Proof Of Funds (POF) queries

[secret.simon]

I have a few queries about the Proof Of Funds required for an Express Entry application.

a) Do the funds have to be in a bank account or can they be invested in mutual funds and other financial instruments/insurance policies (not stocks)? Would statements from mutual funds and insurance companies be accepted as funds that can be liquidated on request?

b) Do the funds need to have been held for a certain period of time? I understand that statements are required for six months, but is it a requirement for the funds to have been held for that period of time or can a subsequent infusion of funds be acceptable (with an explanation), if required?

c) Somebody has advised us that in the case of a joint account (which is set to "Either or Survivor"), the applicant's name must be the first name on the account and that if it is the second name on the account, that account won't be taken into consideration for Proof Of Funds. That does not sound correct to me, as the second account-holder can access the funds on the same terms as the first. Is that advice correct?

d) I read on one of the other older threads (2010) on this forum that the assessment of Proof Of Funds is delegated to the various country offices for CIC. I presume that that is no longer the case and that there is at least a modicum of standardisation in the process. Is that presumption correct?

 

[primaprime]

a. The more liquid your funds are, the better. A mutual fund can't be used to pay rent or buy food.
b. They want to see a consistent balance over those six months, which shows financial sufficiency/responsibility. A sudden large deposit is suspicious because who knows if that amount will still be there by the time you get to Canada?
c. Beyond my paygrade, sorry.
d. Every office follows the same rules, but they are given a bit of discretion based on their knowledge of exact banking/documentation practices in that country, common local frauds, etc. This shouldn't be an issue if you actually have the money.

 

[secret.simon]

Thank you for your response.

a. The more liquid your funds are, the better. A mutual fund can't be used to pay rent or buy food.

I agree, but while the application is still in the Express Entry queue, can we use that as Proof Of Funs without liquidating the funds? The liquidating can the occur later on in the process, when the applicant gets the relevant approval (sorry, I'm not conversant with all the relevant steps and terminology. I'm trying to help my brother who is the actual applicant).

b. They want to see a consistent balance over those six months, which shows financial sufficiency/responsibility. A sudden large deposit is suspicious because who knows if that amount will still be there by the time you get to Canada?

If there is a large deposit within six months, what would be the appropriate documentation to show that the funds will remain available?

 

[kabayan]

I have a few queries about the Proof Of Funds required for an Express Entry application.

a) Do the funds have to be in a bank account or can they be invested in mutual funds and other financial instruments/insurance policies (not stocks)? Would statements from mutual funds and insurance companies be accepted as funds that can be liquidated on request?

b) Do the funds need to have been held for a certain period of time? I understand that statements are required for six months, but is it a requirement for the funds to have been held for that period of time or can a subsequent infusion of funds be acceptable (with an explanation), if required?

c) Somebody has advised us that in the case of a joint account (which is set to "Either or Survivor"), the applicant's name must be the first name on the account and that if it is the second name on the account, that account won't be taken into consideration for Proof Of Funds. That does not sound correct to me, as the second account-holder can access the funds on the same terms as the first. Is that advice correct?

d) I read on one of the other older threads (2010) on this forum that the assessment of Proof Of Funds is delegated to the various country offices for CIC. I presume that that is no longer the case and that there is at least a modicum of standardisation in the process. Is that presumption correct?

In general, proof of funds are money that are readily available to you that shows that you are ready to immigrate and ready to support yourself when you come to Canada. Large deposits that cannot be traced from salary/business/investments will be a bit questionable. If you have doubts in the documentation you are presenting, imagine what doubts the visa officer has when they review your documents. (and remember they have seen a whole lot and know what to look for)

You may refer to the portion, What we accept as proof portion in the below link;

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

 

[Eddie12]

for POF ,can i take half money from my sister as gift deed and use half of my money to total the 13310CAD to keep in the bank?