Proof of funds - Doubt

[asadalirahim]

Hello All,

I have some doubts around PoF post ITA:

For a family of 2, I need to produce CAD 15772. I have the required amount in one account. What is the meaning of 6 months average balance? The amount the account has come gradually over the years (used to deposit CAD 400-500K per month from my salary account towards savings and once in a while CAD 1200-1500) and only recently did it reach the required minimum funds required amount. If they look at past 6 months balance, they will not be able to see the minimum funds needed. Is it going to be a problem?

What is the workaround? Thanks.

 

[Fahadkazmi]

Hello All,

I have some doubts around PoF post ITA:

For a family of 2, I need to produce CAD 15772. I have the required amount in one account. What is the meaning of 6 months average balance? The amount the account has come gradually over the years (used to deposit CAD 400-500K per month from my salary account towards savings and once in a while CAD 1200-1500) and only recently did it reach the required minimum funds required amount. If they look at past 6 months balance, they will not be able to see the minimum funds needed. Is it going to be a problem?

What is the workaround? Thanks.

Hi,
6 month average balance is asked as they want to know if there is a sudden influx of money in your account that raises concerns (eg loan from a bank, borrowed from someone etc). In your case there is no sudden influx and amount has been saved and deposited over a period of time.
Or if there is a big amount being deposited than you must explain the source of income.

At the time of submitting the application you must have the minimum amount required

 

[uppperkut]

Bank statement is totally fine.

 

[asadalirahim]

Thanks guys. This helps.