Proof of Funds Question

[AmericanMovingToCanada]

I have been saving money for Express Entry for a few months now - taking it out of my bank account and keeping it aside in cash. Now that I've gotten my ITA, I opened a savings account and put the required Proof of Funds in, along with a bunch of money my wife and I received for Christmas. Is the fact that I just opened this account going to deter me? Would it help if I included a letter explaining this, and explaining I won't be borrowing from it at all until moving up to Canada? They check it again when crossing the border, right?

I have everything else in order, and I don't want this to be the one thing that halts my application and stops it from going through.

Any light that can be shed on this would be most welcome. Thanks!

 

[Asivad Anac]

Unfortunately, this will hurt your chances. CIC will want you to prove sources of these funds. You'll have to provide conclusive evidence that these funds belong to you and aren't borrowed from anywhere. Proving such a thing for cash is impossible.

Recommend that you get a gift from family/friends and proceed with a signed self-declaration from them about the gift transfer. Search the forum threads for additional details on required documentation.

All the best!

 

[AmericanMovingToCanada]

Unfortunately, this will hurt your chances. CIC will want you to prove sources of these funds. You'll have to provide conclusive evidence that these funds belong to you and aren't borrowed from anywhere. Proving such a thing for cash is impossible.

Recommend that you get a gift from family/friends and proceed with a signed self-declaration from them about the gift transfer. Search the forum threads for additional details on required documentation.

All the best!

Could you elaborate one what kind of signed-declaration from them I would need about the gift transfer? What information they'd have to supply?

 

[Asivad Anac]

Could you elaborate one what kind of signed-declaration from them I would need about the gift transfer? What information they'd have to supply?

A simple signed self declaration on a plain piece of paper dated close to the actual money transfer date. The letter would explicitly mention 'to whoever it may concern' that said individual is gifting you XXXXX CAD for the express purpose of supporting you in settling down in Canada and that this transaction is a gift not a loan hence the monies need not be returned to them at any point in time.

 

[AmericanMovingToCanada]

A simple signed self declaration on a plain piece of paper dated close to the actual money transfer date. The letter would explicitly mention 'to whoever it may concern' that said individual is gifting you XXXXX CAD for the express purpose of supporting you in settling down in Canada and that this transaction is a gift not a loan hence the monies need not be returned to them at any point in time.

Thanks so much for your help!

 

[AmericanMovingToCanada]

I actually have another question -

I have a Checking and Savings account with the bank, but I have a Credit Card (no account linked to it) with another bank; do I need that bank to write me a letter showing my Credit Card balance/statements as well?

 

[Asivad Anac]

I actually have another question -

I have a Checking and Savings account with the bank, but I have a Credit Card (no account linked to it) with another bank; do I need that bank to write me a letter showing my Credit Card balance/statements as well?

Not at all. Leave that credit card out of the bank letter - it has no relevance to your PR application.

 

[AmericanMovingToCanada]

Not at all. Leave that credit card out of the bank letter - it has no relevance to your PR application.

Excellent! Thanks, Asivad Anac, as always for your quick, concise, and knowledgable reply! You're the best!

 

[AmericanMovingToCanada]

Sorry - one more question! I have a Savings Account linked to my checking account - have had it for about four months now. And all of my money in it has come from my checking account. (I just make transfers from one account to the other.) This Savings account will not be touched - it's going to be my proof of funds on my own. Anyway, my question is, every now and then I'll transfer over $1,000.00 at a time from my checking account. Will this cause problems or no, since Immigration will get a report on both accounts and they'll see it just came from another one in my name?

 

[Asivad Anac]

Sorry - one more question! I have a Savings Account linked to my checking account - have had it for about four months now. And all of my money in it has come from my checking account. (I just make transfers from one account to the other.) This Savings account will not be touched - it's going to be my proof of funds on my own. Anyway, my question is, every now and then I'll transfer over $1,000.00 at a time from my checking account. Will this cause problems or no, since Immigration will get a report on both accounts and they'll see it just came from another one in my name?

You don't need to necessarily declare the existence of that checking account in your bank letter to CIC if you aren't using that for POF purposes. Even if you do show that, write an LOE to highlight that these transactions are made entirely from your funds. $1000 is not a sufficiently large enough credit transaction (even multiple times) to cause any concern though.

 

[AmericanMovingToCanada]

You don't need to necessarily declare the existence of that checking account in your bank letter to CIC if you aren't using that for POF purposes. Even if you do show that, write an LOE to highlight that these transactions are made entirely from your funds. $1000 is not a sufficiently large enough credit transaction (even multiple times) to cause any concern though.

Okay, excellent. Thanks - once again - for putting my mind at ease, Asivad Anac! You are seriously the best!

(The only reason I plan on including the Checking Account in my letter to CIC in addition to savings though is because I've had it for years - my savings is still less than six months old, created purposefully to put money aside from the Checking account in order to save for Express Entry.)