Proof of funds question

[indpnv]

Wanted to clarify the amounts listed in the POF document.

So, all of my funds are in USD with the 6 months average balance at USD ~8600 (~11600 CAD) and the current balance at USD ~11000 (~14800 CAD) listed in the bank certificate.

Just wanted to confirm if this is going to cause a problem if I plan to submit just the bank certificate as there is a difference between the average and the current balance. My average balance is about 900 CAD short of the required amount for the application but the current balance is well over it.

 

[21Goose]

Hmm, tricky. Technically they need the six-month average balance to be above the minimum, but since the amount is pretty small (~900 CAD), the officer may well ignore it.

Can you delay submission by one month? When's your ITA deadline?

 

[indpnv]

Hmm, tricky. Technically they need the six-month average balance to be above the minimum, but since the amount is pretty small (~900 CAD), the officer may well ignore it.

Can you delay submission by one month? When's your ITA deadline?

Well, anticipating an ITA next week. I could delay it by a month, just that my current balance may drop a bit with my living expenses.

 

[21Goose]

Well, anticipating an ITA next week. I could delay it by a month, just that my current balance may drop a bit with my living expenses.

On second thought, 900 CAD isn't really that small.

You do need to show settlement funds with a six-month average balance. If you're saying that you have some money in the account now, but it will drop below the limit even next month... that pattern will be apparent and you may well have trouble satisfying the settlement fund requirement.

Get the ITA and make sure you don't spend the money. Eat ramen and don't go out if you have to, but keep that balance up for the next two months. If you keep the balance up for 60 more days, you should get it up to ~CAD 12666 which is still short of the requirement, but much closer ($3).

 

[bairn7]

The 6 month average balance does NOT have to be above the minimum. Respected members such as @DelPiero07 have confirmed this in the past (not that you aren't a respected member 21Goose!).

The purpose of showing six months average is to show that there is no large, one-off deposits which could signify that the funds are borrowed.

On the information you have provided, as long as you are above the minimum at the time of ITA, there should be no problems.

 

[21Goose]

The 6 month average balance does NOT have to be above the minimum. Respected members such as @DelPiero07 have confirmed this in the past (not that you aren't a respected member 21Goose!).

The purpose of showing six months average is to show that there is no large, one-off deposits which could signify that the funds are borrowed.

On the information you have provided, as long as you are above the minimum at the time of ITA, there should be no problems.

Fair enough, it may be fine. I'm not claiming to know everything.

If this was my application, I would try to minimize any and all risk, that's all.

 

[bairn7]

Fair enough, it may be fine. I'm not claiming to know everything.

If this was my application, I would try to minimize any and all risk, that's all.

Agreed. Having your 6 month average meeting, or exceeding, the minimum is the optimum situation. I initially thought that I needed the required funds for 6 months but was corrected when i raised the point. I'm waiting on PPR (AOR 6 Feb) so hopefully I can confirm this is correct when I have PR. I have researched POF extensively as, although I now have the required minimum, I didn't have this for 6 full months, so I was worried about it.

 

[indpnv]

@bairn7 @21Goose Thanks for your inputs. I think I should be OK with balance certificate I got right now as the numbers don't really show a sudden increase.