hello again my name is Mark Holthe II I'm a Canadian immigration lawyer an ex
immigration officer and I am one of the founding partners of the law firm of
wholly tilman located in the beautiful Province of Alberta Canada I'm also the
founder of the Canadian immigration Institute and I host a weekly podcast
called the Canadian immigration podcast well this little video here is number
three of three and in this video I am going to share with you probably one of
the second most common questions I get with respect to the Canadian Express
entry immigration process so without further ado let's dive into it here's
the question how do i establish proof of funds and then what documentation do i
need to include if I don't have enough money in my bank account so basically
what's being asked here is okay what do I need to provide to show proof of funds
and let's say I don't have enough money maybe can I borrow it from family or
something like that so that's really what's going on here so let's take a
look and see the first question to ask yourself is are you even required to
provide proof of settlement funds the reality is there are times when
settlement funds are not required and if you fit into one of these categories
these two here then you don't need to worry about funds if you are granted an
invitation to apply under the Canadian experience class you're exempt in like
manner if you have a job offer supported by an lmia you're also exempt if you
don't fit into one of these two categories then yes you need to provide
settlement funds so what does CIC or now immigration refugees and Citizenship
Canada really want well they tell us that you must provide an official letter
issued by the financial institution which you have your your finances with
you must list all your bank and investment accounts including account
numbers that dates each account was opened balance in each account over the
past six months hmm so what if you just get a cash injection
from family what do you do well let's see what else this that I RCC or CIC
wants you must list all outstanding debts such as credit cards and loans and
the letter must be printed on the letterhead of the finance the financial
institution and include your name financial institution contact
information such as address telephone and email all right so here's the funds
so you look at the list you say well I'm married and I have two children
Oh twenty-two thousand six hundred and three dollars in Canadian funds boy I
don't think I have that I'm going to need to get some help from my family
well if that is the case then you need to pay close attention to what I'm going
to tell you next so can I get help from my family well if you're receiving money
from family understand it must be an irrevocable gift not alone and it has to
be confirmed as being that so if your bank account shows a large deposit you
better be able to explain where it came from
so if it was a gift from family or potentially the sale of a home or
property you had in your home country then make sure that you provide an
explanation of where it came from including the documents supporting the
sale and the transfer the funds well if it's a gift from family then you better
have a statutory declaration confirming this the contents of the statutory
declaration I've set out here it should include the date and the amount the
funds of funds that were transferred account numbers for you and the family
mum the family member gifting the money to you I would include
it's numbers for the wire or other transfers and most importantly this
statutory declaration must confirm by that giver that family member who give
the funds that it is an irrevocable gift and not alone so if it looks like a loan
the government is not going to accept it okay what are some other tips you can
use multiple accounts collectively to show sufficient funds so it doesn't all
have to be in one account if you have sufficient funds in one account well
then you don't need to provide details of all the other accounts however if all
those other accounts carry all the debt that you have accumulated and in
actuality after that debt has been paid off you really don't have the resources
then that could cause you a problem you cannot use property valuations in many
countries property values are inflated and what the property's actually going
to sell for is drastically lower than what the valuation says the property is
worth so the funds must be unencumbered in other words you would need to sell
that property and actually get the money in your hands and into your account so
it has to be unencumbered funds and property is considered I guess cumbered
all right and remember you can't use borrowed funds no loans so there you
have it there's all I got for you good luck with this one this one is going to
be tricky all right at the conclusion of this that
our third little video snippet I guess I want to share something with you that I
alluded to in video number one and that is something that I am so excited about
it is awesome it is taken me so long so much pain and suffering to create but I
have finally finished it the express entry step by step video guide now some
of you will have followed me earlier in the year and actually the end of last
year where I was trying to create a course well people didn't want a course
and you learn from your mistakes I realized very quickly that people want
all of the information now they don't want to sit in a classroom kind of
typesetting and be guided slowly together with everybody else through a
process some want to go super fast some want to take it slower and so I decided
I'm going to create this complete it's a screencast of every aspect of the
whole process including me walking you through step by step this whole crazy
Express entry portal experience and so this step by step guide in video four I
am going to give you a sneak peek an exclusive sneak peek into what it
actually looks like what you're going to get but I can tell you that these video
tutorials there's over 40 of them I've broken every little bit of this process
down into bite-sized pieces because let's face it some of you are single
some of you don't need all the information on how to include supporting
documents for your wife or how to fill fill out your husband's
the electronic application for permanent residence forms or maybe you don't have
children maybe you do so I have broken down all of these little tiny pieces of
the express entry process right from the very beginning of registering for your
my CIC account so that you can log into the government's website all the way
through to getting that confirmation of permanent residents in your hand with
the instructions that say come to Canada and land and become a permanent resident
in addition to the complete walkthroughs that I'm that I've done and I can tell
you they took me a long time to do I have also created a number of other
videos all around the various questions and problem areas that people run into
and I have created a resource Bank of those and of course we have our very own
private Facebook group called Express entry law so I'm not going to give it
all away you're gonna have to watch video number four but all I can say is
it is awesome I am super excited there is nothing like
this out there I don't think anyone would be crazy enough to spend the
amount of time that I put it put into creating this but it is literally as if
you are sitting here in my desk walking through the process of filing these
these many many many Express entry applications I literally walk you
through what to put in every section it is live it is real it is working right
within the exact express entry system right from the profile all the way to
filing the electronic application for permanent residence and everything is
there and so as people ask me questions I complete a new video and put it into
the Resource Bank I try to be as active as I possibly can within the Facebook
group and it's a community welcome I'm excited to have you join us
see you in video number four