Funds related question

[kumkumrani]

Hey friends
I just need your help
I recently enter in the pool.
I want to ask you that can i show my all funds amount immediately at the time of my ITA or should i have to start manage it in my account from now.
Is it necessary to show six months old funds?

 

[arrayofhope]

It is necessary to prove that, the funds were legally accumulated by you and not borrowed. If you happen to win a million dollar lottery a few days before submission of you application, you can simply show evidence for that and you wont be required to show 6 months worth of statements.

If you intend to get money from family or friends, they need to legally gift it you, where you have no obligation to pay it back. In this case there is no need to show 6 months of bank statements either.

However if you have been saving money little at a time like I did, it would help to show a few months worth of statements to prove the source and availability of funds.

 

[rohanr]

Hey friends
I just need your help
I recently enter in the pool.
I want to ask you that can i show my all funds amount immediately at the time of my ITA or should i have to start manage it in my account from now.
Is it necessary to show six months old funds?

Best to have the necessary funds in one savings bank account. 6 month history is needed to look at the stability of the account.
You can of course show multiple bank accounts.
It is even better if you can get a letter from the Bank stating that your funds / balance is free of any encumbrances, liabilities. On that letter, you should also get a certification from the Bank about the CAD equivalent of the funds you hold.

Browse different threads on this forum to look for specific guidelines regarding real estate, gifted money etc.

Good luck!