6 months bank statement requirement from LVO

[shunn]

Hi All,

I just received an email from LVO. Good news eh? I need a bit of advice on this as they would like me to send this again:
Proof of settlement funds.

You must have sufficient transferable and available funds, unencumbered by debts or any other obligations. Please refer to our website for more information on the amount required. Clearly state the exact amount in Canadian dollars, taking into account any financial obligations, and provide documentary evidence. Proof of assets that are not liquid or transferable, such as cars or jewellery, will not be considered.
Please submit certified copies of your bank statements, showing incoming and outgoing transactions of the last 6 months, providing explanations for any large transactions.

Has anyone recently had this experience? My issue is I have used most of the money for business and some personal stuff and meant to get it back in about two weeks. I have had 50% of the savings in my wife's account as I did not want to spend the cash. How do I prove that this money is mine and unencumbered when it hits my account? Would the large sum be too sudden?
Would they be looking at the balance or should the money have been residing there for the last 6 months?

Any help will be greatly appreciated

 

[namaste]

Hi All,

I just received an email from LVO. Good news eh? I need a bit of advice on this as they would like me to send this again:
Proof of settlement funds.

You must have sufficient transferable and available funds, unencumbered by debts or any other obligations. Please refer to our website for more information on the amount required. Clearly state the exact amount in Canadian dollars, taking into account any financial obligations, and provide documentary evidence. Proof of assets that are not liquid or transferable, such as cars or jewellery, will not be considered.
Please submit certified copies of your bank statements, showing incoming and outgoing transactions of the last 6 months, providing explanations for any large transactions.

Has anyone recently had this experience? My issue is I have used most of the money for business and some personal stuff and meant to get it back in about two weeks. I have had 50% of the savings in my wife's account as I did not want to spend the cash. How do I prove that this money is mine and unencumbered when it hits my account? Would the large sum be too sudden?
Would they be looking at the balance or should the money have been residing there for the last 6 months?

Any help will be greatly appreciated

This is the exact reason why it is NOT a good idea to remove money from bank until the PR process is complete. I am not sure what your exact situation is. You have to be more clear for us to give you suggestions. What kind of business did you invest your money in? And the remaining money in your wife's account, is it sufficient to cover the POF? If this money meets the POF requirement, then there is no need to worry since you can show your accompanying wife's money towards POF. If not, then what you should do is deposit the remaining amount in either your or your wife's account. You should then print out your monthly bank statements for 6 months and provide them to the VO. The VO wants to see that you have maintained at least the minimum POF in your account throughout the 6 months. So if you haven't maintained the minimum POF for the 6 months, then you should explain large sum deposits in the account by providing the source of that money to prove that the money is not borrowed. For example, if the money came as a profit from a business you owned, then you should send the documents that prove that 1) the business is yours and 2)the money you deposited in your account came from the business. It might help you if you are able to directly transfer the money from the business to the bank account.

 

[shunn]

Hi Namaste,

Thnak you for your email. I definitely have not maintained the account balance for the last 6 months. I dont think anyone leaves that kind of cash sitting in an account like this,knowing the lenght of time the PR process can take. Will a bank statement affidavit suffice with a gift from my wife's sister to my wife be good enough to show a large sum? if so, where am I able to get such an affidavit?

Thanks again

 

[arika]

Will a bank statement affidavit suffice with a gift from my wife's sister to my wife be good enough to show a large sum? if so, where am I able to get such an affidavit?

I hate to tell you this, but this will work only if you keep this funds in the account for another half on the year.
As namaste already noticed, the reason why VO wants to see the statement for 6 months is to make sure that you didn't borrow money elsewhere only to show positive balance for PoF.

PS: Actually this is exactly what other applicants are doing - keep the balance of account till they lend.

 

[nave2014]

hi shunn

can u plz share ur timeline with us