Simple POF question

[bairn7]

I've read up on POF but someone has said that you have to have the minimum funds requriement AT THE TIME OF APPLYING FOR EE (and also at ITA of course). Is this true? I didn't think this was the case.

Has anyone applied for EE without having the minimum funds and subsequently had funds at ITA?

Thanks

 

[kishoresmec]

As per my knowledge, i think you can have funds once you get ITA

 

[Pippin]

It could have been me who said that and I have been looking for link. I do know ITA will ask for 6 months of account balances so you can interpret that as you wish.

 

[hossamo33]

I've read up on POF but someone has said that you have to have the minimum funds requriement AT THE TIME OF APPLYING FOR EE (and also at ITA of course). Is this true? I didn't think this was the case.

Has anyone applied for EE without having the minimum funds and subsequently had funds at ITA?

Thanks

Can anyone please shed some light on the above question? Can the funds be available only after receiving ITA? Or do they have to be available at the time of submitting EE profile?

 

[Asivad Anac]

CIC explicitly asks for 6 months average balance. The reason behind doing that is to ensure that you haven't temporarily borrowed funds to be shown as POF. You can show a more recent account balance as POF but the onus is on you at all times to prove that you haven't borrowed monies to be shown towards POF.

 

[vsgautam]

CIC explicitly asks for 6 months average balance. The reason behind doing that is to ensure that you haven't temporarily borrowed funds to be shown as POF. You can show a more recent account balance as POF but the onus is on you at all times to prove that you haven't borrowed monies to be shown towards POF.

Hi Asivad,

I am planning to borrow the requisite funds after receipt of ITA and attach a LOE that it's a gift and not a loan (as advised several times on this forum), however, this will not meet 6 months average balance requirement. Can you absolutely confirm if the LOE thing works for borrowing money as I do not have the funds right now?

VSG

 

[Asivad Anac]

Hi Asivad,

I am planning to borrow the requisite funds after receipt of ITA and attach a LOE that it's a gift and not a loan (as advised several times on this forum), however, this will not meet 6 months average balance requirement. Can you absolutely confirm if the LOE thing works for borrowing money as I do not have the funds right now?

VSG

It absolutely doesn't work for borrowed funds but it does work for gifts. What you are planning on doing will work fine.

 

[hossamo33]

CIC explicitly asks for 6 months average balance. The reason behind doing that is to ensure that you haven't temporarily borrowed funds to be shown as POF. You can show a more recent account balance as POF but the onus is on you at all times to prove that you haven't borrowed monies to be shown towards POF.

i havent borrowed any money, but I am expecting an ITA in the next draw. If this happens, then ill have to wait for my next salary to have the required amount! So I will have the required amount after receiving the ITA. From what I understand, that shouldn't be an issue, right?

 

[Asivad Anac]

i havent borrowed any money, but I am expecting an ITA in the next draw. If this happens, then ill have to wait for my next salary to have the required amount! So I will have the required amount after receiving the ITA. From what I understand, that shouldn't be an issue, right?

Yes.

 

[hossamo33]

Yes.

thank you so much for your kind and quick response.

 

[uxd]

Would a letter of employment in canada - non seasonal and non contractual with salary details be sufficient in showig POF?

 

[Asivad Anac]

Would a letter of employment in canada - non seasonal and non contractual with salary details be sufficient in showig POF?

Only if you got a CEC-class ITA. Even then, recommend you include other evidences as well including bank certificate showing whatever monies you have, T4, NOA etc.

 

[uxd]

Thanks Asivad! Yes I've gotten CEC ITA and can submit T4 and NOA as well.