Proof of funds

[ayushgpt5]

Hi,

I currently live in USA and I have around 14000 CAD in my indian account for more than six months now.

I am also planning to show some additional funds in my USA account which was opened in April, and has a last balance of around 12000 CAD. But it does not have a six month average. Should I show this account or not ?

Thanks
Ayush Gupta

 

[deeps1987]

Hi,

I currently live in USA and I have around 14000 CAD in my indian account for more than six months now.

I am also planning to show some additional funds in my USA account which was opened in April, and has a last balance of around 12000 CAD. But it does not have a six month average. Should I show this account or not ?

Thanks
Ayush Gupta

Yes, you can show.

 

[ayushgpt5]

Thank you for your response!!
Another question - Do I need to show all of my other accounts and credit cards as well ? My other accounts have very little balance !!

Thanks
Ayush Gupta

 

[sid1987]

Nope.. just show which adds up to ur requirments .. they don care about credit cards... they need readily available assets

 

[deeps1987]

Nope.. just show which adds up to ur requirments .. they don care about credit cards... they need readily available assets

@ayushgpt5 - I disagree on this with @sid1987 . If applicant has debt, they should disclose it, and any pending balance on credit card is debt.

https://www.canada.ca/en/immigratio...nada/express-entry/documents/proof-funds.html

Letter(s) must

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

There have been cases where POF has been marked under review required, because applicant failed to declare credit card balance, and case analyst identified transactions related to credit card payment from the bank account statement.

 

[sid1987]

Disagree yup u can... i was in us had car loan.. credit cards... nope didn disclose... have pr... its been one year now so yeaa...

And how review required works you guys have no idea... its loads of factors... all i can say many times its very random and officer based..

How i know this very few people know but u can go by what i tell..
No disclosing debs can backfire ..

 

[Loydie]

@ayushgpt5 - I disagree on this with @sid1987 . If applicant has debt, they should disclose it, and any pending balance on credit card is debt.

https://www.canada.ca/en/immigratio...nada/express-entry/documents/proof-funds.html

Letter(s) must

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

There have been cases where POF has been marked under review required, because applicant failed to declare credit card balance, and case analyst identified transactions related to credit card payment from the bank account statement.

Hi does credits card statement needs to be 6 month statement as well? How about loan?

 

[deeps1987]

Hi does credits card statement needs to be 6 month statement as well? How about loan?

No statement required. All you need to provide a letter how much amount is due on your credit card and balance amount remaining on your loan.

 

[Loydie]

No statement required. All you need to provide a letter how much amount is due on your credit card and balance amount remaining on your loan.

Is it necessary to declare the loan and credit card? pls advice

 

[deeps1987]

Is it necessary to declare the loan and credit card? pls advice

It is better and recommended that you declare. If you are showing POF from an account which has no trace of credit card or loan EMI payments in the statement, probably it may be okay to not declare. But if we go by book, you should.

 

[SriniChaith]

I need help in how to show proof of funds, I live in US and planning to save my paychecks in the same bank account till I submit my application. Would it be problem if they I find money deposited as little as 1k-2k USD right before the POF letter from bank? Please advise. Thanks in advance.

 

[Mr_Chang]

I need help in how to show proof of funds, I live in US and planning to save my paychecks in the same bank account till I submit my application. Would it be problem if they I find money deposited as little as 1k-2k USD right before the POF letter from bank? Please advise. Thanks in advance.

As long as it is not a sudden jump on 1 day before you get your POF from the bank you should be good. IRCC does not say anywhere that you need to have the X CAD required for proof of funds in your account for 6 months. People always confuse the end balance requirements with the average balance/statement requirement.


IRCC wants to know two things
1. At the point you are applying you have X CAD in your account which are free for you to use and settle in Canada and these have been acquired by you by legal means.
2. They want to see a history of your account to make sure that you did not magically get these X CAD in some vague transaction or loan and there are no other obvious red flags about the history of the account you are using. Having a relationship with a bank for more than 6 months also proves a level of trust because banks have a regulatory requirement to monitor and freeze accounts with any suspicious activity.


My own experience, I had about 20% of the X CAD required 6 months before I applied and I slowly accumulated the money saving 10 to 15% of the X CAD every month from my salary income and selling some shares. I had no problems and I did not attach any further LOE or proofs except a letter stating my account's opening date/current balance in CAD and a 6 month transaction satement.

Good luck with your application.

 

[SriniChaith]

Congratulations. Thank you for your sharing your experience.

 

[Mr_fabrizio]

Can anyone advice me on what documents to show using fixed deposit as PoF. the said funds are being transferred into my account this month, obviously it is less than 6months old.