Proof of Funds and Car Loan

Express Entry Proof of Funds
1

Hi,
I have a couple of questions about Proof of Funds. I would really appreciate your help :slight_smile:

So me and my husband got an ITA yesterday and we are very excited! My husband is the primary applicant and I am the dependent.

According to the table, the minimum would be CAD 16000 in the bank. But he has an active car loan of $16000 left. So should we show $32000 or is 16k enough?

Also, the bank loan is from a different bank than the account for which we will show the money. Should we get a statement from both the banks?

Another thing is, the money is in my account and it is not a joint account. Should it be in his account or would a letter stating that I am his wife and we both have access to the account would work?

Kindly help as we don’t know anyone personally who has been through this process and it will be a huge help!

Thank you.

2

We just showed a 6-month average letter from our bank showing the $$$ and also uploaded a 6-month 401K statement. You don’t need to show the car loan :slight_smile:

I think any one of you showing your bank account statements should be fine.

3

Hi @sanjanaraj11,

Congrats on the ITA. Would it be possible to share how long it took to get the ITA work permit and when exactly was it applied for?

Thank you!

4

Thank you so much. I really appreciate your reply. :smile:
We got the letter for 12 months as they only have that format.
I will attach the 401k as well thank you.

5

Thank you! Yes, we completed our application on August 31 and we had a qualifying score for the recent draw of September 2nd :slight_smile:
We applied for our WES, PCC from July and we gave our IELTS in August.

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