Average balance certificate

[sswas]

Regarding POF CIC website mentions

“Average balance for the past six months”
Do we need to provide month on month average or literally average balance?
If the average is taken for an account will be far lower than the current balance?
For instance, in my account, I have maintained 10,000CAD from June from selling gold however, If I take an average from April till October it only comes to around 3500CAD.
Should I include the average balance in the account? What is the purpose here? If there is a format then please share with me.

 

[adrlim]

Regarding POF CIC website mentions

“Average balance for the past six months”
Do we need to provide month on month average or literally average balance?
If the average is taken for an account will be far lower than the current balance?
For instance, in my account, I have maintained 10,000CAD from June from selling gold however, If I take an average from April till October it only comes to around 3500CAD.
Should I include the average balance in the account? What is the purpose here? If there is a format then please share with me.

Hi, you should follow the instructions on all the points that is needed, then show that to the bank and get them to write a letter that has all those info.

As for the average balance for the past six months, just have the balance at the end of each month would do
Month 1
Month 2
Month 3

 

[crescent_jam]

Regarding POF CIC website mentions

“Average balance for the past six months”
Do we need to provide month on month average or literally average balance?
If the average is taken for an account will be far lower than the current balance?
For instance, in my account, I have maintained 10,000CAD from June from selling gold however, If I take an average from April till October it only comes to around 3500CAD.
Should I include the average balance in the account? What is the purpose here? If there is a format then please share with me.

The average can be either the actual average, or it can be the closing balance of your account at the end of each of the last 6 months.

There's no official format for the letter, it just needs to include everything IRCC outlines, including the 6-month average, so yes, you must disclose this:

Most people tend to misunderstand the ‘6-month-average’ rule. You do not have to have the required settlement funds for 6 months prior to submitting your application and not touch it. You only have to have the required funds at the time of submission of your eAPR (and again at the time of issuance of your PR visa).

The ‘6-month-average’ rule just provides a simple 6-month history of your accounts, not so that IRCC can verify you’ve held the funds for 6 months, but so that IRCC can review your history for any suspicious, large deposits that could potentially be borrowed funds or proceeds from a loan that you’re trying to pass off as your own unencumbered funds (which we’ve already highlighted, you can’t do).

So, as long as you provide documentation to show that any ‘irregular, large’ deposits are legitimate and are yours, free and clear, to use for settlement (e.g. showing a Gift Deed for funds gifted to you by family members, or showing sales agreements and receipts if you sell an asset), it doesn’t matter when you finally get to the ‘required threshold’ as long as it’s at the time of eAPR submission

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
Proof of Funds Letter Requirements:

• be printed on the financial institution’s letterhead

• include their contact information (address, telephone number and email address)

• include your name

• list outstanding debts such as credit card debts and loans

• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

 

[zeb27]

The average can be either the actual average, or it can be the closing balance of your account at the end of each of the last 6 months.

There's no official format for the letter, it just needs to include everything IRCC outlines, including the 6-month average, so yes, you must disclose this:

Most people tend to misunderstand the ‘6-month-average’ rule. You do not have to have the required settlement funds for 6 months prior to submitting your application and not touch it. You only have to have the required funds at the time of submission of your eAPR (and again at the time of issuance of your PR visa).

The ‘6-month-average’ rule just provides a simple 6-month history of your accounts, not so that IRCC can verify you’ve held the funds for 6 months, but so that IRCC can review your history for any suspicious, large deposits that could potentially be borrowed funds or proceeds from a loan that you’re trying to pass off as your own unencumbered funds (which we’ve already highlighted, you can’t do).

So, as long as you provide documentation to show that any ‘irregular, large’ deposits are legitimate and are yours, free and clear, to use for settlement (e.g. showing a Gift Deed for funds gifted to you by family members, or showing sales agreements and receipts if you sell an asset), it doesn’t matter when you finally get to the ‘required threshold’ as long as it’s at the time of eAPR submission

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
Proof of Funds Letter Requirements:

• be printed on the financial institution’s letterhead

• include their contact information (address, telephone number and email address)

• include your name

• list outstanding debts such as credit card debts and loans

• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

hello, i have requested the bank several times, but they refuse to make 6 month average balance certificate rather they provide six months statement. I can attach my bank statement?

 

[crescent_jam]

hello, i have requested the bank several times, but they refuse to make 6 month average balance certificate rather they provide six months statement. I can attach my bank statement?

Have they provided any thing else along with the 6 month statement (e.g. a letter that only meet some of the requirements but are missing others, such as the 6-month average)? IRCC really wants the letter; the bank statements are not generally thought to be enough. But if the bank statements are all you can get, include a Letter of Explanation and explain this to IRCC. It would also help if you have written correspondence from your bank refusing to give you anything else - if you have this, you should include it with your Letter of Explanation to add validity to your claim.

 

[zeb27]

Have they provided any thing else along with the 6 month statement (e.g. a letter that only meet some of the requirements but are missing others, such as the 6-month average)? IRCC really wants the letter; the bank statements are not generally thought to be enough. But if the bank statements are all you can get, include a Letter of Explanation and explain this to IRCC. It would also help if you have written correspondence from your bank refusing to give you anything else - if you have this, you should include it with your Letter of Explanation to add validity to your claim.

They can give me a letter on which my name, account #, current balance is written on their template having their address. and for 6 months they are giving me a signed and stamped bank statement which has written opening and closing balance (of six months) on its last page. Would it suffice?

 

[crescent_jam]

They can give me a letter on which my name, account #, current balance is written on their template having their address. and for 6 months they are giving me a signed and stamped bank statement which has written opening and closing balance (of six months) on its last page. Would it suffice?

It should, hopefully. It's not exactly what IRCC asks for but it's certainly better than nothing.

 

[pollynew]

What if 6 months average is lower than minimum cut off but current final balance is not. Will this result to CIC refusal of my application? NEed your help

 

[BEA78]

What if 6 months average is lower than minimum cut off but current final balance is not. Will this result to CIC refusal of my application? NEed your help

Did you read crescent_jam's answer on the 3rd post? It answers your question exactly

 

[pollynew]

Yes.
"The average can be either the actual average did not meet minimum cut off , or it can be the closing balance of your account at the end of each of the last 6 months still below minimum cut ooff.

There's no official format for the letter, it just needs to include everything IRCC outlines, including the 6-month average, so yes, you must disclose this:

Most people tend to misunderstand the ‘6-month-average’ rule. You do not have to have the required settlement funds for 6 months prior to submitting your application and not touch it. You only have to have the required funds at the time of submission of your eAPR (and again at the time of issuance of your PR visa). I do have the required fund only in the current final balance."

Did you read crescent_jam's answer on the 3rd post? It answers your question exactly

 

[BEA78]

Yes.
"The average can be either the actual average did not meet minimum cut off , or it can be the closing balance of your account at the end of each of the last 6 months still below minimum cut ooff.

There's no official format for the letter, it just needs to include everything IRCC outlines, including the 6-month average, so yes, you must disclose this:

Most people tend to misunderstand the ‘6-month-average’ rule. You do not have to have the required settlement funds for 6 months prior to submitting your application and not touch it. You only have to have the required funds at the time of submission of your eAPR (and again at the time of issuance of your PR visa). I do have the required fund only in the current final balance."

This part is what I meant:
"You do not have to have the required settlementfunds for 6 months prior to submitting your application and not touch it. Youonly have to have the required funds at the time of submission of your eAPR (and again at the time of issuance of your PR visa)."

You may just have to explain any big deposits in the previous months. They'll want to make sure you didn't borrow the money.

 

[pollynew]

thank you!

This part is what I meant:
"You do not have to have the required settlementfunds for 6 months prior to submitting your application and not touch it. Youonly have to have the required funds at the time of submission of your eAPR (and again at the time of issuance of your PR visa).I'm planning to submit my eAPR, I do have the funds at my final balance but not for my 6 months average."

You may just have to explain any big deposits in the previous months. They'll want to make sure you didn't borrow the money. How will I support this?

 

[BEA78]

thank you!

I haven't delt with this myself, but if it's coming from your salary you can show payslips, if the money was gifted to you show a gift deed (there's many threads about gift deeds), if you sold something show the receipt or other evidence of the sale, etc.