Do we need letters from *all* banks for proof of means of financial support?

[Zoide]

The instructions in my permanent residence application simply mention "an official letter issued by your financial institution indicating your financial profile."

The bulk of our family's liquid assets is in a single bank where our salaries are deposited and our main savings are kept. The funds there are greater than the minimum required by CIC for a 2-member family.

Do we simply need to provide a letter from that single bank?

Or do we need to provide letters from all other financial institutions where we have accounts?

Thanks

 

[kryt0n]

"Document requirements

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans."
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[Que Em]

I think, if a single bank account meets the low-income cut-off (LICO) requirement, then a letter from that institution only, is sufficient, provided the applicant has no outstanding debts for any other account(s) at any other financial institution/bank.

 

[Que Em]

"Document requirements

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans."
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

"letter(s) from one or more..." (no all here).
"that lists all current bank..." (I think, this 'all' means all accounts, outstanding debts and loans from the same bank/institution).

But again, if an applicant has outstanding debts or loans at other banks/institutions, and if the overall amount would make the immediately available unencumbered funds less than the LICO, then there would be a problem if applicant hides such loans/debts.

 

[kryt0n]

"letter(s) from one or more..." (no all here).
"that lists all current bank..." (I think, this 'all' means all accounts, outstanding debts and loans from the same bank/institution).

But again, if an applicant has outstanding debts or loans at other banks/institutions, and if the overall amount would make the immediately available unencumbered funds less than the LICO, then there would be a problem if applicant hides such loans/debts.

It says one or more because you might only have one bank. The "or more" refers to if you do have more.

I listed by uk accounts, Canada accounts and my uk student loans.

 

[Que Em]

It says one or more because you might only have one bank. The "or more" refers to if you do have more.

I listed by uk accounts, Canada accounts and my uk student loans.

Well, then the wording would have been much better if it said, "The applicant should provide official letter(s) from all the financial institutions (one/more) where the applicant holds any account(s)..."

Anyways, I thought a letter from only one bank was sufficient, if there were no loans/debts at any other bank(s). I provided a letter and a statement from only one bank where I was getting my salary. I had an account at home/other country which is probably not active anymore (didn't use since 2009, and didn't have any loans/debts there). Also, I have another account at another bank which has very less money (some sort of a deposit) but don't have any loans/debts at that bank, as well. I don't have any loans/debts at any bank/institute.

 

[Que Em]

"Document requirements

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans."
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

I think this statement means applicant should provide a letter (or letters, if a single account doesn't have enough amount). And by 'all' accounts, it simply means all accounts at the same institution, i.e., chequing, savings and investment accounts.

Also, I think there was a discussion on this topic in the past and some senior members (Asivad, I guess) mentioned that just one account is sufficient.

Here's what document upload slot says:

Express Entry - Permanent Residents

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

- list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
- list all outstanding debts, such as credit cards and loans,
- be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, - telephone number and e-mail address).

 

[Zoide]

Thanks everyone for all the responses so far!

Asivad Anac: What is your advice?

I'm really not trying to hide anything. I have no loans or debts other than the credit cards linked to my main bank account, which has enough liquid assets for the 2-family member requirement.

The other financial institutions that I use are for investments, so if anything including them would only *add* to my assets. The thing is that I'd really prefer to get a letter from a single institution rather than 5 or 6

Four of them are in a Spanish-speaking country and would require me to get official translations and notarize them at the Ministry of Foreign Affairs! And all of this assumes that I get lucky and somehow they all agree to provide me letters that fully follow the CIC specifications...

Thanks

 

[Tatya_Vinchu]

I think one bank account is sufficient. The reason they have mentioned all bank accounts is that they want the applicant to not hide any debts or liabilities. I would say, disclose the bank account which has sufficiently large funds.

 

[dexternmn]

Please advice,

I am primary applicant, and there is a mortgage loan i.e. plot loan in my spouse name and myself as co-applicant, and the remaining tenure for this loan is 3.5 yrs, I too have done insurance on this to make it secured loan. However, every thing is up and running , and no other liabilities or debts, and also I have enough balance as per LICO to support the family of two. I am planning to show my savings accounts statements, and one of my wife's account statement as POF. I have been planning to hide this loan details to reduce any risk. But in one of my statement I have transferred a month EMI stating remarks as 'Loan EMI for Feb17' to some account in order to pay EMI for the particular month. Now I am in dilemma whether or not to show this Loan ?? Can anyone please suggest.

Thanks

 

[Arooshi]

Who should this letter be addressed to?