"Average balance" in bank account as Proof of funds

[rollingpunjab]

Dear Friends

I have one confusion regarding proof funds. I have checked multiple threads in this regard, but I was able to find mixed information.

My query is if I provide my 6 months bank statement and letter from the bank as proof of funds. will the current balance be considered or the average balance of six months be considered?

for example current balance in account is $50
month 1 balance $10
month 2 balance $20
month 3 balance $30
month 4 balance $40
month 5 balance $45
month 6 balance $50

average balance = 10+20+30+40+45+50/6 = $32.5

so instead of considering $50 (current balance), will they consider $32.5 only?

Please guide

Regards

 

[Dreams1985]

They will consider it as current balance but your average balance of last 6 months must be closer to current balance. Logic behing this CIC wants to ensure you have not borrowed funds from anyone and showed as ur current balance. That is where your average balance will come into picture. A deviation of 10-15% between average or current balance is fine

 

[wifiwifey]

I have a question here-

I usually don't have much balance in my bank account but I do have some fixed deposits in my bank equivalent to the amount I wish to bring to Canada for almost a year. These deposits are redeemable at any time by sacrificing the interest. Would that suffice as I have the money for quite some time?

Please help!

 

[Asivad Anac]

I have a question here-

I usually don't have much balance in my bank account but I do have some fixed deposits in my bank equivalent to the amount I wish to bring to Canada for almost a year. These deposits are redeemable at any time by sacrificing the interest. Would that suffice as I have the money for quite some time?

Please help!

That would work.

 

[Ab_Ahmad]

That would work.

Hi Asvid

Can you confirm if the closing balance of say 15000 CAD would suffice the requirement of CIC or they require an ~ equivalent amount averaged out for a period of 6 months?

Can my application get rejected on this basis as I do not possess such balance average over six months period but I can sell of some asset to easily get the required sum for CIC requirement.

Would really appreciate if you could confirm and explain this a bit in detail.

 

[CWilson]

I wasn't aware of the average being considered. I'm a bit worried about this because my POF has enough money in the final statement but was much lower before. I sold a few things I won't be taking with me like my motorbike in order to have enough money. I imagine this is quite common. Assuming I can just show the money isn't borrow I guess this should be ok?

 

[wifiwifey]

That would work.

Thanks alot!