Proof of Funds/ settlement funds

[Owen Takudzwa]

Good day. How long before applying should I hold the CAD12700 settlement funds?

 

[shahsrushti01]

Good day. How long before applying should I hold the CAD12700 settlement funds?

3 months atleast

 

[Safder]

Do we have to show the money trail???

 

[shahsrushti01]

You can choose not to show any trail and show 3 months bank statements. However, if it seems fishy they might ask you for more documents

 

[Owen Takudzwa]

You can choose not to show any trail and show 3 months bank statements. However, if it seems fishy they might ask you for more documents

Ok, thank you. And what could make it seem fishy?

 

[Angad25]

Hi,
I am from India and wanted to clarify regarding credit cards and Bank account info.

The exact language on the website is as follows:

"If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

• list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
• list all outstanding debts, such as credit cards and loans,
• be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)"

Now, I think Bank account statement along with Balance Certificate should be enough for proof of funds,but with regards to Credit Card, what proof do I need to submit?

How will I get Credit Card info printed on the letterhead of the company as required?

Please help.

Thanks very much.

 

[deeps1987]

Hi,
I am from India and wanted to clarify regarding credit cards and Bank account info.

The exact language on the website is as follows:

"If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

• list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
• list all outstanding debts, such as credit cards and loans,
• be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)"

Now, I think Bank account statement along with Balance Certificate should be enough for proof of funds,but with regards to Credit Card, what proof do I need to submit?

How will I get Credit Card info printed on the letterhead of the company as required?

Please help.

Thanks very much.

You can provide current credit card statement indicating pending balance.

 

[imdsumit]

I had my proof of funds gathered 1.5 month before I finally got ITA. Will these proofs from banks still be valid ?

 

[deeps1987]

I had my proof of funds gathered 1.5 month before I finally got ITA. Will these proofs from banks still be valid ?

Difficult to say. It will be up to officer's discretion if he want latest letter or happy with current ones. But rest assured, if he wants new ones, he won't reject your app.

 

[cino86]

Applicant from the USA here, have a question on Proof of Funds.

I am having trouble getting a letter in the exact format from Bank of America; I have 6 months of Bank Statements though, and the funds are sufficient. Is it possible to just submit that instead?

 

[deeps1987]

Applicant from the USA here, have a question on Proof of Funds.

I am having trouble getting a letter in the exact format from Bank of America; I have 6 months of Bank Statements though, and the funds are sufficient. Is it possible to just submit that instead?

There is no specific format. Any letter from bank that indicates your current balance as well any liabilities would be good. Ensure you get the letter from branch. If they include average balance, that will be better. Otherwise the statement from bank (not e-statements sent over email) will do the job for average balance.

 

[subodhp]

I had my proof of funds gathered 1.5 month before I finally got ITA. Will these proofs from banks still be valid ?

As a general rule, you want to provide most recent statements. If more than a month has elapsed, I would definitely generate new statements as well.

 

[vsfedotov]

Hi all!

I have (and it's very stupid of me) declared 32 000 CAD on my EE profile, which is all the money I currently have available on my bank account. It's way above the requirement for the family of 4, which is around 23K.
However, if I look at my average account balance for 6 months it will be lower, around 25-26K. I got a new job in July and it's been 'feeding' my account since then.

Will this be a reason for denial? The average is also above the settlement funds requirement, but it's lower than "Money I bring to Canada" I declared in EE. What should I do?

Thanks!

 

[subodhp]

Hi all!

I have (and it's very stupid of me) declared 32 000 CAD on my EE profile, which is all the money I currently have available on my bank account. It's way above the requirement for the family of 4, which is around 23K.
However, if I look at my average account balance for 6 months it will be lower, around 25-26K. I got a new job in July and it's been 'feeding' my account since then.

Will this be a reason for denial? The average is also above the settlement funds requirement, but it's lower than "Money I bring to Canada" I declared in EE. What should I do?

Thanks!

Seems to be in same ballpark, I would not worry about it. As long as you have provided proof of funds from your account and if they are above minimum needed, it should not be a problem

 

[vsfedotov]

Seems to be in same ballpark, I would not worry about it. As long as you have provided proof of funds from your account and if they are above minimum needed, it should not be a problem

Thanks for reducing my anxiety level
Yep, the average balance is well above the minimum for the last 6 months.