sure about that. The CIC site says :
"Note that you do not need proof of funds if you are currently:

• authorized to work in Canada and
• have a valid job offer"

Now, if one has a valid job offer, it doesn't mean he or she is "authorized to work in Canada" as well. I believe both conditions are to be met in order to be exempt from showing funds. Will appreciate an expert advise though.

 

[HARMAN08]

On the bank letterhead ,my bank wrote it like this is to certify that Parmeet kaur D/O Jagmohan singh is having these savings in her account ....Rest everything is mentioned like account open date,address,account no,the amount in total as fixed deposit n every detail about bank too...Someone told me that father's name shouldn't be written on letterhead .Kindly reply .I'm much worried as the bank gave me this letter after much struggle.Many are saying that it's normal if it's written..Any expert advise would be highly appreciated as I m really fearstricken at this point of time..
TIA

I don't think father's name should cause any trouble at all. Longer it is reflecting your name and some sort of identification number i.e .Aadhar card etc. The account will show if it is a joint account or own. The problem arises if it is a joint account. In your case it is not(" ... is having these savings in her account"), so no need to stress.

 

[tanmaisneha]

I am not so sure about that. The CIC site says :
"Note that you do not need proof of funds if you are currently:

• authorized to work in Canada and
• have a valid job offer"

Now, if one has a valid job offer, it doesn't mean he or she is "authorized to work in Canada" as well. I believe both conditions are to be met in order to be exempt from showing funds. Will appreciate an expert advise though.

The below links make the PoF requirement clear -
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

And when you click on "have a valid job offer" it takes you to the below page -
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/offer-employment.html
It states the job offer should meet the requirements of Express Entry.

Tanmai

 

[HARMAN08]

The below links make the PoF requirement clear -
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

And when you click on "have a valid job offer" it takes you to the below page -
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/offer-employment.html
It states the job offer should meet the requirements of Express Entry.

Tanmai

Yes, I understand that. I quoted the above from the suggested link - but I believe to qualify as "authorized to work in Canada" you will need a work visa.
In fact I'd be really happy if LMIA could exempt you from showing funds. I am expecting an LMIA soon myself. That is why I said, an expert advice will be much appreciated.

 

[tanmaisneha]

Yes, I understand that. I quoted the above from the suggested link - but I believe to qualify as "authorized to work in Canada" you will need a work visa.
In fact I'd be really happy if LMIA could exempt you from showing funds. I am expecting an LMIA soon myself. That is why I said, an expert advice will be much appreciated.

Here is another thread discussing the same.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-lmia-exempt-fsw.318479/

Tanmai

 

[HARMAN08]

Here is another thread discussing the same.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-lmia-exempt-fsw.318479/

Tanmai

Thanks Tanmai,

I went through the discussion. At one place it says "CIC does explicitly ask for POF from everyone except the LMIA bunch but applicants working in Canada..."

I am not sure what became of those who are not currently working or residing in Canada but have received LMIA and a job offer. The above discussion doesn't explain the scenario in detail. I am sure somewhere on this site there must be a discussion which would explain all my questions but couldn't find one so far.

 

[sudeep1201]

You need to show liquid cash - value of your car, bike really doesn't matter. EPF isn't consider as PoF either. However you can show your PPF statement.

I also had a similar situation with car loan in one of my accounts - here's what I did.

I showed six months statement for the account where I had no EMIs or loans
In one of the other accounts I converted the money received from my parents to FD and submitted the FD statement/ receipt (given by the bank)

Any liabilities shown in your bank account would affect your PoF

I have 3 bank accounts. one out ove which is a salary account and other too I hardly use mush and just have minimum balance in them. I also have a home loan and the EI gets paid from the salary account. Also hold only one credit card which is 0 balance as of now, nothing due there.

Question:
- Do I have to show 6 month statements for all 3 accounts?
- Do I have to show details of my Home Loan? If yes, what do i need to show
- Does Home loan affects my PoF total? Do I have to show PoF as Home Loan debt amount + the PoF amount?
- Do I have to show Credit Card statement?
- My salary account has 25% of my PoF balance which is from salary saving and the amount might not be 6 months older as there are regular transactions happening, Do I have to show salary sleeps to prove those 25% poF?
- 25% comes from a EPF and Ill get a statement from the pf office. Another - 25% will be a gift deed from father.
- Remaining 25% is coming from selling my car, bike and other stuff like costly hobby equipment etc. What proof can I show for these ? or do i just add it to my father's gift deed ?

Please help, I am more worried about the home loan questions.

 

[HARMAN08]

Here is another thread discussing the same.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-lmia-exempt-fsw.318479/

Tanmai

Check this thread, confirming my doubts: https://www.canadavisa.com/canada-immigration-discussion-board/threads/a-valid-lmia-job-offer-may-help-to-dispense-the-proof-of-funds.297997/

 

[blackh0le]

You need to show liquid cash - value of your car, bike really doesn't matter. EPF isn't consider as PoF either. However you can show your PPF statement.

I also had a similar situation with car loan in one of my accounts - here's what I did.

I showed six months statement for the account where I had no EMIs or loans
In one of the other accounts I converted the money received from my parents to FD and submitted the FD statement/ receipt (given by the bank)

Any liabilities shown in your bank account would affect your PoF

My question here really is, as for money received from parents we show proof of gift deed, what proof can we show for money received by selling car and other things? Its almost 5k CAD and i dont have any receipt or anything for selling used car, bike, hobby equipment, etc.

What proof can be shown for that money?

 

[jmelk]

For calculating the $12,475 required - do they take your Cash available (checking and savings accounts) minus your outstanding Debt (credit cards)?

I have $13K in checking/savings but then $3K in credit card debt - all at the same bank going on the same letter.

 

[bimale4bipeople]

All - I am a NRI and I have a NRE/NRO account and a set of FD's with Citibank in India. I spoke to them and they agreed to provide a letter as per my requirements. However there is a problem - as per them they will only give me a computer generated letter which will have citibank logo but it will not have a signatory name with a sign and stamp. They want me to personally visit India or send someone on my behalf to get this letter from a citibank branch for it to be signed by someone.

Is the computer generated letter with all the details of bank with logo sufficient?

Better to take a doc with signature and stamp on it. If a family member can collect the letter on your behalf (send them with a some kind of authority letter) it will be great imho

 

[bimale4bipeople]

My CRS score is 472 i will get an invite most probably next month.I have transferred money from my fathers account and got a FD done for 7 lakh ruppees today itself.Am i going to be rejected if i apply.Please tell me what can happen I am really worried.

They are looking for liquidated cash in your account. If you meet this level it’s fine. Non Cashable-FD does not work if you don’t have required liquidated funds in your account.
The reason a case officer wants to see these funds is the fact once you land here you should have that much money available for normal day to day expenses and emergency purposes. You get health cover only after 90 days of landing in the country

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