@mrandmrs I submitted my application with last 6 months statements and credit card statements ( I am new to this blog ) . I Did not gave any letter from BOFA ( I have account in BOFA ) . will it be a problem ? if I get the letter how can I submit it now since I already submitted the Documents .
CIC clearly asks for a letter from the bank so you should get one and raise a CSE to submit it. It is better to submit it proactively now else CIC might ask for it at a later stage and you will end up wasting your application processing time.
@mrandmrs Thanks for your reply . just to confirm https://secure.cic.gc.ca/enquiries-renseignements/canada-case-cas-eng.aspx is this the link where I can raise a cse and submit document?
Also do I need to give them the credit card statements for 6 months ?
Also is there any chance that because of this my application gets a rejection ?
Yes, that is the link.
Credit card statements are not mandatory.
I don’t know whether they will reject the application or just ask for the required documents.
I have a house in US, do I have show that along with Saving and Checking account and credit card balance? House loans are huge compared to saving. Band of America’s reference letter also doesn’t have full account number.
For proof, you must get official letters from any banks or financial institutions where you’re keeping money.
Letter(s) must
be printed on the financial institution’s letterhead
include their contact information (address, telephone number and email address)
include your name
list outstanding debts such as credit card debts and loans
include, for each current bank and investment account, the
account numbers
date each account was opened
current balance of each account
average balance for the past 6 months
Hi everyone, I’ve seen many posts in forums that said for Fixed Deposits as PoF the certificate should show that the money can be liquidated at any time. I have two Fixed Deposits (3 months term) created since 2012, I can only withdraw the money obviously every 3 months when I decide whether renew it or not, I don’t know if I could get any problem with that? has anyone show Fixed term deposits as PoF and what does the bank letter show? thanks in advance
Proof of fund. My wife and I have joint accounts in Bank of america. We got reference letter for BoA too. I am planning to attach 6 month statements along with that. Do I need to specifically need any thing else to prove my wife has access to the accounts (which is shown in reference letter addressed to her)? She is the primary.
You can make sure that reference letter from BoA has your name as well as your wife’s name as account holder. Since its a joint account, no other proof should be needed.
Yes reference letter has my wife’s name. My wife is the primary.
Hey Guys,
I am not sure if I saw this question in the thread, in case its a repeat please post the link for a suitable answer to my query.
I read through the thread and it looks like 401K as a PoF would be acceptable with a safe side of other liquid assets. But what I was not able to find was how to get the 401k statement and in what form. Vanguard provides a monthly statement would that be sufficient but it would be missing key details like
Start Date
6 month average
Let me know if any one else came across this or has a workaround to work with Vanguard for such a request.
When we submitted our PoF, we just provided the latest statements for both our 401Ks. Our actual savings were enough for showing the proof of funds. The amount in 401K was just to show that we had more than enough buffer, if required.
Hi,
The website clearly states that the funds that we show should not be borrowed from anyone…Does that include property or blood-relation family transfers with notarized letter stating that the funds are totally available for my sole use?
@vignesh.pr Thank you for this detailed summary. This is very helpful man!
I have one small question on the balance aspect. If my father transfers a sum to my account in India, will it cause an issue at all? I am asking to get a sense of what is considered “borrowed”
I am also planning on getting a notarized letter stating that the transfer happened from my fathers account and available for my use.
If you have the notarized letter that should be sufficient. But if you do call it out as a sum being borrowed then that might not count towards the liquid funds that you have for settling.
Thank you @vignesh.pr
I have no intention of calling out “borrowed” in that letter. One of my friends told me a consultant asked him to have the funds in a fixed deposit rather than by funds transfer to a bank account.
I am just trying to figure out the safe option. Any comments from experienced folks here would be very helpful for me. Appreciate your time a lot!!!
Hi @Rubesh04
I am in a similar situation as you are. Regarding the gift deed notary statement, did that go through without any issues? Thank you
cc @mrandmrs
Hi,
I’ve cleared the road blocker IELTS last week, got my ECA,PCC and also the FBI thing.
I’m in a dilemma about how to handle POF.
I’m the only (single) applicant which means my savings should be atleast 13000CAD or above for the last 3/6 months to be on fair grounds with POF.
I have a personal loan of 25k to be cleared here in US. (This was used for some personal family emergency back in India). The monthly installment I pay towards my loan here in US is 1,154USD.
At times I used to make additional payments like 3k a month as well. But till date my outstanding is 25k USD.
I make around 4700 USD/month.
I have credit cards with companies/banks in US worth around 20k USD credit line and owe only few hundreds to them.
My credit score has been in excellent standing since 4 months.(750+)
My problem is that I never had that big CAD equivalent USD amount in my bank account since 3/6 months.
I have 3 NRE accounts with banks in India and managed to save 1Lakh and few thousands INR in each.
I never withdrew a single penny from those NRE accounts. This is equivalent to around 5800CAD & maintained for 2 months. (Still continuing)
I’ve submitted my application with old IELTS scores already in January 2019.
I’ve not updated the latest scores yet.
If I did, my CRS would boost up-to 475 and I would definitely receive the ITA.
To be on a safer side, I do not want to update my latest score until and unless I figure out a way to solve the POF problem.
Do I have to find a way and MUST settle up my personal loan before updating my scores?
Considering my personal loan AND insufficient balance situation, Can someone help me with any possible solution(s) please.
I thank you guys in advance.
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What is your current savings total across all accounts?
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Debt is not counted against you. What they want to see is your financial stability. I.e. is this person going to contribute or become a burden.
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If you have the minimum amount say for 2-3 months, logically your amount will keep increasing.
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The requirement is to financially meet the minimum along with 6 month statements. The statements are to validate that the savings didn’t come from someone depositing money to show the balance. As long as the balance cane gradually, that is good.
Hi @vignesh.pr first of all thanks for your response.
So, my savings, at-least accumulated savings steadily kept, across my NRE accounts since 2-3months come around 3Lakhs INR. equivalent to 5700 CAD.
USD Savings are not steadily maintained.
But my plan is:
–To borrow money little by little from friends, accumulate 10K USD adding up with my salary as well.(I plan to do this in the present month)
–Wait for at-least 3-4 months and then update my latest IELTS scores.
–Once I get the ITA, I will have another 90 days to gather all the docs.
–So all together I will have 6 months of accumulated savings in my US bank account as well as NRE accounts.
–I think there will be no question about borrowed money since I’m not planning to update my scores in this month. I’m going to do it after 3 months.
–Does it sound like a plan? Please correct me if I’m wrong.
If you feel that I do not have to go through this kind of waiting and waiting plan, please suggest something else.
One more question to you is, How about me transferring money from US Bank to NRE every month, across all the NRE accounts I have and make them accumulate to 13K CAD in the next 3 months, then update scores?
I’m at-least glad that my personal loan here in US wont effect me in the process.
Thanks in Advance.
Hi Guys, I am moving to Canada from India on 29th July. For transferring my money, I have already applied for a bank account with ScotiaBank. I want to know who to transfer money from Indian bank (PNB) SECURELY to Canadian bank account.