Available funds - Before ITA or within three months after ITA?

[Hamza Moazam]

Gents, can anyone confirm for how long do we have to maintain the bank balance for?

My balance is increasing gradually each month to meet $12k requirement. Does the average have to be $12K for the past 6 months or just the closing $12k at the time of submission should suffice the need?

Also, should the balance be maintained after ITA or right after creating EE profile?

Thanks,
Hamza

 

[ashpkgo70]

it should be maintained at least 3 months before you submit your profile after ITA. Average as well as closing balance should be above the threshold

 

[kryt0n]

it should be maintained at least 3 months before you submit your profile after ITA. Average as well as closing balance should be above the threshold

Incorrect. You should really have the money at the time of ita, but you can just get the whole amount at any time, as long as you can justify it eg. Gift deed.

 

[Arslanellahi]

Incorrect. You should really have the money at the time of ita, but you can just get the whole amount at any time, as long as you can justify it eg. Gift deed.

+1

 

[Hamza Moazam]

Thanks for the clarification Arslan / Kryton. Appreciate it.

 

[Kazem]

Incorrect. You should really have the money at the time of ita, but you can just get the whole amount at any time, as long as you can justify it eg. Gift deed.

I am in a Sales role, so in addition to a salary, i also get annual Sales Commission.

Now, there is no set policy in my company for the disbursement of this commission (which is a large amount), but i withdraw some each month according to my needs. Therefore, at this stage, there is a pretty hefty amount in my name at the company, but my personal bank statement is quite low.

My total commission along with my entitled Provident Fund equals a large amount of about $20k.

I will ask my company to pay me around $12k immediately, but my question is, can I ask my company to write an official letter on attested Stamp Paper that the money they have is mine (along with the Provident Fund), and that it will be paid to me in full at the time i leave?

Will this be sufficient to prove to CIC that the money is mine?

 

[kryt0n]

I am in a Sales role, so in addition to a salary, i also get annual Sales Commission.

Now, there is no set policy in my company for the disbursement of this commission (which is a large amount), but i withdraw some each month according to my needs. Therefore, at this stage, there is a pretty hefty amount in my name at the company, but my personal bank statement is quite low.

My total commission along with my entitled Provident Fund equals a large amount of about $20k.

I will ask my company to pay me around $12k immediately, but my question is, can I ask my company to write an official letter on attested Stamp Paper that the money they have is mine (along with the Provident Fund), and that it will be paid to me in full at the time i leave?

Will this be sufficient to prove to CIC that the money is mine?

Yes - CIC want to see the money is yours.

So, get a statement/payslip showing the build up of funds. Show proof on that statement of you withdrawing $12k, get a letter from company showing your balance and potentially debits and credits for the year and your recent bank statement showing EXACTLY the amount withdrawn from your company. Explain in LOE what the funds are and now they are in your name and there will be no problems.

 

[DelPiero07]

it should be maintained at least 3 months before you submit your profile after ITA. Average as well as closing balance should be above the threshold

Just want to be clear that this is absolutely incorrect (as kryt0n said)

Geez for comments like these I get bombarded with private messages of people freaking out.

 

[Kazem]

Yes - CIC want to see the money is yours.

So, get a statement/payslip showing the build up of funds. Show proof on that statement of you withdrawing $12k, get a letter from company showing your balance and potentially debits and credits for the year and your recent bank statement showing EXACTLY the amount withdrawn from your company. Explain in LOE what the funds are and now they are in your name and there will be no problems.

Thanks a bunch, mate. This clarifies a lot. +1