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Proof of Funds - Help!

Fitztorious

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CEC through Express Entry now requires proof of funds of at least $11,931 for 1 applicant with no dependents which you have to prove when you get your ITA.

1. Can this include a down payment already deposited under the principal applicant on pre-construction retail property (Condo) in Canada? Would proof of these payments be good enough to satisfy the "proof of funds" when cash/capital alone will not meet the $12,000 requirement?

2. The principal applicant is already working in Canada under an open work permit (PGWP) at a non-LMIA approved permanent full time position with an annual salary. Is providing a T4 satisfactory for the "proof of funds" if retail property can not be used?

3. If neither of the above can be used, the applicant is also in a common-law relationship with a Canadian citizen (me). We just opened a join account and will be depositing at least $12k into it but if she gets an ITA within the next 6 months they will see that the account was recently opened and might refuse this as proof of funds. Could this happen?

She's slowly saving her salary and I am saving as well but her assets alone are not over $12k (combined they are). CIC is unclear about how to go about proof of funds when in a common law relationship (3+ years) with a Canadian citizen. I don't want to get an ITA and then have the application refused due to lack of funds.

(small rant incoming :mad:)
We're about to give up on the Express Entry route and do Spousal Sponsorship instead since Canada appears to have no interest in letting international students live in Canada after graduation. Even when the applicant graduated with honours, paid very high tuition, obtained a good paying permanent job in her sector (not good enough for LMIA), has lots of Canadian friends and is a contributing member to Canada's economy/society.

One more thing regarding the comments here (can't post link): theglobeandmail.com/news/national/new-immigration-rules-risk-leaving-international-students-behind/article22886693/

I would like to apologize on the behalf of all Canadians. Those comments were made by old conservative folk who are completely out of touch with the younger generation and the current job market. "They took our jobs" kind of retort. Luckily they are the minority that happen to hang out in the Globe and Mail comments section. Hell, I have tons of lazy Canadian friends who have recently graduated University in Canada that are the most unmotivated people and couldn't hold a professional job for a year if their life depended on it. Then you have these hard working international students who are doing whatever it takes to find a job and embrace Canadian culture and then get screwed over by constantly changing government immigration policies.
(end rant)
 

jes_ON

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rant appreciated : )

Unfortunately, proof of funds has to be in liquid assets, real estate doesn't count. But as long as the account(s) has her name on it, it will *probably* be accepted.

You might be better off with a family class application... (or, both...)
 

mf4361

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Do CEC require Proof of fund? I thought that's only for FSWP (Although you will need to put into EE profile for sure)

I think GIC and bonds and other type of cash equivalents also counts. Unfortunately, not real estate.
 

Fitztorious

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Ahh thanks for the quick reply jes_ON. You confirmed what I was thinking about real estate. A joint account should be acceptable as poof of funds since it has her name on it but it would be nice to know 100%. I don't mind sending money to her account but CIC usually requests 6 months of statements so a large deposit would likely be questioned. Whether they would accept that deposit as a permanent gift is questionable. We plan to use it together anyway on a mortgage in 2-3 years so to us we rather hold it in our separate TFSA accounts for tax purposes since there is no such thing as a joint TFSA account.

For now I will just deposit the money into her account and then hopefully she gets and ITA after August but I have a feeling it will be before that. If the minimum scores don't drop low enough then we will start the expensive spousal sponsorship application.

That being said I would be appreciative if anyone can confirm that the funds in a joint account with a common-law partner who is Canadian is acceptable "proof of funds"?
 

jes_ON

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mf4361 said:
Do CEC require Proof of fund? I thought that's only for FSWP (Although you will need to put into EE profile for sure)
Unfortunately, they've changed the wording so that only those with "arranged employment" (LMIA-supported permanent job offer) are exempt. So it looks like many CEC applicants may have to meet the POF requirement, too.

Gifts are not allowed. A strategy to consider would be to add her name to your account.
 

Fitztorious

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From here: cic.gc.ca/english/immigrate/skilled/funds.asp
  • documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.)

I guess that doesn't include owning real estate,only if someone is paying you rent?

Thanks again jes_ON, I will be adding her name to my account. She's already the beneficiary but I don't think CIC cares about that for proof of funds.

mf4361, look here: cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp
Mandatory documents for all applicants:
Proof of funds
 

mf4361

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Fitztorious said:
From here: cic.gc.ca/english/immigrate/skilled/funds.asp
  • documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.)

I guess that doesn't include owning real estate,only if someone is paying you rent?

Thanks again jes_ON, I will be adding her name to my account. She's already the beneficiary but I don't think CIC cares about that for proof of funds.

mf4361, look here: cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp
Thanks
 

purplesnow

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Fitztorious said:
CEC through Express Entry now requires proof of funds of at least $11,931 for 1 applicant with no dependents which you have to prove when you get your ITA.

1. Can this include a down payment already deposited under the principal applicant on pre-construction retail property (Condo) in Canada? Would proof of these payments be good enough to satisfy the "proof of funds" when cash/capital alone will not meet the $12,000 requirement?

2. The principal applicant is already working in Canada under an open work permit (PGWP) at a non-LMIA approved permanent full time position with an annual salary. Is providing a T4 satisfactory for the "proof of funds" if retail property can not be used?

3. If neither of the above can be used, the applicant is also in a common-law relationship with a Canadian citizen (me). We just opened a join account and will be depositing at least $12k into it but if she gets an ITA within the next 6 months they will see that the account was recently opened and might refuse this as proof of funds. Could this happen?

She's slowly saving her salary and I am saving as well but her assets alone are not over $12k (combined they are). CIC is unclear about how to go about proof of funds when in a common law relationship (3+ years) with a Canadian citizen. I don't want to get an ITA and then have the application refused due to lack of funds.

(small rant incoming :mad:)
We're about to give up on the Express Entry route and do Spousal Sponsorship instead since Canada appears to have no interest in letting international students live in Canada after graduation. Even when the applicant graduated with honours, paid very high tuition, obtained a good paying permanent job in her sector (not good enough for LMIA), has lots of Canadian friends and is a contributing member to Canada's economy/society.

One more thing regarding the comments here (can't post link): theglobeandmail.com/news/national/new-immigration-rules-risk-leaving-international-students-behind/article22886693/

I would like to apologize on the behalf of all Canadians. Those comments were made by old conservative folk who are completely out of touch with the younger generation and the current job market. "They took our jobs" kind of retort. Luckily they are the minority that happen to hang out in the Globe and Mail comments section. Hell, I have tons of lazy Canadian friends who have recently graduated University in Canada that are the most unmotivated people and couldn't hold a professional job for a year if their life depended on it. Then you have these hard working international students who are doing whatever it takes to find a job and embrace Canadian culture and then get screwed over by constantly changing government immigration policies.
(end rant)
Hey, for CEC there's no minimum fund requirement. that $11, 931 is for FSW applicants. If she's going under CEC you just need to tell them how much she has in savings and can prove, there's no minimum.
 

Auone

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I think POF is not a requirement for CEC.....the instructions for mandatory documents seem general for all applicants......If POF was a requirement, every applicant who qualified for CEC under EE would have automatically qualified to FSW, which is not true.
 

Fitztorious

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purplesnow said:
Hey, for CEC there's no minimum fund requirement. that $11, 931 is for FSW applicants. If she's going under CEC you just need to tell them how much she has in savings and can prove, there's no minimum.
Hmm, I'm hoping that is the case. Anyone going the CEC route with an ITA able to confirm? It seem very counter intuitive for someone in Canada with a full time permanent position requiring proof of funds even though they are already successfully supporting themselves while working.
 

Fitztorious

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Auone said:
I think POF is not a requirement for CEC.....the instructions for mandatory documents seem general for all applicants......If POF was a requirement, every applicant who qualified for CEC under EE would have automatically qualified to FSW, which is not true.
I've never thought of it like that before. Logically POF shouldn't be a requirement for those going the CEC route. If you do find out anything for sure please let me know! I will be phoning CIC in the next while to see if they can clarify. We're still presumably a couple months away from getting an ITA so no rush right now but don't want any surprises coming up in the 60 day window to get all the documents ready.

However! I do remember a forum member posting that he got an ITA for FSW even though he qualified for CEC. If that happens POF would be required.
 

Auone

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Yeah I read that guy's post, and I think he qualified for both because he entered high-enough funds.

I for example, didn't have that much funds, and my EE profile shows I qualify only for CEC
 

purplesnow

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yeah the only difference between CEC & FSW eligibility is the proof of funds. (Actually ECA is required for FSW, but optional for CEC but considering everyone is doing it to bump up points I'm discounting it).
The EE application is generic, it asks everyone the same questions to determine which route you're eligible for. There's no minimum for CEC so if you don't have the $12,000 just put in what you have. If you do have it, you'll be eligible for FSW too.
 

jes_ON

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Auone said:
I for example, didn't have that much funds, and my EE profile shows I qualify only for CEC
Hope it works like that - It's true that the revised program pages show POF for FSW but has not been added to CEC pages... here's hoping!
 

Auone

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jes_ON said:
Hope it works like that - It's true that the revised program pages show POF for FSW but has not been added to CEC pages... here's hoping!
Thanks for the wishes.......yeah I sincerely hope it works like that, otherwise, I'll have to wait for a long time while saving $18000 something for a family for three