Proof of Funds Explained. What kind of evidence is needed?

[redfox05]

Hi,

Apologies if this has been asked before, if so, I will happily delete this thread to avoid cluttering the board.

The info on proof of funds is outlined here on the CIC website: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

However, it does not state clearly what format this proof needs to take. Is it a simple balance statement, a history of say 3-6 months of transactions?
I have read elsewhere on the forum that it just needs to be a balance statement, but in other areas I have also read that your local office can ask for a history of transactions (I guess to show that the money got there gradually and by your own means, rather than someone giving you a lump sum just for the visa (which obviously we shouldnt do).

The reason I ask is that I was told big ups and downs in the account need to be explained. Well, how, if all they need is a balance statement. How would they see the ups and downs? Which makes me think they do indeed need several months of statements or at least balances in the proof.

In my situation, I have my balance go up and down like a yoyo due to my work travel expenses as I often work out of town, meaning I have to pay for hotels and airplane tickets etc, which causes my balance to drop/climb when the credit card payment is due, often by several thousands, depending on the amount of travel done.

Thoughts anyone?

Many thanks in advance.

 

[dobes]

Hi,

Apologies if this has been asked before, if so, I will happily delete this thread to avoid cluttering the board.

The info on proof of funds is outlined here on the CIC website: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

However, it does not state clearly what format this proof needs to take. Is it a simple balance statement, a history of say 3-6 months of transactions?
I have read elsewhere on the forum that it just needs to be a balance statement, but in other areas I have also read that your local office can ask for a history of transactions (I guess to show that the money got there gradually and by your own means, rather than someone giving you a lump sum just for the visa (which obviously we shouldnt do).

The reason I ask is that I was told big ups and downs in the account need to be explained. Well, how, if all they need is a balance statement. How would they see the ups and downs? Which makes me think they do indeed need several months of statements or at least balances in the proof.

In my situation, I have my balance go up and down like a yoyo due to my work travel expenses as I often work out of town, meaning I have to pay for hotels and airplane tickets etc, which causes my balance to drop/climb when the credit card payment is due, often by several thousands, depending on the amount of travel done.

Thoughts anyone?

Many thanks in advance.

Assuming you are invited under FSW and do not have an LMIA you need: 1) a LETTER from your bank according to CIC instructions, showing a minimum balance as directed by CIC. You only need to have the entire funds at the time. 2) you need bank statements for the last 6 months. This is to check that your having the required amount is not the result of a large recent deposit. If it is, you need to show that it is a gift, not a loan. And you really have to prove that as carefully and thoroughly as you can.

In your situation, if those 6 months show minimum balances near the required amount, you don't have to explain anything. Our 6-month balances sometimes dipped a bit below our required approx $15,000 from time to time, but we had it in full when we applied, and it was obvious we had been building it up gradually, which is allowed.

If your balances sometimes zero out (or close) and then bounce high, write a letter of explanation about your travel and work expenses and you will be fine.

CIC is interested in only two things -- 1) you have the required money at the time you apply, and 2) it is not in the form of a loan which you will have to pay back.

 

[redfox05]

Thanks for the reply. Yes, im in the process of EE FSW, without LMIA, as this is very hard I heard.

In fact, after my recent IELTS scores came in, my score is looking like 481, which should hopefully be good enough to get an ITA in the next round, fingers crossed and touch wood. But my consultant (yes, I've got a consultant, don't quite need one but I need this to go perfect, so its worth it after consideration) is keen not to guess until the profile is in. However 481 is what I got using the official CIC tool, its going to hopefully be above 453, which was one of the lowest draws I think.

 

[Ustaad]

Hi, I have a question in regards to PoF

I live in Canada, applying under FSWP.

I have my account in TD Bank. In that, I have three accounts - Savings, Chequings and Credit Card

I have received a gift of $12000 from my parents + $2000 I am showing of my own. (I would be attaching the gift deed etc etc)

The bank refused to write the average balance for the last 6 months and gave me the last 6 months statements of all the 3 mentioned accounts.

They are 3 * 6 = 18 pages and I do not have that much of space within 4 MB.

Since I am showcasing PoF from my savings account only, do I need to attach the bank statements for savings account only?? Or the rest two accounts as well?? (because the rest two have nothing to do with my PoF showing)

Thanks in advance

 

[sushsmart15]

As exclusively mentioned on CIC website, your case gets better with more money you demonstrate to be in your possession in POF.

 

[thenewbie]

Hi, I have a question in regards to PoF

I live in Canada, applying under FSWP.

I have my account in TD Bank. In that, I have three accounts - Savings, Chequings and Credit Card

I have received a gift of $12000 from my parents + $2000 I am showing of my own. (I would be attaching the gift deed etc etc)

The bank refused to write the average balance for the last 6 months and gave me the last 6 months statements of all the 3 mentioned accounts.

They are 3 * 6 = 18 pages and I do not have that much of space within 4 MB.

Since I am showcasing PoF from my savings account only, do I need to attach the bank statements for savings account only?? Or the rest two accounts as well?? (because the rest two have nothing to do with my PoF showing)

Thanks in advance

Play it safe give them all statements for all accounts

Use: smallpdf . com/compress-pdf

This will help reduce the size of your PDF files

 

[redfox05]

So not just the savings account with the required cash. Even regular day to day accounts too?

In my case that might help explain the large transfers in and out of the accounts every month. Here in the UK we have to move large sums (£500-1000) around our accounts each month to keep them active. And we have several accounts as the interest rate in current accounts is better right now than savings accounts. That will confuse them....

Play it safe give them all statements for all accounts

Use: smallpdf . com/compress-pdf

This will help reduce the size of your PDF files