Proof of Funds (Express Entry)

[comfortablynumb]

Hi Everyone,

I am a single applicant and currently have 13000$ in my account. I will be going to the bank tomorrow to get a 6 month statement and bank balance certificate . My concern is that my balance has been increasing steadily over the past 6 months with incoming salary every month and CIC requests the average balance of the past 6 months which I dont think will amount to 13k. Should I just get the current balance and statement of last 6 months and just skip the average balance over past 6 months?

Also, how do we calculate the average balance for past 6 months?

 

[vishalg]

Hi Everyone,

I am a single applicant and currently have 13000$ in my account. I will be going to the bank tomorrow to get a 6 month statement and bank balance certificate . My concern is that my balance has been increasing steadily over the past 6 months with incoming salary every month and CIC requests the average balance of the past 6 months which I dont think will amount to 13k. Should I just get the current balance and statement of last 6 months and just skip the average balance over past 6 months?

Also, how do we calculate the average balance for past 6 months?

if you can get average balance and current balance there is no need of statements. Increasing steadily is fine, if there is a spike or a significant difference between the averages, then you have to show the source of the funds and also prove that it belongs to you only.
There is no mandate that your average balance should be above or equal LICO.

 

[comfortablynumb]

if you can get average balance and current balance there is no need of statements. Increasing steadily is fine, if there is a spike or a significant difference between the averages, then you have to show the source of the funds and also prove that it belongs to you only.
There is no mandate that your average balance should be above or equal LICO.

I will prefer 6 months statement and current balance. Also, I have booked many small online FD's ranging from 1000$ to 4000$ and when the FD is complete the amount is transferred to my savings account from investment account. Below is one example.


10/03/2017 MATURITY PYMNT Multi Deposit Ref No :- 8853500300 202521.00(approx 2 lacs INR)


Will this raise any suspicions or Visa officers are used to terms like MATURITY PAYMENT and they know this closure of FD along with interest paid.

 

[vishalg]

I will prefer 6 months statement and current balance. Also, I have booked many small online FD's ranging from 1000$ to 4000$ and when the FD is complete the amount is transferred to my savings account from investment account. Below is one example.


10/03/2017 MATURITY PYMNT Multi Deposit Ref No :- 8853500300 202521.00(approx 2 lacs INR)


Will this raise any suspicions or Visa officers are used to terms like MATURITY PAYMENT and they know this closure of FD along with interest paid.

in this scenario, get statements also.
Mention these transactions in LOE also, explaining what all transactions to look in the statement

 

[comfortablynumb]

in this scenario, get statements also.
Mention these transactions in LOE also, explaining what all transactions to look in the statement

Thanks for a quick reply. +1 for this

 

[MarcAnthony]

Hi Guys

I have a Tax Savings & Retirement Plan which I requested a letter from my bank, they are unable to provide 6 month average. Is this normal for these types of plan?

 

[Savvyor]

Hi, Please guide me, ill be getting finances from my father as a gift so how long should i keep it in my account before showing it to CIC

 

[expat2be]

the letter that the bank provided me doesnt have a letter head and no opening dates for the accounts. Also most of my money is in saving certificates and they wont issue any details for those in english. Another problem is that their bank statement has alot of arabic in it even though thats the English version of it. they just wrote the name and numbers in english thats the only difference from the arabic version. i tried to convince them to issue a letter as per CIC requirements but they said thats all they can do.

anyone had issues like that?

Here's what the letter looks like.

http://imgur.com/a/rKAu2

 

[pacificislander]

the letter that the bank provided me doesnt have a letter head and no opening dates for the accounts. Also most of my money is in saving certificates and they wont issue any details for those in english. Another problem is that their bank statement has alot of arabic in it even though thats the English version of it. they just wrote the name and numbers in english thats the only difference from the arabic version. i tried to convince them to issue a letter as per CIC requirements but they said thats all they can do.

anyone had issues like that?

Here's what the letter looks like.

http://imgur.com/a/rKAu2

How about using a certified translator?

 

[century1963]

Is is really required to explain everything that you think you have to explain in the bank statement? For instance, I have a huge amount of currency deposited in one month and the next month nothing.

 

[kryt0n]

Is is really required to explain everything that you think you have to explain in the bank statement? For instance, I have a huge amount of currency deposited in one month and the next month nothing.

Yes. Where did you get that cash from? Was it a loan? That's what CIC want you to prove

 

[century1963]

Yes. Where did you get that cash from? Was it a loan? That's what CIC want you to prove

It was my paycheck. Usually I am getting my salary through bank deposit. However, there was an instance that my company has to issue a check and it was larger than my usual salary because I had huge overtime pays etc. I deposited that check to my account and the next month I didn't have any activity in my bank because I was on holiday. Do I have to explain this?

 

[expat2be]

How about using a certified translator?

it would be costly as its on many papers.

 

[omesanni]

Hi,

There's something that is confusing me about the proof of funds. The cic website says that the applicant's bank letter should include the current balance of each account as well as the average balance for the past six months. What does this average balance for the past six months mean?

Now is it something like this month 1: balance $10,000, month 2: balance $8,000, month 3: balance $10,000 etc.

Or is it just one line stating for example "the average balance for the past 6 months is $20,000?

Also, please can anyone provide a sample template for a bank letter about the proof of funds so I can see. I think this would help me alot. Thanks

 

[tahminaml]

do we need to include credit card statements?? what if there is outstanding bills?