Financial statement

[Shivverma]

Hello everyone
I am uploading my file and for financial statement....what exactly I need to load???
Do we need to show some particular amount or just the regular six(6) month bank statement in good enough.
Also do I need to load the employment letter showing how much money i am getting annually.
Please advice me for the same
Thanks
Shiv

 

[gorkhethito]

Hello everyone
I am uploading my file and for financial statement....what exactly I need to load???
Do we need to show some particular amount or just the regular six(6) month bank statement in good enough.
Also do I need to load the employment letter showing how much money i am getting annually.
Please advice me for the same
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp
go to the proof of funds section...we will find what info need to be on the letter..all the best
Thanks
Shiv

 

[mapledipped]

Hello everyone
I am uploading my file and for financial statement....what exactly I need to load???

Do we need to show some particular amount or just the regular six(6) month bank statement in good enough. yes, your bank statement needs to have the minimum pof required. depending on your program, it can vary between cad 10k-12k if you're single. the details should be in the checklist in your mycic page

Also do I need to load the employment letter showing how much money i am getting annually.
again, this can be found in your personalized checklist

Please advice me for the same
Thanks
Shiv

make sure you double check and triple check before you transmit all your doc. good luck!!

 

[affan_123]

Hello everyone
I am uploading my file and for financial statement....what exactly I need to load???
Do we need to show some particular amount or just the regular six(6) month bank statement in good enough.
Also do I need to load the employment letter showing how much money i am getting annually.
Please advice me for the same
Thanks
Shiv

Bank letter head along with details of balance, account opening date, liabilities, average balance and if m missing anything here closely look pof requirement from cic website.

No need to upload employment letter

 

[Asivad Anac]

Bank letter head along with details of balance, account opening date, liabilities, average balance and if m missing anything here closely look pof requirement from cic website.

No need to upload employment letter

Avoid including liabilities as you are not including the corresponding assets. It will be silly to showcase a car loan or housing mortgage without accounting for the asset.

 

[gupti]

The only thing I was thinking with this is that if you submit 6 months of statements from your bank you will effectively show all your debt as there will be repayments on the statements.

 

[affan_123]

The only thing I was thinking with this is that if you submit 6 months of statements from your bank you will effectively show all your debt as there will be repayments on the statements.

Cic says balance of each account over the previous six months. Cic requires balance amount not transactions

 

[Asivad Anac]

The only thing I was thinking with this is that if you submit 6 months of statements from your bank you will effectively show all your debt as there will be repayments on the statements.

There is a difference between average balance over 6 months (that is a single number) and 6 months of transactions (all credit and debit transactions for a particular account over 6 months). CIC wants the former.

 

[gupti]

It is ambiguous but they do not run a credit check on you I dont believe?

 

[Asivad Anac]

It is ambiguous but they do not run a credit check on you I dont believe?

They can't run any checks for bank accounts outside Canada without your express permissions. Your personal financial information is confidential.

 

[hossamo33]

I agree with your logic, but it is worth pointing out that CIC's instructions are pretty unambiguous in that regard:

"If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

• list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
• list all outstanding debts, such as credit cards and loans,
• be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address)."

I am a little confused. Is it the balance of each account over the past six months? Or the average balance of each account over the past six months? There is a difference!

 

[se7en]

I copied the exact text from the CIC document checklist post-ITA. I don't know why people keep talking about the average balance, it doesn't say that anywhere (and it never has as far as I can remember).

dan_, actually it does mention about the average balance. Please read content I copied from http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp under Proof of Funds

The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months.

I believe, bank won't calculate the average of past 6 months, like they wont sit and do the math Jan:$20k + Feb:$15k + March:$10k + April:$12k + May:$14k + June:$15k / 6 = $14.3 k

Bank can give out letters based on current balance as they have their own basic formats. So I guess a simple bank letter and e-statements for past 6 months will do serve the purpose.

 

[liamE]

Bank can give out letters based on current balance as they have their own basic formats. So I guess a simple bank letter and e-statements for past 6 months will do serve the purpose.

This is what some big banks are saying to do.

My bank does not provide any information other than current total balance, the date you opened the first account and whether you have any loans. It is a huge international bank, with a large presence in Canada. They told me (at my branch and on their Canada wide telephone banking service) that it doesn't matter what CIC asks for, it is forbidden for them to release any more detail than that. They told me to submit the letter they provided and six month's worth of summary statements (not individual ones, ones that list all your accounts on one page), and that that has always been acceptable to CIC in the past. I am waiting to find out if they are correct. It is a bank used by a lot of people in the Far East and then when they come to Canada, so I'm guessing CIC receives a lot of proof of funds documents in that format. I will update if my application is rejected because of this.

 

[se7en]

This is what some big banks are saying to do.

My bank does not provide any information other than current total balance, the date you opened the first account and whether you have any loans. It is a huge international bank, with a large presence in Canada. They told me (at my branch and on their Canada wide telephone banking service) that it doesn't matter what CIC asks for, it is forbidden for them to release any more detail than that. They told me to submit the letter they provided and six month's worth of summary statements (not individual ones, ones that list all your accounts on one page), and that that has always been acceptable to CIC in the past. I am waiting to find out if they are correct. It is a bank used by a lot of people in the Far East and then when they come to Canada, so I'm guessing CIC receives a lot of proof of funds documents in that format. I will update if my application is rejected because of this.

If I were you, I would have provided the regular bank letter and e-statements for the past 6 months.
(you can easily get e-statements if you do online banking)

 

[liamE]

yes I did that. That's why I said I'm waiting to find out if it is acceptable so that I can warn other people to make alternative arrangements if CIC rejects it.