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6-month average balance must exceed funds requirement? Declaration at the border.

Discussion in 'Express Entry / Expression of Interest' started by flognity, Dec 2, 2019.

  1. Hello,

    Related questions have probably already been discussed multiple times. Nevertheless, I couldn’t find answers to my specific questions concerning the proof of funds for Express Entry applicants.

    I’m planning to transfer all my money to a Canadian bank account, because I’m going to Canada on an IEC visa in April already while awaiting an ITA. Soctiabank for example offers deals for newcomers. They specifically advertise that an account with them can be used as proof of funds before you move: https://startright.scotiabank.com/newcomers.html

    On the other hand, CIC asks for the average balance of the past six month. If I transfer my money, let’s say, 1 month before I’m asked to provide a proof of funds, the 6-month average will only be 1/6 of the total balance. Therefore my question is: does the 6-month average balance need to exceed the minimum requirement of CIC or is only the current balance relevant to meet the minimum requirements? This also relates to the question whether you need to have the settlement funds at the time of application (or ITA) or are you required to have the funds 6 months prior already so that your 6-month average balance surpasses the minimum amount listed by CIC?


    My next question relates to the landing procedure. If you bring more than CAN$10,000 to the country, you are obligated to declare the exact amount to the border officer. However, is this also true, if you transferred your money in advance to a Canadian bank account (because in this case, the money already is in Canada and therefore is not with you at the time of landing)? What about the money that is left in your foreign (non-Canadian) bank account? Do you also have to declare that, because you can access it with your credit card and therefore “bring” it to Canada as well?
     
  2. Average balance requirement is to make sure that you are not borrowing money to meet the funds. As long as you can explain the transfers, you will be fine. (Add statements/bank letter from your foreign bank also showing how you transferred from that bank to Canadian bank).
     
    flognity likes this.
  3. As above, you need the history to show that this is your money and not a temporary infusion by someone else so that you have enough funds to qualify. You can show your foreign bank account for 5 months, the transfer to the Canadian account and then the Canadian account for a month. You need the funds when you apply.

    The requirement to declare at the border applies to monetary instruments you actually physically have on you at the time. You don't declare money you've transferred or money you've left at home. Note that depending on the amount of money/assets you have outside of Canada, you may be required to declare it to CRA.
     
    flognity likes this.
  4. Correct on this, they just need to make sure the sudden cash flow is legal and with a valid explanation.
     
    flognity likes this.

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