POF Question

[nataliewg]

When I submitted the PR application, I only provided the bank statements and other financial information from one of my banks since in the last 6 months the balance from both chequing and savings accts meet the minimum requirement, and also this is the bank where my salary is deposited into,I didn't provide other banks' information. Will this be an issue? Also, there are some lump some withdrawals I took to pay off the other bank's credit cards, but I didn't explain for the withdrawals in the letter of explanation. Will this be another issue.....Thank you anyone who can help answer this

 

[nataliewg]

Anyone can help? Thanks

 

[sbrs2010]

As long as you meet the minimum requirements it does not matter about bulk withdrawals. CIC is worried about credits to the account and the source of income for those....I may be wrong but this is what I understand from various posts in this forum.

 

[nataliewg]

As long as you meet the minimum requirements it does not matter about bulk withdrawals. CIC is worried about credits to the account and the source of income for those....I may be wrong but this is what I understand from various posts in this forum.

Thanks Sbrs, just want to confirm is we have to submit the bank statements from all the banks we have account with?

 

[Hhh466]

Will it matter if my current balance is close to double my average balance for the last 6 months even though the average is above the minimum?

Thanks

 

[Asivad Anac]

Thanks Sbrs, just want to confirm is we have to submit the bank statements from all the banks we have account with?

Not required. Just the bank account(s) where you're holding POF.

 

[Asivad Anac]

Will it matter if my current balance is close to double my average balance for the last 6 months even though the average is above the minimum?

Thanks

That shouldn't be a problem. Remember to declare just what is needed as POF and not your entire account balance.

 

[Hhh466]

That shouldn't be a problem. Remember to declare just what is needed as POF and not your entire account balance.

What do you mean? Are you suggesting I withdraw funds before getting the letter made to declare just what is needed because the letter will state the full current balance of my bank account no?

 

[nataliewg]

Not required. Just the bank account(s) where you're holding POF.

Thank you so much Asivad!

 

[Asivad Anac]

What do you mean? Are you suggesting I withdraw funds before getting the letter made to declare just what is needed because the letter will state the full current balance of my bank account no?

I meant that about what you state in your profile. Of course, the bank certificate will show the full balance.

 

[hossamo33]

I meant that about what you state in your profile. Of course, the bank certificate will show the full balance.

what if my current balance meets the minimum requirement after receiving the ITA? Suppose I receive the ITA today, which means I have two months to submit my application. What if my current balance meets the minimum requirement only one month before the application deadline date? Will this be an issue? Does the average balance have to meet the minimum requirement as well? Or only current balance?

 

[shreyashd]

I need urgent clarifications to the following questions

1. Though my savings account balance on an average is less, but I have been holding equity worth the canadian funds requirement since the past 6 months or more. Should I liquidate the same or showing a demat account statement (the demat account is associated and is of the same bank where I would show the savings account statement/certificate) for the same should suffice

2. Can I show my spouse's Fixed deposits as she is also in the PR application with me

3. Can I receive some amount as gift from my parents

4. Can I show the PF (Provident Fund statement) as POF without liquidating it ?

5. Can real estate property be also shown as POF ? if yes, what documents are required

 

[Asivad Anac]

I need urgent clarifications to the following questions

1. Though my savings account balance on an average is less, but I have been holding equity worth the canadian funds requirement since the past 6 months or more. Should I liquidate the same or showing a demat account statement (the demat account is associated and is of the same bank where I would show the savings account statement/certificate) for the same should suffice

Liquidate and show as funds in the bank. When uploading POF, support that with evidence to prove these funds (which came in from selling equity) are rightfully yours.

2. Can I show my spouse's Fixed deposits as she is also in the PR application with me

If they are held in a joint account with your name on it as well, Yes.

3. Can I receive some amount as gift from my parents

Yes. You'll also need a signed self-declaration that they are extending a gift to you and it is not a loan which needs to be returned.

4. Can I show the PF (Provident Fund statement) as POF without liquidating it ?

No.

5. Can real estate property be also shown as POF ? if yes, what documents are required

No.

 

[Duskyblue]

I also have a POF questsion, and would be very grateful for advice.

My bank gave me a statement that lists my accounts and the final balance, but not the balance over the last 6 months. They refuse to list that. I was able to get a list of my balances over the last 6 months using my online-banking account, and exctracted that as a pdf. Now, the bank will sign those sheets, but they won't be printed on official bank paper (with their header).

Is that a problem? Do I need to add something? I could also get my balances from December 2014, but the problem is those would not be in English.

 

[Asivad Anac]

I also have a POF questsion, and would be very grateful for advice.

My bank gave me a statement that lists my accounts and the final balance, but not the balance over the last 6 months. They refuse to list that. I was able to get a list of my balances over the last 6 months using my online-banking account, and exctracted that as a pdf. Now, the bank will sign those sheets, but they won't be printed on official bank paper (with their header).

Is that a problem? Do I need to add something? I could also get my balances from December 2014, but the problem is those would not be in English.

Should be fine. You'll need to worry only if you borrowed monies within the last 6 months.