Proof of funds. Just the one showing the CIC minimum, or all accounts??

[redfox05]

I thought you just needed the proof of funds from an account or accounts totalling the minimum needed from CIC for your application.

However, reading the following link says: "The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans."

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Can someone clarify? I was only going to submit the proof of one of my accounts holding slightly over the minimum for CIC requirements. But I wasn't going to mention all the other accounts. Should I be? And what about company share schemes, pensions, Stock Market Shares etc???? PANIC! :-/

Proof of funds
Purpose
To confirm whether the applicant meets the low income cutoff (LICO), as assessed by the amount of money they hold compared to the number of people in their family

Document requirements
The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans.

The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance in the past six months.

Other documents may also be requested, as necessary.

Individuals who must submit this documentation
The principal applicant

 

[Andre_Smol]

I thought you just needed the proof of funds from an account or accounts totalling the minimum needed from CIC for your application.

However, reading the following link says: "The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans."

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Can someone clarify? I was only going to submit the proof of one of my accounts holding slightly over the minimum for CIC requirements. But I wasn't going to mention all the other accounts. Should I be? And what about company share schemes, pensions, Stock Market Shares etc???? PANIC! :-/

I had my bank include my main bank account and my investment account and the balance for each.

It also included a note about no outstanding debts.

That way I made sure that I was easily above the required minimum. However, I also chose not to have my private pension and savings account listed as I didnt see the need.

Never had any problems with it during processing so based on my own experience, I would say that as long as you can get over the minimum and can prove that you dont have any debts that would lower it below the minimum, you should be fine.

Maybe others can share their thoughts as well.

 

[redfox05]

Cheets Andre_Smol.

And just remembered... theres my UK student loan... what do I do with that. Eek.

 

[snail]

I doubt they care about student loans. Especially since your UK student loan repayments are income contingent. If by student loan you meant a huge overdraft or a career development loan you took out for a postgrad course, that will show up on your letter anyway.

They only ask to see details of debt for your bank accounts to make sure you haven't taken out an $11000 loan for a month to fake having settlement funds. Just send the letter from your bank showing that you have accounts that are in credit and that the total funds available are more than your settlement requirement. The bank will put any loans or overdraft on the letter.

 

[Andre_Smol]

Cheets Andre_Smol.

And just remembered... theres my UK student loan... what do I do with that. Eek.

As far as I know your assets minus debts have to meet the minimum so make sure you can prove enough assets so that they still add up to more than the minimum amount, once your debts have been deducted.

Cic website itself is a bit vague about it but i think its about net assets. I am not 100% sure if student loans are handled differently from straight up debt though. So in your case, the student loans are probably not an issue.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

There is also a good thread about it on the forum:

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-requirements-explained-t45043.0.html

 

[JoacRy]

From what I have read its your Total Assets less Total Liabilities. I think 'snail' is right in that the Student Loan is not a loan for this purpose as its income contingent.

 

[MooseNBooze]

The idea is to show you have enough cash to hold you over for a year in Canada. Stick with just one bank statement showing the CIC minimum (or more). The money should be unencumbered and available for immediate withdrawal. Hence the language in the link. No need to declare your entire finances, especially the part about student loans and assets and such discussed above. You're just committing to CIC that you have sufficient liquid funds, unencumbered and available to you for your move to Canada.

Best wishes.

 

[Asivad Anac]

From what I have read its your Total Assets less Total Liabilities. I think 'snail' is right in that the Student Loan is not a loan for this purpose as its income contingent.

It isn't about net assets at all. It is just about having at least the required minimum money in the bank available for immediate use. And it must not be borrowed money. CIC doesn't care about other assets and liabilities that you might have at that bank or with other financial institutions.

 

[mira_johnson]

I have the exact same question as the original poster. There seem to be different opinions on this matter. How do CIC calculate your funds in terms of assets and liabilities? Is it ok for me to have a debt in terms of a credit card without having to reduce the amount of money I spent on the credit card with the actual money I have in my debit card during my calculation of meeting CIC's fund requirement? It would be so helpful to get this question properly answered

 

[TanakaM]

I have the exact same question as the original poster. There seem to be different opinions on this matter. How do CIC calculate your funds in terms of assets and liabilities? Is it ok for me to have a debt in terms of a credit card without having to reduce the amount of money I spent on the credit card with the actual money I have in my debit card during my calculation of meeting CIC's fund requirement? It would be so helpful to get this question properly answered

Hi,

IRCC are not interested in you entire financial portfolio. All they want to know is whether you have the minimum amount of money to bring to Canada.

"
Purpose
To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family"
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Therefore all you need to do is give details of the account which holds the minimum required funds. However, if your debts are with the same bank that has the required funds the bank letter will show this. IMO, this may create a problem as they will be taken into consideration. This is because these funds must not be borrowed funds and they must be available for you to use in Canada.

If debts are with other financial institutions there is no need to mention them.

regards

 

[brunolord]

Hey Guys,

I am translating my last 6 bank statements from Brazil, they show all monthly inflows and outflows.
The fund balance never dropped below the minimum for a single applicant ($12300), which is my case.
I got ITA on Dec. 6th and my last statement closed a week before, on Nov. 30th.
Using this last value from November and converting it using Bank of Canada online results in over $12800.
Should I be worried about currency fluctuations after I apply, they will use the currency rate from which date?
Moreover, I am applying from Canada, should I be showing my canadian account as well?

Thanks in advance!

 

[TanakaM]

Hey Guys,

I am translating my last 6 bank statements from Brazil, they show all monthly inflows and outflows.
The fund balance never dropped below the minimum for a single applicant ($12300), which is my case.
I got ITA on Dec. 6th and my last statement closed a week before, on Nov. 30th.
Using this last value from November and converting it using Bank of Canada online results in over $12800.
Should I be worried about currency fluctuations after I apply, they will use the currency rate from which date?
Moreover, I am applying from Canada, should I be showing my canadian account as well?

Thanks in advance!

Hi,

1) A difference of 500CAD is a little low but should be fine, depending on how stable the Brazilian currency is against the CAD. I think they use current rates from the Bank of Canada, but it is not stated anywhere.
2) All they need is the account with the funds, thus your Brazilian account will be sufficient.

All the best

 

[brunolord]

Hi,

1) A difference of 500CAD is a little low but should be fine, depending on how stable the Brazilian currency is against the CAD. I think they use current rates from the Bank of Canada, but it is not stated anywhere.
2) All they need is the account with the funds, thus your Brazilian account will be sufficient.

All the best

Hey Tanaka, thanks again buddy!

I do have a little more in Canada, but it is a joint account with my girlfriend, she is Canadian and lives with me, but we are not common law and she is not in the application.
It is complicated to show the funds in this account, would you agree?

To escape any currency fluctuations I could open today a savings account with the transfered funds from abroad to lock in the value in Canadian dolars. Then I would show this very recent single statement in CAD and the other 6 from Brazil and say that thats the origin of the money. Would it be wise to do so?

All the best

 

[TanakaM]

Hey Tanaka, thanks again buddy!

I do have a little more in Canada, but it is a joint account with my girlfriend, she is Canadian and lives with me, but we are not common law and she is not in the application.
It is complicated to show the funds in this account, would you agree?

Yap this complicates things.

To escape any currency fluctuations I could open today a savings account with the transfered funds from abroad to lock in the value in Canadian dolars. Then I would show this very recent single statement in CAD and the other 6 from Brazil and say that thats the origin of the money. Would it be wise to do so?

This is one way of doing it, but to be honest a 500 CAD buffer is fine, dont worry. If anything, I would deposit 500 more into the Brazilian acc.

All the best

See answers in red

 

[brunolord]

See answers in red

Hey this is great stuff!

After the ITA I already transferred the money over, So I cannot just transfer back, will put it in a Savings account here and get the bank statement.

By the way detailed monthly e-Statement are enough right? No need for the letter?

All the best