Question about financial statement?


#1

I recently received my ITA. I have a question regarding the financial aspect of the application. Would a recent gift deed hurt my application? I have a notarized affidavit for it


#2

How recent? And what’s the deed for? If it’s a large amount of money without which you would not have sufficient funds, then probably. The funds are supposed to be your own savings/earnings. If it’s more than 6 months old I wouldn’t worry about it. Also if, without the gift you had sufficient funds then I wouldn’t worry about it.


#3

It was in the last month, It’s just an amount my father gave me. I have around 75% of the required amount as my own saving, and for the rest I am thinking I will show the gift deed as POF.


#4

That’s the thing; the money shouldn’t be borrowed from anyone for PR purposes. Even if you haven’t done it for PR purposes the CIC may see it that way.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

That being said if your bank balance is monotonically increasing for the next 3 months it shouldn’t be much of a deal! In that case don’t show any affidavit. Also get the 6 months average balance statement from the bank. You’re not explicitly asked to show the 6 months’ bank statements based on the link above so maybe just the bank letter will suffice. If they ask for additional bank statements after final submission then do so.


#5

I’ve been watching videos on Youtube over the last few days regarding Proof of Funds and I’ve seen multiple consultants advise that receiving money and showing it as a gift will suffice. Although, it was emphasized that the gift deed/declaration should mention explicitly that it is not a loan and that the sender does not own the funds once they are transferred. I understand there may be questions regarding the credibility of the consultants but they seemed to know what they were doing. Thoughts?


#6

Hmmm…in that case it makes sense that you own the money now. You may want to add the affidavit in the letter of explanation rather than proof of funds. In PoF you might as well add only the bank letter + bank statements, and credit card statements (optional). @vik?


#7

Is it mandatory to submit 6 months individual bank statements as fin proof??


#8

Some form of official bank document is mandatory obviously. On the CIC website it doesn’t state bank statements as mandatory, it only says summary letter from bank. So for final document submission it should be OK. In fact you should definitely get one-page official bank letter with the required information. If you have multiple sources of incomes/banks then good to create cover letter stating all funds and conversion rate to CAD.

If you can throw in the bank statements as well as an addendum to this summary letter from bank that’s always good.

Note that even if you don’t submit bank statements but only the letter during final document submission and it gets approved, it’s advisable to carry 6 month bank statements during landing because they may ask you then (so important not to splurge between these two events!).

During final submission they can always send you a request for bank statements if they need verification, but during landing you won’t get second chances. They need this to make sure you didn’t borrow money from someone.


#9

Can I take loan from my 401k or IRA account for proof of funds? This loan amount will be 40% of the required funds.


#10

I’m not sure about the loan part, but I have read it’s OK to show your 401k and IRA funds as part of proof of funds. The problem with a loan is you have to pay it back so it’s not really your money, technically, even if you own the bank (your retirement fund). That being said, if the CIC accepts the 401k statements then you’re fine, the fact that it’s 40% of the funds should not be an issue, although that would greatly depend on adjudicating officer.

Although I would recommend submitting your application as late as possible and increasing the liquid money in your bank accounts so it’s lesser than 40%.


#11

Thanks @anshul.v.joshi on CIC website it says ”Letter(s) must: include, for each current bank and investment account ". Here I presume the investment account can be 401k or IRA and if that’s case I may just provide statement with vested amount rather than taking a loan.

Do you know anyone who had success using 401k statements for proof of funds?


#12

Technically 401k and IRA is retirement accounts, but yeah if a lot of your funds are there might as well show it.
I did not hear/read any success stories of people using these statements, only what people think is acceptable.


#13

Hi Anshul,

Firstly kudos for movnorth. Great Community !
I am currently struck with the proof of funds as I did not know about the 6 month Avg balance.
I started my process couple of months back and I am done with my ielts and wes evaluation. My score is 470. I am single.
I had a little over 1000$ in my savings.So for proof of funds, this month - I moved my entire one month pay check and my bonus from employer which I got the same month to make it 13000 USD. I am planning to keep this funds in my savings for the next two years !
My questions :

  1. I never had good bank balance in my past 6 months as I always maintained pay check to paycheck.
    a. So is it mandatory for me to show the average balance for the last 6 months ? I am afraid, it would be very low. Cant I just show my current balance and in my support letter mention about the source of funds as employment ?Will it suffice ?
    2.do I need to show my credit card debts ? if yes, this would be a big flag as I have substantial amount of credit debt currently ?

It would be helpful if you can suggest any approach . Appreciate your time in advance !

Thanks
Sree


#14

If you can prove it is your money, by showing payslips that show bonus that should be OK. Just include that in your proof of funds pdf.

You should get the ITA and submit documents maybe a couple of months later? Balance will probably grow by that time. 6 months balance is going to consider the amount you currently have so it should be OK for single. You have more than what’s required to show.

Get the summary letter from bank. If they dont have average amount you can write a cover letter showing the average amount.

Bank statements and credit card statements are not mandatory at this stage.


#15

The letter from each of your banks’ bank must include the below the don’t say what the average balance must be during the 6 months. As long as you can show that you have the funds and they are available to you also since you have a paycheck that goes into your bank accounts the source of the funds will be pretty clear and your average will be fine.

  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

#16

Thanks guys for the prompt response. You covered a alot of questions in your answer ! One more follow up question was regarding the summary letter. I have my funds in BOA and DCU both in USA.
a.Does BOA provide the summary letter ?what can I ask when I go to the bank ?Like the bank terminology for summary letter :slight_smile:
b.I understood what info it should have from vikram’s post but It would be very helpful for me and others in the forum, if there is any template what we can request ?

Thanks
Sree


#17

Ask for bank account summary letter for visa/immigration purposes

Bank should have a letter else write one based on CIC guidelines