What is the deal with bank statements?

[alstar]

Hi All,

I am making my wife as the primary applicant because she is younger than I am and also she has a masters degree so we can get more points, even though she isnt working at the moment because we had a kid in the past year.
She does have over-all work experience of 7 years.

Currently she has a joint account with me in HSBC so my question is when the time comes to show proof of funds I am going to transfer the required amount in her account but will CIC ask for bank statements? even though we had sufficient funds in the bank.
Will a joint account work or does she have to show an account with her as the only holder?

-A

 

[ibejiopad]

Hi All,

I am making my wife as the primary applicant because she is younger than I am and also she has a masters degree so we can get more points, even though she isnt working at the moment because we had a kid in the past year.
She does have over-all work experience of 7 years.

Currently she has a joint account with me in HSBC so my question is when the time comes to show proof of funds I am going to transfer the required amount in her account but will CIC ask for bank statements? even though we had sufficient funds in the bank.
Will a joint account work or does she have to show an account with her as the only holder?

-A

It's recommended that the POF be in the PA's name, in this case, your wife. However, some people on this forum opine that in a situation where the bulk of the money lies in a joint account, a consent letter from the wife/husband to the PA may suffice.

 

[alstar]

Sure, but what about the bank statements? Do we have any guidance on that?.. I mean do they require that or when the time comes they will just check the account to see if i have $18,200 present or not.. since we are 3...

 

[joelmath]

Sure, but what about the bank statements? Do we have any guidance on that?.. I mean do they require that or when the time comes they will just check the account to see if i have $18,200 present or not.. since we are 3...

CIC is not asking for 6 months bank statements. They require a letter from your bank that covers average balance for 6 months along-with other information such as applicant’s name, the contact information, account numbers, the date each account was opened etc.

Some applicants use bank statements as a workaround when their banks refuse to provide all required information in the letter.

The bank letter should cover information provided below:

The applicant should provide official letter(s) from financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance in the past six months.

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

 

[snail]

Hi alstar
The bank statement thing only applies if your bank is a big multinational and does not write ad hoc letters for legal reasons.

HSBC gave me a letter with my name on it saying I had X amount in total in all my accounts and that I had the accounts for 3 years, because they could not change it to add average balance, they told me to include 6 months worth of the composite statements and that CIC knows that HSBC doesn't write individual letters (the statement you want is the one that that lists all your accounts and the balances of each one, not all the transactions, it's in their online banking tool under 'previous statements', just download them and make a big pdf).

They told me that they couldn't give the letter that CIC asks for, but it might depend on the branch whether they do or not, don't worry if they only give you the letter with the balance on it.

I did what the manager at HSBC told me to do (balance certificate letter and 6 months composite statements) and there was no problem- I got a passport request today.

I think as long as both your names appear in the letter and on your statements-which they should do, as they always put the account holder's names on them, you will be FINE. You will be included on your wife's application so they won't think there is anything odd about having both of your names on the account.

Don't worry, if you have the amount they want to see you will have no problems. Good luck!

 

[snail]

Hi All,

I am making my wife as the primary applicant because she is younger than I am and also she has a masters degree so we can get more points, even though she isnt working at the moment because we had a kid in the past year.
She does have over-all work experience of 7 years.

Currently she has a joint account with me in HSBC so my question is when the time comes to show proof of funds I am going to transfer the required amount in her account but will CIC ask for bank statements? even though we had sufficient funds in the bank.
Will a joint account work or does she have to show an account with her as the only holder?

-A

Ps Don't transfer anything if the funds are already in your joint hsbc account as it will make things too complicated and messy! If both of your names are on the joint account it will be fine since you are in her application and will be accompanying her!

 

[alstar]

Hi alstar
The bank statement thing only applies if your bank is a big multinational and does not write ad hoc letters for legal reasons.

HSBC gave me a letter with my name on it saying I had X amount in total in all my accounts and that I had the accounts for 3 years, because they could not change it to add average balance, they told me to include 6 months worth of the composite statements and that CIC knows that HSBC doesn't write individual letters (the statement you want is the one that that lists all your accounts and the balances of each one, not all the transactions, it's in their online banking tool under 'previous statements', just download them and make a big pdf).

They told me that they couldn't give the letter that CIC asks for, but it might depend on the branch whether they do or not, don't worry if they only give you the letter with the balance on it.

I did what the manager at HSBC told me to do (balance certificate letter and 6 months composite statements) and there was no problem- I got a passport request today.

I think as long as both your names appear in the letter and on your statements-which they should do, as they always put the account holder's names on them, you will be FINE. You will be included on your wife's application so they won't think there is anything odd about having both of your names on the account.

Don't worry, if you have the amount they want to see you will have no problems. Good luck!

Thanks so much, this is so simply put. i will do what you have suggested and yes, I do know about the composite e-statements so I will print them off and maybe I can get that stamped from the bank as well but having said that its way in the future in terms of my application but yea congrats on yours and best of luck mate!

 

[frankiefun]

@snail

Nice post!

Just want to know if the funds in your account where there for 6 months?

Regards

 

[alstar]

Thats a good question, I dont think the "entire" amount should be present all through the 6 months but once you submit your application it would be advisable to have that in your account... the process alone might take 6 months so in variability you might end up having it for 6 months!

 

[frankiefun]

Good point alstar!

snail?

 

[One_Topsy]

Thats a good question, I dont think the "entire" amount should be present all through the 6 months but once you submit your application it would be advisable to have that in your account... the process alone might take 6 months so in variability you might end up having it for 6 months!

They will compare the final balance as at the time of submission with the average balance over the six months.
A huge difference will then raise eyebrows.
The funds don't have to be there the whole 6 months, but you can't just deposit a huge amount before getting the letter/statemnt. you will be found out

 

[pultyn]

What if I left my country of origin and all my savings put into my father's account? Now I asked him to transfer them all into mine account which I have for more than 8 years but balance was 0 through all these years I spend in Canada (I wanted to close that account but I didn't do it).
Can he write down some kind of declaration that he held those money for me?

What about my Canadian accounts as well as T4s'. Can I attach them?

Thanks

 

[snail]

Sorry I had the minimum amount in my accounts a year before I decided to apply, so I can't help you with that. If you saved up gradually the'll be able to see it so i wouldn't worry. they just want you to show that you did not take out a loan to 'fake' having the funds.

 

[pultyn]

I never took any loan in my whole life. I keep away from banks... it is easier to live

 

[Sanazeh]

I have a related query. I have received the ITA and I am the primary applicant. We were under the impression that spouse's account will suffice as a proof of fund (as it previously was) and didn't transfer the money in my account. I do work but I do not have sufficient balance in my own account. We have been maintaining husband's account for this purpose from both of our savings. Now the question is:

1. Should I transfer the money in my name? If I do my 6 months average balance will be messed up. How do I handle that?
2. Submit husband's account balance and get a letter written from him that this is our settlement fund (he is included in the application)?