Proof of Funds ! What to do in my case !

[The Mancunian]

Hi All,

I am showing 35K CAD, which is more than double the amount in cash needed according to the LICO table.
However, all that amount I am showing is collected in one account within last 4-5 months.
This is my salary account and 18K - 19K of that 35K is from my salary, which is easy to prove since the salary transactions are visible in the bank statements.

My question is about the other 15k to 17k amount which I had saved in other accounts and transferred from there over the
last 3-4 months period. About 6k of that money is contributed by my wife from her salary account to this account.

So in this case do I need to produce Bank Statements of my other accounts from where I transferred money
and my wife's salary account also ? Or a letter of explanation explaining the above situation is enough..?

Or just the last 6 months bank statements of my primary account is enough ?

Thanks in advance !

 

[CanadaWeCome]

Or just the last 6 months bank statements of my primary account is enough ?

Thanks in advance !

Just six months bank statement with average balance of PA is enough.

 

[The Mancunian]

Just six months bank statement with average balance of PA is enough.

Thanks CanadaWeCome,

So u are saying my salary deposits are proof enough for the amount in my bank account.
And I do not need to prove the rest of the amount since the salary deposits amount is already more than minimum required ?

Do u know how do the banks calculate average of last six months ?
Because on the statement I can see the bank mentions average balance for each month. So is it just going to be addition
of all those amounts for last 6 statements and divide by 6 ?

Thanks again !

 

[CanadaWeCome]

Thanks CanadaWeCome,

So u are saying my salary deposits are proof enough for the amount in my bank account.
And I do not need to prove the rest of the amount since the salary deposits amount is already more than minimum required ?

Do u know how do the banks calculate average of last six months ?
Because on the statement I can see the bank mentions average balance for each month. So is it just going to be addition
of all those amounts for last 6 statements and divide by 6 ?

Thanks again !

Yes.
It should be Current Closing balance - Opening balance six months ago divided by six.

 

[The Mancunian]

It should be Current Closing balance - Opening balance six months ago divided by six.

wow that formula seems not so correct rendition of average balance over last 6 months.

What if someone started very low and in 1 month got 20k in their account.
And kept that for next 5 months. SO the average balance will be (20 - 0) / 6 = 2.3333 K.
However it should really be something close to 20k.

Is that the universal formula ? or that's how your bank gave you..?

Cheers !

 

[syeduzairhaider]

As per cic you need to have canadian 12,164 dollars for a single applicant. However, i am confused regarding the six months average balance.

My last 5 months average balance is 11,000 canadian dollar. i will be saving 1,164 dollar via my salary in the next two months. so my average six months balance won't be 12,164. However, the ending balance will be 12,164. is it fine or do i need to show them source of funds for the 1,164 dollar, where it came from?

Looking forward to a favorable response.

 

[The Mancunian]

As per cic you need to have canadian 12,164 dollars for a single applicant. However, i am confused regarding the six months average balance.

My last 5 months average balance is 10,500 canadian dollar. i will be saving 1500 dollar via my salary in the next two months. so my average six months balance won't be 12,164. However, the ending balance will be 12,164. is it fine or do i need to show them source of funds for the 1500 dollar, where it came from?

Looking forward to a favorable response.

I had a similar question a few days back. And I got answer from Asivad that it is not necessary to have the average six months
balance to be greater than the required amount.
Also it is not mentioned anywhere to have that. They have only requested the last 6 months average (without any formula to calculate average)
However, definitely u need to have final standing balance to be greater than or equal to the required amount.

cheers !

 

[syeduzairhaider]

I had a similar question a few days back. And I got answer from Asivad that it is not necessary to have the average six months
balance to be greater than the required amount.
Also it is not mentioned anywhere to have that. They have only requested the last 6 months average (without any formula to calculate average)
However, definitely u need to have final standing balance to be greater than or equal to the required amount.

cheers !

Thanks for the detailed response. I was little confused considering the importance of this aspect.

 

[CanadaWeCome]

As per cic you need to have canadian 12,164 dollars for a single applicant. However, i am confused regarding the six months average balance.

My last 5 months average balance is 10,500 canadian dollar. i will be saving 1500 dollar via my salary in the next two months. so my average six months balance won't be 12,164. However, the ending balance will be 12,164. is it fine or do i need to show them source of funds for the 1500 dollar, where it came from?

Looking forward to a favorable response.

No, you don't need to have the average balance > than C$12,164. CIC just needs to see the average balance stated by the bank. The current balance should be > than LICO.

Also if you have a regular salary credit, you don't need to show them source of funds. What you can proactively do is explain all this in your LoE.

 

[syeduzairhaider]

No, you don't need to have the average balance > than C$12,164. CIC just needs to see the average balance stated by the bank. The current balance should be > than LICO.

Also if you have a regular salary credit, you don't need to show them source of funds. What you can proactively do is explain all this in your LoE.

Yes, the funds are in my salary account and my salary get deposited in it every month