For my express entry application, I plan to only submit the account summary letter from the banks for a couple of my savings account, which has more than the minimum required amount for PR.
However, most of my other savings is in investment (brokerage) accounts and I don’t plan to include them in my PR application. Based on the instructions for entry into Canada, I will be required to declare all the funds I have access to (including the brokerage funds). Given this, is this a wise decision to not include the brokerage accounts information in the PR application? Has someone faced a similar situation before where they didn’t declare all the funds in PR application but did so when entering Canada and things were fine?
I asked for a summary statement. I visited the branch for this. Unfortunately, the process had changed and for them to provide a VOD you would have to go through a third party site. What the branch manager did for us was different. She took a screenshot of the overview of each account from their internal system, highlighted the key numbers, signed and stamped it.
This was sufficient for us to get our financial documentation approved.
Credit cards are not very important. I would put one of the main ones that you use in the summary. Credit card balances are not to check how much liquid cash you would have left if you paid it off. It is just to see you have good financial background (no late payments etc). They are not going to verify what is your net worth. It is just a means to assess the overall profile of the candidate.
Hi @avj and @anon25417004. I am so glad to have stumbled upon this thread. It was really useful. I just have a couple more follow up questions:
I will be showing the entire amount required for EE through a bank letter issued by Chase. They have listed everything needed by CIC except the outstanding debts and loans part (they said it’s not a part of their format). I do not have any debts or loans with them. Do I need to include this in the LOE?
My parents transferred 25% of the amount needed to my bank 2 months ago. So there is some difference between the average balance of 6 months and the current balance. Do I need to explain it in the LOE? And if yes should I also include a signed letter from them confirming it’s a gift? (My father is actually a Canadian citizen and I will be attaching his passport copy in the LOE).
Hi, I have my car that’s on loan. Do I have to disclose it? If I don’t, would it be a problem crossing the border by road from US to Canada on Landing visa at Port of Canada Entry?
Chintan I disclosed all of my loans. As I mentioned earlier they are not counting your Net funds. If your savings dollars meet the required amount you are good to go. By providing your debt you are providing them a overview of your financial profile.
I am preparing and planning to be settled in Canada either by Express Entry or PNP. But I do not have sufficient fund to declare as a POF. What i exactly want to know is,
Exactly at what stage of application, Proof of funds has to be declared, either at the time of Profile creation or after getting ITA ?
As i am somewhat aware like, for Express entry one need to declare their POF with past 3 months bank statements with an average balance as 12475 CAD for 2019 applicant while applying for PNP. one need to declare their POF with past 6 months bank statements with an average balance as 12475 CAD for 2019 applicant.So, If i do not have this much average balance in my account for the past several months as per criteria, there is one more term I have heard about is ‘Gift Deed’. So, if i am getting ‘Gift Deed’ from one of my relative, how much old the Gift deed should be completed ?
Hope that someone will surely assist me to get me out of my confusions very soon.
My bank says that they cant issue a reference letter since my account is not up to 6 months old, should I continue my application with only my financial statement from the bank?
Is there any issue showing 100% of funds from 401k? If anyone has some insight, I’d appreciate it
EDIT: we do have other savings accounts, but we have more than enough to cover the required financial funds via our 401k, hence the ask.
And,if we opened a new account recently and moved some savings there (money market / liquid), I won’t have 6 month balance to show for the new account. How do we approach this
It is advisable not to show all your PoF using a gift deed since it might raise a red flag. Try to show as much amount possible in your account without the gift deed. A gift deed should only show supplementary funds as much as possible.
Affidavit is a legal paper. You can get your gift deed on it stating that ABC is gifting XYZ with CAD mno amount of money and that it is a gift and hence ABC does not expect XYZ to repay him/her this money. A notary should be able to help you with drafting it.
if my father-in-law gifts me, and i open a new joint account with my wife and show with affidavit and gift deed that money is soleley gifted and belongs to me now. would that be acceptable or weaken my case ?? I will nto have 6 month bank statatement as account is recently opened, just 1 month ago. The cheque is in my name name i.e son in law. The gifted amount is 125% of the required amount by cic, 25 % more than that is requirement mentioned. So complete funds have been gifted and put in a newly opened account. Wouild it weaken the case ?? if no, then are there any small chances of rejection, any little chance ??
Hi, can you also guide me regarding the POF I will be taking all the money from my father as a gift!! So do I need to show his bank statement as well like of 1 month or 3 months? Or I just attach the notorised gift deed with my bank statement of 6 months?
I’m applying outside of Canada for a Study Permit, As my sponsor my mother issued me a manager’s check for my application, And since my bank statement is included, Will there be need for her 6 months bank statement also?