Comprehensive explanation on Proof of Funds - Canada Express Entry Application

Important note: Due to some technical fault, the audio and video are not in sync during some portions of the video. I need to record this again. Until that time, please continue to refer to the audio.
Apologies for this and regret any inconvenience in your viewing pleasure.
Questions Covered in this video:
What is Proof of Funds?
Why is POF needed by IRCC? Do you need to have funds for 6months?
Can you use LIC policy?
Can you use PF/EPF/Mutual Funds?
Do you have to show funds for a spouse, who is not accompanying?
When are the funds assessed?
What is Gift Deed?
Will my gift deed be taxed?
Who can give me a gift deed?
Can I show POF in a joint account?
Will I need to show POF at the time of landing in Canada?
What needs to be shown as POF at the time of landing in Canada? Can I take a loan to show as POF?
Can I take a gold loan for POF?
What happens if there is currency fluctuation and the equivalent funds drop in value?
We have covered all these questions and much more, in this very comprehensive video that covers the proof of funds requirement for Canada Express Entry
Other links:
askkubeir.com/proof-of-funds-c...
IRCC Link
www.canada.ca/en/immigration-...
IRPR link:
laws-lois.justice.gc.ca/eng/r...
#proofOfFunds #CanadaImmigration #CanadaPRapplication #ExpressEntry

[@Thaakarr]

Explained everything in detailed manner...👌👌👌👌

[@parthshahh95]

Thank you Kubeir, all those videos sharing detailed knowledge and information is very helpful and appreciated!

[@AskKubeir]

Glad you like them!

[@naimhussain606]

You're a gem Sir! Thank you.

[@AskKubeir]

Glad it helped!

[@marien.3430]

Thank you Kubeir. This was very informative and answered all my questions.

[@AskKubeir]

Glad to hear it!

[@jigneshrohit]

thank you for all the detailed explanations. Helped me a lot. Grateful.

[@ishu261288]

Hi Kubeir, If I have 3 savings accounts in 3 different banks but my proof of funds requirement is already met from funds kept in 2 of these accounts. In that case, do I have to obtain bank letter from the 3rd bank as well? I am concerned as the website mention "lists ALL current bank and investment accounts as well as outstanding debts". This 'ALL' is creating confusion.

[@andy1988ism]

Provident fund explained at 22:40

[@gagandeepkaur4653]

Hi. Your videos are very insightful. Love your content

[@AskKubeir]

Glad you like them!

[@VIRU88J]

Thanks Kuber sir this detailed video is helpful

[@990macd]

Thank you for this information

[@Rraahhuull55]

Very informative video...

[@nurudeenekhaine2552]

Good day sir, I received my settlement funds from my mum on a NEW ACCOUNT opened in December 2019. I know the other docs to provide as you advise. However, how do i show 6-month statement of account when my account was opened barely one month ago?

[@sunita3549]

Hello, can money from sale of property which is just about one week or less acceptable as proof of funds and also when applying through express entry does selecting provinces and other territories mean that upon arrival in Canada I can move to any province I like

[@sushumnapatel7735]

Hi, could you please help address the below two questions: i) Do proof of funds need to include the application fee, right of permanent residenc fee and fee for biometric testing? E.g. For a couple, that would mean a CAD 18022 vs CAD 15772 minus the fees. ii) We have withdrawn our PF. Can we show online statements or sealed copies of these statements (sealed by the pf office) as proof for source of funds. Thanks a ton!

[@mahfodiabdelali8257]

Hello Sir . Thanks for the info

[@doniaaugustine9396]

Sir, I have a humble request to you. Can you please do a video on explaining the valid set of documents to be submitted to prove the relationship?

[@samiahmad6175]

What if required amount is there but less than 6 months. Account is old but the required amount for Immigration is in less than 6 months???? Will it lead to rejection

[@wakandaiguy]

Appreciate it 🤝

[@dr.shellijagupta7942]

Appreciable

[@muhammadsaad6382]

Hi, warm greetings, I've two bank accounts, one is my salary account, it's the same where I've deposited funds for pof and another account from where my home loan gets deducted every month, do i need to show the home loan account info?? Pls advise.

[@jasvirkaur4627]

@Ask Kubeir.Sir i had a car loan before provincial noi.Also i had sufficient proof of funds.But i repaid my car loan by money from my relatives and closed the loan.So i did not mention about the loan in my proof of funds.It was being reflected in my monthly statement.I have submitted my nomination application .Do i need to provide the gift deed for the money which i used to repay the car loan?

[@tiblu1983]

Great video sir! Can you please provide information, if I have a valid job offer I still have to provide or need to show POF? I'm applying through Federal Skilled Worker (Express Entry).

[@freesoul590]

My aor is 3 july, i missed out the authority letter from my spouse to use his funds...i m still under review so is the consent form the reason for delay in my application

[@MsSohi]

Thank you for the valuable information, I would like to ask whether 5 years tax savings FD are valid for Proof of funds?

[@jigneshdevganiya]

I had deposited cash in the bank account, apart from salaries i earn rent of let out property as well as business consulting income on part-time basis, i file my income tax returns every year and disclose all income so i have CA certified balance sheets and income computations. is it sufficient to prove the source of cash??

[@ChiyaNandhus]

Hi Sir... Should we provide all bank accounts details or the one where proof of fund lie down ?

[@andy1988ism]

Can we show employee provident fund as POF? If yes then what is the paperwork that needs to be done?

[@mayflowers6998]

Hello Kubeir. I have a question. I recently got an ADR to update my POF but the exchange rate has been fluctuating with my countries currency. I finally submitted by adding more money to my POF. My question now is will application be assessed on rate on the day of submitting the updated POF or the day of assessing the application by the VO. and will adding almost 2M to my POF in 2 days to cover for the fluctuations in two days raise an eyebrow.

[@sandeepmehta7413]

Thank you for the wonderful information. Can I show my US funds in Canadian bank's US currency denominated account as proof of funds ?

[@vanisha_naraini]

Can my father transfer money onto my salary account in case I need to show proof of funds as a gift deed letter? Or is it necessary to get it transferred to the savings account?

[@ishu261288]

How old should be the bank letter from the date of submitting the PR application? Can it be taken anytime after ITA or should it also be having details of even one day before submission of PR application?

[@freesoul590]

What if we have submitted fds from a financial instution and not a bank.do we still need to give 6 months balance certificate

[@nehathadani8118]

Hi what if the bank is not able to provide the 6 monthly average balance? What to do then?

[@kevedge_]

Is pension fund acceptable as proof of fund by ICC

[@sayilama1983]

Hi. My wife is the primary applicant and I am the one who is showing the funds. So for my funds do I need to show the letter from the bank and 6 months SOA. The reason is my degree and masters can only be attested through icas and will take time. Please advise

[@ojeagavictor5544]

After submitting POF, do the officers have a communication with my bank to see if the money is till in the account ?

[@rajbai1701]

Sir, if i manage to get all infirmation in offical letter head, do i still need to provide bank statement?

[@therenaissanceman441]

I'm about to land this month. Is Demat account statement (money held in shares) acceptable proof of funds?

[@maheshawasthi21]

Quite informative. Sir a quick query, I have my investments in mural funds via et money in my secondary applicants name. Will her cams statment be applicable to showcase my investments,? Not sure if you are responding on this old video, will be helpful to me. I am applying for SINP

[@NecromancerTO]

Play at 1.25X. Thank me later

[@parvezahmed6936]

played 1.5x. thanking you for your idea

[@sakuraentreprise5947]

Thanks

[@myselfnaveenkumar]

All my money is in form of Stocks, Mutual Funds, FD, PPF and EPF as well. Is that fine? And what are all the documents I should be getting from these organizations, if required? And I have applied for SINP OID.

[@pratikGosai2704]

Good afternoon Sir... Please make a video on POF management post-PR stamping. Regards

[@varunt2724]

Hello Mr. Kubeir, I have a 7 month old joint FD with my mom on which my name is mentioned with short initials ("T S VARUN") whereas my express entry profile, passport etc abbreviate my full name (Varun Thakur Singh). Could this be an issue? If yes, would you suggest to include a line or two in the Bank letter/ or may be an affidavit explaining this? Would appreciate your valuable response.

[@sanamumtaz4906]

Hi Kubeir, are we supposed to provide details about those bank accounts which are not part of proof of fund. Like is it mandatory to declare all bank accounts?

[@jasdeepsingh5456]

Hi sir, If a person is on study visa and he gets an ITA can we show GIC as proof of funds?

[@ashokshetty3034]

If the bank gives pof letter in INR is it mandatory to mention it in Canadian dollar Pl clarify

[@teammariano1256]

Are gift deeds necessary under outland spousal sponsorship application? The Sponsor in this program is not required to provide proof of funds but must show how the Sponsor can provide support for the Principal Applicant

[@wiggie79]

kubeir sir, can i take some money from parents and some money from friends and maintain this money for straight 6 months, should i have to provide gift deed documents to cic ?

[@vaishnaviramakrishnan9648]

Hi sir my daughter gets admission from Carleton University sep intake.my cousin going to sponsor for GIC,she lives in UK.how do we get proof of funds from her?pls help me.

[@sachinkumar3952]

Sir, is it mandatory that we get the letter from all the banks in which we are the current account holder? or only the statement from one bank should do that we are going to use for the proof of funds? (I use all the accounts however funds are available only in one account).

[@alamgirhossain-ci4mx]

Dear sir. I like to know where's i should keep this funds?. is it in canadian any banks or my bangladeshi any banks?.

[@johnnybuoy9551]

So I saw this debate on Reddit that whether IRCC can check our Bank Accounts by directly contacting the Banks. Some people said they could do it, while others said it's not possible since it's against the law to get information regarding someone's bank account. Curious to know what's true..

[@henryandes7819]

Sir quick question, I'm planning to apply for MPNP my wife has a credit card debt when she was single. Will it affect my application? Do I need to declare it as one of our debt? Thanks in advanced.

[@minkushtakkar5899]

Hi Kubeir sir, I submitted my PR application with Balance Certificate with stamped but statement is e-statement which is not stamped. Is it okay?

[@laibashaikh8019]

I have a salary account in pkr and I am planning to open an account in dollar due to the currency devaluation I want to maintained the funds in dollar and will transfer monthly for say $1000 each month will create any problem?

[@mitulpanchal6100]

Hi, Thank you for the wonderful information. I have got the nomination and i am about to get ITA from express entry. I have query that, I have proof of funds in 3 different banks. So can I attach 3 different pdf as proof of fund or I can attach only one pdf which has all 3 bank proofs ? In case of SINP, I was able to attach different pdf for each FD and account. Please guide for the same. Thank you.

[@NehaSharma-yd4vo]

Hi! My score is 496, currently I’m in UK, but I don’t have any savings, whatever i earn I spend. I’m planning to apply express entry FSW by august 1st week and I plan to take 14000 cad from my family as proof of fund, how should I show this to IRCC so that it does not appear like I borrowed? Edit: Some people say that showing entire amount as gift deed may result in rejection.

[@juancarlosmorenoaldana2361]

This is such a great content

[@dr.shellijagupta7942]

If FDs are old ones then wat documents we need to provide?

[@DineshVerma-ne8pv]

Hi sir, my query is: I will take gift deed to show proof of funds but I want to know whether I need to have 12960 dollars in my account while making express entry profile or can I take gift deed after receiving ITA ?

[@aswal88]

Sir,iIf my wife is accompanying me for Canada, is it mandatory to attach her bank statements also?

[@parampreet704]

Hello! Sir I need your help please guide. I have a running car loan from another bank (Yes bank) but the amount of this car loan gets deducted from the account in which the funds are placed, and I receive my salary. (Bank of Baroda) So do I need to justify the car loan payment that gets deducted from my salaried account every month? What do I need to do in this scenario? Clear my car loan and get the NOC or Leave it as it is or should I prepare any letter from the another bank ?

[@praxs4u]

Mutual fund and Stock Investment can we show as a Proof of fund...

[@sahilthapar3168]

An outlander with job offer also require funds to show?

[@vishaspiration99]

Hi Kubeir Sir, I have one question and would appreciate your clarification on the same. If I have enough POF to cover through 2 FDs available in one account, do I still need to show other FDs available in the same account on bank letter or showing 2 that covers over and above POF requirements should be sufficient? Your response is highly and deeply appreciated. Thanks Sir

[@jaskaranbedi152]

I have opened a new joint account with my spouse. We are planning to put some of our money and will be taking additional gift deed from parents. By the time we will put our application, account won’t be 6 months old, but will be having adequate money. Will this suffice?

[@ss-uz6kg]

Sir if u could pls let know that what is the timeline to have that proof of funds in out account ??

[@palbhanri1973]

Hello sir I have 13000 cad in my account These funds were transferred as follows 6000 direct transfer from a friend 6000 self deposit in cash What is the best way out to prove them as mine

[@Missfad-fad]

Hello Thank you for the explanation I have a question please, i am the main applicant and my husband transferred the funds from his account to my bank account Do we need to justify it ? And what do we need to do please ?

[@816abbas]

Sir thank you for taking your time out to make this video. Does CIC accept recurring deposits as proof of funds?

[@816abbas]

@@AskKubeir Perfect. Thank you for your prompt reply. Much Appreciated!!

[@karnailsinghbawa6185]

Is it mandatory to give account statements of last six months even if the bank has given an official letter stating the current balance as well average of last six months on a single page. Account statements are really long nowadays because of UPI payments…. Sometimes even 25 pages.

[@reshminair3354]

Hi, can you please answer this: i have a chit fund scheme for which I pay from my account every month and I will get a lumpsome amount soon..would that be okay for IRCC as I will have to keep paying them the amount every month for another year..it's around 40000 rs per month? Thanks a ton for always supporting people like us...

[@simarbhatia2805]

Hi Kubeir Do SINP requires 3 months POF maintained as mandatory ?

[@simarbhatia2805]

Thanks Sir

[@chinmaymulay4366]

Hello Mr. Kubeir, warm greetings. Thanks for such a valuable information. One query. Do I need to provide affidavit/gift deed, etc. for the FDs held jointly in my father's name (I am the first holder) but liquidated before PR application? The savings bank account in which the FD proceeds will be credited is held jointly with my spouse. Please provide the useful guidance. Thanks in advance.

[@chinmaymulay4366]

@@AskKubeir Excellent. Thanks a lot for the truly express reply!

[@RakshiRaj]

Hello Sir, I have a gift deed, affidavit and bank’s letter. Do we have to still submit 6 months statements/transaction ? Thanks for this video.

[@nisarakran8181]

As it is a gift I believe it will not be, in that case what do we have to do? Submit bank statements or not? Thank you.

[@thiripurap4338]

Hello Sir, thank tou for the detailed and helpful vedios...,i havea clarification.....I am in Canada on work permit, and my son on study permit ...can I project the savings from my upcoming years salary? Will this be considered as valid source of funds for my son's living expenses and final year fees? Pls advise 🙏

[@EmpoweredLady]

Cheque and online transfer 14:05

[@ownself8807]

Hello sir, Thank you so much for making such a video. Sir, I have a credit card associated with my account and should I show any document related to my credit card?

[@ownself8807]

@@AskKubeir Thank you sir,, online statement will suffice or it should be in letterhead? Sorry for asking another question sir, but it is important to execute your suggestion.

[@annemargaretbeltran2124]

Hi sir, I am applying for Alberta Pnp. What should I put in the box that asks for the amount. I am working and living in Alberta for 3 years now. I do not have any savings now. Should i put ZERO or the amount that is required? Then upload letter of explanation with the jobnoffer? Thanks!

[@fattujah]

What is meant by day of application? Is it the day that we create express entry profile ?

[@shakilahmad4188]

It means the day you submit your eAPR.

[@satwinderkaur2544]

hi, i had a query, regarding some finance problems, i have proof of funds and everything but my main concerns is something else, my wife is a primary applicant and i am the secondary, POF is gifted amount from in laws and some is gathered by me, my main concern is that i have a running business here in INDIA, and there are some on going business loans more than 2-3 years old and 2 of them closes in q1 2020, they are in good condition and i am not planning on to close the business, as my brother will be handling the business after i left and he will be having my power of attorney for the same and any banking transactions to be made in my absence, any POF is not generated through any loans they are all savings and some of them is gifted, so my question is that is there going to be problem for my loans that are running.

[@satwinderkaur2544]

1. Wife is the primary applicant. 2. husband is the secondary applicant, husband have some ongoing business loans which dates back to 2-3 years and the loans are going to be finished in 2020-2021, track record is good for the loans and his brother is going to take over the business after we left. 3. we have already applied file for the pr and submitted our docs so the question is that is their going to be some problem in PR process for the ongoing loans

[@vikramreddy7194]

Hi Sir, I am primary applicant. I have an education loan with an outstanding amount Rs 2,50,000 /- and a car loan of Rs 1,50,000 /- My wife has education loan for the same amount of 2.5 lacs. We have Rs 10 lacs in bank accounts, ready to liquidate. Do we have to maintain more amount to balance out the loans we have? Kindly advise.

[@muhammadfarooqkhan9519]

Dear Kubeir, I Hope you are doing well. Government of Canada website says " The funds must be available both when you apply and when (if) we issue you a permanent resident visa." So my question when it says BOTH WHEN YOU APPLY? does that mean at the time of case put up in the express entry profile or does that mean when we accept ITA ?

[@AskKubeir]

It means when you submit ur PR application and when you arrive in Canada and during the entire application process

[@ranjithar996]

@kubeir . My funds are kept as FD in a rural cooperative bank in my home state. The bank is having only 3 branches and doesn't have a national presence. Can I show this fund as POF for immigration. Or is it required to show the POF in a Nationalised Bank.

[@susmavarghese44]

My situation is the same .could you please share what did you do

[@ranjithar996]

@@susmavarghese44 You may use the same money, if the coop bank is willing to give you the letter in the prescribed format. Some people told me that funds should be kept at a nationalized bank. However, CIC doesn't mandate this and you are free to use any bank or financial institutions. This is the safest method, as the fund is old and u don't have to produce any other source for it. If they are not willing to give the letter, u may transfer the amount in to another bank and show the documents of withdrawal and tranfer. Expain the details in the LOE. Third option is to withdraw the money and transfer it to your dad/mom and then transfer it to your account in a nationalised bank and put FD. In this case u will have to produce the source of fund. Get a notarized gift deed from your dad/mom after the transaction. There is no specified format for gift deed u may use any format, and get it notarized. This would cost you around 1000-1500 rupees extra for stamp paper and notary charges. #Make sure that the bank letter has all the necessary information as specified in the cic website.

[@susmavarghese44]

Thank you very much Ranjith for the detailed explanation. Makes me feel better. The urban bank is willing to give the letter in the CIC format . However, I keep hearing from consultants a billion different things and one lady even told me I could get a ban if the funds are not in a ‘known bank’. I am glad to have found someone in the same shoes . Kubeir sir also commented that the FD in urban bank should be fine and that’s a relief 😁 Many thanks again .

[@thecompulsiveclicker]

Cryptocurrencies are not acceptable as PoF but what about the funds in INR as a result of sale of cryptocurrencies? Do I have to maintain for 6 months and will IRCC accept those funds if I explain in LoE?

[@thecompulsiveclicker]

@@AskKubeir awesome! thank you

[@cherotedevan]

That quite informative. I have a specific query on the recent Yes bank issue. What is our status if the proof of funds shown is with Yes bank with a withdrawal limite of 50K. It would be of great help if you could put some light on it.

[@cherotedevan]

Thanks for your reply. That surely will make many feel relieved.

[@gagandeepkaur4653]

Can you please tell how to explain or show Source of Funds in Proof of funds document

[@AskKubeir]

Add a cover letter with explanation

[@reshminair3354]

Please help sir, if we are showing bank letter correctly, do we need to show bank statements of 6 months. Thanks a ton

[@AskKubeir]

No, but they can always ask for it

[@gagandeepkaur4653]

I applied for PR through Express Entry. I had submitted Proof of Funds document in which I mentioned average monthly balance for past 6 months. Now IRCC has sent a query to again send 6 months statement with explanation on sources of fund.

[@mycanindianlife]

Can I take gift deed from my father in law? I am primary applicant and my husband is secondary in our case.

[@isabellamomodu1812]

Im sure you have gotten your pr right ?

[@samiahmad6175]

Is it must that gifted money comes to my account through another bank account or it can be Cash amount as well.

[@jaskarankaur6290]

@@AskKubeir My father today credited some money in my SBI account by cash deposit for the need of showing proof of funds. If cash deposit is not credible then, I can again make a payment by giving this money to my father by cheque and then again getting it from him by RTGS from Post office into the same account. Will this be fine, Sir ?

[@simbasimba7662]

Can nps statement be shown as proof of funds

[@marblefox319]

If a person's country of residence is different than his home country, can he show proof of money in his home country's bank account?

[@AskKubeir]

Yes

[@raniabendaly9748]

Thank you Mr Kubeir, you're the best. Just a question please, With the gift deed and my bank statement, do I also need to provide the bank statement of my mother "the one who is going to transfer the money"?

[@AskKubeir]

No, not unless asked

[@raniabendaly9748]

@@AskKubeir Thank you :)

[@vishalmodha8205]

I have fixed deposit and a credit card on that FD...will there be a problem?

[@vishalmodha8205]

@@AskKubeir thank you sir...

[@kirtiwld]

Hi. We missed on disclosing credit card debt. More as we thought that it's rotating debt. However we have adequate balance in our savings account which we have shown in profile. Do we need to provide cc details as well. Thanks in advance!

[@kirtiwld]

@@AskKubeir Thanks a lot !

[@somil47]

Hi kirti, may i know the outcome?

[@sarfrazbhatti3481]

Hi sir i invest in fixdeposit jointley with my which can be withdrawn any time. I have 2 question 1. did my son show this amount as a proof of fund. 2. Can show as bank balance for visit visa Plz guide thanks alot

[@abhinavsharma4197]

Hi sir thanks for the informative video. Please suggest if a ULIP policy maturing after 1 year can be considered as proof of funds?

[@abhinavsharma4197]

@@AskKubeir Thankyou sir for the prompt reply :)

[@vanisha_naraini]

How can one access the proof of funds which were deposited in the home country's bank a/c after arriving in Canada?

[@AskKubeir]

Usually most banks have online access to the accounts and you can do a wire transfer. Check with your bank

[@vanisha_naraini]

@@AskKubeir Thank you for your quick response

[@Unitytechnology]

Hello Sir Thank you for the great video post. If you receive a gift in the form of cash and then you go and deposit in your bank account will a gift deed work in this case? Since the gift came in the form of cash. Thank you

[@mitikamj]

Did u get an answer? What did u do ?

[@Razu61]

Did you get ur ans?