Proof of Funds - Good Bad & the Ugly

[musaraza14]

Hi Peeps,

Am I the only one who is confused regarding the timeline of showing proof of funds?

At what point in time one needs to show POF?

If one needs to show POF for a minimum of 6 months prior to submitting response to ITA, then I have following query:

- Every one might not have excess to hefty bank balance which they can maintain for a year or two at stretch and show it once they submit response to ITA. For a guy like me with no source of income at the moment, who might be utilizing his savings to generate some income, how would he come to know 6 months in advance that an ITA would be knocking at his door soon & that he need to maintain bank statement?

- What if the bank statement is maintained for less than 6 months?

- After submitting ITA response, getting visa stamped on passport might take 6 months. Do we still need to maintain the bank statement throughout this tenure until we land in Canada ? If no, then for at least how many months do we need to show funds in account before landing in Canada.

 

[Canmah]

Hi Peeps,

Am I the only one who is confused regarding the timeline of showing proof of funds?

At what point in time one needs to show POF?

If one needs to show POF for a minimum of 6 months prior to submitting response to ITA, then I have following query:

- Every one might not have excess to hefty bank balance which they can maintain for a year or two at stretch and show it once they submit response to ITA. For a guy like me with no source of income at the moment, who might be utilizing his savings to generate some income, how would he come to know 6 months in advance that an ITA would be knocking at his door soon & that he need to maintain bank statement?

One of the to 5 misconceptions of Canadian PR.

For POF, monthly average balance for 6 months or bank statement for 6 months is mandatory.

It is not mandatory to have complete amount in the bank for minimum of 6 months.

If you want You can have zero balance in your account and on the day of submitting the e-APR you can add complete amount as required in POF.

However the catch is that you have to prove the source of money added to the account and also that it is unencumbered/debt free (maximum applicants provide gift deed for the same).
So you can either gradually save the amount or deposit the complete amount in one go. In both the cases, you will have to prove the source of income (salary/profit/gift) and also that the money is not on loan.



- What if the bank statement is maintained for less than 6 months?

If you have understood the concept then your question is answered.

- After submitting ITA response, getting visa stamped on passport might take 6 months. Do we still need to maintain the bank statement throughout this tenure until we land in Canada ? If no, then for at least how many months do we need to show funds in account before landing in Canada.

Unfortunately YES. It is always recommended to leave the amount shown as POF, untouched.
You never know when an agent decides to cross check or ask for ADR.