N_O said:
Did your bank account go under the threshold anytime during the required 6 months? No large deposits anytime?
My case is a complicated one. I am going to write a full story in case it may be useful to someone else with the similar circumstances. To answer your question right away, my bank statements only showed average of $5,000 monthly balance, whereas the amount I had to show as settlement fund is almost $21,000. However, I had other documentation along with the proof of source of lump sum amount and it was satisfactory to them (read below). Now, here is my full story:
At the time of application I submitted official valuation and ownership title of my real estate property, as well as documents showing outstanding mortgage on the property. The net worth/net equity (value less mortgage) was $350,000 and I claimed that as settlement funds and in my cover letter mentioned my plan to sell the property once my application would be approved. They accepted this at the time of application. However, on April 8th they requested proof of liquid funds and bank statements. To fulfill my promise, I asked my real estate agent to put up my house for sale right away. Based on her assessment though, it was unlikely to sell the property as fast as I need to. So, I had to withdraw my investment that I had made in a business back in 2009, along with the accrued interest. As soon as the wire transfer of these funds landed in my Canadian account, I forwarded all the documents to the CIC (via Canada post, not email as they had asked). And all went well. Hope this is helpful to someone. Here is the cover letter text that I sent along with the documents:
Dear Sir/Madam:
As per your request, and in order to comply with the Immigration and Refugee Protection Act of Canada requirements to show that I am able to become economically established in Canada and have means to support myself and my family in Canada, I am providing the following documents:
1) Document#1: Original letter from Royal Bank of Canada, dated April 30, 2013, verifying that I have in my possession $23,365.89USD (equivalent of $23,122.88CAD) in my USD Savings account. These funds are available, transferrable and unencumbered by debt or other obligations.
2) Document#2: Promissory note (3-page “Loan Agreement” in Georgian and English – a color copy of the original) to pay me back the investment of $15,000.00 (plus accrued interest). I made this investment in a form of an on-demand private loan to Mr. -------------- of “-----------, LLC” back in 2009. Please, note that as these funds were generating additional income for every month that they were invested in the business, and as I had sufficient income in Canada to support myself and my family here, I withdrew this investment only upon your request for proof of liquid, transferrable funds.
Also, as planned, I have put my real estate (----------- Street, -----, Georgia) up for sale (see the valuation documentation for this property in my file with CIC) and hope to sell the said property fairly soon (see the online listing at http://-------------). Net capital gain (profit) I expect from this sale is at least another $250,000US to $325,000US that we plan to use towards the purchase of our first house in Canada.
3) Document#3: Original incoming wire advice (“Payment Inquiry” – two pages) from Royal Bank of Canada showing the incoming wire transfer of $23,321.26, less the fees, into my account, dated April 23rd, 2013. This wire was executed based on the above promissory note in order to return to me the loan amount of $15,000, plus accrued interest of $8,351.26, less outgoing and incoming wire fees.
4) Document#4: My RBC checking account activity (“Account Statements” – originals) for the past six months showing an average of $5,360CAD monthly turnover of funds used to support myself and my family while living in Canada.
The above listed four documents satisfy both purpose and spirit of your request for the proof of funds: the above documents demonstrate the source and the amount of funds in my possession that are available, transferable and unencumbered by debt or other obligation, as well as my ability and willingness to support myself and my family while living in Canada. In addition to having complied with your request by sending the above documents, I would like to submit the following additional evidence of being able to become economically established in Canada:
1) Document#5: Appointment Letter (a color copy of the original – two pages) signed by the President of -------- University, an institution in Calgary, AB, appointing me to a tenure track position of Associate Professor of Business effective July 1, 2013. ---------- University has offered to employ me on an indeterminate basis with the annual starting salary of $76,902.00. I accepted the said offer on April 15th and will be moving to Calgary to take up the position at Ambrose.
2) Document#6: A positive Labour Market Opinion Confirmation #8001074 from HRSDC (a copy – four pages) issued on the basis of the above mentioned job offer.
3) Document#7: Valid work permit (a color copy – one page) I obtained on April 18th authorizing me to work at ---------- University based on the above appointment contract and positive LMO.
Taking into consideration all of the above, I am certain you will be satisfied that not only I have at my disposal necessary settlement funds that are liquid, transferable and unencumbered by debt to support my family's initial establishment in Canada, but also that I have demonstrated my ability to make adequate long term arrangements for care and support of my family and to become economically established in Canada on a permanent basis.
I thank you in advance for your kind consideration and for prompt processing of my request for Canadian permanent residence. Look forward to hearing from you.
Kind Regards,
I have just received request for medical examination AND for right of permanent residence fee payment (this latter request is odd, I think, for this stage. Isn't it?)! ECAS still shows "In Process" though - no change.