Proof of funds Deposits

[A.Awan]

Hi Guys,

I'm a single applicant with IELTS re-check having my score boosted to 432. I didn't update the scores yet because I have a query about PoF.
I maintain my salary account and the salary deposit on 1st Oct completed my PoF level to 12,700 CAD. I've started doing savings in my account from my salary since May-June. My bank doesn't provide letter with average 6 months balance so I'll have to submit 6 months statements. So

1. Is it fine that my PoF is not 6 months old and completed only 1 week ago ??

2. Although the saving is done from my salaries only (about half salary each month and full salary on 1st Oct), I do have few deposits in my account. Will these deposits affect my application ? Some (biggest) of the deposit examples are below:

May: 2700$ Deposit. I withdrew 1250+1950 few days ago to use but didn't use. So I deposited it back because I didn't want to carry it around with me. Withdrew 1250$ the next day to use.

June: Deposit of 1470$. I withdrew 735+735 the same day earlier to use but didn't use so I deposited back.

July: a) Deposit of 880$. My roommate gave it to me so I paid his half of rent plus mine the next day.

July: b) I lent 2400$ to a friend and he did ATM transfer back to me 2710$ in my account. ATM transfer doesn't has his account number. Extra 310$ is his IELTS fee which I helped him pay.

August: Deposit of 1760$ which my roommate paid full rent and I paid full rent the next month.

Many thanks in advance.

 

[A.Awan]

For the attention of respectable @legalfalcon and @BillHyatt and all other esteemed members, I'll appreciate any advice. Thanks

 

[crescent_jam]

Hi Guys,

I'm a single applicant with IELTS re-check having my score boosted to 432. I didn't update the scores yet because I have a query about PoF.
I maintain my salary account and the salary deposit on 1st Oct completed my PoF level to 12,700 CAD. I've started doing savings in my account from my salary since May-June. My bank doesn't provide letter with average 6 months balance so I'll have to submit 6 months statements. So

1. Is it fine that my PoF is not 6 months old and completed only 1 week ago ??

2. Although the saving is done from my salaries only (about half salary each month and full salary on 1st Oct), I do have few deposits in my account. Will these deposits affect my application ? Some (biggest) of the deposit examples are below:

May: 2700$ Deposit. I withdrew 1250+1950 few days ago to use but didn't use. So I deposited it back because I didn't want to carry it around with me. Withdrew 1250$ the next day to use.

June: Deposit of 1470$. I withdrew 735+735 the same day earlier to use but didn't use so I deposited back.

July: a) Deposit of 880$. My roommate gave it to me so I paid his half of rent plus mine the next day.

July: b) I lent 2400$ to a friend and he did ATM transfer back to me 2710$ in my account. ATM transfer doesn't has his account number. Extra 310$ is his IELTS fee which I helped him pay.

August: Deposit of 1760$ which my roommate paid full rent and I paid full rent the next month.

Many thanks in advance.

Hi A.Awan,
In my opinion, your situation and account history shouldn't pose too much of a problem (at least I don't think so).

1. I'm pretty sure it's fine that your PoF is not 6 months old. As I understand it, IRCC is not mandating that you have to have held the required funds, untouched, for 6 months. They just want to know that you have the amount needed by the time you apply (i.e. submit your eAPR) and at the time of being issued a permanent resident visa. So as long as you have the $12,700 by the time you press that submit button, and again at the time that you land, you're fine. (The 6-month history rule is only to allow IRCC to look back into your history for any suspicious deposits (e.g. proceeds from a loan you're trying to pass off as unencumbered settlement funds).

2. The fact is, IRCC can't expect us to not live our lives (and use our money) while pursuing PR (a process that can take up to 2 years). Your mentioned account transactions occur over the course of 4 months and are typical of anyone who is just living his/her life. As long as, in the end, you still end up at or above the threshold, it shouldn't be a problem. However, if you're very concerned that IRCC might regard these deposits as suspicious (e.g. they might see them and think they could be proceeds from a loan that you took out to meet the settlement fund requirements), you could take the extra step of writing a Letter of Explanation (LOE) to explain each of the four deposits you outlined above, and you could also even ask your roommate and friend to write and sign affidavits confirming the deposits made by them. That should help allay any doubts or suspicions anyone might have...

 

[A.Awan]

Thank you Crescent. So I have to get 2 affidavits in this scenario ?

 

[gurpreet.ts]

If you take my advice, you don't need any affidavits or any other documents. Just a bank letter from all your banks is required which should mention your account balance ( which of course should be more that the threshold) and other basic details of yours. This is enough for the POF requirement.

PS - In my case, I just provided bank balance letters from 2 banks and nothing else. I easily got my PR too. Cheers!

 

[adpt]

Hello all.. I and my wife are planning for EE. I have queries related to POF.

1. We have home loan. And bank official said he will mention only current date balance and FDs. And not loan. So is it ok? I mean not showing loan is ok?

2. I think FD opening dates are not present in the letter. And in POF statement is not required. So the letter will mention current date balance and FDs. So if i will transfer funds before 10-15 days and make its FD, then visa officer will not know the date of fund. Is it ok?

 

[Raz0r]

Hello all.. I and my wife are planning for EE. I have queries related to POF.

1. We have home loan. And bank official said he will mention only current date balance and FDs. And not loan. So is it ok? I mean not showing loan is ok?

2. I think FD opening dates are not present in the letter. And in POF statement is not required. So the letter will mention current date balance and FDs. So if i will transfer funds before 10-15 days and make its FD, then visa officer will not know the date of fund. Is it ok?

Its solely upto you to disclose about your loan or not. But if the CIC comes to know that you indeed with-held the info about your existing loan , then it can spell disaster for your App. But then again I'am no expert on the matter. CIC insists to know about the loans that the potential candidates have with them when they apply. Good luck.

 

[A.Awan]

If you take my advice, you don't need any affidavits or any other documents. Just a bank letter from all your banks is required which should mention your account balance ( which of course should be more that the threshold) and other basic details of yours. This is enough for the POF requirement.

PS - In my case, I just provided bank balance letters from 2 banks and nothing else. I easily got my PR too. Cheers!

Thank you Gurpreet.
So how big the deposit should be to require an affidavit ?

 

[gurpreet.ts]

Thank you Gurpreet.
So how big the deposit should be to require an affidavit ?

I would say no affidavit is required ideally, but there is no harm if you provide it for any amount. For me the required POF was $19k and my bank balance was around $60k. I could had shown a sale deed of an apartment which I sold 3 months back but I did not provide any supporting document. Just the bank certificates.

 

[A.Awan]

I would say no affidavit is required ideally, but there is no harm if you provide it for any amount. For me the required POF was $19k and my bank balance was around $60k. I could had shown a sale deed of an apartment which I sold 3 months back but I did not provide any supporting document. Just the bank certificates.

Thanks for the revert Gurpreet.
However, my statement is not much old and doesn't contain much excessive funds. So maybe I should get something that my friend actually returned the loan to me.

 

[gurpreet.ts]

Thanks for the revert Gurpreet.
However, my statement is not much old and doesn't contain much excessive funds. So maybe I should get something that my friend actually returned the loan to me.

Not required. Of course you can provide any supporting document but I feel there is no need to unnecessarily complicate the officer with too many documents. I repeat, just balance certificates from the bank with all the details is fine.

Anyway, these are my thoughts. You may chose to go with whatever makes most sense to you. Cheers!

 

[rohit.joshi]

Hi A.Awan,
In my opinion, your situation and account history shouldn't pose too much of a problem (at least I don't think so).

1. I'm pretty sure it's fine that your PoF is not 6 months old. As I understand it, IRCC is not mandating that you have to have held the required funds, untouched, for 6 months. They just want to know that you have the amount needed by the time you apply (i.e. submit your eAPR) and at the time of being issued a permanent resident visa. So as long as you have the $12,700 by the time you press that submit button, and again at the time that you land, you're fine. (The 6-month history rule is only to allow IRCC to look back into your history for any suspicious deposits (e.g. proceeds from a loan you're trying to pass off as unencumbered settlement funds).

2. The fact is, IRCC can't expect us to not live our lives (and use our money) while pursuing PR (a process that can take up to 2 years). Your mentioned account transactions occur over the course of 4 months and are typical of anyone who is just living his/her life. As long as, in the end, you still end up at or above the threshold, it shouldn't be a problem. However, if you're very concerned that IRCC might regard these deposits as suspicious (e.g. they might see them and think they could be proceeds from a loan that you took out to meet the settlement fund requirements), you could take the extra step of writing a Letter of Explanation (LOE) to explain each of the four deposits you outlined above, and you could also even ask your roommate and friend to write and sign affidavits confirming the deposits made by them. That should help allay any doubts or suspicions anyone might have...

Hi crescent_jam,

I'm in the same situation right now. The required funds got accumulated last month and I'm planning to wait for 2 months after I receive an ITA, so that I can provide the Bank statements having the required funds for the last 3 months. Is it better to wait for those 2 months or just go ahead and apply since I have all the documents pretty much ready. Please advise.