Canada PR proof of funds - 6 months average

[CrimsonPeacock]

Hello,

I have a question about the proof of funds that is accepted for the Express Entry. We have this below link that states how much funds are required while immigrating based on size of the family.

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

Suppose we are a family of two. So, the funds required is CAD 15,531. The accepted documents is mentioned as 6 months average. My question is should the 6 months average also be greater than CAD 15,531? Or is it fine that the balance while applying is above CAD 15,531 and 6 months average is whatever?

Please let me know if you have any idea of how immigration looks at it.

 

[viki1805]

Hello,

I have a question about the proof of funds that is accepted for the Express Entry. We have this below link that states how much funds are required while immigrating based on size of the family.

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

Suppose we are a family of two. So, the funds required is CAD 15,531. The accepted documents is mentioned as 6 months average. My question is should the 6 months average also be greater than CAD 15,531? Or is it fine that the balance while applying is above CAD 15,531 and 6 months average is whatever?

Please let me know if you have any idea of how immigration looks at it.

the reason they want to see your average balance for 6 months is to see your source of funds for the balance you're showing. as long as there is no sudden or abnormal influx of money you will be fine. but if you're planning on producing a gift deed to justify the source of those funds you will be fine and the 6 months balance wont matter.

 

[CrimsonPeacock]

the reason they want to see your average balance for 6 months is to see your source of funds for the balance you're showing. as long as there is no sudden or abnormal influx of money you will be fine. but if you're planning on producing a gift deed to justify the source of those funds you will be fine and the 6 months balance wont matter.

Ok, so you mean to say that ... it is a way they can say how one can boost up the average if the balance seems much higher than the average.

 

[viki1805]

Ok, so you mean to say that ... it is a way they can say how one can boost up the average if the balance seems much higher than the average.

not exactly. It doesn't matter say if your balance was lower than the average at any given time. All that matters is you have those minimum amount of funds as stated on their website available to you for your use without any restriction.
however, the 6 month average could be used to determine if lets say you suddenly show an inflow of 10000 CAD on month 4 which would seem suspicious and is a point where they would ask for justification for those funds.
so as long as there is no activity in those 6 months that may raise some doubt about the source of those funds you will be fine. That is why they ask for the 6 months average.

 

[CrimsonPeacock]

not exactly. It doesn't matter say if your balance was lower than the average at any given time. All that matters is you have those minimum amount of funds as stated on their website available to you for your use without any restriction.
however, the 6 month average could be used to determine if lets say you suddenly show an inflow of 10000 CAD on month 4 which would seem suspicious and is a point where they would ask for justification for those funds.
so as long as there is no activity in those 6 months that may raise some doubt about the source of those funds you will be fine. That is why they ask for the 6 months average.

When you say sudden increase in for a month, do you mean to say that the Bank will say what was the balance for each month and then say what is avg for those 6 months?
Because, BMO just gives the average figure I think. From that it is not easy to find out if there was a sudden influx of money.

 

[viki1805]

When you say sudden increase in for a month, do you mean to say that the Bank will say what was the balance for each month and then say what is avg for those 6 months?
Because, BMO just gives the average figure I think. From that it is not easy to find out if there was a sudden influx of money.

Yes! that is how I thought it was supposed to be provided but now I'm not so sure. I'll just tag a more informed person and see what they think it is.
@hope2018 - could you please clarify about how the 6 months average is to be presented ? is it one single value or the 6 months individual balances would have to be mentioned as well apart from the total average.

 

[dodogirl]

Yes! that is how I thought it was supposed to be provided but now I'm not so sure. I'll just tag a more informed person and see what they think it is.
@hope2018 - could you please clarify about how the 6 months average is to be presented ? is it one single value or the 6 months individual balances would have to be mentioned as well apart from the total average.

I went to my bank today to request for the letter and they asked me to make a written request with all the information i need. I am keen to know how the bank is supposed to give this six months average so that i can request my bank.

 

[hamgha]

I went to my bank today to request for the letter and they asked me to make a written request with all the information i need. I am keen to know how the bank is supposed to give this six months average so that i can request my bank.

Our bank made a similar mess as well. We ended up getting a bank statement highlightin the amount at the end of the month and opening date on the first page

 

[viki1805]

Our bank made a similar mess as well. We ended up getting a bank statement highlightin the amount at the end of the month and opening date on the first page

So ideally you would have to provide opening and closing balances for the 6 months if you're not going in the gift deed track correct ?
as in it cant be one single value saying 6 months average balance is : CAD xxxxx correct ?

 

[hamgha]

So ideally you would have to provide opening and closing balances for the 6 months if you're not going in the gift deed track correct ?
as in it cant be one single value saying 6 months average balance is : CAD xxxxx correct ?

Its not 6 mobths average balance. Its average balance per month over 6 months.

 

[viki1805]

Its not 6 mobths average balance. Its average balance per month over 6 months.

oh so basically it goes like this:
month 1: (Beginning bal + ending bal)/2
month 2: (Beginning bal + ending bal)/2
.
.
.
month 6: (Beginning bal + ending bal)/2
So 6 different entries?

 

[Mehulmod]

Where you say sudden influx shall I add big amount in my account and justify with gift deeds?
I've made 2 transection from my father and my father in law, accumulating around 90%of total funds required, and I have transferred it through RtGs would it be fine?
Or only cheque transfer is required for gift deeds?

 

[hamgha]

I

Where you say sudden influx shall I add big amount in my account and justify with gift deeds?
I've made 2 transection from my father and my father in law, accumulating around 90%of total funds required, and I have transferred it through RtGs would it be fine?
Or only cheque transfer is required for gift deeds?

Im not familiar much with gift deeds. I think it's just a paper where they write the amount and to whom they're giving it and that they won't ask for it back
As.for the amount you just need the proof of transfer whether cheque or wire transfer

 

[viki1805]

Where you say sudden influx shall I add big amount in my account and justify with gift deeds?
I've made 2 transection from my father and my father in law, accumulating around 90%of total funds required, and I have transferred it through RtGs would it be fine?
Or only cheque transfer is required for gift deeds?

ideally a self declaration letter from the person giving you the money as a gift is sufficient along with proof of those funds being in your account with documents such as proof of transfer and perhaps their bank statements will suffice. but a lot of people would advise to get a notarized gift deed as they believe that is a safer way to go about it.

 

[Mehulmod]

Ok so it's all about my account and not theirs. So I don't have to disclose their bank statement, only mine with transection details would suffice I believe. What you say?

Btw
Thanks for replying.
You guys are real life savers