Letter of explanation for Proof of funds, is it necessary?

[mqc1986]

Hi guys,

I wonder if I need to attach a letter of explanation for proof of funds in my case, please help!

My situation is I don't actually save... but I started to save since I decided to immigrate to Canada, that was since July 2017. So at that time, my bank statement balance was only around $500, but since I started to save, I have enough money in my account now to satisfy IRCC's requirement for 1 person (both current balance and 6 month average will satisfy). My questions is, do I need to explain to VO why my bank statement balance came all the way from $500 to $12300 in 6 months? I mean, VO can apparently see from the 6 months' bank statements that the direct deposits from my employer's payroll is the main source of the money, but do I have to attach a letter of explanation to tell VO that the money is my income and not something I borrowed from others?

I appreciate any suggestions or advice. Thank you guys!

 

[superspecial90]

Hi guys,

I wonder if I need to attach a letter of explanation for proof of funds in my case, please help!

My situation is I don't actually save... but I started to save since I decided to immigrate to Canada, that was since July 2017. So at that time, my bank statement balance was only around $500, but since I started to save, I have enough money in my account now to satisfy IRCC's requirement for 1 person (both current balance and 6 month average will satisfy). My questions is, do I need to explain to VO why my bank statement balance came all the way from $500 to $12300 in 6 months? I mean, VO can apparently see from the 6 months' bank statements that the direct deposits from my employer's payroll is the main source of the money, but do I have to attach a letter of explanation to tell VO that the money is my income and not something I borrowed from others?

I appreciate any suggestions or advice. Thank you guys!

No need to include an LOE.
CIC does not bother much about average balance or anything else as long as the minimum required fund is available.
I applied with a freshly opened bank account and depositing the whole sum on the day before submitting my application.
There was no 'average balance' and that was not an issue.

Just submit your bank account statement, that will be more than enough.
Good luck!

 

[Helican]

Hi guys,

I wonder if I need to attach a letter of explanation for proof of funds in my case, please help!

My situation is I don't actually save... but I started to save since I decided to immigrate to Canada, that was since July 2017. So at that time, my bank statement balance was only around $500, but since I started to save, I have enough money in my account now to satisfy IRCC's requirement for 1 person (both current balance and 6 month average will satisfy). My questions is, do I need to explain to VO why my bank statement balance came all the way from $500 to $12300 in 6 months? I mean, VO can apparently see from the 6 months' bank statements that the direct deposits from my employer's payroll is the main source of the money, but do I have to attach a letter of explanation to tell VO that the money is my income and not something I borrowed from others?

I appreciate any suggestions or advice. Thank you guys!

No need. Your direct deposits in your bank acct are more than enough. My sister is doing the same. Same case like yours.

 

[Adeled]

Hi everyone. My sister and I are in the process of applying for study permit.
But I had a few questions.

1) for proof of funds (provided by our parents) we have to show four months of bank statements containing the tuition amount?
Ex) if my tuition is 20,000cad and hers is 15,000 cad does the account have to show 35000+ 11000 per person and an additional 5000 per person for the last 4 months??

Which would total to $56000 ?

2) If this amount is in a savings account but not in a checking account, will that hinder us?

 

[Helican]

Hi everyone. My sister and I are in the process of applying for study permit.
But I had a few questions.

1) for proof of funds (provided by our parents) we have to show four months of bank statements containing the tuition amount?
Ex) if my tuition is 20,000cad and hers is 15,000 cad does the account have to show 35000+ 11000 per person and an additional 5000 per person for the last 4 months??

Which would total to $56000 ?

2) If this amount is in a savings account but not in a checking account, will that hinder us?

You will have to show enough funds for the tution fee plus 10K each for living cost. I think you both should not apply in the same intake.

 

[legalfalcon]

Hi guys,

I wonder if I need to attach a letter of explanation for proof of funds in my case, please help!

My situation is I don't actually save... but I started to save since I decided to immigrate to Canada, that was since July 2017. So at that time, my bank statement balance was only around $500, but since I started to save, I have enough money in my account now to satisfy IRCC's requirement for 1 person (both current balance and 6 month average will satisfy). My questions is, do I need to explain to VO why my bank statement balance came all the way from $500 to $12300 in 6 months? I mean, VO can apparently see from the 6 months' bank statements that the direct deposits from my employer's payroll is the main source of the money, but do I have to attach a letter of explanation to tell VO that the money is my income and not something I borrowed from others?

I appreciate any suggestions or advice. Thank you guys!

The reason why the average balance is asked is to ensure that the funds are not borrowed. If you so not meet the 6 months average balance, you can show where the funds came from and that would suffice. This can be from a sale of asset, a gift from parents etc.
If you do no show the average balance, later in the processing you will be asked for source of funds.

Better do it now than later.

 

[RazaKazmie]

No need to include an LOE.
CIC does not bother much about average balance or anything else as long as the minimum required fund is available.
I applied with a freshly opened bank account and depositing the whole sum on the day before submitting my application.
There was no 'average balance' and that was not an issue.

Just submit your bank account statement, that will be more than enough.
Good luck!

Hello, was your application successful? I have the same situation..

 

[Mr Optimist]

Hi guys,

I wonder if I need to attach a letter of explanation for proof of funds in my case, please help!

My situation is I don't actually save... but I started to save since I decided to immigrate to Canada, that was since July 2017. So at that time, my bank statement balance was only around $500, but since I started to save, I have enough money in my account now to satisfy IRCC's requirement for 1 person (both current balance and 6 month average will satisfy). My questions is, do I need to explain to VO why my bank statement balance came all the way from $500 to $12300 in 6 months? I mean, VO can apparently see from the 6 months' bank statements that the direct deposits from my employer's payroll is the main source of the money, but do I have to attach a letter of explanation to tell VO that the money is my income and not something I borrowed from others?

I appreciate any suggestions or advice. Thank you guys!

In your case, no need for LOE. It's straight forward as it is.