I need help in how to show proof of funds, I live in US and planning to save my paychecks in the same bank account till I submit my application. Would it be problem if they I find money deposited as little as 1k-2k USD right before the POF letter from bank? Please advise. Thanks in advance.
As long as it is not a sudden jump on 1 day before you get your POF from the bank you should be good. IRCC does not say anywhere that you need to have the X CAD required for proof of funds in your account for 6 months. People always confuse the end balance requirements with the average balance/statement requirement.
IRCC wants to know two things
1. At the point you are applying you have X CAD in your account which are free for you to use and settle in Canada and these have been acquired by you by legal means.
2. They want to see a history of your account to make sure that you did not magically get these X CAD in some vague transaction or loan and there are no other obvious red flags about the history of the account you are using. Having a relationship with a bank for more than 6 months also proves a level of trust because banks have a regulatory requirement to monitor and freeze accounts with any suspicious activity.
My own experience, I had about 20% of the X CAD required 6 months before I applied and I slowly accumulated the money saving 10 to 15% of the X CAD every month from my salary income and selling some shares. I had no problems and I did not attach any further LOE or proofs except a letter stating my account's opening date/current balance in CAD and a 6 month transaction satement.
Good luck with your application.
