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Do I need to declare ALL bank accounts for Proof of funds?

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sameermaira

Star Member
Jun 20, 2017
52
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28-11-2018
Hi,

I received my ETA about 2 months back and am in the final phases of uploading all my documents and submitting the fee.

I have question around declaring bank accounts for proof of funds. I have multiple Savings accounts with different banks. Do I need to declare all of them (get a letter from them) or just the one's where I'm showing the proof of funds? The reason I ask is because it is difficult to get this letter from a nationalised Indian bank and I would like to avoid the hassle if it's not really needed.

The bank account(s) that I am getting a letter from are the one's which have my salary credited, have deposit accounts and have been active for 7-8 years now.

Thanks
Sameer
 
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kushagra452

Hero Member
Apr 28, 2016
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sameermaira said:
Hi,

I received my ETA about 2 months back and am in the final phases of uploading all my documents and submitting the fee.

I have question around declaring bank accounts for proof of funds. I have multiple Savings accounts with different banks. Do I need to declare all of them (get a letter from them) or just the one's where I'm showing the proof of funds? The reason I ask is because it is difficult to get this letter from a nationalised Indian bank and I would like to avoid the hassle if it's not really needed.

The bank account(s) that I am getting a letter from are the one's which have my salary credited, have deposit accounts and have been active for 7-8 years now.

Thanks
Sameer
Click to expand...
Nope. Declaring savings that are enough to cover your expenses as stipulated by CIC should suffice.
 
A

Aman6591

Full Member
May 9, 2018
44
5
Hi,


I have a similar situation.


I received my ETA about 2.5 months back and am in the final phases of uploading all my documents and submitting the fee. I am the primary applicant and my husband is the spouse applicant.


Since the past 4 months we have been depositing money to my savings account in india from my husbands salary account in dubai to have the required funds for my POF.


In the POF section i have put my savings account details and letter from the bank confirmting the balances.


In the LOE section i explained the above and put the monthly transfer reciepts and both bank account statements that reflects the monthly transfers (i highlighted them with comments)


I have no debts from the bank in india, however my husband has a few loans from the bank in dubai which he took many years back.


Now i have 2 questions:

1) Do i need to provide the letter (as per cic requirements) from the bank in dubai or just the Savings account in india is sufficient?


2) the letter i got from the bank in india has all details except any details about my debts. The bank is not ready to put this in the letter since i have no debts with the bank. I only hold a savings account with them. No credit cards and no loans.


Thanks
 
B

banhx

Newbie
Apr 15, 2019
2
0
div velu said:
i did not declare my loan and just showed savings from my indian account. that worked out just fine.
Click to expand...
So you did not list ALL the bank accounts and just the one where you kept your savings? And congratulations that worked out for you.
 
Hrishi2704

Hrishi2704

Full Member
Jul 30, 2018
28
3
Hello Everyone,

I am in a similar situation.

In my case, I have accounts in two different banks.
1. Bank 1 is my salary account bank, which I would be using for my application to Canada. Bank 1 does not have any loans.
2. Bank 2 has two loans; auto loan and a personal loan. I do not have any other transactions on Bank 2.
3. The monthly EMI for the loans in Bank 2 gets transferred from Bank 1.

Also, for the basic funds requirement, I would be having sufficient balance in Bank 1 as a gift from my parents.

In this scenario, I have a couple of questions,

1. Do I need to disclose the details of Bank 2? I am not using this bank for my application. Also, I would be paying off the personal loan till I get the PR from Canada somewhere next year. The auto loan won't be paid off until then.
2. If I do not disclose the details of Bank 2, is there a chance that CIC might still ask for it, given that the statements of Bank 1 show the payments being made to Bank 2.

Any help is appreciated. I have been reading quite a bit about this and seems there is no clear answer.

Thanks and Best Regards,
Rishi
 
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div velu

div velu

Hero Member
Apr 29, 2018
236
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banhx said:
So you did not list ALL the bank accounts and just the one where you kept your savings? And congratulations that worked out for you.
Click to expand...

well it totally depends on individual case i believe. in my case i had enough documents with respect to my employment , so i did not attach a bank statement of my salary account, but just a salary certificate from my work place.

i was just lucky they did not ask for further documentation. had they asked, it would have been an issue.
 
Rav_C

Rav_C

Full Member
Jun 4, 2019
33
2
Hrishi2704 said:
Hello Everyone,

I am in a similar situation.

In my case, I have accounts in two different banks.
1. Bank 1 is my salary account bank, which I would be using for my application to Canada. Bank 1 does not have any loans.
2. Bank 2 has two loans; auto loan and a personal loan. I do not have any other transactions on Bank 2.
3. The monthly EMI for the loans in Bank 2 gets transferred from Bank 1.

Also, for the basic funds requirement, I would be having sufficient balance in Bank 1 as a gift from my parents.

In this scenario, I have a couple of questions,

1. Do I need to disclose the details of Bank 2? I am not using this bank for my application. Also, I would be paying off the personal loan till I get the PR from Canada somewhere next year. The auto loan won't be paid off until then.
2. If I do not disclose the details of Bank 2, is there a chance that CIC might still ask for it, given that the statements of Bank 1 show the payments being made to Bank 2.

Any help is appreciated. I have been reading quite a bit about this and seems there is no clear answer.

Thanks and Best Regards,
Rishi
Click to expand...
@Hrishi2704 I'm having the exact similar situation. Were you able to go past this and submit your application? If yes, can you share what you did would help me with my application. Just going a bit crazy with POF. The more I dig into the documentation, I realize that it's not that simple to get this done.

Thanks in advance :)

Rav
 
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Mr_Chang

Mr_Chang

Star Member
Dec 14, 2018
185
124
Rav_C said:
@Hrishi2704 I'm having the exact similar situation. Were you able to go past this and submit your application? If yes, can you share what you did would help me with my application. Just going a bit crazy with POF. The more I dig into the documentation, I realize that it's not that simple to get this done.

Thanks in advance :)

Rav
Click to expand...
I had the same case, I only declared the one that had the funds, (Infact the second account was my salary account with a loan going on as well.) Does not matter, CIC is only trying to find out of you will be able to support you and your dependents till you find a job in Canada.
 
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uppperkut

uppperkut

Hero Member
Jan 28, 2017
942
236
Somewhere in ON
Only those accounts that cover the required funds. I'm not sure how they treat excessive debts (since you also need to show them), so if you have a lot of debts, it's always better to provide proof of funds that exceeds the minimum.
 
Hrishi2704

Hrishi2704

Full Member
Jul 30, 2018
28
3
Mr_Chang said:
I had the same case, I only declared the one that had the funds, (Infact the second account was my salary account with a loan going on as well.) Does not matter, CIC is only trying to find out of you will be able to support you and your dependents till you find a job in Canada.
Click to expand...
@Mr_Chang Thank you for your response. It has always been a confusion for me. My loans are not too big. A major part of auto loan can be paid off by selling the car. So even if I reveal that, I am still fine. Personal loan is not too high. It is less than 50% of the funds required for a single person. So I have planned to reveal them as my bank statements show payments being made to a loan account at a different bank. Besides, I have history of making 100% of my payments on time.
I think it depends on the officer as well. If some officer decides to probe more into your financial profile then a query might be raised as to why those loans were not revealed.

@Rav_C I have not yet submitted my application. I have time till mid October. Still in the process of getting a couple of documents and writing a LOE. But as I responded @Mr_Chang, I am planning to reveal the loans and give a explanation for them in the LOE. Most of the people I consulted to made a very logical argument about the loans. Everyone has loans. Doesn't mean its a ground for dismissal. The question is about debt to income ratio as well. For example, if my annual salary is $50,000 and I have accrued debts of $100,000, then that's a problem. Your debts are way more than your income. As long as that is not the case, most people were like, it should be fine. I think if we explain our financial profile properly and logically, it should work out. When are you planning to submit your application? Also, let me know if you have any other information on this topic that you might have gathered from other people.
 
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