Proof of funds requirements - Explained

[sundar17feb99]

Sundar Thanks a ton for your guidance.
Yes as per your idea PF can be completely withdrawn for immigration, only checkpoint is that the concerned person should resign before submitting the withdrawal claim.
So my plan is to get a PF balance certificate from PF office(as per the guidelines in the second link shared by you), and submit the certificate as POF.
Once the PR is approved I will resign and initiate the process of PF withdrawal. Hope this will be sufficient, Please advise.

Yes balaji. You are all good from your end.
Don't forget to compose a letter of explanation to explain your case.

 

[balaji.s]

Yes balaji. You are all good from your end.
Don't forget to compose a letter of explanation to explain your case.

Thank you very much Sundar, Thanks for explaining loads of queries I had.

 

[aralizadegan]

Hi

I am applying for EE from Iran, I was wondering should I translated CAD requirement (e.g., $12,475 for one person) to my currency based on how the conversion factor that governments use with each other or the conversion factor (also in the bank statement) with which it is traded between people in the market in Iran?

For example when I get bank statement, it writes (1 CAD = 3000 IRR). Also Iran and Canada do trades in this currency. But if I want to go out and buy CAD for my IRR in the market in Iran, they trade it with (1 CAD = 4000 IRR)

Which one should I use?

 

[chitra kahlon]

Hello everyone. . m landing in Toronto from India, with my spouse and daughter in March 2018. I had some queries regarding the Proof of Funds (POF) to be shown at airport while landing.
By what all modes can I show them? I have heard mixed reviews about all these..-
1. Forex card
2. Traveller's cheque
3. Gold
4. Bank statements
5. Bank FD's
6. PPF statement

What all are accepted as POF? Anyone already gone through this please provide some inputs...
Thank you in advance!

 

[sundar17feb99]

Hi

I am applying for EE from Iran, I was wondering should I translated CAD requirement (e.g., $12,475 for one person) to my currency based on how the conversion factor that governments use with each other or the conversion factor (also in the bank statement) with which it is traded between people in the market in Iran?

For example when I get bank statement, it writes (1 CAD = 3000 IRR). Also Iran and Canada do trades in this currency. But if I want to go out and buy CAD for my IRR in the market in Iran, they trade it with (1 CAD = 4000 IRR)

Which one should I use?

That's ambiguous.

There is one exchange rate set for one country. There shouldn't be two exchange rates.
I would go with 3000 IRR since other you mentioned may be commission rate set by money exchange services.

 

[sundar17feb99]

Hello everyone. . m landing in Toronto from India, with my spouse and daughter in March 2018. I had some queries regarding the Proof of Funds (POF) to be shown at airport while landing.
By what all modes can I show them? I have heard mixed reviews about all these..-
1. Forex card
2. Traveller's cheque
3. Gold
4. Bank statements
5. Bank FD's
6. PPF statement

What all are accepted as POF? Anyone already gone through this please provide some inputs...
Thank you in advance!

I am yet to land but I believe you can take updated bank statements from your home country.
refer the threads, https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-while-landing-in-toronto-please-share-recent-experience.400308/
https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-while-landing.525402/

 

[drerhys]

Hi everyone, I have the required amount for proof of funds and I already obtained my bank lette. Is it a requirement that the funds are maintained in the account until PR is issued or am I free to withdraw some if it?

 

[sundar17feb99]

Hi everyone, I have the required amount for proof of funds and I already obtained my bank lette. Is it a requirement that the funds are maintained in the account until PR is issued or am I free to withdraw some if it?

It is suggested to hold your amount till you land. Thanks.

 

[MinalC]

If you are FSW applicant, you must unless you have a valid job offer. You must explain it in loe along with proof. If you are CEC applicant then you need to write a low stating that you are cec applicant and you don't need pof as per cic rules.

Ok Thank you.

 

[shawshank.kodi]

Hi,

https://googleweblight.com/i?u=https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html&s=1&hl=en-IN

What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

 

[bluewaters87]

Hello People,

I got my PR approved. and I was lucky enough to get a JOB offer . Do i need to still show my proof of funds while landing. However i am carrying around 8K

 

[hil555]

I am in a similar situation here. I am a phd student in a canadian university and I get scholarship from school + salary in return of my work as a Teaching Assistant. do you think I can use my scholarships and/or Teaching assistant employment from the university. I have tax slips and everything to proof my salary as a TA.

Thanks so much

Hello, I'm wondering if you did get an answer to your question. I have received admission with a four year funding and possible TAship and am wondering if it would be considered as PoF.

 

[Adachebrys]

Wow this is beautiful didn't know something like this was in existence.ok I came to know about express entry and I just casually opened an account and was told I couldn't be in the pool .I have applied for an English language test.I want to know what else to do so as to be in the pool.I am a medical lab scientist in nigeria .I am 28years old am single .have had 3years work experience .I don't have relatives in Canada pls help a sister ooo

 

[willi_mian]

Hello Everyone, I need an expert advice,
I have applied for CAQ this week and now i am applying for Study Permit for masters in concordia, quebec in few days. My classes are going to start on 2nd may 18.
------Question is consultant has asked me for 6 months bank statements of my sponsor(Father) and i have managed to stabilize the amount around 42000 CAD(Need to show 30000 CAD actually) for last 2 whole months(8 Jan to 8 March,18) but the problem is in earlier 4 months(sep-dec,17), there are continuous transactions and sometimes it falls to 100 CAD too due to real estate sales and purchase deals which i have shown via govt: proofs that we are dealing in those business, so would it effect my case?
I am only stuck with this statement issue,
Moreover, I am also submitting property valuation reports, translated and attested copies of sales/purchases deals, FBR tax returns, income certificates from 2 departments of govt. Please respond.

 

[kmatas]

Hey

I am currently living and working in Canada with International Experience Canada visa (since Oct 2017) and by now have also received ITA for PR. Here is my situation.

1. I have bank account in Canada since Oct 2017, contains the funds I would like to use, transferred using TransferWise from my UK bank account, but the account is not 6 months old. I also have proof of funds letter from them.
2. In letter of explanation I provide proof that it was my money that was transferred. Bank statements printed from UK bank's internet banking website. Transaction receipts provided by TransferWise. Already had to use this process to prove to my Canadian bank that I was not laundering money.
3. UK bank (Lloyds) is refusing to provide me the proof of funds letter, or anything else unless I go to a branch, which I cannot obviously do. Only banking information I can get from them is from their internet banking service.

So my question is should I wait another month before submitting for my application, but then I will need to also get a police certificate from Canada, or is it enough if I submit my Canadian bank account's proof of funds letter, proof that it was my money that was transferred and 6 months internet banking statements for my UK bank accounts?

Dno if it changes anything I have Provincial Nomination from Ontario, and internet bank statements were fine for proving funds for OINP Express Entry Human Capital Priorities Stream, so I have proved that I have the funds required once already