How to Show PROOF of FUNDS for CANADA VISA + FINANCIAL SUPPORT Sample Included
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- เผยแพร่เมื่อ 24 ก.ค. 2024
- Hi everyone, welcome back to my channel.
In this video, we will share the easiest tips on how to show Proof of Funds for Canada Immigration for Beginners in 2023. Please like, share and subscribe.
Thank you for joining my space and I hope you enjoy it!
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ALL U NEED to Know Proof of Funds for Canadian Immigration.
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This was super detailed and very unique. thank you so much for your effort Nkem
You’re welcome. I’m glad you find it helpful.
Good job sister...Thanks for this information
Welcome 😊
Nkem, thank you so much for your detailed videos, you are doing well...keep it up 👍🏼
Please can you make a detailed video(s) and steps for study route. Starting from going through courses and applying to schools - to getting the study permit.
I will be following up, thank you
Yes sure..I will be sharing my experience with study visa soon. Thank you for watching😊
Thank you so much ❤😊
God bless you greatly for this.
Thank you. I'm glad you enjoyed it.
Good job done 🎉👍 please can kindly share with us how to write a winning scholarship letter or essay. Thank you
Great suggestion! I'd look into that. Thank you for sharing.
New here watching from Dubai
Thanks for watching, and welcome.
Very detailed!
You mentioned that your mum gifted u an amount, was she also your sponsor?
No, I didn’t.
It was an illustration for those who’d be using a gift deed from parents.
My mother in-law agreed to use her business account which runs millions to Sponsor my wife as main applicant and myself as the dependent for my wife, currently she left 15m in her account for our POF. My question is, can she be my wife's Sponsor and myself too?
I think you are one person I have seen explain this perfectly. Thank to you. My question, someone like me that wants to sell fixed assets like refrigerators, generators , you mentioned that we provide a receipt for the buyer. In other words, you mean we can generate our own receipt? The reason I am asking this is for those of us who are not business owners that has invoices and receipts
Hi Chidinma, you should include contract of sale for those items & make sure that the payment sent to your account aligns with the description of your sale. this contract can be an invoice, agreement of sale, or a document that shows you sold the items.
@@nkems_space thank you
Yes you can generate your receipts while selling the items, however please include a contract of sale to assure its validity. It has to be legally sworn (sign & stamped). Just a 2-factor authentication on your part.
Nice video, please does opening balance really matter in account statement for POF for study visa
Not at all
Hi Nkem, was the letter from your asset management company stamped ? Also would you say most of your proof of funds came from your personal savings bank statement or your investment?
Hi Ichaaya,
Yes, it was signed & stamped.
My proof of funds came from a mix of the listed items.
Hi beautiful , quick question please .
Is POF needed for an unskilled work visa ?
Hi, you need to have enough money for you family size to meet the low income cut off (LICO) on the immigration website for work visa. Check out this link www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/work-permits.html#
Thanks 🙏🏾 but what if I have relatives in Canada that I will be staying with do I still need to show proof of funds?
Hi Mujeeb, you’d still need to provide proof of funds. Well, it will be great if you mention that you have a few relatives that you wish to stay with, however, if you’re coming with a study visa make sure your home ties are strong enough.
Can the proof of funds explanation snapshot be submitting in POF portal or in additional documents? Just asking in case
You can have it any way you wish.
However, I recommend to have it as the first page on your POF documents submitted on the slot provided for POF.
Use combine pdf (e.g small pdf, pdf combiner etc) website to combine your documents together so that it combines as 1 document and not 2.
Thanks for this amazing information, please how can you be contacted because I have other questions
Hi Uchenne, Yes sure. You can drop your questions here and I’d be happy to answer.
@@nkems_space thanks I know that I won't ask all the questions here but,do you know how one can apply for visitors (family)visa to Canada or any accredited agent that specialises in that?
No dear, I don’t know any agents.
Here’s some information that could help - www.canada.ca/en/immigration-refugees-citizenship/services/visit-canada/apply-visitor-visa.html
You can also drop me specific questions on my IG account and i'd be happy to help. It's nkems_space
Did I have to show them my account balance or just my account statements?
Hi Mujeeb, they require your account statement. Your account statement contains your account balance.
Hello ma’am what about Your mum sends money to your account with no narration.
How best do
I explain it. Can I still use gift deeds for it?
Yes sure, you can use a gift deed from your mom.
Hello sis
Can i use my job offer instead , to meet the funds I got ita under fsw program
Hi, You can use your job offer to get more points in the pool for FSW. However, you can only use your job offer if you're authorized to work in Canada. What this means is that; if you don't have a valid work permit + valid job in Canada, and you're outside Canada, you'd still need proof of funds. Check out this link for further information - www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html
@@nkems_space thank you dear i appreciate . So I recently landed in canada on a work permit and I also got nominated for pr .
If my mother is my only sponsor and she’s doing a deed of gift for me, do I have to add documents to show her job or what she does for a living ?
Here’s my opinion;
You can have that handy, if they require it in the process. However, a gift deed requires that she transfers the money to you. What you need in this case is the legal documentation for gift deed, your statement showing were it reflected and to include in your explanation letter that she gave you the transfer as a gift (“find gift deed attached”). If she sold anything to come up with the money, please add the receipt/invoice of sale.
To me, the situation were you MUST include proof of job and source of living is when she isn’t giving you as a gift but agreeing to be your sponsor. This means the money is in her account. Then you have to send in her bank statements, job proof etc.
@@nkems_space thank you so much
@@atselefuntemitope6179 you’re welcome. Always happy to help. 🙂
Hello Nkem, can I use my insurance policy that has a guaranteed sum?
Hi Dera, most insurance policies are not near cash instruments (not easily convertible to cash upon demand). In this case, I do not recommend that. Money market funds, fixed deposits etc are more flexible.
@@nkems_space ok thank you
Hi please can you do a video chat j the reality of getting good paying jobs after an MBA from a top school in Canada
Hi, I don’t have one now. But I’m currently working on it.
Thank you ❤️
Hi nkem , thanks so much for this video it’s very informative. My proof of funds is from an investment (I am into transport asin keke ) . Is it alright to just put that and will it be an issue .
Secondly can I just send the total amount 6 months to when I want to apply ?
Glad it was helpful! So long as you can proof how the funds come in, and the documents to back up your source of income and that it is your own business (not partnership) in your own account, you should be fine.
I think you would want to make it as consistent as possible...i.e monthly salary/income. I do not encourage lump sum deposit. it's harder to explain how lump sum.
@@nkems_space thanks so much for your reply . It’s more of an investment nkem
Good morning, please I need your assistant, if my POF is #20m, must the #20m be in my bank account for 4 months?
Hi,
Except it’s a gift from parents (proven with legal document - gift deed), it’s advisable to have your POF consistent on your account statement for the period of your application. As indicated on the IRCC website, You need to present an average balance for the past 6 months. Try avoid unexplained lumpsum transfers on your statement of account.
www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html
@@nkems_space ok, thanks 🫂
@@nkems_space please I need further information from you, I already got an admission for May 2024 and I have paid my deposit fee, my question is should I go for medicals and get my police clearance Certificate ready before applying for visa or I should go ahead and apply for the visa before getting my police clearance certificate and medicals?
It actually depends on your personal preference, especially because of the wait time to get a medical assessment appointment.
Medical assessments are valid for 1 year, while PCC is valid for about 3 months.
I did mine the week of my application, submitted everything at once and didn’t experience any delay for my study visa.
Congratulations on your admission 🎉🎉🍾
Can i have more than 1 gift deed document?
It’s preferred to have 1, I’d also recommend that.
Helllo Nkem..how can i get ur table for pof?
Hi Janet, you may need to build yours to fit your situation.
Is the deposit yearly or per term ?
No, it is based off the agreement with your school, and its fairly negotiable depending on your program. Mine barely scratched the surface; but since it was an expense and formed part of the tuition fees, it had to be included.
Please I have second class lower 2:2 in my first degree please can I be admitted for masters and also get loan from m power finance to agument my proof of funds
Yes sure, second class lower isn’t bad. The decision to get a master’s degree spot is solely on the schools you applied to, so you may have to speak with the schools to know their requirements before sending in your application.
For financing through student loans, only enlisted schools with MPower are eligible for the loans, same thing for Prodigy Finance. You can check out their websites, or chat/speak with their customer care representatives for more information.
Hi dear, amazing job. Please apart from M power. Please what other company can loan a student. M power does not support my schooL
@amandadaphne2708 HI Amanda, you can check out Progidy Finance
Is ur channel monetize?
Nope, it’s not.
@@nkems_space how comes add is running on ur videos, I thought add don't run until ur channel is monetized?
Thank you, noticed this recently.
Well, just found out some terms got updated recently, which can be discouraging in truth.
Hopefully this is fixed.
@@nkems_space it's fine
WOULD YOU ENCOURAGE A GIFT DEED IN MY CASE I HAVE NOT BE ABLE TO SAVE MONEY UP TILL NOW. GREAT AND HELPFUL CONTENT.
Hi, you can use a gift deed from your parent(s). But you need to have an account that has considerable inflows and outflows to support your claim.
I won’t advise an empty account with only the gift deed inflow, that’s a red flag.
@@nkems_space THANK YOU
THANK YOU
HI I EARN LITTLE AND MY BROTHER IS MY SPONSOR DO I NEED TO SUBMIT MY BANK STATEMENT MY SCHOOL IS RESUMING IN SEPTEMBER. MY SIBLINGS HAVE ONLY AGREED TO PAY HALF OF MY TUITION. PLEASE WHAT DO YOU ADVICE ?
You need to show your full tuition payment for a year plus your living expense for a year. Regardless of your sponsorship from immediate family, you need to send your statement of account.
Thank you so much for the video I really appreciate kindly assist me with this on showing proof of fund am a bussiness man I want to know if I can make use of my personal proof of fund instead of the bussiness account because presently my fund are not the bussiness account kindly assist by enlighten us on how to show proof of fund with personal account thanks you and God bless
Hi Tunji,
In my opinion, It’s safer to use your personal account for proof of funds. You need to show your inflows for a minimum of 6 months or a max of 1 year, which ever makes you comfortable.
It should contain funds that covers all you need.
Wishing you all the best.
@nkems_space
Hello Nkem, I just stumbled on your channel and appreciate the info shared.
However, I have some questions and plead it be addressed.
1. My sibling in UK is going to sponsor my tuition and living expenses; does he have to send the money to my account for this purpose?
2. Or the money can remain in his account but he'd show his bank statements, his job.
Assuming he transfers the money to me, can I apply 2 weeks later but explaining the large sum?
I was actually thing because he'd sponsor, he will show relationship ties and his bank statements.
Please enlighten on which is better for a visa approval as I have gotten Spring admission.
Thank you.
Congratulations 🎊🎈🎉
For study visa, he does not have to transfer to your account. He needs to show a notarized gift deed, his statement of account (containing more than the amount he pledges to gift you), he may need to proof his job or source of income.
If you are applying for permanent residency then he must send the said amount to your account, plus the gift deed.
A gift deed can be given to you before application as his way of support, he just needs to provide his statement of account that does not have lumpsum inflow that’d raise an eyebrow. Especially since it’s his statement you are using.
Wishing you all the best! 👍
My mother in-law agreed to use her business account which runs millions to Sponsor my wife as main applicant and myself as the dependent for my wife, currently she left 15m in her account for our POF. My question is, can she be my wife's Sponsor and myself too?
Your wife's mother can sponsor her as main applicant, but the account has to be in your mum in-law's personal name and not corporate account name. This may work for study visa as parents can sponsor education of their kids, but not work for Permanent residency as the money has to be in the applicant's account.
Are they going to tell me to run proof of fund for myself too?
She would need to provide proof of funds to cover her tuition plus living expenses for both of you (or your family size).
Outside her sponsor, I advise you both include your account statements as well.
Check out the link for the required amount for PR www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html
Here’s the amount for study visa www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents.html