Required Proof of Funds
- Thread starter CanadianDreams419
- Start date
Proof of funds has 2 parts:
1. CIC want to see a letter from your bank on it's letterhead stating the current balance to show that you have sufficient funds to meet the minimum funding requirements.
2. CIC want to see 6 months of bank statements to show that this balance has been built up through legitimate, non-encumbered sources. CIC have foreseen that many people will try to meet the minimum requirements by taking out loans. This is not deemed a legitimate way to meet these funds requirement as CIC want you to have sufficient funds that no-one else has a claim on, to make sure that you will have enough money to support yourself when you land.
Any deposits in those 6 months which are not obviously from employment etc will be questioned.
In essence there is both a quantitative and qualitative aspect to the POF requirements.
So, no, taking out a loan will do no good and your application will likely be rejected if you subsequently receive an ITA
1. CIC want to see a letter from your bank on it's letterhead stating the current balance to show that you have sufficient funds to meet the minimum funding requirements.
2. CIC want to see 6 months of bank statements to show that this balance has been built up through legitimate, non-encumbered sources. CIC have foreseen that many people will try to meet the minimum requirements by taking out loans. This is not deemed a legitimate way to meet these funds requirement as CIC want you to have sufficient funds that no-one else has a claim on, to make sure that you will have enough money to support yourself when you land.
Any deposits in those 6 months which are not obviously from employment etc will be questioned.
In essence there is both a quantitative and qualitative aspect to the POF requirements.
So, no, taking out a loan will do no good and your application will likely be rejected if you subsequently receive an ITA
to all those wondering abt the loan thing.. guys.. this minimum fund is the amt of cash u will probably end up spending ones u land in canada.. including ticket costs which is gonna b CAD1500++ considering its frm asia.. you will have legal fees atleast upto CAD 1000..
they r gonna b lots of expenses along the way..
theres no magical tree in canada frm where money can b plucked as soon as u land.. u will need a place to stay, food to eat for a while, before u can settle down n get a job to meet your daily expenses..
though CIC says tat u cant take loan.. but at end of the day.. if u have taken loan today to show statement after 10-12 months they r not gonna b able to trace it.. they r not auditors.. but do u think the interest and loan justifies all that..
my advise: in search of a better life, make sure u dont screw wat u got it hand..
in case its difficult to meet this requirement, life in canada is gonna be COLD AND SHIT AS HELL..
they r gonna b lots of expenses along the way..
theres no magical tree in canada frm where money can b plucked as soon as u land.. u will need a place to stay, food to eat for a while, before u can settle down n get a job to meet your daily expenses..
though CIC says tat u cant take loan.. but at end of the day.. if u have taken loan today to show statement after 10-12 months they r not gonna b able to trace it.. they r not auditors.. but do u think the interest and loan justifies all that..
my advise: in search of a better life, make sure u dont screw wat u got it hand..
in case its difficult to meet this requirement, life in canada is gonna be COLD AND SHIT AS HELL..
wrong. The instructions are clear enough. If you are applying for PR after January 1, 2015, you only have to provide the financial institution letter. Bank statement is not required. Refer tobairn7 said:
http://www.cic.gc.ca/english/resources/
tools/perm/express/intake-complete.asp
Sorry, yes, thanks for pointing that out singalingali.
They still require the following though:
"the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months."
If the balance is $12,000 and the average 6-month balance is $100...they are likely to ask for statements...
"Other documents may also be requested, as necessary."
They still require the following though:
"the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months."
If the balance is $12,000 and the average 6-month balance is $100...they are likely to ask for statements...
"Other documents may also be requested, as necessary."
You're welcome. They're not likely to ask for your statement. They don't want to go through the trouble of looking at your very lengthy bank statement for the last six months. They want your bank to do this for them and give them the average for the last six months. The Express Entry system asks for the summary letter in order to reduce processing times as they would like to complete the processing under 6 months.bairn7 said:
Besides, It would be very cumbersome for me to try to scan and upload my bank statement for the past six months. Too too bulky.