Minimum Fund Requirement is realy confusing!!!

[josephcom]

The only fact that I'm certain about is that me and my wife have to possess at least &14850 to support ourselves. But there are still lots of unanswered questions such as:

1) for how long do I have to keep this money in my bank account

2) what if in some points I had to draw some of it and then replace it some days later?

3) Are territories requirements different from each other as well as from CIC requirements in this regard?

4) If all my other documents are ready to submit, do I still have to deposit this $14850 in a bank account and WAIT until some months are passed?

My main question is: does any of you know a link to an official detailed page on this matter?

 

[alok4best]

The only fact that I'm certain about is that me and my wife have to possess at least &14850 to support ourselves. But there are still lots of unanswered questions such as:

1) for how long do I have to keep this money in my bank account

There is no definite timeline. Visa Offices may or may not insist on monthly bank statements. Ideally you should keep this money till you land.

2) what if in some points I had to draw some of it and then replace it some days later?
You are free to do it, but if VO asks, you should have a genuine explanation and reasons to do so.

3) Are territories requirements different from each other as well as from CIC requirements in this regard?
No. It is the same for all places in Canada.

4) If all my other documents are ready to submit, do I still have to deposit this $14850 in a bank account and WAIT until some months are passed?

Not necessary, get a bank balance certificate and apply. However, in case VO asks, you should be able to explain and prove that the money is yours and not borrowed or taken on loan etc.

My main question is: does any of you know a link to an official detailed page on this matter?

 

[josephcom]

4) If all my other documents are ready to submit, do I still have to deposit this $14850 in a bank account and WAIT Sad until some months are passed?

Not necessary, get a bank balance certificate and apply. However, in case VO asks, you should be able to explain and prove that the money is yours and not borrowed or taken on loan etc.

Do you mean even if my bank account's average balance (in the past few months) is far less than the requirement, I'm still able to apply? I think in this case, I DO have to open an account with the required deposit and wait until some time.

 

[affan_123]

Answers:

1. Past Six months
2. You can, but significant decrease in amount may raise a question regarding debt. Try to withdraw in small amounts and replace in later days. You can play with your account but before you submit your banks certificate closing balance should meet the required balance as per cic.
3. Visit their website seperatety if they have mentioned anywhere or not, but i presume pof is as per cic
4. Your account should represent reality. Your account should have balance in last six months above or equal to the par value. Average of six months is also a requirement of cic. Note: total will not be divided with six but monthly figures would represent your average balance. Minimum threshold is six months preferred is one year or more

 

[alok4best]

4) If all my other documents are ready to submit, do I still have to deposit this $14850 in a bank account and WAIT Sad until some months are passed?

Not necessary, get a bank balance certificate and apply. However, in case VO asks, you should be able to explain and prove that the money is yours and not borrowed or taken on loan etc.

Do you mean even if my bank account's average balance (in the past few months) is far less than the requirement, I'm still able to apply? I think in this case, I DO have to open an account with the required deposit and wait until some time.

Basically, when you initially apply, it is not mandatory to submit account statements of last few months.
CIC will be happy with a certificate from bank that you have XYZ balance in your account.

However, in case CIC is suspicious and doubts your details, they might ask you for statements.
In that case, they will notice a clear spike in the balance. A credit transaction which suddenly increased your bank balance.

Here, you should be able to prove that the money is indeed yours and not borrowed.

But yeah, if you want to be 100% safe and secure, then you should deposit this money, then wait 3-6 months and then apply.
Also, to be 100% safe, you need to make sure that this balance is maintained throughout the application process.

you can still operate your account, do transactions, deposit and withdraw. But the overall average balance should remain in this range.

 

[josephcom]

Answers:

1. Past Six months
2. You can, but significant decrease in amount may raise a question regarding debt. Try to withdraw in small amounts and replace in later days. You can play with your account but before you submit your banks certificate closing balance should meet the required balance as per cic.
3. Visit their website seperatety if they have mentioned anywhere or not, but i presume pof is as per cic
4. Your account should represent reality. Your account should have balance in last six months above or equal to the par value. Average of six months is also a requirement of cic. Note: total will not be divided with six but monthly figures would represent your average balance. Minimum threshold is six months preferred is one year or more

From where have you got this "6 months" information? Can you provide us with an official link?

 

[Asivad Anac]

From where have you got this "6 months" information? Can you provide us with an official link?

That 6 months is incorrect. CIC does want monthly statements going back up to 6 months but they do not insist on maintaining POF balance for 6 months. Source ---> http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Purpose

To confirm whether the applicant meets the low income cut-off (LICO), as assessed by amount of money they hold compared to the number of
people in their family

Document requirements

The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans. 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. Other documents may also be requested, as necessary.

Individuals who must submit this documentation

The principal applicant

 

[josephcom]

Does this bank statement have to be a detailed one in which all and every transactions have to be mentioned?

 

[Asivad Anac]

Does this bank statement have to be a detailed one in which all and every transactions have to be mentioned?

No need to mention every transaction. Just what CIC needs as given in the previous comment.

 

[purplesnow]

they also don't actually ask for 6 months statements. they ask for a letter from your bank which details when the account was opened, the amount currently in it, how much you owe them and the average balance for the last 6 months.
Some people submit the statements as supporting docs but they're not actually required. No harm to submit them if you have them though. You should have the money in your account when you submit and when you land. What you do with any of it in the meantime is your business.

 

[nmurshed]

" the average balance for the last 6 months"

Can someone explain this statement in detail ?

 

[Asivad Anac]

" the average balance for the last 6 months"

Can someone explain this statement in detail ?

This is just to ensure that CIC can figure out if there was some unexplained large credit into the account which could indicate borrowed funds. Even if you have such credits and you can explain it via an LOE to CIC's satisfaction that these funds aren't encumbered, that is still acceptable as POF.

To explain it away, you could add supporting documentation to prove that you moved your own money from somewhere else to this bank account or someone gifted the amount to you, In case of a gift, you also need to get a signed self-declaration from the donor that they've gifted that amount to you and that it isn't a loan that you need to pay back to them.

 

[affan_123]

Dear asived, I really appreciate and regard your information. But i do not agree with you this time or I should say we both are on the same page but representation is different. Average of six months and balance of past six months I believe it serves the purpose same. Ofcourse if u have healthy amount in your bank account for about six months only then u can justify the minimum threshold of cic in terms of monthly statement? Make sense? Besides, i would like to add some useful information or a tip you could say, the more old and healthy account you have the more chances of getting pr based on fsw. Because it will show how mature your account is as they look account for their economic growth in terms of contribution. I believe no one would agree but its a reality.

 

[purplesnow]

how old your account is doesn't factor into the decision making process for PR.

Asivad is right. They want to see your average amount and determine whether there's been any unexplained increases over the previous 6 months.
Sure the average amount and actual amount does serve the same ultimate purpose but they ask for the average so I'd give them the average. We've all seen what CIC has been doing to applications that didn't actually comply with what they requested.

As for the OP, I just read another thread of his and he doesn't have the account with cash in it so cannot provide monthly balances, actual or average. You will need to put the money in an account and ensure you provide as much supporting information as you can to show that the money is in fact yours.

 

[nmurshed]

Do they take the final amount and divide by 6 ?