Is it necessary to have past 6 month average balance > LICO required balance ?

[The Mancunian]

Hi All,

Just want to confirm this. Although it doesn't say anywhere that above should true.

However, they request past 6 months average information to be included in the bank letter.

So my question: is it needed to have the past 6 months average balance to be greater
than the LICO balance mentioned by CIC ?

Thanks in advance.

 

[CanadaWeCome]

Hi All,

Just want to confirm this. Although it doesn't say anywhere that above should true.

However, they request past 6 months average information to be included in the bank letter.

So my question: is it needed to have the past 6 months average balance to be greater
than the LICO balance mentioned by CIC ?

Thanks in advance.

Yes, it's mandatory...a few hundred $ +/- may be fine.

 

[The Mancunian]

Yes, it's mandatory...a few hundred $ +/- may be fine.

Thanks for your response !
But it doesn't say anywhere that it is mandatory to have that.

My average falls a few 100 dollars below the required amount. In that case I can add some more amount to
my account now and offset the average.

Is that ok ?

 

[The Mancunian]

BTW this is for the CIC application after ITA.

 

[Asivad Anac]

The 6 months average balance need NOT be greater than LICO amount. Actual balance as on date must be equal to or greater than LICO though.

CIC asks for average balance only to confirm that POF doesn't comprise of borrowed funds.

 

[The Mancunian]

The 6 months average balance need NOT be greater than LICO amount. Actual balance as on date must be equal to or greater than LICO though.

CIC asks for average balance only to confirm that POF doesn't comprise of borrowed funds.

Thanks Asivad ! that relieves a lot of pressure.
I was freaking out and calculated the average like a mad man.