Hi, I am a single person and want to apply for PR and need to show my proof of fund by August. Last month I have opened an investment account and invested 14K for one of my family members in stocks. I only have 4K in my savings. Do you think I am eligible to apply with this condition?
Canada PR proof of funds - 6 months average
- Thread starter CrimsonPeacock
- Start date
As on August, you should be able to show that you have enough money (approx 13k) and the money is yours. However, right now you just have 4k. You can't count on 14 k for 2 reasons:
1) the investment is not in your name.
2) and money in stocks are volatile.
Thanks for answering my question. The investment account is only under my name. I heard that stock counts as a proof of fund. My only issue is that the stock account is newly opened.
In general, even if account is new, you must have transferred it from another account of yours. All they care is that indeed your money. Show that source account as well and explan it.
Hey guys can someone please help me out. I have broken 2 FD's from my secondary bank account not so long ago may be 2 - 3 months back and transferred an amount of 60k and created 1 FD in my primary bank account.
In order to explain the source of funds in my primary bank account what documents do I need to attach for my secondary bank account?
In order to explain the source of funds in my primary bank account what documents do I need to attach for my secondary bank account?
You can attach bank statements of both the account which proves that the secondary account belongs to you and it was your money that you transferred from secondary to primary account.
So i guess following documents would suffice:
1. Bank statement of primary account showing total amount greater than required funds
2. Bank statement of secondary account showing a). The account belongs to you. b). Transaction of 60k from secondary to primary account
3. Balance confirmation letter from primary bank in the format specified on ircc website including account opening date, average balance for 6 months, any loans, etc.
4. In letter of explanation, explain this transaction and explain where the money in secondary bank came from(like ur salary)
These are my personal views. Do some more research as well.
Hi I applied for PR under PNP (by mail) category and my application is in process now. SO the application package check list did not say anything about to show proof of funds.
1. So id this not applicable for the ones who got PNP certificate and applied for PR by mail??
2. In case they need proof, do we do the needs to be there in you account till you get PR??
Someone can give inputs pls.
You need to have these funds in your account before you submit your application. In your application submission, you will be required to show the proof of these funds.
They ask for 6 month average balance so submit these funds as soon as possible and keep them until your application is approved
Hi everyone.... just wanted help...I am currently in Canada on PGWP. i got invite under FSW i wanted help on proof of funds...
thanks
- I have gift deed notarized from my brother in Canada
- Balance certificate (summary) from Scotiabank
thanks
I am assuming you have funds gifted by your brother in your scotia bank. So Balance certificate is good but does it also reflect your average balance for past 6 months. If not, you should include 6 month statement. In letter of explanation, I would explain the source of funds for any major credits over the period of 6 months including mentioning about the credit due to the gift your received from your brother along with mentioning about the notarized gift deed. That should do.
there is no average balance in the certificate..the gift i received is just one month old..i got it in march this year...so still should i put 6 months statement or 1 month?
You need 6 month statement cause IRCC requires the info on average balance for the past 6 months.
Would it be negative since the funds would be less?... I have the requisite funds just from the last month...
A reason why they look for 6 mnth avg balance is to determine if the current balance is significantly more than avg. balance . If yes, then it indicates that there are recent credits to account. They want to determine if those credits are legit. Also, they check if there are monthly deductions like loan payments that you are doing. As long as you are transparent and explain the transactions like major credits and any loan re-paypment, you will be fine. Since you got the amount in last one 1 month, you would already be explaining that you got it as gift from your brother.