POF is this enough?

[fatani]

Hello all, My father made single deposit of $15000 CAD in local currency 2 years back from then till now there is no transaction in the account i have not withdrawn a single penny from that account. As per my info IRCC want bank letter of average balance of last six months but since there is no activity will it matter to them? Or if they ask for bank statement of last 6 months there will be no transaction listed. Will They have any objection on this? Will I have to prove this situation to them? Or any money transferred before 6 months as a whole does not matter to them?

 

[patnikrishna]

Hello all, My father made single deposit of $15000 CAD in local currency 2 years back from then till now there is no transaction in the account i have not withdrawn a single penny from that account. As per my info IRCC want bank letter of average balance of last six months but since there is no activity will it matter to them? Or if they ask for bank statement of last 6 months there will be no transaction listed. Will They have any objection on this? Will I have to prove this situation to them? Or any money transferred before 6 months as a whole does not matter to them?

same here, what I've done is deposited some amounts say 10$ every month just to show that the account is having some transaction activity.

 

[johnjkjk]

No transaction activity required. If you had the amount in your account for more than 6 months, you do not need to do anything. Just provide them with the bank letter as requested. That's it.

Is a bank letter required? Can a fixed deposit certificate suffice (shows balance, time period, interest etc) on its own or do I need to get a letter from the bank stating the average balance of all my accounts?

 

[johnjkjk]

No transaction activity required. If you had the amount in your account for more than 6 months, you do not need to do anything. Just provide them with the bank letter as requested. That's it.

Is a bank letter required? Can a fixed deposit certificate suffice (shows balance, time period, interest etc) on its own or do I need to get a letter from the bank stating the average balance of all my accounts?

 

[johnjkjk]

This is the requirement as per CIC's instructions in the document checklist:

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

Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your 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 balance of each account over the previous 6 months."

This "Financial Profile" letter from your bank account is very important, but it is often the case that banks cannot provide the letter in the exact format as prescribed by CIC. In that case, you can use supplementary documents (e.g. account statements) to collectively provide the information required. However, do ensure that you provide all information mentioned above.

For example, my bank could only provide me with a letter that stated the account opening dates and the account numbers. So I provided account statements to satisfy the requirement to include the balance over the last 6 months. I had these account statements stamped by the bank for additional credibility. This approach worked for me.

Thanks, I'll see what my bank is willing to issue. But do I need to show ALL my accounts, or only that account which I want to use as POF? I have accounts with more than one bank in more than one country, what in this case?

 

[Aragorn165]

Thanks, I'll see what my bank is willing to issue. But do I need to show ALL my accounts, or only that account which I want to use as POF? I have accounts with more than one bank in more than one country, what in this case?

You only need to show that relevant bank account details.
I personally found that simply submitting bank statements was enough- although it's on a case by case basis, and you should definitely try and submit exactly what was asked for first.

 

[Stanlee]

Thanks, I'll see what my bank is willing to issue. But do I need to show ALL my accounts, or only that account which I want to use as POF? I have accounts with more than one bank in more than one country, what in this case?

As long as you have sufficient funds in one account or two, you can restrict it to those.

 

[johnjkjk]

As long as you have sufficient funds in one account or two, you can restrict it to those.

Thanks for confirming. It's just that their guidance says "all accounts" in that financial institution. I have a Fixed Deposit that is of a suitable amount that I have set aside for POF purposes- i.e. I don't need to cash in to it. Also where I am currently, each branch owns its own account, so I would need multiple letters from multiple branches to cover all my accounts held within a single bank, and I don't foresee them willing to give me a full letter- I will find out tomorrow.