Settlement Funds

[msaim]

Salam,

As to settlement funds, frankly speaking I don't have that much money with me. But I will arrange it for the bank statement. Could you please let me know for how long they need to be in my account.

I am sorry.. some of you guys may find this unfair but I have no other option.

Thanks.

 

[vgadde]

Along with the bank letter, you should submit the recent 6 months bank statements as well. To be consistent you got to deposit the required money over a period of 6 months. This way CIC believes that you did not deposit the money just before you get the bank letter.

 

[msaim]

Thanks vgadde...

Actually I got to submit my application in a week or so and I have arrange these funds during this period. In my account there is monthly transaction of around $1200 but I withdraw it during the month. Would it make any difference if I deposit the required amount at once, get the back statement and after a few week withdraw that money?

 

[arashtdii]

msaim,
3-6 months is the time. They want to make sure it is your money and not a money you have borrowed. If you have deposited a large amount recently, you need to provide an explanation plus the proof. Moreover I suggest you maintain your account balance as of now, because they may ask you for another bank statement later if they have any doubts.
Good luck,

 

[msaim]

arashtdii,

It might be a silly question. But what type of explanation and proof do I need to provide and is it mandatory?

Thanks for your help.

 

[arashtdii]

Dear msaim,
Here is the instruction excerpted from the instructions given by VO:
"If you have recently deposited a large amount of money into your bank account, you must clearly explain the provenance of these funds (ex. Sale of property, inheritance, etc.) and provide supporting evidence"
(Section 11: http://www.cic.gc.ca/english/pdf/kits/guides/E37099.pdf)

As I have inquired before in this forum "recently" means the last few weeks and "large amount" is about C$5000+.

You have to state whether the money comes from selling a property for instance a car, house, etc or goods such as jewelery or gold and have the required documents for example if you have sold jewelery, the receipt is your proof.

Msaim, as a general advice, try to be honest and clear in this process and follow the steps exactly as instructed. Do not make your case complicated by pretending anything which may not be true.

Good luck,