Didn't expect Proof of Funds this late. Don't have 6 months average balance around 13K CAD.

[hydrizxcv]

Help needed. I am worried:

My AOR is Nov 2020 and I already submitted proof of funds back in 2020. Didn't hear anything for 2 years.
But last month I received a request from IRCC asking for medicals, proof of funds and PCC.

I don't have a minimum balance of ~13K CAD average for the last 6 months but only 4K CAD. I didn't expect IRCC to ask for proof of funds this late so I didn't maintain an average balance. But I have a total current balance of 21K CAD now which I got by selling cryptocurrencies (Coinbase.com).

On my immigration attorney's advice, I have written a letter of explanation stating that I always had access to the money on my Coinbase.com account and I sold and withdrew the money into my bank account so the sudden increase to 21K CAD in my bank account in December even though my average 6 months balance is only 4K CAD.

Will IRCC accept this explanation? I am scared. Someone, please advise.

Also, can I get a Gift Deed from my mother for 13K CAD and show it as Proof of Funds? Is that acceptable?

 

[sgoldsmith]

Help needed. I am worried:

My AOR is Nov 2020 and I already submitted proof of funds back in 2020. Didn't hear anything for 2 years.
But last month I received a request from IRCC asking for medicals, proof of funds and PCC.

I don't have a minimum balance of ~13K CAD average for the last 6 months but only 4K CAD. I didn't expect IRCC to ask for proof of funds this late so I didn't maintain an average balance. But I have a total current balance of 21K CAD now which I got by selling cryptocurrencies (Coinbase.com).

On my immigration attorney's advice, I have written a letter of explanation stating that I always had access to the money on my Coinbase.com account and I sold and withdrew the money into my bank account so the sudden increase to 21K CAD in my bank account in December even though my average 6 months balance is only 4K CAD.

Will IRCC accept this explanation? I am scared. Someone, please advise.

Also, can I get a Gift Deed from my mother for 13K CAD and show it as Proof of Funds? Is that acceptable?

I am also from November 2020 and something similar happened to us.

After submitting the initial POF (held in a CD), we moved the money to a mutual fund to enjoy a higher yield.

Two years later, we received a request for a new POF.

Since IRCC doesn't accept mutual funds as POF, we liquidated the fund and put the money back in our bank account. For obvious reason, that bank account didn't have the required average balance for six months.

When submitting the reference letter from the bank, we added all the documents supporting the various transactions between the different accounts, so that IRCC would be able to follow the money.

To summarize, you should be fine with the way your attorney is suggesting you to proceed.

 

[hydrizxcv]

Thanks. Now I feel much better. I thought I was the only one who had this problem.

 

[AndyUK]

Help needed. I am worried:

My AOR is Nov 2020 and I already submitted proof of funds back in 2020. Didn't hear anything for 2 years.
But last month I received a request from IRCC asking for medicals, proof of funds and PCC.

I don't have a minimum balance of ~13K CAD average for the last 6 months but only 4K CAD. I didn't expect IRCC to ask for proof of funds this late so I didn't maintain an average balance. But I have a total current balance of 21K CAD now which I got by selling cryptocurrencies (Coinbase.com).

On my immigration attorney's advice, I have written a letter of explanation stating that I always had access to the money on my Coinbase.com account and I sold and withdrew the money into my bank account so the sudden increase to 21K CAD in my bank account in December even though my average 6 months balance is only 4K CAD.

Will IRCC accept this explanation? I am scared. Someone, please advise.

Also, can I get a Gift Deed from my mother for 13K CAD and show it as Proof of Funds? Is that acceptable?

Yes it's fine. You can clearly prove where the money came from so there's no issue. It's the same as selling a car etc.

 

[canuck78]

You must maintain your proof of funds and can be asked to show your funds when lol sending so ha my sure to keep the funds where they are.