Proof of Funds

[abny876]

Hello Everyone,

I have a query on proof of funds.

I received ITA on 8th Feb draw and I will be submitting my application soon.I am single and 27 years old.I have all documents ready apart from proof of funds.I have about 19,000 CAD in my salary account which is in CITI Bank.The problem is that I have around 400 CAD debt on a savings account in ICICI Bank.It's a direct debit with 4 instalments left.I contacted the company today to whom I owe the outstanding amount,to close the debt in a single payment.They said that it will take me at least 7 working days after full payment to close the debt and give the NOC(the processing and acknowledgement of my funds transfer will take that much time).I am trying my best to repay the 400 CAD debt and then get the funds letter of ~18600 CAD from CITI Bank but I think I will waste at least 10-12 days in the process.Should I take a letter from ICICI Bank saying that there is a direct debit placed on my account of ~400 CAD and from CITI Bank that I have 19000 CAD in my account and basically get two letters from the banks.Should I declare the debt on my other savings account?. I plan to pay the outstanding amount next week itself but I am not sure if I should wait that long to submit my application only because of a small debt.

Thanks very much.

 

[uzumaki]

Looks like 19000 or 18600 CAD is way above your required money to show for single applicant. There is no need to wait till 7 days etc.
Get 6months bank statement & a balance confirmation letter from CITI bank account and do not forget to get them stamped & signed from citi bank.

For your satisfaction, withdraw or transfer 400 CAD from Citi Bank account to ICICI before taking a statement print, which is not really required.

IRCC doesn't validate whether you have loan or not. They check if you have money to support and which is not accrued out of debt. Right now what you have to worry is, if you have any large deposits in your CITI bank account and if you have, right an explanation to prove that it is yours.

This is enough to show as proof.