Proof of Funds

[grapehair]

Hey guys, I have no dependents and bringing almost $20,000 CAD as I put down in the PR application. According to the CIC website, it requires at least $12,000 for one individual. So since i'm sponsoring myself, I should be okay. But here's the question, the bank can give me the letter telling I have sufficient funds but my olderst 6th statement from the bank only shows i have about $8000 CAD in the account. But it's been increasing ever since, even before i received the ITA. IS THAT GOING TO BE A PROBLEM?

I have a few credit cards with limits around US $11,000, US $7000 and US $5,500 respectively. All those credit lines are available and credit is utilized under 1% (meaning most amount is available to spends , almost $23000). Does credit card statements from these accounts can be supplemented along with the checking/savings account?

 

[CanadaWeCome]

Hey guys, I have no dependents and bringing almost $20,000 CAD as I put down in the PR application. According to the CIC website, it requires at least $12,000 for one individual. So since i'm sponsoring myself, I should be okay. But here's the question, the bank can give me the letter telling I have sufficient funds but my olderst 6th statement from the bank only shows i have about $8000 CAD in the account. But it's been increasing ever since, even before i received the ITA. IS THAT GOING TO BE A PROBLEM?

I have a few credit cards with limits around US $11,000, US $7000 and US $5,500 respectively. All those credit lines are available and credit is utilized under 1% (meaning most amount is available to spends , almost $23000). Does credit card statements from these accounts can be supplemented along with the checking/savings account?

Apply after one month with a fresh Bank statement and no credit cards aren't considered.

 

[jamezmoran]

You do not have to wait for your next monthly statement, CIC will accept a mini-statement that covers all the dates from your last statement until the present day printed out directly from your local branch. Make sure to note it in your LoE, and also explain the source of the additional cash.

 

[grapehair]

I appreciate it. So credit card statements doesn't count then. I can always borrow cash from the credit card and transfer balance from them to my checking/savings account. Is that a good idea?

 

[jamezmoran]

I appreciate it. So credit card statements doesn't count then. I can always borrow cash from the credit card and transfer balance from them to my checking/savings account. Is that a good idea?

Any funds you are supporting your application with cannot be borrowed money.

 

[grapehair]

Any funds you are supporting your application with cannot be borrowed money.

Oh boy, thanks a lot. I'd rather wait and put more money into my account instead of getting from the CC then. Much appreciated

 

[CanadaWeCome]

Oh boy, thanks a lot. I'd rather wait and put more money into my account instead of getting from the CC then. Much appreciated

Wait! If you suddenly put a chunk of money which you cannot prove that it was already yours/legally earned or resides in your account beyond 6 months, you'll need to explain the source and that it wasn't borrowed.

 

[grapehair]

Wait! If you suddenly put a chunk of money which you cannot prove that it was already yours/legally earned or resides in your account beyond 6 months, you'll need to explain the source and that it wasn't borrowed.

Oh definitely not a chunk of money, it's increasing since the past 6 months. It started with CAD $8000, and now it's sitting at almost CAD $19,000 like 4 months later. It got really low because of paying my tuition at that time.

 

[jamezmoran]

Oh definitely not a chunk of money, it's increasing since the past 6 months. It started with CAD $8000, and now it's sitting at almost CAD $19,000 like 4 months later. It got really low because of paying my tuition at that time.

If the money isn't from wages, make sure to explain where it's coming from in your LoE. CIC's primary concern will be to ensure this money is totally yours without any obligations.

 

[jamezmoran]

What proof do I need to show since they aren't from wages. I'll be honest, its usually from working under the table

I would suggest filing taxes on your income and using your tax returns to prove they are from a legitimate source. CIC will take a very dim view of income earned under the table and it would almost certainly result in your application being rejected on the spot.

 

[grapehair]

Thank You. Then i'll just let my father be the sponsor instead of myself. I assume i'll be needing his sponsorship letter along with his bank account statement.

 

[jamezmoran]

Thank You. Then i'll just let my father be the sponsor instead of myself. I assume i'll be needing his sponsorship letter along with his bank account statement.

I'm afraid this is probably not good enough, unless you are specifically employed by your father and your income is declared and taxed. If taxes are being paid on the income, there is no problem and it should be trivial to provide proof.

 

[grapehair]

I'm afraid this is probably not good enough, unless you are specifically employed by your father and your income is declared and taxed.

Not employed by my father. I'm still in school and does not have a job. I'll just retract my bank statement and rather show him as the sponsor since he can.

 

[jamezmoran]

Not employed by my father. I'm still in school and does not have a job. I'll just retract my bank statement and rather show him as the sponsor since he can.

Okay, what I am saying is that his "sponsorship" will not be regarded as sufficient proof that your funds are legitimate. Firstly, he's a family member so he's already regarded as an unreliable sponsor. Secondly, from your earlier post you don't appear to be declaring this income, either as wages or as a gift. Even if it's just a gift, you must still declare this to the taxman and pay the relevant taxes on it if need be. If you aren't doing this, CIC will not accept these funds as coming from a legitimate source, regardless of any statement your father provides, because undeclared income is not a legitimate source.

 

[grapehair]

Okay, what I am saying is that his "sponsorship" will not be regarded as sufficient proof that your funds are legitimate. Firstly, he's a family member so he's already regarded as an unreliable sponsor. Secondly, from your earlier post you don't appear to be declaring this income, either as wages or as a gift. Even if it's just a gift, you must still declare this to the taxman and pay the relevant taxes on it if need be. If you aren't doing this, CIC will not accept these funds as coming from a legitimate source, regardless of any statement your father provides, because undeclared income is not a legitimate source.

Thanks a bunch. Appreciate your reply.