Financial Support documents ... What to do ?? I'm confused !! :(

[rafzy]

Provide more details about these investment accounts (unique numbers, date of opening etc) in this letter and attach documentation from the bank to prove the authenticity as well.

Yes, my father has also provided all the details of these investments like investment date, type, amount, investment registration number and on top of that, i've also gotten a bank official statement providing all these details.

Thank you for your sincere advice

 

[ahmadka]

Recommend that you ask your father to transfer the required funds into your account as a one-time gift. Also get them to provide a signed self-declaration letter which confirms that this is a gift (include all transaction details in the letter) not a loan hence need not be returned to them at any point in time. Get your bank to issue you a letter with all details required by CIC (you'll find details in your checklist). Get bank statement conclusively proving the transfer of gift amount into your account. Submit all of these along with an LOE wherein you connect the dots.

Hi Asivad, so my mother transferred about $16,000 CAD worth of PKR into my bank account in Pakistan yesterday (I'm myself currently in the US). She wrote a check in my name that was cashed in at a branch of my bank to carry out the transfer. Regarding this, I had some followup questions to ask:

1) Instead of my father transferring the money to me as a gift, my mother actually ended up doing this. So I assume my mother will be signing that gift declaration now. Is this okay ? Or does it have to be my father ?

2) What 'transaction details' does the self-signed declaration letter need to mention ? My mother cashed in the check she wrote at my bank, so I assume separate incoming and outgoing transaction numbers were generated. Do both of them need to be mentioned, or only any one of them ? Both my mother and I share the same bank, but our accounts are at different branches.

3) Also, how does providing a transaction number help CIC ? Bank statements normally don't show transaction numbers, and so the bank statement I provide CIC won't have that detail.

4) Any other things the self-signed declaration letter or the bank statement need to mention ?

 

[Asivad Anac]

Hi Asivad, so my mother transferred about $16,000 CAD worth of PKR into my bank account in Pakistan yesterday (I'm myself currently in the US). She wrote a check in my name that was cashed in at a branch of my bank to carry out the transfer. Regarding this, I had some followup questions to ask:

1) Instead of my father transferring the money to me as a gift, my mother actually ended up doing this. So I assume my mother will be signing that gift declaration now. Is this okay ? Or does it have to be my father ?

Your mother can do this as well.

2) What 'transaction details' does the self-signed declaration letter need to mention ? My mother cashed in the check she wrote at my bank, so I assume separate incoming and outgoing transaction numbers were generated. Do both of them need to be mentioned, or only any one of them ? Both my mother and I share the same bank, but our accounts are at different branches.

3) Also, how does providing a transaction number help CIC ? Bank statements normally don't show transaction numbers, and so the bank statement I provide CIC won't have that detail.

Any transaction detail which can be cross referenced with your attached bank statements lends additional layer of authenticity to the claim of the funds being physically transferred to your account. Add whatever details you can.

4) Any other things the self-signed declaration letter or the bank statement need to mention ?

Bank letter must mention 6 months average balance else you'll have to provide 6 months bank statements to prove that the funds are unencumbered.

 

[ahmadka]

Okay thanks.

The bank statement format normally followed by my bank does mention details such as transaction numbers or the average balance, etc. It just lists oridnary stuff such as dates, amounts, descriptions in a table format.

In addition to a self-signed letter by my mother, should I also get a letter issued by my bank which mentions the transaction number, the average balance for the last 6 months, and the CAD/PKR exchange rate at the time (you mentioned earlier that the bank statement should also mention this) ? If yes, then I'll be attaching TWO letters (one from my mother, one from the bank) and a current month's bank statement.

Please confirm if the above is okay.

 

[Asivad Anac]

Okay thanks.

The bank statement format normally followed by my bank does mention details such as transaction numbers or the average balance, etc. It just lists oridnary stuff such as dates, amounts, descriptions in a table format.

In addition to a self-signed letter by my mother, should I also get a letter issued by my bank which mentions the transaction number, the average balance for the last 6 months, and the CAD/PKR exchange rate at the time (you mentioned earlier that the bank statement should also mention this) ? If yes, then I'll be attaching TWO letters (one from my mother, one from the bank) and a current month's bank statement.

Please confirm if the above is okay.

This would do.

 

[ahmadka]

Okay, I have another question to ask. On the bank letter that the bank is supposed to give me (to confirm the details of the 'gift' transaction from their side), they're supposed to mention the average balance that my account has had over the last 6 months.

Question is, regarding the 6 month period in question here, does it include the date when the 'gift' transfer was made to my account, or is it only for the 6 months PRIOR to when this gift transaction was made to my account (which was about a week ago from now) ?

 

[Asivad Anac]

Okay, I have another question to ask. On the bank letter that the bank is supposed to give me (to confirm the details of the 'gift' transaction from their side), they're supposed to mention the average balance that my account has had over the last 6 months.

Question is, regarding the 6 month period in question here, does it include the date when the 'gift' transfer was made to my account, or is it only for the 6 months PRIOR to when this gift transaction was made to my account (which was about a week ago from now) ?

6 months counting back from the date on the letter.

 

[poojasathe]

Need advise on something related to POF. I have an outstanding loan and I am paying monthly installments. Now this doesn't show on the bank certificate, however it clearly shows in the 6 months bank statement.

Do i have to explain how i plan to repay this loan ? I also have a credit card. How do i go about this ??

Thank you for the help.

 

[kakhileshreddy]

Express Entry – Permanent Residents
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:

your accounts portfolio--

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,
6 months statements
any money related question gifts etc .. a formal letter (notarize) would suffice.

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).
your accounts portfolio--will have all these.

 

[ahmadka]

Hi Asivad, so my parents back home have finally managed to get that letter from the bank, and a corresponding letter from my mother indicating that that transfer was a one-time gift. Both those letters are currently on their way to me right now.

However I wanted to get some further clarifications. Here's what the CIC instructions say about the financial documents for EE people:

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).

Questions:

1) I technically have multiple bank accounts back in Pakistan, however have only gotten the letter from ONE bank, with whom I have my primary bank account. This is the account which has that gift money in it too. I assumed I would only need a letter from them, and not the other banks. Is this okay ? Technically I do have some other checking accounts with some other banks, but all those accounts are secondary which I rarely use. In fact, I haven't used most of them in years !

2) With my primary bank, I only have ONE account, of checking type. I don't have any investment or savings accounts, or anything else related. However the letter I have from my bank doesn't explicitly say that the account mentioned in the letter is my ONLY account with them. I hope this is okay ?

3) Also, the bank letter doesn't mention whether or not I have any debt or loan with them (which I don't). It also doesn't explicitly mention whether or not I have any credit cards with them or not (which I don't). Is this okay ? ... Basically I just have a simple bank account with them, and the letter only talks about that.

 

[Asivad Anac]

Hi Asivad, so my parents back home have finally managed to get that letter from the bank, and a corresponding letter from my mother indicating that that transfer was a one-time gift. Both those letters are currently on their way to me right now.

However I wanted to get some further clarifications. Here's what the CIC instructions say about the financial documents for EE people:

Questions:

1) I technically have multiple bank accounts back in Pakistan, however have only gotten the letter from ONE bank, with whom I have my primary bank account. This is the account which has that gift money in it too. I assumed I would only need a letter from them, and not the other banks. Is this okay ? Technically I do have some other checking accounts with some other banks, but all those accounts are secondary which I rarely use. In fact, I haven't used most of them in years !

This is fine. CIC doesn't want to know your entire financial profile - just that you have the required (unencumbered) funds to support yourself in Canada.

2) With my primary bank, I only have ONE account, of checking type. I don't have any investment or savings accounts, or anything else related. However the letter I have from my bank doesn't explicitly say that the account mentioned in the letter is my ONLY account with them. I hope this is okay ?

Perfectly fine.

3) Also, the bank letter doesn't mention whether or not I have any debt or loan with them (which I don't). It also doesn't explicitly mention whether or not I have any credit cards with them or not (which I don't). Is this okay ? ... Basically I just have a simple bank account with them, and the letter only talks about that.

Also fine.

 

[ahmadka]

Dude you are awesome !! Thanks for your help !

 

[ahmadka]

Also, I assume that I upload both of these letters (i.e. one from the bank and one from my mother) in the financial documents section (one PDF showing both scans) ?

Do I need to personally address this gift money in a letter or explanation to accompany my application ?

 

[Asivad Anac]

Also, I assume that I upload both of these letters (i.e. one from the bank and one from my mother) in the financial documents section (one PDF showing both scans) ?

Do I need to personally address this gift money in a letter or explanation to accompany my application ?

Yes. Attach physical evidence of bank transactions as well - one each showing debit from their account and credit into your account. And attach an LOE to join the dots and help the officer understand the purpose of attaching each of these documents.

 

[ahmadka]

Okay, writing an LOE won't be an issue, but what 'physical evidence' do I need to show the debit and credit of this amount ? Like, bank statements for both accounts ? What if the bank statement doesn't mention the transaction number (they normally don't in Pakistan, but bank statements normally have columns for things like dates, amounts, etc., and they can't have a column thick enough to show transaction numbers too).

And is this evidence really needed if I'm already attaching a bank letter issued from the bank, and a letter signed by my mother confirming the 'gift' nature of the transaction ? The reason I ask is because from tomorrow onwards, Pakistan has about 8-9 days off because of Eid, so waiting for the banks to open again can create delays. Also, my 60 days for submitting the PR application finish on 6th October, so I have to submit before then.

Today is the last working day in Pakistan before the public holidays start so I'll try to get them made today, but what do I do if I cannot ?