POF : 6 months average balance requirement

[hrc7777]

I think they asked more than 6 months. This is september and they asked since Feb so its like 8 months.

 

[sraj07]

Is CIC asking this post ITA ? or any PNP you are talking ?
either ways , submit the proof that u transferred money from UK to India -- through the money transfer ... You donot need any notary for that proof since it clearly says u r UK acct and father acct and u can always show proof that it is u r acct .

 

[Mark.Whisly]

I imagine that is within acceptable limits (it is less than 20% variation on 22K) and you should be safe with submitting just the letter in the required format showing 6 months average balance.

If you still want to submit 6 months bank statements, recommend that you mask/blackout all transactions except monthly opening/closing balances for the last 6 months - you are well within your rights to do so because CIC doesn't ever ask for bank statements - you can further explain that you are masking out the individual transactions to maintain the sanctity of your personal finances which do not concern CIC ans leaving out just the monthly opening/closing balances so that CIC can confirm for themselves that you don't have any unreasonably large credits in the last 6 months hence satisfactorily proving that these funds aren't borrowed. In this scenario, your credit card payments will not show up and you can ask your bank to avoid mentioning credit card details from the letter (in fact, regardless of whether you choose to submit detailed statements or 6 month average balance, ask your bank to avoid mentioning credit card in the letter).


Hi Asivad,

Thank you for your continuous help!..regarding that, what if I chose to submit my 6 months statement without masking the details of each transaction, should I mention my credit card in the letter? (Credit Card transactions are shown in the statement).

 

[Asivad Anac]

Hi Asivad,

Thank you for your continuous help!..regarding that, what if I chose to submit my 6 months statement without masking the details of each transaction, should I mention my credit card in the letter? (Credit Card transactions are shown in the statement)

No harm in doing that. Be prepared to explain any suspiciously large credits. Including (or not) credit card details wouldn't impact your application unless you took a loan on the card for POF purposes.

 

[karan1985]

Hi All,

My wife and I will be applying soon, we have similar profiles and work exp etc. but we were thinking of making her the principal applicant because she is younger and gets more points for age as a result.

However, I didn't realize the POF requires an average balance of 6 months. Our plan was to transfer from my account to hers (as most of our money is in shares and cash with me). Will this be an issue - if I transfer the money to her account post the ITA?

TIA

 

[bestofluck]

How do we explain that the funds are not encumbered? I will be showing cash in my bank account and if I do not show any outstanding loans then it mean that nobody else has claims to that cash. Also for LOE, what all points should be covered as in Date of transfer, amount, from account ? anything I am missing?

VSG

If I make it simple, if you have a car loan then you also have monthly income more than the loan ( installment ). so it is compensated. the bank balance is not disturbed at all.

Note: if you have any unpaid amount or dues outstanding then yes you have to mention.

 

[karan1985]

thanks for the information guys. i found the below text in CIC website -

" These funds could be in the form of:

cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders) "

can PF be considered as guarantee payment of a set of amount of money payable to us? Also, can we use Fixed deposit money as POF?

thanks!!

Hi All,

My wife and I will be applying soon, we have similar profiles and work exp etc. but we were thinking of making her the principal applicant because she is younger and gets more points for age as a result.

However, I didn't realize the POF requires an average balance of 6 months. Our plan was to transfer from my account to hers (as most of our money is in shares and cash with me). Will this be an issue - if I transfer the money to her account post the ITA?

TIA

 

[jitrulz]

I have a balance of $16000 but 6 months avg balance of $7000. is that a problem?
its for single applicant with requirement of 12K of POF.

 

[rahimpal]

Hi All

Stocks/Shares accepted as PoF ?

 

[Muhammad Faisal]

It makese sense to provide details of loans only if you can somehow showcase the corresponding asset side as well. However, CIC explicitly does not let you showcase assets other than bank funds. If you still showcase your debts alone, you are likely to end in a net negative situation.

The requirement from CIC is simple. PA must have unfettered access to the required funds and they must be unencumbered. Provide sufficient evidence(s) for that to satisfactorily convince the officer.

Hello Asivad and Seniors/Experts.

I have something to ask regarding POF.

Actually this is my running account, and lots of thing can happen. I will try explain my question below.
When I submit my file my account was showing 24000 CAD. This money stayed there for a while. Then, as this is my running account and I had to pay fees, living and bills etc with this account, and this slightly went down like to 23,000. Lets says POF requirement is now 23,181 and it went down to 22800. Hardly 500 CAD variation. Then I sold something and put it back to above POF requirement. Right now the POF required money is there in my account.

I can explain these variations to CIC. Will this be acceptable? I mean whenever they ask again for statement, the money will sure be there, but will show these minor variations, slightly go down and then back. But at last whenever they ask, the money they required will be there.

I will not be waiting for them to ask for statement and then put the money back, I know when it is going down and I am recovering it fast to be back above POF requirement. Will it work this way?

Thanks

 

[gogetters]

I have a couple of queries regarding POF, if someone could please help.
1. A couple of months back I transferred money from one account to another because of which my average balance for the current account is low. The closing balance is sufficient. Should I provide a LOE for this?
2. Can the POF be a combination of your overseas account and home account? Also, can it be a combination of your as well as spouse's account?

 

[hope2018]

I have a couple of queries regarding POF, if someone could please help.
1. A couple of months back I transferred money from one account to another because of which my average balance for the current account is low. The closing balance is sufficient. Should I provide a LOE for this?
2. Can the POF be a combination of your overseas account and home account? Also, can it be a combination of your as well as spouse's account?

1. If the sum is large, then you need to explain that is was a transfer between your two accounts. Attaching bank statements of both will help here.
2. Yes you can show more than one account and also spouse account but you need declaration from spouse that he/she has not objection to it.

 

[gogetters]

1. If the sum is large, then you need to explain that is was a transfer between your two accounts. Attaching bank statements of both will help here.
2. Yes you can show more than one account and also spouse account but you need declaration from spouse that he/she has not objection to it.

Thanks for your help.

 

[RPS92]

Hi all,
Please I need some advice urgently here! In my bank account I had more than sufficient funds as stated for settling by CIC but in one month I transferred a huge amount to my father's account for investment which he returned to me the next month. How do I explain this in my POF case? Should I get an affidavit or a gift deed? The money was earned by my salary savings for which I have payslips and tax returns. Should I also submit an LOE for this?

 

[hamgha]

Hi all,
Please I need some advice urgently here! In my bank account I had more than sufficient funds as stated for settling by CIC but in one month I transferred a huge amount to my father's account for investment which he returned to me the next month. How do I explain this in my POF case? Should I get an affidavit or a gift deed? The money was earned by my salary savings for which I have payslips and tax returns. Should I also submit an LOE for this?

No need to ask the same questions on multiple threads. Once someone who can answer you with the correct information they will