Proof of funds requirement at the time of ITA

[kalebhushan]

Hi,

I am expecting an ITA tomorrow. However, at this point I have just around 50% of funds in my bank account. I expect to save up the remaining 50% of the amount in the 60 days post tomorrow that I have to submit my application. Is this okay?
So in this case, my last 6 months balance would indicate a gradual increase in the balance (all coming from savings from my salary). In addition, it would show that when I got my ITA, I didnt have enough balance as mandated by CIC but then saved up the amount in days between my ITA and my e-APR.
Will this be fine? Am asking this since the line "The funds must be available both when you apply and when (if) we issue you a permanent resident visa..." in

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

link confuses me. Do the words '...when you apply..." mean during ITA or when i submit my application (e-APR)?

 

[mr.preetsingh]

Hi,

I am expecting an ITA tomorrow. However, at this point I have just around 50% of funds in my bank account. I expect to save up the remaining 50% of the amount in the 60 days post tomorrow that I have to submit my application. Is this okay?
So in this case, my last 6 months balance would indicate a gradual increase in the balance (all coming from savings from my salary). In addition, it would show that when I got my ITA, I didnt have enough balance as mandated by CIC but then saved up the amount in days between my ITA and my e-APR.
Will this be fine? Am asking this since the line "The funds must be available both when you apply and when (if) we issue you a permanent resident visa..." in

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

link confuses me. Do the words '...when you apply..." mean during ITA or when i submit my application (e-APR)?

Your funds should be at least 2 months old. Get money from your parents or friends.

 

[kalebhushan]

Your funds should be at least 2 months old. Get money from your parents or friends.

Ah okay. So if I borrow this money, I will have to make a gift deed correct?

 

[DelPiero07]

Ah okay. So if I borrow this money, I will have to make a gift deed correct?

Please disregard the other post, if you're getting a gift deed feel free to submit your e-APR without waiting any time.

 

[kalebhushan]

Please disregard the other post, if you're getting a gift deed feel free to submit your e-APR without waiting any time.

I don’t plan on getting a gift deed. I will have saved the amount within 60 days (out of my own salary) and can upload the bank letter. But if the the min balance has to be at least 2 months old as mr.preetsingh pointed out, then I will have to borrow from someone right away and get a gift deed done. Is that correct?

 

[DelPiero07]

No, that is not correct, if you're saving that money from your salary then feel free to submit your application as soon as you meet the required funds.

Like I said, disregard completely the other post.

 

[kalebhushan]

No, that is not correct, if you're saving that money from your salary then feel free to submit your application as soon as you meet the required funds.

Like I said, disregard completely the other post.

That helps a lot thank you so much. Else I would have had to reject tomorrow’s ITA since I don’t plan on borrowing money from any one.

 

[mr.preetsingh]

Ah okay. So if I borrow this money, I will have to make a gift deed correct?

If borrowing from Parents, then YES.

 

[kalebhushan]

Will i need gift deed even if i borrow as little as $1000

 

[mr.preetsingh]

Will i need gift deed even if i borrow as little as $1000

NO.

 

[kalebhushan]

NO.

Thank you so much. That is all am going to borrow if at all I do.