Bank Statements

[Asivad Anac]

Everything you need regarding document submission and what they must contain is available here.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[I_love_van]

You can leave it out. Focus on having funds in the bank for POF.

Hi Asivad,
My situation is: I will provide POF in Royal Bank of Canada, but I did not own the credit card in RBC. I have a credit card in Scotia Bank, but I closed the checking and saving account in Scotia Bank. I have no other credit card in Canadian banks. Should I provide my financial profile in Scotia Bank?

 

[Asivad Anac]

Hi Asivad,
My situation is: I will provide POF in Royal Bank of Canada, but I did not own the credit card in RBC. I have a credit card in Scotia Bank, but I closed the checking and saving account in Scotia Bank. I have no other credit card in Canadian banks. Should I provide my financial profile in Scotia Bank?

Not needed. If you satisfy the POF criteria with the funds available in RBC, get the required document from them and upload that.

All the best!

 

[sam_172452]

Not needed. If you satisfy the POF criteria with the funds available in RBC, get the required document from them and upload that.

All the best!

Hello Asivad, but don't the specific requirements mention that we also need to show what we owe banks in credit cards?

 

[Asivad Anac]

Hello Asivad, but don't the specific requirements mention that we also need to show what we owe banks in credit cards?

Yes. But in this case, the OP has POF in one bank and the card in another. CIC isn't looking for full financial disclosure on the applicant's part. If that were the case, it will be a tragedy for most applicants because banks would gladly showcase the applicant's loan portfolio while the applicant's asset portfolio (real estate, property, vehicles, jewelry, equity) are all excluded from POF. So it will always end up being a net negative situation.

CIC is really keen on knowing all that because they want to ensure that your POF is unencumbered. If 6 months of average balance helps them understand that (by showing no unreasonably large credits) then that will suffice. If you've received a gift from someone and you send in that self-declaration from the donor, that will suffice.

Hope that clarifies.

 

[sam_172452]

Yes. But in this case, the OP has POF in one bank and the card in another. CIC isn't looking for full financial disclosure on the applicant's part. If that were the case, it will be a tragedy for most applicants because banks would gladly showcase the applicant's loan portfolio while the applicant's asset portfolio (real estate, property, vehicles, jewelry, equity) are all excluded from POF. So it will always end up being a net negative situation.

CIC is really keen on knowing all that because they want to ensure that your POF is unencumbered. If 6 months of average balance helps them understand that (by showing no unreasonably large credits) then that will suffice. If you've received a gift from someone and you send in that self-declaration from the donor, that will suffice.

Hope that clarifies.

Yes, thank you. This clarifies a lot! I was under the impression that if you have for example an account with $ 20,000 and had a credit card bill of $ 5,000 than CIC will consider you have $ 15,000 and that is why they would require to see credit card / loan usage details.

 

[Asivad Anac]

Yes, thank you. This clarifies a lot! I was under the impression that if you have for example an account with $ 20,000 and had a credit card bill of $ 5,000 than CIC will consider you have $ 15,000 and that is why they would require to see credit card / loan usage details.

When you think about all the variables involved in such a situation, it starts making sense that CIC is really just looking out for POF. If you start adding unpaid card bills then why not unpaid mortgages and other monthly payments towards loans? And where would you stop? Those are personal financial details which CIC doesn't care about.

Choose the bank account wisely if you operate multiple accounts in the same bank or across multiple banks. Keep the minimum funds required as per your POF situation in that bank account from as early as possible and just leave it untouched till you get your PR.

 

[I_love_van]

Not needed. If you satisfy the POF criteria with the funds available in RBC, get the required document from them and upload that.

All the best!

Thank you Asivad for your explanation .

 

[Nikhil89]

When you think about all the variables involved in such a situation, it starts making sense that CIC is really just looking out for POF. If you start adding unpaid card bills then why not unpaid mortgages and other monthly payments towards loans? And where would you stop? Those are personal financial details which CIC doesn't care about.

Choose the bank account wisely if you operate multiple accounts in the same bank or across multiple banks. Keep the minimum funds required as per your POF situation in that bank account from as early as possible and just leave it untouched till you get your PR.

Hi All,
Recently I realised that I cannot have funds in mutual funds and stocks so I have liquidated all of them and kept in my bank account.. .
1.Does that mean that I'm ineligible to apply unless my funds in the bank are more than 6months old.
2.Can i show the CIC as source of my funds were from mutual funds and stocks is that okay?
Thanks all for your reply

 

[Asivad Anac]

Hi All,
Recently I realised that I cannot have funds in mutual funds and stocks so I have liquidated all of them and kept in my bank account.. .
1.Does that mean that I'm ineligible to apply unless my funds in the bank are more than 6months old.

Not at all.

2.Can i show the CIC as source of my funds were from mutual funds and stocks is that okay?

Yes. Write a Letter of Explanation, attach whatever documentary proof you have for this and upload along with POF.

Thanks all for your reply

 

[Nikhil89]

Thanks a lot asivad anac
You truly are the goto person for all our doubts

 

[sam_172452]

Thanks a lot asivad anac
You truly are the goto person for all our doubts

Agreed!

He/She is simply wonderful

 

[DSCanada]

Hi Guys...
Can I show Fixed deposits jointly held by the Primary applicant and spouse for POF???

Pls advise.

Thanks

 

[Asivad Anac]

Hi Guys...
Can I show Fixed deposits jointly held by the Primary applicant and spouse for POF???

Pls advise.

Thanks

Yes.

 

[Hemi427]

Agreed!

He/She is simply wonderful

my money is inclined more on asivad being a "she"..... "he" would not have such a consistent patience for so many repeated questions...lol