Express Entry Proof of Funds Questions

[Vijay.Archived]

Please share your questions regarding proof of funds in this thread so that anyone having a similar question can benefit from it.

 

[Vijay.Archived]

Common question: Can I take a loan from another person or a bank, put and maintain it in my savings account for 6 months? 

Short Answer: No, you are not supposed to borrow this money from anywhere. The rules explicitly states that you cannot borrow from another person (see first quotation below). If you borrow it from a bank instead of a person, then the money is "burdened" (not yours to be used freely) and it will show up in the official letter (second quotation below) which is required to be submitted.

Quoting from official site: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

be printed on the financial institution’s letterhead
include their contact information (address, telephone number and email address)
include your name
list outstanding debts such as credit card debts and loans
include, for each current bank and investment account, the
account numbers
date each account was opened
current balance of each account
average balance for the past 6 months

Common question: Can I ask for gift deed from my mother/father/relative for 15000 CAD and put it in my account to use as POF?

Short Answer: Yes. A gift deed (stamped notarized) is fine in most cases. A gift deed is a document that records the act of giving a gift and is executed between the donor (the person giving the gift) and the donee (person receiving the gift). However if there are large and sudden deposits, IRCC may ask for an explanation to determine whether or not you borrowed the money.

Bottom rule: IRCC only cares that the money is yours to use, free and unburdened. As long as you do not have to return the money to anyone else, you are good to go.