Statements are sufficient. You can convert them if you like.
I received ITA in September and am finalizing my documents right now. For POF all my funds are in my Savings account along with a little more in my 401K, therefore, I am planning to use both of these to fulfill the requirement.
Do I need to submit information or statements for my Checking account as well? That’s where I get my salary and is used primarily to pay off bills?
Thats upto you… If your savings account has more than required funds then you may skip showing all the other accounts… I had shown only one savings + one checking account as my POF… although i had multiple of those…
Thank you for replying, I think I’ll just show my Savings along with my 401K as I am short about 500 CAD in my savings which my 401K makes up for.
I don’t see any reason to show my checking as all I use it for is paying bills and it doesn’t have an amount that I will use for POF.
I assume you had no problems after submitting POF and have received PR, in which case congrats.
As far as your financial statements from savings and 401K covers the POF requirements, its all that required!
However, we also submitted our loan documents( cars, home etc.) This is just to ensure they are aware of the overall portfolio. It doesn’t count against your finances!
You can create a cover letter with all the account details in a table format which is presentable.
For details: Vignesh PR has summed it quite well in previous answers in the same thread.
All the best!
Thank you appy22.
Since I don’t currently have any car or home loans, I’m gonna take the advice that you guys have shared and will submit a bank verification letter for my savings account along with 6 month bank statement and will add statements from my 401K.
I’ll write a cover letter which will show the total amount in USD and i’ll convert it to CAD using bank of Canada’s conversion rate from that day.
I think that should be enough. Let me know if you guys think something else needs to be added.
I have quick question,
My wife had a joint account with her mother and she recently took one FD. I have couple of questions on which if anyone can reply.
Can I put that FD in my POF if its less then 1 month old?
The FD is only for my wife’s name and her mother is nominee so does it count as individual FD for her only?
If CIC ask to provide source of fund Is it fine if we share share update from joint account ?
Kindly provide answer, I am really confused.