proof of funds

[pk saini]

hey guys.. some consultant told me to show 6 lakhs. but i am not sure. How much minimum funds do i have to show for single applicant? i am going to make EE profile. do i need to have money in my acount before making EE profile or after i get ITA? If it is before EE profile then i have to arrange the funds asap.

 

[DelPiero07]

Assuming you're single you need to have $12,300.

You'll have to show those funds when submitting your eAPR after receiving your ITA.

 

[pk saini]

thank you very much

 

[Dodozin]

Question related...

Proof of funds:
Note that this does not apply if you are currently authorized to work in Canada and have a valid job offer. (CIC website)


I am working under the PGWP.
Can I ask a letter from my employer saying that I am working there and how much money I'm making?

 

[link2gurdeep]

Hello,

My PF is maintained by my company in form of a trust, therefore I cannot get the certificate from EPF office, India. However, I can see this fund through my company's portal and take a print out of the same. My question is - Would this suffice as a proof??

Please suggest

 

[mohit virmani]

Dear Friends,

I have a similar query on this subject- I have surplus amount of money than the required minimum Funds required of $12,300. Do I need to show and declare all amount that I have or I need to show only required amount of money. I heard that first time when u enter canada with PR u can get any amount of money and that will not be taxed as u already have paid taxes on them in ur naive country. So how it works? during post ITA, I have to declare and show POF for only required amount of money and after receiving PR have to show my entire worth including money/property/stocks etc.
OR
have to declare and show POF for everything at one go at the time of receiving ITA only.

 

[pk saini]

i read somewhere that the funds which we are showing post ita are separate and the money which you will bring to canada is separate. means if you have more than 10000 dollars separate from funds then you have ro declare to canada customs at the airport. if you fail to do so then they will seize your money

 

[AtImechE]

Hi guys

I have a question. I moved back to my home country a year ago from UK after a long time. I didn't open an account here until February 2017 and deposited $15000 CAD within couple of days in cash. Balance has been going down since then as I have been withdrawing money regularly (Used for investment)
I just received my invitation to apply yesterday and wondering how will I show sufficient funds in my account?
I can deposit some money again in the bank and bring the balance back to $15000 CAD but would it have any affect on my application.

Also I have until 4 Aug to submit my application and the account wouldn't be 6 months old till then. How do I show bank statements or bank letter covering 6 months period?

Any help will be highly appreciated.

Regards

ATIMechE

 

[jpv2212]

Hi guys

I have a question. I moved back to my home country a year ago from UK after a long time. I didn't open an account here until February 2017 and deposited $15000 CAD within couple of days in cash. Balance has been going down since then as I have been withdrawing money regularly (Used for investment)
I just received my invitation to apply yesterday and wondering how will I show sufficient funds in my account?
I can deposit some money again in the bank and bring the balance back to $15000 CAD but would it have any affect on my application.

Also I have until 4 Aug to submit my application and the account wouldn't be 6 months old till then. How do I show bank statements or bank letter covering 6 months period?

Any help will be highly appreciated.

Regards

ATIMechE

You said that you transferred C$15k in cash. Do you have proof of the source of that money?
If you have one, then there's no problem at all.

All you need to do is you submit the proof of the source of that money.
You will have 'Credit' entry in your account opened in Feb '17.

Now, you said that you are consistently withdrawing money from this account. Are you earning at present? If you are, then you can attach pay stubs for this to show it's your income. If you are not, then make a gift deed from your father/mother.

Hope it helps.

 

[AtImechE]

You said that you transferred C$15k in cash. Do you have proof of the source of that money?
If you have one, then there's no problem at all.

All you need to do is you submit the proof of the source of that money.
You will have 'Credit' entry in your account opened in Feb '17.

Now, you said that you are consistently withdrawing money from this account. Are you earning at present? If you are, then you can attach pay stubs for this to show it's your income. If you are not, then make a gift deed from your father/mother.

Hope it helps.

Thanks JPV2212.
That was really helpful. I have been helping my father with his business since I came back and even though I don't get a set amount as salary but I have access to whatever money I need. I think as you suggested gift deed would be a good idea.
The other issue is that account would not be 6 months when I get the letter printed. Does that matter?

 

[jpv2212]

Thanks JPV2212.
That was really helpful. I have been helping my father with his business since I came back and even though I don't get a set amount as salary but I have access to whatever money I need. I think as you suggested gift deed would be a good idea.
The other issue is that account would not be 6 months when I get the letter printed. Does that matter?

If you can get 'Debit' history of the account from which you withdrew money from the UK,(which you credited in cash in this Indian account) then it'd be good enough. Then you need not to worry about 6 months criterion, since you don't have that timed account.

All in all, if you are making a gift deed, then I don't think you would need 6 months statements. But, you should ask this to anyone who has already done gift deed. I've not much idea on this.

 

[AtImechE]

If you can get 'Debit' history of the account from which you withdrew money from the UK,(which you credited in cash in this Indian account) then it'd be good enough. Then you need not to worry about 6 months criterion, since you don't have that timed account.

All in all, if you are making a gift deed, then I don't think you would need 6 months statements. But, you should ask this to anyone who has already done gift deed. I've not much idea on this.

Thanks again.
I will see what proofs I can gather otherwise gift deed it is. Also explain everything in LOE.

 

[DelPiero07]

Question related...

Proof of funds:
Note that this does not apply if you are currently authorized to work in Canada and have a valid job offer. (CIC website)


I am working under the PGWP.
Can I ask a letter from my employer saying that I am working there and how much money I'm making?

Just because you're working on a PGWP does not mean you have a valid job offer.

Only those with LMIA or LMIA exempt work permits which are employer specific (closed work permits) can have valid job offers.