Hello All,
I received ITA recently in March and in the process of collecting documents now. I went through this forum, but still have a few questions reg. POF. Hoping someone can advise for my scenario.
I have checking, savings and two credit cards with a bank since a few years. I had only maintained a minimum account balance in savings account and had salary savings in checking account. In Jan'18 I transferred large amount from my checking to savings account, and then in Feb I withdrew significant amounts from both my checking and savings account to give a loan to relative. As of Feb end, my balance in savings account exceeds CIC requirement and that of my checking account is lower than requirement. I thought I could just submit current balance of savings account and transaction history of checking account as proof of income source. I wasn't aware until recently that large deposit,withdrawals and lack of funds in savings account for 6 months on average might be a problem for canada POF.
Now for documentation,
1) I plan to give a balance certificate of my savings account. Current balance meets requirement, but average 6 months balance would be quite less as the fund is transferred from my checking account only 3 months ago. Do I need to give 6 month bank statement for savings account?
2) I also plan to submit balance certificate of my checking account and its 12 months bank e-statements only for the purpose of substantiating transfer from checking to savings account, and that the money in the checking account is saved from my salary, and not loaned to me. Current balance does not meet requirement, but average balance is high.
3) Overall, can I explain my LOE that
-- my savings account current balance meets the requirement of POF. Its average balance is less because I transferred the fund from my own checking account 3 months ago to maintain a fixed untouched funds for canada PR.
-- The source of funds in my checking account is my salary deposits over the past few years. I don't have salary deposit in the last 6 months as I am currently unemployed. That is why I am attaching the last 12 months checking account e-statements which have enough deposits from my employer. Is this the right approach, Do I need to give any more specific examples?
-- The large withdrawals made from my checking and savings account is to give a loan to a relative. Do I need to mention this? The only proof I can give is the bank deposits receipts made to the relative. Should I include all such withdrawal receipts, I withdrew around 30k usd in Feb.
4) Do I need to submit any documentation for my credit cards as well? I don't have any large balances on it
5) I plan to submit my post ITA application end of May. Could I take the balance certificates end of April?
I received ITA recently in March and in the process of collecting documents now. I went through this forum, but still have a few questions reg. POF. Hoping someone can advise for my scenario.
I have checking, savings and two credit cards with a bank since a few years. I had only maintained a minimum account balance in savings account and had salary savings in checking account. In Jan'18 I transferred large amount from my checking to savings account, and then in Feb I withdrew significant amounts from both my checking and savings account to give a loan to relative. As of Feb end, my balance in savings account exceeds CIC requirement and that of my checking account is lower than requirement. I thought I could just submit current balance of savings account and transaction history of checking account as proof of income source. I wasn't aware until recently that large deposit,withdrawals and lack of funds in savings account for 6 months on average might be a problem for canada POF.
Now for documentation,
1) I plan to give a balance certificate of my savings account. Current balance meets requirement, but average 6 months balance would be quite less as the fund is transferred from my checking account only 3 months ago. Do I need to give 6 month bank statement for savings account?
2) I also plan to submit balance certificate of my checking account and its 12 months bank e-statements only for the purpose of substantiating transfer from checking to savings account, and that the money in the checking account is saved from my salary, and not loaned to me. Current balance does not meet requirement, but average balance is high.
3) Overall, can I explain my LOE that
-- my savings account current balance meets the requirement of POF. Its average balance is less because I transferred the fund from my own checking account 3 months ago to maintain a fixed untouched funds for canada PR.
-- The source of funds in my checking account is my salary deposits over the past few years. I don't have salary deposit in the last 6 months as I am currently unemployed. That is why I am attaching the last 12 months checking account e-statements which have enough deposits from my employer. Is this the right approach, Do I need to give any more specific examples?
-- The large withdrawals made from my checking and savings account is to give a loan to a relative. Do I need to mention this? The only proof I can give is the bank deposits receipts made to the relative. Should I include all such withdrawal receipts, I withdrew around 30k usd in Feb.
4) Do I need to submit any documentation for my credit cards as well? I don't have any large balances on it
5) I plan to submit my post ITA application end of May. Could I take the balance certificates end of April?