Proof of Fund/ Bank Balance

[enigmatic99]

Hello guys,

Does minimum balance ($12500) should be their in a bank for whole 6 months of period or it is okay if their is required fund at the end of 6 months period (balance fluctuating from 7000- 14000$) ? CIC says they need average balance for 6 months. I'm getting confused on this matter. Can somebody please explain me what does that mean? also do I need to submit bank transaction statement if I am already here in Canada?

 

[mr.preetsingh]

Hello guys,

Does minimum balance ($12500) should be their in a bank for whole 6 months of period or it is okay if their is required fund at the end of 6 months period (balance fluctuating from 7000- 14000$) ? CIC says they need average balance for 6 months. I'm getting confused on this matter. Can somebody please explain me what does that mean? also do I need to submit bank transaction statement if I am already here in Canada?

I know the the answer to your first question.

6 months of average is required for PNP applications. For Direct invitations you need average of 1-2 months.
Average means, the balance should be funds required for PR or more. Not less.

 

[enigmatic99]

I know the the answer to your first question.

6 months of average is required for PNP applications. For Direct invitations you need average of 1-2 months.
Average means, the balance should be funds required for PR or more. Not less.

Does that means I need to have minimum balance (12500$) in my account for whole 6 months period of time?

 

[mr.preetsingh]

Does that means I need to have minimum balance (12500$) in my account for whole 6 months period of time?

If you are applying for PNP then yes, from 3-6 months of average should be this.

 

[enigmatic99]

If you are applying for PNP then yes, from 3-6 months of average should be this.

No I'm going to apply under FSW.

 

[mr.preetsingh]

No I'm going to apply under FSW.

If you will get an invitation under FSWP, then 1 month of average is enough.

 

[DelPiero07]

Hello guys,

Does minimum balance ($12500) should be their in a bank for whole 6 months of period or it is okay if their is required fund at the end of 6 months period (balance fluctuating from 7000- 14000$) ? CIC says they need average balance for 6 months. I'm getting confused on this matter. Can somebody please explain me what does that mean? also do I need to submit bank transaction statement if I am already here in Canada?

The average balance for the past 6 months helps determine whether there were any lump sum amounts deposited into the applicants account in order to meet the required funds. It does not mean that you must have the funds sitting in your account for the past 6 months.

Being in Canada does not exempt you from having to submit POF. Only CEC applicants and those with valid job offers are exempt.

I cannot comment any further as I do not know how you managed to obtain those funds.

 

[lampbreaker]

The balance only needs to be there on the day letter/statement is issued. However, the reason they ask for average balance is to check if there were any significant deposits made recently.
ex. If you have $15000 on the letter date but your average balance is only $2000. A big deposit of $13000 was made during the last week. Then they may ask for the source of that deposit. They want to know if you are borrowing money to show sufficient funds. If you have a genuine source for those funds such as a gift, a bonus received from employer or lottery winnings . It will have to be documented properly to show that it is really your own money now.

 

[mhentry]

I have a question regarding POF. On my payroll I divided my salary to go into two different bank account and my current employment paystub shows that the money is been deposited into two different account. One account has less than 500 USD and the another one has enough money which I am using to show my POF. So my question is do I need to show both the bank account ? Is Yes, can I just show 6 months statement for the one has less money or do i need to get account statement ?

 

[lampbreaker]

Only one is enough.