Proof of funds requirements - Explained

[tausif_asif]

Do a person still have to provide settlement funds proof if they get ITA through express entry? or after landing in Canada?

thanks

 

[Peacekeeper87]

Do a person still have to provide settlement funds proof if they get ITA through express entry? or after landing in Canada?

thanks

You may be asked to show settlement funds upon initial landing in Canada.
You don't have to bring all your money with you, but need to show you have access to it.
Generally, you could show bank statements or cash on hand.

For express entry, yes of course you need to show proof of funds.

 

[yyiiepp]

Hi there. Please enlighten me with this.

I am currently working in Dubai but originally from phil. Planning to have a vacation next year january, at the same time to open a bank account under my name. Is it acceptable to have the required amount to be deposited at once, to be given by my mother as gift deed? Also, can I bypass the ‘6month average balance’ for this, if ever I’d be luckily invited with an expected CRS immediately after a month of opening the acccount? is it possible or should I deposit the money in partitions and wait for 6months still?


thanks!​

 

[ruchirjoshi]

Hi All,

I have a few credit card payments in the bank statements of a savings bank account (salary) [ very minor as compared to actual balance] which I am planning to show as proof of funds (There is NO loan / EMI on property etc.) . Could you please elaborate if showing some credit card expenses could possible become a reason for application rejection and forfeiting of application fee ?

PS : I am well placed above the min. threshold requirement of approx. CAD 19,000 for 3 family members.

Regards
Ruchir

 

[manish_chill2]

hello guys

I have 6100 CAD (333000 INR) in my NRE account since long time and rest I will deposit in next 2 months and all money is mine not borrowed , I have quite good transections in my account from last 6 months as well, my points are 594 and I believe in next draw I will get LAA.So my Question is about the POF is that, I will show them balance certificate in my application first because it will be mentioned 5.5 Lac INR. and when they will ask about Bank statement, I will show them bank statement because every month I deposit my salary in my NRE account and definitely it will goes up every month. if I will show them bank statement with application then it would look like I just deposited money 1 or 2 month back. please Advise.

Your advice or opinions will be highly appreciated.

Thanks
Manish
MPNP Candidate

 

[Shreyaa003]

Hi bimale4bipeople,

I have collected below letters from my bank.

1. Bank Letter which states available funds and account opened details (Dated to 7th June 2018)
2. Single Bank statement which shows last 12 months transactions (This is taken this week)
3. Another bank letter from manager confirming money is transferred from my parents account to my account (dated 7th June 2018)
4. Finally an affidavit from my mother (Dated 25th June 2018)

when i am verifying documents i have noticed Bank Letters are ONE month old. I am thinking to submit my documents by end of JULY Month.

Do you think this documentation will be accepted, even if the bank letters are more than one month OLD ?

Hi..

Did this work? Please let me know since we have received ITA and collecting POF. We dont have sufficient funds so can our parents make a gift deed of money transferred to my account? And I can make an affidavit for same?

Let me know soon

Shreya

 

[omario]

CIC asks for 6 months of bank statements to look for sudden rise in funds in account, to detect loans or ephemerous money to meet POF requirements.
In your case, since it was deposited well before your application date and before the 6th oldest month, no need for explanation, as it's considered "old" or "settled" money and they won't even see the large deposit.

So if you took a loan 6 months earlier to your application and let it in your bank account your fine in this case ? or cic may know about it?

 

[Peacekeeper87]

So if you took a loan 6 months earlier to your application and let it in your bank account your fine in this case ? or cic may know about it?

Well if you took a loan like 7 months ago, you'll likely be making periodic payments, and that will show up on the statements.
That will definitely raise a flag, even if they don't see the initial large money deposit, as it was made more than 6 months earlier.

 

[omario]

Well if you took a loan like 7 months ago, you'll likely be making periodic payments, and that will show up on the statements.
That will definitely raise a flag, even if they don't see the initial large money deposit, as it was made more than 6 months earlier.

the statements are mandatory?

 

[Peacekeeper87]

the statements are mandatory?

Technically speaking, no they're not.
But it's commonly provided for two main reasons:
1-If one element is missing in your bank letter, it's safer to provide bank statements for transparency and disclosure.
2-Often, IRCC seems to regularly request them during the process even if all info is included anyways, but that's not the bad part. From what I see, when they do ask for them, they for not last 6, but last 12 months of statements. And if you have a loan dating from that period, they'll see the deposit itself, plus the payments that are being made.

 

[omario]

Technically speaking, no they're not.
But it's commonly provided for two main reasons:
1-If one element is missing in your bank letter, it's safer to provide bank statements for transparency and disclosure.
2-Often, IRCC seems to regularly request them during the process even if all info is included anyways, but that's not the bad part. From what I see, when they do ask for them, they for not last 6, but last 12 months of statements. And if you have a loan dating from that period, they'll see the deposit itself, plus the payments that are being made.

Thanks Peacekeeper for your clarification, btw if they ask or the 12 months then its getting personal!

 

[roshveen]

Hi friends,

I have two fixed deposits which i have been keeping exactly for 6 months. ( 6500 CAD each)

During last month i put a new fixed deposit as well. (1000CAD)

When getting the statement, does my new fixed deposit would be a problem as its not been kept for a period of six months.

 

[kirandeep singh]

please i have aquestion .can i show my nre account in india asa fudns proof to ciic for applying for pr.please help or do i have to have a ccount in cananda to show the money in canandian account.please help.

 

[abhi16691]

I think as far as the bank account is in your name you can show it irrespective of the geographic location of your bank. Still do your research. I'm a novice

 

[bimale4bipeople]

please i have aquestion .can i show my nre account in india asa fudns proof to ciic for applying for pr.please help or do i have to have a ccount in cananda to show the money in canandian account.please help.

NRE account under the name of principal applicant is fine..
No need to open bank account in Canada