ANOTHER post about proof of funds

[MowaMeadows]

Hi everyone

Sorry to post another questions about proof of funds I know there's a lot but I couldn't find an answer to my situation. Hopefully someone can help!

My current situation:

I received my invitation to apply for Permanent residency as a federal skilled worker (express entry) as of a few days ago. I have completed all of the fields in the application and have most of my documents ready as outlined in the document checklist e.g. medical, police certificate, etc.

I have as of this month acquired the minimum amount of money I need to show I have ($12,300 for a single person) i.e. I've not had this minimum amount in my bank account for the past 6 months which they say at this stage is necessary.

Do I know have to wait 6 months before submitting my application so that I'll have 6 months worth of bank statements showing at least the minimum amount in my account? According to my profile I only have 87 days left to submit everything so does that mean I'm going to need to reapply for permanent residency?

Any help would be MASSIVELY appreciated!

Thanks,

Scott

 

[DelPiero07]

Hi everyone

Sorry to post another questions about proof of funds I know there's a lot but I couldn't find an answer to my situation. Hopefully someone can help!

My current situation:

I received my invitation to apply for Permanent residency as a federal skilled worker (express entry) as of a few days ago. I have completed all of the fields in the application and have most of my documents ready as outlined in the document checklist e.g. medical, police certificate, etc.

I have as of this month acquired the minimum amount of money I need to show I have ($12,300 for a single person) i.e. I've not had this minimum amount in my bank account for the past 6 months which they say at this stage is necessary.

Do I know have to wait 6 months before submitting my application so that I'll have 6 months worth of bank statements showing at least the minimum amount in my account? According to my profile I only have 87 days left to submit everything so does that mean I'm going to need to reapply for permanent residency?

Any help would be MASSIVELY appreciated!

Thanks,

Scott

The bolded part is incorrect, there is simply no such requirement. As long as you can prove where the amount to meet the required funds came from (gift deed, sale of assets, saving money from salary, etc) you are free to submit your application.

 

[MowaMeadows]

Thanks very much for the reply very helpful. Just out of curiosity why then does it state that you need "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"?

Will I still need to supply this for the past 6 months it's just that it doesn't matter I've only just acquired the minimum amount ($12,300) that they are asking for?

Thanks,

Scott

 

[DelPiero07]

It is a tool IRCC uses in order to identify those applicants who have recently received lump sum amounts in order to meet the required funds. It does not in any way mean that you must have the required funds for 6 months.

You should still supply this information or if the bank refuses you can provide bank statements.

 

[albak]

Thanks very much for the reply very helpful. Just out of curiosity why then does it state that you need "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"?

Will I still need to supply this for the past 6 months it's just that it doesn't matter I've only just acquired the minimum amount ($12,300) that they are asking for?

Thanks,

Scott

What they are asking for is - balance of your account over the past 6 months. That does not necessarily mean that you need to have maintained the required amount (in your case, $12K) in your account over the 6 month period. All they are trying to establish is the legitimacy of the account and if there are large and unusual transactions that could create suspicion.

If you've saved up the money gradually over the past few months, then it should not worry you. If you had to sell assets or obtain gift from someone (like your parents or spouse) to get the required amount, you should include a letter of explanation for that large deposit that may show up in your statement.

 

[MowaMeadows]

Ahh OK great this has been very useful so thanks!