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Proof of Funds - Tips and Tricks

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GoDz85

Good day all.

 

Can ones provident fund be seen as proof of funds?

 

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MaryJane
Tarryn8

Hi Everyone,

So we were issued with an ITA this week and are trying to get the dreaded POF  ticked off our list. Our bank (FNB)says they can't draught the letter we need with all the information, only they can provide us with a proof of account letter which is a standard letter. Has anyone found a way to come right with their POF letter with FNB?? 

Any help would be appreciated!

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GuyRussy
On 10/5/2019 at 1:15 PM, Tarryn8 said:

Hi Everyone,

So we were issued with an ITA this week and are trying to get the dreaded POF  ticked off our list. Our bank (FNB)says they can't draught the letter we need with all the information, only they can provide us with a proof of account letter which is a standard letter. Has anyone found a way to come right with their POF letter with FNB?? 

Any help would be appreciated!

Hi @Tarryn8, if you're a private client of FNB, it should be easy for your p-banker to write it up.

If you're not a private client, I would suggest going into a branch, speaking with the branch manager, and explaining exactly what you need (6 month average balance etc). I believe some forum members had success with this method.

 

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NadiaBD

@Tarryn8 We also struggled with the POF from FNB. In the end we got an account confirmation letter which stated all our accounts with the following details: Account Holder's Name; Account type: Account Number; Branch name; Branch Code and Date opened. 

We really struggled to get the Account Balance and Average balance on the letter, so in the end I added a table in our "letter of explanation" that showed the account Name, Balance and average balance in Rands and in CAD and attached 6 months bank statements to our POF. In the letter I also noted the date ant time I used for the conversion from Rands to CAD. They have not asked as yet to send them other financial information, so I believe they are happy. 

P.S. At one point we did get a letter from FNB with the account balances, but it did not show that my husband had full authority and when we asked for that to be included then all of the sudden we could not get the same letter. Every time I requested for this letter I got a different template - so perhaps do that, maybe you will get the one required 😉

 

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Slippers

Morning, I was able to get a letter from the premier desk that had the balance and 6 month average as well as the account details. It did require a lot of moaning and multiple emails. Calling really didn't seem to help just as a FYI.

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BobbyV
On 9/6/2019 at 1:44 PM, GoDz85 said:

Good day all.

 

Can ones provident fund be seen as proof of funds?

 

Yes definitely, you can use your provident fund as proof of settlement funds. That's what I did and I soft landed last month!

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logan
On 10/5/2019 at 1:15 PM, Tarryn8 said:

Hi Everyone,

So we were issued with an ITA this week and are trying to get the dreaded POF  ticked off our list. Our bank (FNB)says they can't draught the letter we need with all the information, only they can provide us with a proof of account letter which is a standard letter. Has anyone found a way to come right with their POF letter with FNB?? 

Any help would be appreciated!

Hi @Tarryn8,

Here is my experience. As I've said on other places on this forum: the IRCC are interested to see that you have unencumbered access to the needed funds. This, to me, meant: I have the stipulated amount in an account somewhere, I have immediate access to it, and I don't have any liabilities that will wipe it out. I thus set about proving this in the following way:

Prepped a 'statement of financial status' which listed my liquid and fixed assets, and liabilities (credit cards, loans, car loans and the like). Under liquid assets I listed my balance for the accounts under consideration:  our kitty (money market), cheque accounts (since I moved money into the money market from here), credit cards, home-loan and so on. I added a note in the LoE, and in the statement which said (more or less): I've attached 6 months worth of statements for the accounts under consideration showing debits and credits. This was done to prove that there was a consistent effort in moving money (saving) from my cheque account to the kitty account over a period of time, and not just large lumps of money suddenly appearing in the accounts.

The attachments were for my cheque accounts, money market, home-loan, and credit cards.  They were the bank issued statements for all these accounts. I then (in the LoE) explained any odd looking deposits/withdrawals: I wanted to avoid the agent becoming suspicious if there were any big deposits that weren't part of a regular pattern.

I added some sundry items to tie it all together: for example, valuation of the motor vehicle and outstanding loan on the vehicle -- shows that a sale of the vehicle will be in my favour and will settle the debt on the vehicle thus not encumbering our kitty. It did the same for my home and home loan.

I didn't have any questions from the IRCC on funds. I don't know if this created additional time to review on their side since this was nearly 40 pagse -- I don't imagine this would have caused a stir.

I'm not advocating going one way or the other, that is for you to decide though 🙂 I just wanted to share my experience, which did not include the 6-month average letter route...

All the best with the ITA.

 

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Tarryn8

@logan  @Slippers @GuyRussy @NadiaBD

Thank you so much for your assistance everyone. We will try all avenues to get the information needed. I was at the bank again today and the consultant who was trying to assist me sighed and said she was unsure what I was going to do - haha 😂. Anyways, thanks again! 

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T3ZA

@Tarryn8 you can get a "Letter of Good Standing" from FNB. It will basically state the turnover through your account for the last 12 months. This together with bank statements (6months) and a letter of explanation should be sufficient.  

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Jean-Claude

Hi guys, after reading everything, I know we can use the pension fund/RA as proof of funds. However, has anyone used the additional/advanced money deposited in your house as a proof of funds, or does one have to rather pull it out the bond into your cheque account in order to classify as POF? It is immediately available when in the house bond, but not sure if it will be acceptable and I can't seem to find an answer (unless I overlooked something) on this anywhere

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fry

@Jean-Claude we pulled the money out of our ABSA flexi-bond and moved it to an investment account. 

This increased the interest we own on the house but at 7.5% interest at least there is some growth on the cash.

My understanding is that the money should say available throughout your application and till the day you land to activate, so our money is staying put in the investment account until we activate. 

I did include a link and description of the Flexi-bond from ABSA's site to prove where the money came from. This was to explain the investment account only being opened a few days before our application. 

Attached to this, for completeness, was 6 months bank statements from all out accounts and a balance sheet showing all moneys owing and estimated sale price of the property and cars. 

From what I have seen, this should be more than enough, but we are still waiting (201 days) for our PPR, so I can not be absolutely sure. 

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Jean-Claude

@fry thanks for the advice, I will approach it in the same manner and perhaps pull what is necessary in the interim.

 

I have listed the property, and obviously waiting for an offer to come through. Do you need to stipulate the value of property in the POF? I am not sure what the template of the POF is required to be, it is a very grey area for me throughout all my reading. I am not sure where I read it, but apparently the fact that you have a bond will not necessarily hinder the process at all as long as you have the necessary cash available seeming as the property is a future liability?

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LouiseV36

Hi there.  

Need some advice.  We have been very fortunate enough to have the funds sitting in an Investec account since February this year.  This is made up of savings and an investment that matured.  This is completely earmarked for our immigration.  We bank with another banking institution where our salaries and debit orders go off.  Our debt consists of a bond, car loans and a credit card.  All which would be extinguished with the sale of the house and cars.  We also have provident funds as well as pensions and RA's.

When showing proof of funds do we just show 6 months of the Investec account with the letter from the bank.  Or should we also include our day to day bank account history for the last 6 months and our provident/pensions/RA's. 

I can include statements for the bond and cars showing the liability. 

This for me is the trickiest part of the application and one I really do not want to get wrong.

 

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QB87
1 hour ago, LouiseV36 said:

Hi there.  

Need some advice.  We have been very fortunate enough to have the funds sitting in an Investec account since February this year.  This is made up of savings and an investment that matured.  This is completely earmarked for our immigration.  We bank with another banking institution where our salaries and debit orders go off.  Our debt consists of a bond, car loans and a credit card.  All which would be extinguished with the sale of the house and cars.  We also have provident funds as well as pensions and RA's.

When showing proof of funds do we just show 6 months of the Investec account with the letter from the bank.  Or should we also include our day to day bank account history for the last 6 months and our provident/pensions/RA's. 

I can include statements for the bond and cars showing the liability. 

This for me is the trickiest part of the application and one I really do not want to get wrong.

 

Only show the Investec account. Explain any big movements in the account during tge last 6 months and you should be safe. 

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Rosie

Hello everyone. Thank you for this forum- it has helped so much already in my early stages of the journey :) 

I received ITA on 18 September and am busy with the document upload part of the application.
For POF, what is your opinion on the importance of having statements physically stamped and signed by the banks/ investment companies? I have managed to have them all stamped but 2 of the companies stamped them with a “certified copy” stamp instead of their company stamp. My over thinking self reminds me that I read about someone on this forum who had issues with their application after using certified copies of documents (not necessarily POF). 
I am now unsure if I should risk the “certified copy” stamp or rather just use the original unstamped statements that were emailed to me for these two accounts.

Edited by Rosie

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floboyza

Hi All, please I want to know if it is possible to use my pension as a proof of fund with express entry. With my pension I can withdraw the money  when I resig and obviously it will be taxed. Please if there is anyone here that have use pension as POF please advise. Thanks 

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graciax452
On 10/23/2019 at 7:32 PM, Rosie said:

Hello everyone. Thank you for this forum- it has helped so much already in my early stages of the journey :) 

I received ITA on 18 September and am busy with the document upload part of the application.
For POF, what is your opinion on the importance of having statements physically stamped and signed by the banks/ investment companies? I have managed to have them all stamped but 2 of the companies stamped them with a “certified copy” stamp instead of their company stamp. My over thinking self reminds me that I read about someone on this forum who had issues with their application after using certified copies of documents (not necessarily POF). 
I am now unsure if I should risk the “certified copy” stamp or rather just use the original unstamped statements that were emailed to me for these two accounts.

I used a screenshot, no stamps at all, my main proof was investments and RA and I just included downloaded statements and a letter of explanation outlining all the taxes and a calculation with current exchange rate.

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graciax452
On 11/2/2019 at 1:01 PM, floboyza said:

Hi All, please I want to know if it is possible to use my pension as a proof of fund with express entry. With my pension I can withdraw the money  when I resig and obviously it will be taxed. Please if there is anyone here that have use pension as POF please advise. Thanks 

It should be fine I used my retirement annuity and showed how much it would be taxed if i withdrew it early.

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floboyza

Thank you so much I was thinking of resigning  and changing job so I can have access to money. But since it’s not necessary I wouldn’t. 

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JeanneT
On 10/15/2019 at 9:53 AM, fry said:

Just want to know if you ever received any feedback? Was the flexi-bond transfer accepted as proof of funds? Thank you!

Edited by JeanneT

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fry
On 1/14/2020 at 5:55 AM, JeanneT said:

Just want to know if you ever received any feedback? Was the flexi-bond transfer accepted as proof of funds? Thank you!

Duplicating my response here for the sake of others:


IRCC did not raise any questions. Though I had pulled the money out of the flexi bond and put it into a high interest savings account.

My wife and I took the approach that more is better so we provided the following as proof of funds and our application was accepted.

  • 6 month stamped cheque account statement
  • 6 month credit cards
  • Proof of main funds in high interest account (1 month)
  • 6 month bond statements to show that the money was there for a while. 
  • Vehicle finance settlement statement. 

Pretty much we tried to prove that we were financially sound and if we sold our assets we would cover out debts. We also made it clear where the required amount of money was easily accessible. 

I attached the explanation of what a flexi bond is in the additional information section of our application. 

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