Should I include Loans in POF Bank Letter? CIC has mixed answers.

[cecandconfused]

Hi All,

Communication from CIC's Website:

"The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans."
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Peronalized Checklist after ITA:
"Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts."

No mention of loan accounts in the second one. So the question is do I need to send them a letter including the loans/credit card/line of credit etc. or just a Chq Sav Investments should suffice?

Cheers

 

[Asivad Anac]

CIC isn't particularly keen on having full disclosure of your personal financials as long as you can convince them that you have access to the funds required in your specific situation and that they are unencumbered.

You can leave out the loans and credit cards from POF letter.

All the best!

 

[amamh]

CIC isn't particularly keen on having full disclosure of your personal financials as long as you can convince them that you have access to the funds required in your specific situation and that they are unencumbered.

You can leave out the loans and credit cards from POF letter.

All the best!

Interesting Asivad, are you sure about that? My bank is actually unable to provide me with any kind of letter, they can only give a bank statement, which shows everything they want except:

- Debts and loans
- Start date of the account

Do you think that should be fine? I can, however, request a credit report from a special credit company called Experian that shows pretty much my entire financial report in about 10 pages, but that seems like it's an overkill and may overcomplicate things.

 

[Asivad Anac]

Interesting Asivad, are you sure about that? My bank is actually unable to provide me with any kind of letter, they can only give a bank statement, which shows everything they want except:

- Debts and loans
- Start date of the account

Do you think that should be fine? I can, however, request a credit report from a special credit company called Experian that shows pretty much my entire financial report in about 10 pages, but that seems like it's an overkill and may overcomplicate things.

Sure of this. CIC isn't running a credit check on you here. Their intention is to know that you have enough funds to manage your (and your family's, if that's the case) finances for a year in Canada without depending on welfare.

That bank statement should be fine. Ensure that your 6 months average balance is roughly similar to your current balance and, in case it isn't, explain any suspiciously large credits within the last 6 months.

 

[amamh]

man, thanks for the reply.

I don't understand why they request all that stuff if a bank statement should be fine. Here is their statement that's shown on the upload page for the PR application:

"""
You must provide an official letter issue by your financial institution indicating you financial profile. This must:
- list of all your bank and investment accounts, the account numbers, date each account was opened and the balance of each account over the past six months.
- list all outstanding debts, such as credit cards and loans.
- 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 email address)

"""

 

[Asivad Anac]

man, thanks for the reply.

I don't understand why they request all that stuff if a bank statement should be fine. Here is their statement that's shown on the upload page for the PR application:

"""
You must provide an official letter issue by your financial institution indicating you financial profile. This must:
- list of all your bank and investment accounts, the account numbers, date each account was opened and the balance of each account over the past six months.
- list all outstanding debts, such as credit cards and loans.
- 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 email address)

"""

All of that information is required because they want to check if you have borrowed those funds. Period.

So you go one step further and prove it upfront that you haven't borrowed any funds to showcase as POF.

 

[juls78]

There is no mention of average balance for six months!! Is there any personalized proof of fund for each applicant?

man, thanks for the reply.

I don't understand why they request all that stuff if a bank statement should be fine. Here is their statement that's shown on the upload page for the PR application:

"""
You must provide an official letter issue by your financial institution indicating you financial profile. This must:
- list of all your bank and investment accounts, the account numbers, date each account was opened and the balance of each account over the past six months.
- list all outstanding debts, such as credit cards and loans.
- 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 email address)

"""

 

[Asivad Anac]

There is no mention of average balance for six months!! Is there any personalized proof of fund for each applicant?

Average balance over 6 months is derivable from balance of account over 6 months. Difference is language, No difference in intent.