Hey guys, how you doing? In this video I would be answering a few common queries related to proof of funds for express entry of Canada. So if you are interested in applying Canadian PR please do watch this video until the end because there is a lot of information that can be useful for you. Hello everybody this is Shitanju from Dream of Broad. If you want to immigrate to Canada or Australia without paying hefty fee to consultants please visit my channel I've got so many videos on the immigration process of both of these countries. I do upload videos almost every day now so if you haven't subscribed my channel yet please subscribe it right now. Okay so let me also tell you about this Dream of Broad Canada Facebook page. This is not a promotion page this is a discussion group where people actually come to find answers to their queries via a family of more than 5,000 people now so if you do have queries on the Canadian immigration process please come over to this page and find answers to it. Also if you do know some of the details please do reply to queries of other people and help the community grow. I'll provide the link to this Facebook group in the description box below. So before I start this video let me quickly tell you about two other videos on proof of funds that I uploaded around 4 months ago. The first video is on the basics of proof of funds how much money do you actually need any account why is it required which all things can be used as proof of funds like mutual funds, provident fund, property valuation, jewelry valuation can these be used for proof of funds or not everything in the first video. The second video is about the gift deed where you can get to know how you can actually get money from your parents or relatives and as a gift and then show it as proof of funds. Please do check out these videos the links are in the description box below. Okay so now let's begin this video which is about the common queries. I've listed all these common queries firstly and then I'll be answering all of them one by one. The first query is do you need to maintain the minimum amount from 6 months before the application submission. After submitting application do you need to add more money to cater the increasing foreign exchange prices. Do you need to hold money for 6 months in your account in case of a gift deed? Can you open a Canadian bank account and transfer money to that account before leaving for Canada? Can home loans, car loans, personal loans etc create a problem for proof of funds? Can you show money in your spouse's account? Can you show money in a joint account with someone who is not a part of your PR application? Do you need to show the money at the time of immigration if yes then how? So I'll be answering all of these questions one by one. So the first one do you need to maintain the minimum amount from 6 months before the application submission. We all know that we have to submit the bank statement of 6 months along with the bank letter but this does not mean that you should have that minimum amount from the starting but you need to have the minimum amount at the time of getting the bank letter. So let's suppose you do have $1000 less or $2000 less but you're adding every month through your salary that is totally fine. Let's suppose you actually have that money in your account but you don't want to keep it you don't want to lose the interest that you can actually earn in the meanwhile so you can actually invest it in mutual funds or stocks or wherever you want to but you should actually mention it in the letter of explanation. You should definitely liquidate that amount before the submission of your application and then get the bank letter for proof of funds. You should attach the necessary receipts of transaction proofs as well. Please don't miss them out because in that case you know your application may might become doubtful and it might cause a rejection. Okay now after submitting application you need to add more money to cater the increase in foreign exchange prices. We all know the situation right now money is doing really bad in the foreign exchange market and US dollar or Canadian dollar are doing really good but the good news is that if you have submitted the application you need not worry about it. I SEC considers the foreign exchange rate on the date of application submission. So let's say that you actually had you know you submitted your application on 15th of September that the rate of exchange was 55 rupees Indian rupees for one Canadian dollar. In that case and in future it does you know goes up to 57 also. So you need not worry about it it should be for you the price would be calculated the funds would be calculated according to rupees 55 for one Canadian dollar only. Okay next question. Do you need to hold money for six months in your account in case of a gift deed? No you can leave it sorry you can have it even two days before the submission of your PR application. So there's no need to have it for a longer period of time you can just have it before the before the submission of your application but you should have been necessary documents for a gift deed. Okay can you open a Canadian bank account and transfer money to that account before leaving for Canada? Yes you can definitely do that. Scotia Bank actually offers a start tried program it does offer the facility to open a bank account being in your home country and you can transfer the money into the Canadian bank account. Okay can car loans home loans personal loans create a problem for proof of funds? No please don't worry about it. Officials are not concerned about your financial status liabilities or your net worth. They are only concerned that do you have the necessary amount of money in your account and or if you've actually borrowed it from someone or not? Those are the two points that they're actually concerned about. Okay can you show money in your spouse's account? So there can be two cases over here if your spouse is accompanying you in that case you can use money in your joint account definitely no issues. You can use money in account which is in his or her name which means his spouse's name but you must prove that you have access to it. Okay if your spouse is not accompanying you what should you do in that case? To use money in joint account you need to prove that you have access to that account. Also to use money in his or her account you must you might need a give deed. Okay so you might need a give deed or even a letter might work but please try avoiding it you should have money in your own bank account. Can you show money in a joint account with someone who is not a part of your PR application? So yes you can do it after proving that you have legal access to that money but try avoiding the situation because it is quite a tricky one. I didn't believe earlier that this was possible but you know somebody actually commented in one of my videos that he or she got his PR application approved doing that but still I would suggest you try and avoid that to try and avoid every complication. Keep your application as simple as possible. Get a give deed from them that is much simpler than getting you know doing the first point. Okay do you need to show the money at the time of immigration? If yes then how? So when we land in Canada at the time of immigration at the airport the immigration officer might ask you about the proof of funds. How are you going to settle in Canada? You might ask you these questions. There's a little chance that they will ask it but they might ask. So you need not carry too much cash you can show the money in your home countries bank account or Canadian bank account. You can just carry you know maybe $100 with you and show that you know I can if I need I'll actually transfer the money back from my home country to the Canadian bank account and you know whatever your plan is. They're totally flexible to it but you should definitely have that amount of money. You should have legal access to that amount of money. So guys I just hope that these queries over here were was helpful to you. I tried to accumulate all those queries which people ask me in the comment section you know people ask me personally. So all these queries have been listed over here. Please do comment in the comment section if you do have some other queries and a little too proof of funds I would be happy to help you. So thank you for watching this video. Please do like this video if you think it was useful for you. Share it with your friends if you think it will be useful for them and also please do subscribe to my channel if you have subscribed it yet. Thanks again.