Financial statement

[Canadaprseeker]

Can PF be used as proof of funds as we can withdraw the amount before we land in Canada ? I am falling short of 700CAD to make the total funds as 13000CAD and i dont want to borrow it from anyone.

 

[Asivad Anac]

Can PF be used as proof of funds as we can withdraw the amount before we land in Canada ? I am falling short of 700CAD to make the total funds as 13000CAD and i dont want to borrow it from anyone.

You are not allowed to borrow it from anyone. You can choose to get a gift of 1000 CAD and showcase that along with your other funds - that will do. PF cannot be used as POF.

 

[se7en]

It won't be less than $11,931.
But if my POF says 15000 now, I might only have 14000 on arrival.
That's what i'm worried about.

As long as it is 11,931 or even a buck more than the threshold then I can confidently say that you are good.
You would be definitely safe as a single applicant if you are $15k now and on arrival you are 14k but one key thing is to remember that Canadian customs regulations require you to declare if you are bringing more than CAD 10,000 into Canada. If you do not tell them, you may be fined or put in prison.

 

[alee667]

I have submitted my application for OOPNP. I had funds available in my 2 different accounts in Pakistan and Saudi arabia and i declared 20,000 CAD in my application for OOPNP. I just submitted one page letter from my both banks stating my last balance, date since account is maintained in that bank and satisfactory statements from Bank Institutions. It is important to mention here that I have attached my salary slips as well which clearly shows that required funds are equivalent to 3-4 monthly salaries but my account balance is always fluctuating and generally less than required POF. My questions are as below;

1- Is this letter from banks/financial institutions are sufficient for POF?
2- Should we need to keep amount in account higher than POF over the last six (06) months?
3- What if starting balance is very less but closing balance is higher than POF? Due to my other financial arrangements, it is very difficult to keep 20,000 CAD frozen for 6 months.

Please advise in these scenarios.

 

[alee667]

If we have cash available with us or made some real estate investments for business purposes, can we show them as POF?

 

[Asivad Anac]

If we have cash available with us or made some real estate investments for business purposes, can we show them as POF?

Only monies in the bank can be shown as POF. And those monies must not be borrowed.

 

[Asivad Anac]

I have submitted my application for OOPNP. I had funds available in my 2 different accounts in Pakistan and Saudi arabia and i declared 20,000 CAD in my application for OOPNP. I just submitted one page letter from my both banks stating my last balance, date since account is maintained in that bank and satisfactory statements from Bank Institutions. It is important to mention here that I have attached my salary slips as well which clearly shows that required funds are equivalent to 3-4 monthly salaries but my account balance is always fluctuating and generally less than required POF. My questions are as below;

1- Is this letter from banks/financial institutions are sufficient for POF?
2- Should we need to keep amount in account higher than POF over the last six (06) months?
3- What if starting balance is very less but closing balance is higher than POF? Due to my other financial arrangements, it is very difficult to keep 20,000 CAD frozen for 6 months.

Please advise in these scenarios.

If there is a significant, say more than 20%, difference between your average balance and present balance, I hope you don't have the same officer who looked at my application.

If not, you have no reasons to worry on this front.

If your banks don't mention either actual monthly balances over last 6 months or provide average balance over last 6 months, that can definitely cause trouble.

 

[EFK]

So I went to the bank today.. spoke to everyone, including the bank manager...and the conclusion is as follows:

They CANNOT provide a letter with the average per month..or even the balance at end of each month for multiple months.

What they can provide is as below:

1 - Letter of no liability stating I have no loans/debts etc.
2 - Reference letter which gives all account details (name/number), date of account opening, branch, IBAN, etc.
3 - Balance statement - stating that I have XX balance on any specific date that I choose - not sure what exact date I should give them for this?
4 - 6 months detailed statement with transactions

In addition, I'm planning to add:

5 - Letter from my dad that xx amount is a gift
6 - Copies of the e-receipts when cheques were deposited.. this includes photocopies of the signed cheques with dad's name and a reference
7 - LOE written by me stating that bank cannot provide this letter, but have been able to provide all the other documents... If possible, I can manually calculate monthly average and write 6 lines on the average per month for past 6 months (in local currency and CAD)
8 - Spouse's bank statement of 6 months (detailed)


Please advise if above information will be enough? or anything that I can change?

 

[se7en]

I have submitted my application for OOPNP. I had funds available in my 2 different accounts in Pakistan and Saudi arabia and i declared 20,000 CAD in my application for OOPNP. I just submitted one page letter from my both banks stating my last balance, date since account is maintained in that bank and satisfactory statements from Bank Institutions. It is important to mention here that I have attached my salary slips as well which clearly shows that required funds are equivalent to 3-4 monthly salaries but my account balance is always fluctuating and generally less than required POF. My questions are as below;

1- Is this letter from banks/financial institutions are sufficient for POF?
You should be good I believe and your situation is very common.
For your questions there is no official guideline available at-least on CIC website, not sure about Ontraio immigration as you have to check that.
Banks usually issue letters in their own basic format which gives information like name, account type, current balance and the date account was opened.
2- Should we need to keep amount in account higher than POF over the last six (06) months?
If your initial account balance was less than required POF then you can explain that you saved this money for immigration but you have to show that this is your hard earned money and not borrowed. To support this you can attach your pay stubs.
3- What if starting balance is very less but closing balance is higher than POF? Due to my other financial arrangements, it is very difficult to keep 20,000 CAD frozen for 6 months.
See above

Please advise in these scenarios.

 

[Michal]

In any case, your financial profile must outline the six months prior to getting your ITA, so Jan - Jun would not qualify. You need to count backwards from August.

Is it really the case? The CIC website/personal checklist says "the balance of each account over the past six months", it does not say prior to getting ITA. I received POFs (two banks) one for a period of 01/01/2015 till 30/06/2015 and the second one 01/01/2015 - 31/07/2015 (ITA received July 17th).

 

[se7en]

So I went to the bank today.. spoke to everyone, including the bank manager...and the conclusion is as follows:

They CANNOT provide a letter with the average per month..or even the balance at end of each month for multiple months.

What they can provide is as below:

1 - Letter of no liability stating I have no loans/debts etc.
2 - Reference letter which gives all account details (name/number), date of account opening, branch, IBAN, etc.
3 - Balance statement - stating that I have XX balance on any specific date that I choose - not sure what exact date I should give them for this?
4 - 6 months detailed statement with transactions

In addition, I'm planning to add:

5 - Letter from my dad that xx amount is a gift
6 - Copies of the e-receipts when cheques were deposited.. this includes photocopies of the signed cheques with dad's name and a reference
7 - LOE written by me stating that bank cannot provide this letter, but have been able to provide all the other documents... If possible, I can manually calculate monthly average and write 6 lines on the average per month for past 6 months (in local currency and CAD)
8 - Spouse's bank statement of 6 months (detailed)


Please advise if above information will be enough? or anything that I can change?

You should be good with this package.
I suspect very soon a time will come when CIC won't like to see the big transactions named gifts from parents/siblings etc. I see this thing is becoming very common.

 

[EFK]

^^
Thanks..

I have the same feeling that too many of us are getting the "gifts from parents"... but most people are relying on gifts to get the amount required... and CIC shouldn't have a problem if a parent is gifting the child the money.... also, CIC is focusing on youth, so not tooo many people within the 18-29 age group can be 100% independent (especially on the 18-25 or so side)...but then again, logic is not always used.

 

[Asivad Anac]

^^
Thanks..

I have the same feeling that too many of us are getting the "gifts from parents"... but most people are relying on gifts to get the amount required... and CIC shouldn't have a problem if a parent is gifting the child the money.... also, CIC is focusing on youth, so not tooo many people within the 18-29 age group can be 100% independent (especially on the 18-25 or so side)...but then again, logic is not always used.

Completely agree. CIC shouldn't be unduly bothered about where you get the monies from to settle down in Canada provided you haven't borrowed them. Gifts have been an acceptable source of funds for long and removing/restricting that will severey impact the chances of immigrants in the 18-29 age group.

 

[se7en]

^^
Thanks..

I have the same feeling that too many of us are getting the "gifts from parents"... but most people are relying on gifts to get the amount required... and CIC shouldn't have a problem if a parent is gifting the child the money.... also, CIC is focusing on youth, so not tooo many people within the 18-29 age group can be 100% independent (especially on the 18-25 or so side)...but then again, logic is not always used.

I agree with you but Canadian official system is based on documented laws/rules/regulations. Officials not only in CIC but everywhere in Canada strictly follow what is provided to them in documents/books. Not because they like it but it cover mistakes even if the instructions itself have errors, basically it is considered to be a job security by strictly following the rules and regulations so that no one can point their finger against anyone.

 

[Michal]

Is it really the case? The CIC website/personal checklist says "the balance of each account over the past six months", it does not say prior to getting ITA. I received POFs (two banks) one for a period of 01/01/2015 till 30/06/2015 and the second one 01/01/2015 - 31/07/2015 (ITA received July 17th).

Can I have your point of view on the above? Thanks