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Ray of Hope - 79th Draw

K

KV_hopeful

Star Member
Nov 21, 2017
76
44
Hi guys, I have read a lot of information on the forum with respect to proof of funds but unable to get a clear answer on my situation. If expert members could guide me on this, I will be very grateful.

I am an expat living outside my home country. I have 4 accounts dealing with 4 different banks and I need to understand If i need to get letter/statements from all banks. As per my research, none of these banks issue letters in exact required format and I will need to obtain/attach bank statements for these.

Bank 1 in Home Country: Limited money in savings accounts but more than sufficient funds in Fixed Deposits. Fixed Deposit funds in this bank alone can meet the CIC requirements. Dont have any credit card or loan from this bank.
Bank 2 in Home Country: Limited money in savings accounts, some money in fixed deposits. No credit card or loan.
Bank 3 in Residence Country: Salary account from where I do all my expenses. Not high balance maintained. Credit Card at this bank but 0 outstanding. I pay auto loan installment from this bank.
Bank 4 in Residence Country: Auto Loan from this bank, secured against car. No other savings or credit card at this bank.

I don't have a reason to hide anything as value of fixed deposits less car loan will be sufficient to meet CIC requirements. But do I really need to chase 4 banks for various information in different formats that they will provide? Will this even fit in 4 MB?
 
OAG

OAG

Member
Jul 16, 2017
11
10
Canada
Category........
CEC
NOC Code......
2131
AOR Received.
10-12-2018
Hi all, I have a question. If I have 1 year non-continuous Canadian experience. do I still get skill transferabiliy points for education and foreign experience?
thanks
 
J

Jojolet

Star Member
Apr 29, 2016
177
325
sundar17feb99 said:
There were many members including me, who were in your shoes.
Get your senior colleague write a letter for you and notarize if possible along with it, include his/her business card.
To substantiate your claim, include any official slips like pay slips, tax slips, compensation letters. Also, please don't forget to brief your cause in LOE.
Click to expand...
Thank you for your response. And did you guys scale through with this?
 
R

Reshma Asrani

Star Member
Nov 23, 2017
91
21
Thank
abhcan said:
*but if I take with me 17000$ *... dont worry... anything above 12300 CAD$ should be OK :)

It is mandatory that you have unrestricted access to the funds, yes. It cannot be in a Fixed deposit/House/retirement fund etc... Has to be liquid like you said in Savings account is preferable.
Click to expand...
Thanks
 
R

Reshma Asrani

Star Member
Nov 23, 2017
91
21
KV_hopeful said:
To clarify, is it acceptable to have the funds in fixed deposits at the time of submitting post ITA documents?

I am assuming your answer relates to when actually traveling to Canada. I am just wondering if I neee to break my FDs and transfer to the savings account.
Click to expand...
Yes, while submitting documents post ITA, FD is fine. Even I have a FD now expiring in Feb. So I guess it should be fine.
 
J

Jakev

Champion Member
Sep 22, 2017
1,261
639
NOC Code......
0114 and 0125
AOR Received.
14-11-2017
KV_hopeful said:
Hi guys, I have read a lot of information on the forum with respect to proof of funds but unable to get a clear answer on my situation. If expert members could guide me on this, I will be very grateful.

I am an expat living outside my home country. I have 4 accounts dealing with 4 different banks and I need to understand If i need to get letter/statements from all banks. As per my research, none of these banks issue letters in exact required format and I will need to obtain/attach bank statements for these.

Bank 1 in Home Country: Limited money in savings accounts but more than sufficient funds in Fixed Deposits. Fixed Deposit funds in this bank alone can meet the CIC requirements. Dont have any credit card or loan from this bank.
Bank 2 in Home Country: Limited money in savings accounts, some money in fixed deposits. No credit card or loan.
Bank 3 in Residence Country: Salary account from where I do all my expenses. Not high balance maintained. Credit Card at this bank but 0 outstanding. I pay auto loan installment from this bank.
Bank 4 in Residence Country: Auto Loan from this bank, secured against car. No other savings or credit card at this bank.

I don't have a reason to hide anything as value of fixed deposits less car loan will be sufficient to meet CIC requirements. But do I really need to chase 4 banks for various information in different formats that they will provide? Will this even fit in 4 MB?
Click to expand...
Bank 1 option is the best amongst the lot. Show your FDs along with a bank letter that it can be liquidated anytime. If it’s less than 6 months, you may have to furnish the proof of source of these funds- like a gift deed/sale of assets etc. Hope this helps.
 
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J

Jakev

Champion Member
Sep 22, 2017
1,261
639
NOC Code......
0114 and 0125
AOR Received.
14-11-2017
Reshma Asrani said:
Ok. So once I submit but then PCC gets expired, while my documents are still in verification with ircc. Will they ask to get PCC again?
Click to expand...
You ought to submit that is valid for 6 months ideally. The CIC may ask for a refreshed PCC should they feel so.
 
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A

Ashwell

Star Member
Nov 8, 2017
77
141
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K

KV_hopeful

Star Member
Nov 21, 2017
76
44
Jakev said:
Bank 1 option is the best amongst the lot. Show your FDs along with a bank letter that it can be liquidated anytime. If it’s less than 6 months, you may have to furnish the proof of source of these funds- like a gift deed/sale of assets etc. Hope this helps.
Click to expand...
Thank you! I will definitely submit the proof for bank 1. I was only concerned if I don’t submit anything from my resident country, will that raise a red flag?
 
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