Proof of Funds Letter

[rajababoo]

As per CIC proof of funds Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

I do have credit cards but not with the bank I have checking/ savings account with. I have no outstanding loans with any financial institution .

Do I have to reach out to all Credit card companies for this letter? Whom do I get letter verifying I have no outstanding loans ?

 

[DelPiero07]

1 - No need to reach your credit card companies.
2 - If your bank provides the info about loans then great if not then it's fine.

 

[Johnny Ghaddar]

Hello,

I secured ITA last month after accepting OPNP nomination. I am currently in the process of gathering documents for submittal and have some queries regarding the letter from financial institution.

As per CIC guidelines:

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

1. list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
2. list all outstanding debts, such as credit cards and loans,
3. be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address).

I have asked my financial institution for such letter, but they have issued me with a standard "Account Maintenance Certificate" along with a stamped 06 month statement showing my current account balance. The things which are missing in the letter are:

• Balance of each account over the past six months, as required in point # 01. This is covered in through a stamped bank statement, (Q1) but will this suffice for CIC?
  
• List all outstanding debts, such as credit cards and loans. This is not mentioned on the letter and neither on the statement. The statement however shows ample liquidity in the the account. (Q2) Do I need to submit an separate LOE stating for CIC that my bank does not provide such declaration in a letter ? (Q3) Will this LOE be sufficient or an affidavit/undertaking will be required to satisfy CIC?

My bank account contains sufficient cash balance to cover the CIC requirements with room to spare. I am just concerned about the CIC requirements for declaration from the bank. I know such things can get dragged-on in the bank bureaucracy even if I escalate or file a dispute which would delay my submission since I want to get done with it as soon as possible.

(Q4) Is this a common issue and/or has this resulted in rejection of application or ADR just because of the requirements if the letter ?

Would really appreciate expert advice from members of this thread.

 

[rajababoo]

Hello,

I secured ITA last month after accepting OPNP nomination. I am currently in the process of gathering documents for submittal and have some queries regarding the letter from financial institution.

As per CIC guidelines:

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

1. list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
2. list all outstanding debts, such as credit cards and loans,
3. be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address).

I have asked my financial institution for such letter, but they have issued me with a standard "Account Maintenance Certificate" along with a stamped 06 month statement showing my current account balance. The things which are missing in the letter are:

• Balance of each account over the past six months, as required in point # 01. This is covered in through a stamped bank statement, (Q1) but will this suffice for CIC?
  
• List all outstanding debts, such as credit cards and loans. This is not mentioned on the letter and neither on the statement. The statement however shows ample liquidity in the the account. (Q2) Do I need to submit an separate LOE stating for CIC that my bank does not provide such declaration in a letter ? (Q3) Will this LOE be sufficient or an affidavit/undertaking will be required to satisfy CIC?

My bank account contains sufficient cash balance to cover the CIC requirements with room to spare. I am just concerned about the CIC requirements for declaration from the bank. I know such things can get dragged-on in the bank bureaucracy even if I escalate or file a dispute which would delay my submission since I want to get done with it as soon as possible.

(Q4) Is this a common issue and/or has this resulted in rejection of application or ADR just because of the requirements if the letter ?

Would really appreciate expert advice from members of this thread.

Q1 : if it is on Bank letter head with appropriate Bank personnel contact info that CIC can reach out to if necessary and, required funds available then, you should be good.

Q2 : You can mention in your LOE regarding the format of letter your bank has provided and that you can furnish additional information in case CIC required

Q3 : LOE should be sufficient.
Q4 : Rejection seems very very far fetched in this case. if CIC is not convinced you may get ADR at most provided all information you provided is correct.

I have been through the process successfully and was equally anxious most of the times. In hindsight I think it was a very reasonable process overall.

I would keep a set of bank statements with me just in case fir future reference. Congratulations and Good Luck!!

 

[navinball]

stamped 6 month statement is sufficient if it meets minimum requirement.

 

[Johnny Ghaddar]

Q1 : if it is on Bank letter head with appropriate Bank personnel contact info that CIC can reach out to if necessary and, required funds available then, you should be good.

Q2 : You can mention in your LOE regarding the format of letter your bank has provided and that you can furnish additional information in case CIC required

Q3 : LOE should be sufficient.
Q4 : Rejection seems very very far fetched in this case. if CIC is not convinced you may get ADR at most provided all information you provided is correct.

I have been through the process successfully and was equally anxious most of the times. In hindsight I think it was a very reasonable process overall.

I would keep a set of bank statements with me just in case fir future reference. Congratulations and Good Luck!!

Thank you for your point wise response.

The bank statement is a computerized printout with a built-in letter head. The bank only stamped it for me. The statement does not have the contact info of the bank, however the account maintenance certificate has all the contact info and its signed by two bank officers.

 

[rishirajsing]

For the request of 6 months balance of funds, what if the first 4 months have less than the required balance you have mentioned in the application, and last 2 months have sufficient funds, will that be an issue ?

 

[zagcollins]

For the request of 6 months balance of funds, what if the first 4 months have less than the required balance you have mentioned in the application, and last 2 months have sufficient funds, will that be an issue ?

as long as there are no major transactions that make it look suspicious.

 

[JEG]

Hi everyone. Please I need your advice.
I submitted only my treasury bill certificate that my bank gave me as POF. The letter has the face value of my investment, date of investment and date of maturity. It also has the bank’s address, phone number etc. please is this enough to show proof or should I get a reference letter from the bank saying the date I opened my account, my investment and that I am not owing after which I raise a CSE? Please advice