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

[Asivad Anac]

Is fixed deposit of equivalent CAD $17,000 considered a liquid asset for POF?

Yes.

Another question I have is that I will be moving to Singapore soon from US, and US banks have stated that they cannot send me any financial documentation overseas...So I will open a new account in Singpore but it will not have the required 6 month of history. Will this be a major issue?

Not really. The onus is still on you to prove that these funds are in your name and are unencumbered.

 

[vatsaltr]

hello all,

i have doubt regarding what to show as proof of funds?

can i show fixed deposits which is jointly in my and my father's name?
and also public provident fund (ppf) ?

can i show above two as proof of funds?

and do i need to show my bank statements? as i get paid in cash i dnt have enough transactions...


kindly reply

thanx in advance

 

[Hhh466]

Hello,

I have recently received an invitation to apply under the FSW program. My question is regarding proof of funds. My bank account has more than enough funds to cover the minimum required. However, On my document checklist it says for permanent residency I need to upload a full financial profile as opposed to just bank statements. I have a mortgage too which will ofcourse show on my financial profile. Will that have any consequences? Do I need to take additional steps or will having funds in my bank account suffice? Please advise. Thank you

 

[Asivad Anac]

hello all,

i have doubt regarding what to show as proof of funds?

can i show fixed deposits which is jointly in my and my father's name?
and also public provident fund (ppf) ?

can i show above two as proof of funds?

and do i need to show my bank statements? as i get paid in cash i dnt have enough transactions...


kindly reply

thanx in advance

Hello,

I have recently received an invitation to apply under the FSW program. My question is regarding proof of funds. My bank account has more than enough funds to cover the minimum required. However, On my document checklist it says for permanent residency I need to upload a full financial profile as opposed to just bank statements. I have a mortgage too which will ofcourse show on my financial profile. Will that have any consequences? Do I need to take additional steps or will having funds in my bank account suffice? Please advise. Thank you

Answered both these questions in another thread. Try and not post in multiple threads simultaneously - you will lose track and it spams the place as well.

All the best!

 

[Hhh466]

Does it matter if there is a large deposit in your bank account just before you get a letter from the bank?

Thanks

 

[witchkiki]

Hi Asivad,

If I am currently living in Canada, do I have to submit Canadian PCC as well?

Thank you.

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.

 

[henryahmed]

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

asivad, I totally agrre with you on this because yoour response is based on the current information that cic has in their website but i have an observation. I am applying to saskatchewan pnp and in the application guide it says that the account for POF can be in the name of the PA or Spouse:

 The account(s) must be in the principal applicant or spouse’s name(s) only. (taken from application guide)

In this case if someone gets nomination from sasktachewan showing POF of an account that is under spouse's name it ''should'' be accepted by cic. If is not accepted then PNP should ask for POF in the same way that CIC does.

What do you think?

 

[Asivad Anac]

asivad, I totally agrre with you on this because yoour response is based on the current information that cic has in their website but i have an observation. I am applying to saskatchewan pnp and in the application guide it says that the account for POF can be in the name of the PA or Spouse:

 The account(s) must be in the principal applicant or spouse's name(s) only. (taken from application guide)

In this case if someone gets nomination from sasktachewan showing POF of an account that is under spouse's name it ''should'' be accepted by cic. If is not accepted then PNP should ask for POF in the same way that CIC does.

What do you think?

Provinces can and do have their own rules and CIC allows for that. When you apply to a provincial program, the province will do all basic checks except for medicals and criminal history which is left to CIC. In that case, the POF requirements are set by the province and they can choose to allow spouse accounts as well. CIC doesn't do it.

 

[mars_m]

I have been reading through this thread to get some answers as to what is a valid POF.

My situation is as follows:

1. I need a POF for OOPNP.
2. I have CAD$12000 equivalent in cash fixed deposits in my name. These are electronic - no physical certificate or statements are provided. They can only be viewed online.
3. I liquidated the fixed deposits to my savings to boost my saving account balance above the LICO (final balance)
4. Average balance in the last 6 months is quite low in comparison to this month's balance.

From this thread:

1. I am at risk of being rejected if I do not explain the source of funds for the last month.

Solution?

1. I plan to write a letter of explanation to declare that these funds are from my own fixed deposits but the deposits are paperless.
2. Some fixed deposit transactions are also listed in the bank statement transaction descriptions for the last 6 months. I transfer money back and fourth between these accounts once in a while.

Anything wrong with what I plan to do or any suggestions to improve my POF?


Thanks in advance

 

[Ecec]

Hi. I've read on here that retirement or pension funds aren't considered by CIC as Proof of Funds.

But on the checklist of CIC Lagos, Nigeria study permit requirements they stated this:

You may also submit financial documents related to a valid pension plan...

So this disparity leaves me a bit confused. Can anyone help me confirm this please?

And does anyone have CIC contact email?

Thanks

 

[angel1719]

Hello Veterans,

Being a Newbie, I have query regarding proof of funds (applying for family of 4).

lets consider all these money in CAD

1) X amount in Bank account in UAE
2) (X+ 3k) CAD loan amount in same bank in UAE. No credit cards.
3) Property in India. Planning to sell. Property worth approx. 58K CAD but bank loan 28K CAD on that property. Indian Bank account has home loan installment shown.

Questions:
a) How can I show liquid cash after selling my property? As it is the only way I can raise 23k CAD to show as POF.

b) If i close my loan in bank from property money, I will still have enough to show as POF but i will have to justify where the money came from.

c) Will it show sudden money transfer to my account?

d) I understand we need to show 6 months statements. but my statements will show point 1) and 2) only.

Please note I have not yet applied for any Nomination as I am not sure how to manage fund. And also selling house immediately also is difficult. but I am trying my best.

I am so confused with the money part. I hope I have made it as clear as I can.

 

[nice222]

Average balance for the last 6 months can be interpreted in multiple ways depending on how your bank calculates average balances - daily basis/monthly basis/quarterly basis etc.

What is important to CIC should be the driving concern while addressing this question. CIC wants to be reassured that the funds are unencumbered. One way of identifying that is by asking for current balance (to ascertain that the required funds are available as on the statement date) and checking that against the average balance over the past 6 months. If there is a glaring difference between the 2 amounts, that indicates an unreasonably large influx of funds into the account within the last 6 months which could be a sign of borrowed funds.

If your POF does not depend on borrowed funds, just ask your bank to give you an average balance of last 6 months no matter how they calculate it. Or if they still claim to not understand the requirement, ask them to mention closing balance of each of the last 6 months along with the current account balance.

Hope this clarifies. All the best!

[size=10pt][size=10pt]Hi Asivad Anac

I have been reading a number of threads written by you and find you to be trustworthy with advice.

My question is also regarding proof of funds. Please see statement below,[/size][/size]

To determine the settlement funds required for your family size, please review the LICO chart found on IRCC’s website. The LICO amounts are updated every year.
You will be required to submit copies of your bank statements for the six months prior to your application submission date that demonstrate a personal account standing/final balance that meets or exceeds the LICO. The bank statements must include your name, account number, transit and institution number, account balance and currency.
You must maintain the minimum amount of funds required from the time of application submission up until the time a decision is made on your application. The OINP may request additional proof of funds (i.e. more recent bank statements) at any point during the processing of your application.

[size=10pt]My question is,

Must all my 6 months bank statements have the required LICO recommended POF? or can I have half of that with required POF?

Reason why I'm asking this is because, I only begun keeping my POF statements from Feb, 2017, I thought it will be quite sometime before I received an ITA or OINP NOI, and luckily/ unluckily enough I got an OINP NOI this week.

Some people are saying that, as I have atleast 2 months bank statements with balance over the required amount, I should submit my application. However, I'm thinking of waiting until I have all 6 bank statements before I submit my application.

Please advice, what should I do??? :-\ :-\ :-\ :-\[/size]

 

[Hassanawan1985]

What are requirement for bank statement ? Will they ask for BS from the day (6 months statement from that particular date) i file EE or the day i rec IAT (6 months bank from that particular date)?

If one dont have enough funds but he or she has agriculture inherited property on his or her name, will that count ?
if we try to proof funds by showing we sold property on our name than what are the supporting documents to prof? will simple sale deed work ?

Below month ends balances are enough to satisfy visa officer ?

Month End Bal(PKR) CAD
1 576,947 7,211.84
2 691,595 8,644.94
3 921,595 11,519.94
4 926,595 11,582.44
5 971,595 12,144.94
6 1,021,595 12,769.94

 

[protoebin]

Hi everyone,
In my case, I am having a Joint account with my wife. She is primary holder of the bank account and we are having a joint FD of 30000+cad in it.
I created express entry profile without accompanying spouse and got ITA.

So can i make use of the above FD as POF? Does it matter it is a joint FD and she is not coming to canada with me. She has to stay back because of Job related commitments.

Also, should i get a letter from her stating I can use the FD whenever needed, or I should go for a gift deed?


Thanks in advance,
protoebin

 

[Rkkahlon]

helo
i hav currently applied fr BC pnp n i hav a job offer... do i hav to show any proof of funds.. we also hav 10000 CAD in our accounts. ..