Proof of Funds Query - Buying a House

[Islam.Shahin]

Dear All,

I have a small query related to the proof of funds. Currently in my bank account, I have more than the required proof of funds of CAD 12475. I am currently working and my salary is deposited on a monthly basis to my account.

Now my question is, I am buying a new house and for the down payment I need to use a big portion of my savings. So my bank account statement will show a reduction way below CAD 12475. However, my monthly salary can cover them in the progressive two months. Will that be an issue if I receive the ITA shortly?

I appreciate your feedback.

 

[bmr]

Dear All,

I have a small query related to the proof of funds. Currently in my bank account, I have more than the required proof of funds of CAD 12475. I am currently working and my salary is deposited on a monthly basis to my account.

Now my question is, I am buying a new house and for the down payment I need to use a big portion of my savings. So my bank account statement will show a reduction way below CAD 12475. However, my monthly salary can cover them in the progressive two months. Will that be an issue if I receive the ITA shortly?

I appreciate your feedback.

Better not to touch Fund requirement amount and if there is excess amount , then you take that amount...

You need to produce 3 or 6 months statements to CIC so they will verify that how long you are maintaining the fund.

 

[Islam.Shahin]

@bmr thank you for your reply.

Unfortunately, I don't have the option of keeping the POF amount since I have to pay the down payment this month. I was thinking of explaining in a letter why I used this amount and attach the supporting documentation for that. Because my salary will cover the amount for the down payment in the next 2 months and I will be back to exceeding the POF amount. So I will have the 6 months statements proving that I exceeded the POF amount except only for one month.

 

[mr.preetsingh]

@bmr thank you for your reply.

Unfortunately, I don't have the option of keeping the POF amount since I have to pay the down payment this month. I was thinking of explaining in a letter why I used this amount and attach the supporting documentation for that. Because my salary will cover the amount for the down payment in the next 2 months and I will be back to exceeding the POF amount. So I will have the 6 months statements proving that I exceeded the POF amount except only for one month.

Will not be a problem dude.