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settlement funds/proof of funds

Discussion in 'Provincial Nomination Program Immigration' started by dajay15, Nov 7, 2018.

  1. hi guys! just want to ask for my friend who is having worries with this issue..we are provincially nominated last year.and we applied for the permanent residency and got aor last february 2018..the thing is do we need to maintain the required amount of settlement funds in our banks? does the CIC/IRCC checks the amount in our bank? are they still doing random checks of funds after nomination? please do reply thank you very much!
     
  2. It is always advisable to keep the sufficient amount of funds in your bank account (or any gift deed/FDs) which you have showcased in your application earlier.
     
  3. Respected Sir and Our Respected Experts.....
    I want to Know About Proofs of Funds that... When I will get ITA...Then how to show Proofs of Funds??
    Means If Me and My Wife are Coming to Canada and i Selecting 12500 CAD to 15000 CAD..So Is it
    compulsary old fund or it could be near about 6 to 7 months old
     
  4. You can check multiple forums (and CIC website as well) to find out what is acceptable as PoF, generally, its cash assets which are on your or your accompanying spouse's name like your bank balance, Redeemable Fixed Deposits, gift deeds (by parents) etc. Immovable assets such as house or jewelry can't be shown as PoF.

    You should know the cutoff limits of the funds required as per CIC website - https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html . Any sudden influx of money in your account in recent months should be explainable with proper documentation. Basically they want to check that you have not got the funds by means of any short term loans, so they want to see your average balance for last 6 months.
     
    meena-kjp likes this.
  5. Thank You So Much Yaadi_787.
     
  6. Hi guys, I am getting the funds from my brother, and in the gift deed and as per the exchange rate the amount is around 300 dollars less that what I have mentioned in the express entry profile, i have that much amount in my bank account but since it is a salary account so all of it might not be 6 months old..but I will maintain it over that from now onwards, will that alright or will it creat a problem?. Regards.
     
  7. Hi,
    i am already in Canada, in Study Permit, doing my Masters. I have provided an education loan sanction letter as my proof of funds for the study permit. I have one more year left to complete my studies.

    I applied for PR in Feb 2019 and got my ITA in Feb 2019. I can get a statement from the Canadian bank, where I hold an account, for the proof funds where I have more than the required settlement funds.

    But, I received the amount in that account as part of my living expenses from the education loan. I deposited the amount personally (in Oct 2018) after withdrawing from the prepaid forex card I brought from my home country which had the loan amount. And an additional amount directly from the loan provider in my home country (in Dec 2018). But the first deposit (Oct 2018) is itself is more than the required settlement funds. I have used some of it, but have more than the required for now.

    The total amount is under my name and can be used at my discretion for any expenses.

    My question is,
    1. Can I use the statement from the bank as the proof of funds?
    2. Do I still need proof of funds if I'm already in Canada? - I think I need proof (from what i have researched)
     

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