What constitutes Proof of Funds? (All queries regarding POF procedure ask here)

[Asivad Anac]

Thanks, like I mentioned in a different thread I shall be attaching my salary slips and income tax returns and official salary certificate from my company on their letterhead with my personal declaration as proof of source of funds. Do you think Ontario immigration will be satisfied with these documents.

Yes. You've done all you could at your end.

All the best!

 

[chigursr]

Thanks v'much again

 

[Hannah0605]

Please tell me when is the appropriate time to get the police clearance certificate. Should i have one while applying or get one after I get an ITA?

 

[new_day]

Can you explain/give reference to PPF(public provident fund) for not being acceptable as POF, whereas Provident Fund from employer is accepted? Logically I am unable to find any difference with these two.

 

[Hannah0605]

Can we show PF too? for POF? please help me how to get the details!

 

[new_day]

Can we show PF too? for POF? please help me how to get the details!

Yes, you can show your provident fund statement as POF

 

[Asivad Anac]

Please tell me when is the appropriate time to get the police clearance certificate. Should i have one while applying or get one after I get an ITA?

If you're expecting an ITA in the near future, you should start getting a PCC. The only concern is that PCC for your current country of residence has a 6 month validity in CIC's scheme of things. And it has to be valid when you submit the application after ITA.

For other countries where you have stayed for more than 6 months in a row since turning 18, PCC(s) is valid indefinitely if you have never visited that country again and stayed for more than 6 months in a row after getting the PCC.

You can plan accordingly.

 

[Asivad Anac]

Yes, you can show your provident fund statement as POF

You are mistaken.

The only thing CIC believes in is monies in the bank as POF. Anything else cannot be considered as POF. Not property, car, jewelry, gold, stock, bonds, pension funds, insurance policies, provident funds, retirement funds... None of these can be used as POF.

And the bank account should be in the name of the PA, whether single or joint account.

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans. The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months. Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

 

[new_day]

You are mistaken.

The only thing CIC believes in is monies in the bank as POF. Anything else cannot be considered as POF. Not property, car, jewelry, gold, stock, bonds, pension funds, insurance policies, provident funds, retirement funds... None of these can be used as POF.

And the bank account should be in the name of the PA, whether single or joint account.

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans. The letter(s) must be printed on the letterhead of the financial institution and must include applicant's name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months. Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

They allow all liquid amount which guarantees a fixed amount of money i.e.prize bond,PF etc. they don't consider which does not constitute a fixed amount of cash, i.e. share, retirement benefit, jewelry etc.

One of my friend shows PF as POF and now he is in Toronto without facing any difficulties.
Also, bank account in accompanying spouse's name (not joint account) is acceptable.

Bellow an email reply from CIC about POF:
---------------------------------------------------------------
Proof of Funds email reply from CHC - New Delhi, India

"Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.

The amount of funds you need to have in order to settle in Canada depends on the size of your family. The funds must be available to you and transferable to Canada. They must be unencumbered by debts or other obligations.


Acceptable proof of funds are:

-bank accounts in your name or the name of your accompanying spouse/common-law partner;
-cashable investments in your name or the name of your accompanying spouse/common-law partner;
-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.

Not acceptable are:

-bank accounts in someone else's name;
-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
-bank accounts in the name of your spouse who is not accompanying you to Canada;
-property valuations;
-vehicle valuations;
-jewellery valuations.

You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.

A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants. (was in indirect form in this sentence only).

If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of indeterminate employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC). In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards."

 

[Asivad Anac]

They allow all liquid amount which guarantees a fixed amount of money i.e.prize bond,PF etc. they don't consider which does not constitute a fixed amount of cash, i.e. share, retirement benefit, jewelry etc.

One of my friend shows PF as POF and now he is in Toronto without facing any difficulties.
Also, bank account in accompanying spouse's name (not joint account) is acceptable.

The long mail you added as evidence is from a Dec 2013 post on this forum (http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-real-estate-eg-house-apartment-land-t176271.15.html) from a member just like you and me. It does not constitute proof. And even if that mail came from CIC, things have changed since then.

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans. The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months. Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

Note that CIC doe not say anything here about cashable investments. Nor does it offer the choice of PA or the spouse being able to showcase this. It has to be the PA.

I don't make the rules or even interpret them. I just try to follow them and help others in trying to follow them. And the rules for POF under Express Entry are this. http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[Musikwala]

Asivad, that info you posted that cic needs official letter from financial institution, is it after ITA for cic? Because oopnp has only asked for 6 month bank statement. They haven't asked for official letter.

 

[Asivad Anac]

Asivad, that info you posted that cic needs official letter from financial institution, is it after ITA for cic? Because oopnp has only asked for 6 month bank statement. They haven't asked for official letter.

Yes indeed. What I posted up there is what CIC will ask you after you get an ITA.

 

[Musikwala]

Okay thanks. I was afraid I missed something in the oopnp app package!

 

[hotshot007]

Does anyone have insight on what CIC means by "average balance" over the 6 month period?

Do we ask the bank to add the last available 6 month balance and divide by 6?

Would be great to hear everyone's thoughts on this as people request this letter from their banks.

 

[Asivad Anac]

Does anyone have insight on what CIC means by "average balance" over the 6 month period?

Do we ask the bank to add the last available 6 month balance and divide by 6?

Would be great to hear everyone's thoughts on this as people request this letter from their banks.

Leave it to your bank to do that calculation. Typically, banks calculate the average balance by adding up the balances at the end of every day of the period and dividing it by number of days in the period. This ensures that all transactions count towards average balance and is in line with what CIC is also looking for by making this request - any suspiciously large credit transactions in the last 6 months which might indicate a loan taken to satisfy POF requirements.