Proof of funds questions

[CWilson]

Hi all, a couple of questions about proof of funds:

1) Will there be a problem submitting a bank statement showing that I've just been paid? I have more than enough money, but only because I've just been paid, obviously some of this money will be spent over the month.
2) I was gifting some money from my mother so I have enough. It's not a loan, she's given me the money. Do I need to do anything with regard to this money? It's about 2000CD
3) I've been to the bank and had them print out 6 months of statements. The documents all contain the necessary information like my name and the account number etc. Do I need to get them certified in some way? It wouldn't be very hard to forge these documents so I don't know if immigration will need anything more.

This is initially for OINP, but I assume I will have to do it again after ITA.

Thanks very much for your help.

 

[dobes]

Hi all, a couple of questions about proof of funds:

1) Will there be a problem submitting a bank statement showing that I've just been paid? I have more than enough money, but only because I've just been paid, obviously some of this money will be spent over the month.
2) I was gifting some money from my mother so I have enough. It's not a loan, she's given me the money. Do I need to do anything with regard to this money? It's about 2000CD
3) I've been to the bank and had them print out 6 months of statements. The documents all contain the necessary information like my name and the account number etc. Do I need to get them certified in some way? It wouldn't be very hard to forge these documents so I don't know if immigration will need anything more.

This is initially for OINP, but I assume I will have to do it again after ITA.

Thanks very much for your help.

The only thing you need to do is, if your mom gave you the money within the last 6 months, get a notarized statement from her that it was a gift and what day it was given, and the fact that she doesn't expect you to pay her back. 2000 is not so huge that I think you need to trace it from her account, but you can if you want to be thorough, showing the day it was withdrawn from her account and deposited into yours. Otherwise, it sounds like you're good.

We also used online statements for the past 6 months, and our account went up and down according to paychecks and withdrawals. It was not always over the required amount, though it was never below by more than !000CAD, and was over at the time of the submitted bank letter. We got through the process fine, without our funds being questioned.

 

[CWilson]

The only thing you need to do is, if your mom gave you the money within the last 6 months, get a notarized statement from her that it was a gift and what day it was given, and the fact that she doesn't expect you to pay her back. 2000 is not so huge that I think you need to trace it from her account, but you can if you want to be thorough, showing the day it was withdrawn from her account and deposited into yours. Otherwise, it sounds like you're good.

We also used online statements for the past 6 months, and our account went up and down according to paychecks and withdrawals. It was not always over the required amount, though it was never below by more than !000CAD, and was over at the time of the submitted bank letter. We got through the process fine, without our funds being questioned.

Thanks dobes, that's good to hear. What do you mean buy "notarised statement"?

 

[dobes]

Thanks dobes, that's good to hear. What do you mean buy "notarised statement"?

A letter from her stating what she gave you and when, and that it was a gift and she doesn't expect repayment. She writes it out and then signs and dates it in front of a notary, who also attaches a seal and confirms that she made the statement.

 

[CWilson]

One further question.

Should I include my latest credit card statement? Not as proof of funds, just as proof that I don't owe loads of money to the credit card company.

 

[Asivad Anac]

One further question.

Should I include my latest credit card statement? Not as proof of funds, just as proof that I don't owe loads of money to the credit card company.

Overkill.

CIC doesn't ask any applicant to prove that they are unburdened with debts in general. Such requirement is restricted only towards the amount required towards POF. You can certainly provide your credit card statement but it would have no bearing on your application unless you are explicitly using it to prove that you haven't taken a cash loan from your credit card company to showcase funds as POF. Even then, overkill.

 

[dobes]

Overkill.

CIC doesn't ask any applicant to prove that they are unburdened with debts in general. Such requirement is restricted only towards the amount required towards POF. You can certainly provide your credit card statement but it would have no bearing on your application unless you are explicitly using it to prove that you haven't taken a cash loan from your credit card company to showcase funds as POF. Even then, overkill.

Exactly. People should remember that CIC does not want to pry into your overall financial situation! They don't need or want to know about every dollar you have, or every dollar you owe. They want to know only that you have, free and clear and not needing to be paid back, a minimum amount of money to settle in Canada with. Show them that, and they will be happy.

 

[natoskiii]

Exactly. People should remember that CIC does not want to pry into your overall financial situation! They don't need or want to know about every dollar you have, or every dollar you owe. They want to know only that you have, free and clear and not needing to be paid back, a minimum amount of money to settle in Canada with. Show them that, and they will be happy.

Is it possible to send my father's bank statement instead of mine as I don't have any?
I'm submitting my papers now and I had the needed amount of money till September. Or does he need to transfer this money to my account?
Another question, is there any restriction on the currency? I mean is it OK to have the equivalent amount of money in another currency such as EGP?

 

[rohit.joshi]

The only thing you need to do is, if your mom gave you the money within the last 6 months, get a notarized statement from her that it was a gift and what day it was given, and the fact that she doesn't expect you to pay her back. 2000 is not so huge that I think you need to trace it from her account, but you can if you want to be thorough, showing the day it was withdrawn from her account and deposited into yours. Otherwise, it sounds like you're good.

We also used online statements for the past 6 months, and our account went up and down according to paychecks and withdrawals. It was not always over the required amount, though it was never below by more than !000CAD, and was over at the time of the submitted bank letter. We got through the process fine, without our funds being questioned.

Hi dobes,

Currently, I have the required funds in the account and these funds have been there since the past 3 months only. Is it a hard fast rule that 6 months statements should have the required funds. I'm thinking of submitting my application next month. Please advise.

 

[rohit.joshi]

Overkill.

CIC doesn't ask any applicant to prove that they are unburdened with debts in general. Such requirement is restricted only towards the amount required towards POF. You can certainly provide your credit card statement but it would have no bearing on your application unless you are explicitly using it to prove that you haven't taken a cash loan from your credit card company to showcase funds as POF. Even then, overkill.

Hi Asivad Anac,

If you could please help me in my case.

I have the required funds currently in my bank account. Since past 3 months, I have been maintaining the required balance. Before that my balance was very low. Can I still submit my documents. Also, I have a credit card debt of $7500 with the same bank. Will that be a problem?