Hi I have 470 and expecting ITA soon. For the bank balance do i have to show just the current bank balance or statement or do CIC require bank balance of 3 months. I will be having funds in 2 months but i dont have it right now. In case they want 3 months i have to start arranging. Hoping a reply.
Proof of fund
- Thread starter yorajan1
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I have the same question. My bank account currency is not in DOLLARS and I have my savings in cash (because of bank's foreign currency limitations). I don't know how I can prove that I have the money if I can't deposit the amount in my bank account. And even if I do deposit it, they are asking for 6 month balance. Anyone else with the same issue?
1) Does the currency in the bank account has to be in DOLLARS? (or just the approximate equivalent?)
2) What do I do if I have the money in cash but I can't deposit it in dollars! I'd have to sell all my US dollars, convert them into my currency (huge loss of money) and then deposit it?
??? ??? ??? I'm lost.
1) Does the currency in the bank account has to be in DOLLARS? (or just the approximate equivalent?)
2) What do I do if I have the money in cash but I can't deposit it in dollars! I'd have to sell all my US dollars, convert them into my currency (huge loss of money) and then deposit it?
??? ??? ??? I'm lost.
Hi
As far as I'm aware, you do not need to have funds in Dollars. But you must have the funds in your bank account. If my understanding is correct, CIC will take the balance in your home currency and apply a current fx rate to translate it to CAD to make sure that you have sufficient funds.
In addition, I don't know how many month's of bank statements they require but from my research, the funds do not have to be untouched in your bank account for 6 months. CIC will however want to look at previous bank statements as they want to make sure you aren't just depositing a huge amount at the last minute to meet the requirements (and are therefore at risk of taking all of the funds out again once you have applied). For example, you may get paid at the start of the month so have a large balance, but then a small amount at the end of the month once you pay bills. CIC want to make sure that you aren't just applying at a time when you have a temporary large balance.
Any large deposits should be explained in your application and you have to find a way of proving that large deposits aren't simply loans that you have to pay back.
As far as I'm aware, you do not need to have funds in Dollars. But you must have the funds in your bank account. If my understanding is correct, CIC will take the balance in your home currency and apply a current fx rate to translate it to CAD to make sure that you have sufficient funds.
In addition, I don't know how many month's of bank statements they require but from my research, the funds do not have to be untouched in your bank account for 6 months. CIC will however want to look at previous bank statements as they want to make sure you aren't just depositing a huge amount at the last minute to meet the requirements (and are therefore at risk of taking all of the funds out again once you have applied). For example, you may get paid at the start of the month so have a large balance, but then a small amount at the end of the month once you pay bills. CIC want to make sure that you aren't just applying at a time when you have a temporary large balance.
Any large deposits should be explained in your application and you have to find a way of proving that large deposits aren't simply loans that you have to pay back.
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POF is 6 months of bank statementsarasamaniac said:I have the same question. My bank account currency is not in DOLLARS and I have my savings in cash (because of bank's foreign currency limitations). I don't know how I can prove that I have the money if I can't deposit the amount in my bank account. And even if I do deposit it, they are asking for 6 month balance. Anyone else with the same issue?
1) Does the currency in the bank account has to be in DOLLARS? (or just the approximate equivalent?)
2) What do I do if I have the money in cash but I can't deposit it in dollars! I'd have to sell all my US dollars, convert them into my currency (huge loss of money) and then deposit it?
??? ??? ??? I'm lost.
You will need the amount required (Ref to LICO) in equivalent of Canadian dollar. It can be a foreign currency. I don't know if they would do the conversion themselves or you can provide a letter referencing the exchange rate.
I assume you are not in Canada right now?
You will provide prove in your own currency at application stage. When you are granted PR, you will need convert those money into Canadian dollar, bring it when you land in Canada and deposit into a Canadian bank.
In case they see a sudden in flow of fund within 6 months, they will need an explanation from you that the fund is legit (I mean not dirty money) and not borrowed. However, this is totally in CIC's discretion that they believe you.
Do you have other kind of liquid assets? Bonds, Stocks are also accepted in POF
I just got my ITA under FSW. Here's what my checklist says about proof of funds:
If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile.
Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the balance of each account over the previous 6 months.
You must scan all proof of funds documents and save them as one file.
If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile.
Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the balance of each account over the previous 6 months.
You must scan all proof of funds documents and save them as one file.
HiKKUMAR14 said:hi,
I wanted to confirm if i can show my husband's ( applying as dependent) account as POF? I am the primary applicant.
thanks in advance
You can show your husbands bank balance - In this case, he should give a NOC to you.
Hey guys.
I'm also 400+ so fingers crossed over the next couple of months.
Wanted to know about showing proof of funds. The people who got ITA, please enlighten us - is it mandatory to have the money in your account for the past 6 months? If it is mandatory, and someone doesn't, can they provide justification to prove the money is theirs and not a loan?
Would appreciate some insight. If you could tell us what is written in the Document Checklist for Proof of Funds, that would be pretty helpful.
I'm also 400+ so fingers crossed over the next couple of months.
Wanted to know about showing proof of funds. The people who got ITA, please enlighten us - is it mandatory to have the money in your account for the past 6 months? If it is mandatory, and someone doesn't, can they provide justification to prove the money is theirs and not a loan?
Would appreciate some insight. If you could tell us what is written in the Document Checklist for Proof of Funds, that would be pretty helpful.