Proof of funds for Express Entry

Hi @Rubesh04
I am in a similar situation as you are. Regarding the gift deed notary statement, did that go through without any issues? Thank you
cc @mrandmrs

Hi,

Iā€™ve cleared the road blocker IELTS last week, got my ECA,PCC and also the FBI thing.
Iā€™m in a dilemma about how to handle POF.
Iā€™m the only (single) applicant which means my savings should be atleast 13000CAD or above for the last 3/6 months to be on fair grounds with POF.
I have a personal loan of 25k to be cleared here in US. (This was used for some personal family emergency back in India). The monthly installment I pay towards my loan here in US is 1,154USD.
At times I used to make additional payments like 3k a month as well. But till date my outstanding is 25k USD.
I make around 4700 USD/month.
I have credit cards with companies/banks in US worth around 20k USD credit line and owe only few hundreds to them.
My credit score has been in excellent standing since 4 months.(750+)
My problem is that I never had that big CAD equivalent USD amount in my bank account since 3/6 months.
I have 3 NRE accounts with banks in India and managed to save 1Lakh and few thousands INR in each.
I never withdrew a single penny from those NRE accounts. This is equivalent to around 5800CAD & maintained for 2 months. (Still continuing)

Iā€™ve submitted my application with old IELTS scores already in January 2019.
Iā€™ve not updated the latest scores yet.
If I did, my CRS would boost up-to 475 and I would definitely receive the ITA.
To be on a safer side, I do not want to update my latest score until and unless I figure out a way to solve the POF problem.

Do I have to find a way and MUST settle up my personal loan before updating my scores?
Considering my personal loan AND insufficient balance situation, Can someone help me with any possible solution(s) please.

I thank you guys in advance.

  1. What is your current savings total across all accounts?

  2. Debt is not counted against you. What they want to see is your financial stability. I.e. is this person going to contribute or become a burden.

  3. If you have the minimum amount say for 2-3 months, logically your amount will keep increasing.

  4. The requirement is to financially meet the minimum along with 6 month statements. The statements are to validate that the savings didnā€™t come from someone depositing money to show the balance. As long as the balance cane gradually, that is good.

Hi @vignesh.pr first of all thanks for your response.

So, my savings, at-least accumulated savings steadily kept, across my NRE accounts since 2-3months come around 3Lakhs INR. equivalent to 5700 CAD.
USD Savings are not steadily maintained.

But my plan is:

ā€“To borrow money little by little from friends, accumulate 10K USD adding up with my salary as well.(I plan to do this in the present month)
ā€“Wait for at-least 3-4 months and then update my latest IELTS scores.
ā€“Once I get the ITA, I will have another 90 days to gather all the docs.
ā€“So all together I will have 6 months of accumulated savings in my US bank account as well as NRE accounts.
ā€“I think there will be no question about borrowed money since Iā€™m not planning to update my scores in this month. Iā€™m going to do it after 3 months.
ā€“Does it sound like a plan? Please correct me if Iā€™m wrong.

If you feel that I do not have to go through this kind of waiting and waiting plan, please suggest something else.

One more question to you is, How about me transferring money from US Bank to NRE every month, across all the NRE accounts I have and make them accumulate to 13K CAD in the next 3 months, then update scores?

Iā€™m at-least glad that my personal loan here in US wont effect me in the process.

Thanks in Advance.

Hi Guys, I am moving to Canada from India on 29th July. For transferring my money, I have already applied for a bank account with ScotiaBank. I want to know who to transfer money from Indian bank (PNB) SECURELY to Canadian bank account.

Hello Everyone,

I have a couple of questions on the disclosure of my bank details.

In my case, I have accounts in two different banks.

  1. Bank 1 is my salary account bank, which I would be using for my application to Canada. Bank 1 does not have any loans.
  2. Bank 2 has two loans; auto loan and a personal loan. I do not have any other transactions on Bank 2.
  3. The monthly EMI for the loans in Bank 2 gets transferred from Bank 1.

Also, for the basic funds requirement, I would be having sufficient balance in Bank 1 as a gift from my parents.

In this scenario, I have a couple of questions,

  1. Do I need to disclose the details of Bank 2? I am not using this bank for my application. Also, I would be paying off the personal loan till I get the PR from Canada somewhere next year. The auto loan wonā€™t be paid off until then.
  2. If I do not disclose the details of Bank 2, is there a chance that CIC might still ask for it, given that the statements of Bank 1 show the payments being made to Bank 2.

Any help is appreciated. I have been reading quite a bit about this and seems there is no clear answer.

Thanks and Best Regards,
Rishi

You donā€™t need to disclose it if you donā€™t want to.

Most likely they wonā€™t because they donā€™t know that the money transfer that you are making is to your second bank account.

hi all,

Two questions, if you can help. I donā€™t believe this was answered above, hence the new post.

1/ Has anyone gotten letter of financial average balance from CapitalOne (originally ING)? I called them earlier today and they said they donā€™t have any process for that. I will try to go in to their brick/mortar location, but wanted to see if anyone has done this, and if so, is there anything specific (document / process name) I need to ask for.

2/ I had opened 2x new savings accounts few months back, and transferred money from another account (from CapitalOne mentioned above) to these two. The transfers were big (around 5K each). While Iā€™m just planning to mention this in a supporting letter in a table with debts, savings, mortgage, etc., wondering if this would cause any issues - since the accounts were only opened couple of months back? Is this sufficient? Let me know on alternatives/ suggestions please

EDIT: If it helps, I have other accounts that can cover PoF for 2x people (me/spouse), including 401k, etc, but would be good to know if I can include these two.

Lastly - a dumb question.

How do you all combine documents when sending them over? Iā€™m just creating a word doc with screenshots of statements etc and convert it to a PDF, but after a while, it becomes too big. Any alternatives that you all do - curious to know.

Thanks everyone.

Anyone?

  1. No idea. If they arenā€™t able to provide a letter, you can attach the monthly statements which you can download from your account online.

  2. As long as your liquid funds can cover your expenses and I am assuming your Capital One account has been around for more than 6 months, you should be okay.

  3. Yeah, just combine the documents into a PDF.

Dear Community,

This is Ahmed, I reside in Saudi Arabia and I am a Pakistani National. i hope if you could answer my question about POF. I need a total of 24000 CAD for a family of 4.

I have three abnormal transactions in my account whereas the rest is fine, which is my monthly incoming salary. I have made three cash deposits to my bank account in Saudi Arabia which is in Saudi Riyals, with a approx value of 8700 CAD , 6800 CAD and 6900 CAD if i convert those amounts in CAD. The time difference between these three transactions is almost 25 days to a month.

The first and second transaction came from a Car which I sold in Pakistan and converted that money to Saudi riyals in Pakistan, and brought with me to Saudi Arabia and deposited to my account. I have the receipts of converting Pakistani currency to Saudi Riyals. I also have the official sale deed of the car.

The third payment came from the rental income of a house which I have in Pakistan. My tenant resides here in Saudi Arabia and his family resides in my house in Pakistan. My condition was to get one full year rental upfront. Which he gave me in the shape of cash in Saudi currency and we have the rental agreement, but that rental agreement is in the shape of Pakistani legal document and we did that when I was in Pakistan a couple of months back.

Would these documents be enough to show the authenticity of these cash payments? Is there anything i could do more to make sure that I wonā€™t be asked for any further clarification on this?

I hope if someone could answer. I couldnā€™t find any relevant information on the internet.

Thanks

Yes, that should be fine. Just mention where the cash came from in the letter of explanation. I donā€™t think it looks suspicious.

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Thanks for the response.

If you have proof of these transactions (in English or French,or can get them easily translated), I would that. For the transfers, as long as theyā€™re your money and not borrowed from someone, there should be no issue.
Regarding the cash transaction, maybe provide explanation in letter of explanation as others suggested.

1 Like

Hi AVJ,
Thanks for the response.

Thank you. Iā€™m going to do the screenshots of bank statements.

Waiting on the PCC, rest of them are ready. Fingers crossed.

Hello everyone! Iā€™m new here so I apologize if my questions have already been answered in previous posts.

  1. Iā€™ve heard somewhere that if you have a lump sum deposited into your account, it should have at least 3 months maturity in your account to deem it acceptable that it is your money. Is this true?

  2. And how much would a ā€˜huge amount of moneyā€™ deposited would be considered a red flag?

  3. If my 6-month average is below the 12700 required but the total balance does, will that cause any problems?

  4. In the application, if I stated I would bring 12800 CAD, and my bank balance is more than that, would it be okay/better?

  5. Majority of the money in my account was given by my parents. Can I claim in a gift deed that since I was a child, this money was intended/to be given when the need arises?

Hoping for your insights! Thank you!

Hi guys, Just a quick question.

I am not an Australian permanent resident and I have sufficient funds (401K/ provident fund) in my Australian super account for proof of funds purposes for canadian PR.

Can i use my superfund balance as proof of funds for canadian pr process? Would really appreciate some help. Thank you

Hi avj,

Really need help asap.
My parents have deposited the cash(in lumpsum amounts) in my account as I am the primary applicant. So, I was thinking that cash might raise the red flags so, if I can ask my parents to transfer the amount in my husbandā€™s account by 2 cheques as the gift deed since he is dependent on me. But the consultant is reluctant and advising that since he is the secondary candidate, I canā€™t show pof in his accounts. But I have read around various forums that it is fine if he is an accompanying partner and he is willing to give NOC for the same.

Hi @avj
Could you please advise regarding the proof of funds
I have US A/c with close to 7k CAD. But the balance over the past few months has been less (avg ~2.6k CAD) but it does show steady inflow of payroll along with some money i got from india as an emergency for some other purposes.
I also have a normal bank a/c in india under my name and a ppf account
Can i just show the US a/c and the normal a/c in my name (total combined current balance for both is more than 13K CAD, which is what i require)
I have more than sufficient in PPF, but not sure if i can show that alone.
Could you please suggest what to do