Understanding Proof of Funds for Express Entry

#1

It is said on the Canadian immigration website that we need to show “the average balance for the past six months”. Does this mean single average amount for that last six months altogether, such as Average balance for past six months = $ XX,XXX. Or it has to be breakdown of each months average balance, such as Average balance for January = $ XXXX, Feb = $ XXXX…etc.,

Please help

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#2

single average amount for that last six months altogether

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#3

Can a newly opened fixed deposit account for a term of one year would be considered?

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#4

You need to show 6 months’ average balance. If you have a bank account with the required amount nothing else is needed.
FD typically has a penalty for early withdrawal/before maturity, and if it’s newly opened, will you have 6 months worth of statements?

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#5

Sorry could not able to get back to you on time.
If I just stick to my bank statements I don’t have par average balance for last six months but my current balance is above the minimum threshold set by Canada Immigration website. This is the reason why I was thinking about FD.

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#6

About 5 months before I applied for EE, i had opened a bank account with a couple of hundred dollars and directed my salary to that account for the next 5 months. Even though I didn’t have the monthly average for the previous 6 months, my current balance at the end of 5 months was more than the threshold set by IRCC. And I submitted all my statements showing that I earned the money myself as well as wrote in the letter of explanation that I had opened this account primarily to save for EE application. Now, I’m not asking you to exactly follow these steps, instead what I want you to understand is that your primary concern should be including documentation to prove that the money in the account is yours and only yours. I believe, you will be fine even though you don’t satisfy the average balance requirement to the word.

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#7

Thanks,
I have one more question. My wife has savings account in India and it is only on her name and I want to show her bank account as well. IRCC says “If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.”
How we have to prove that I have access to her account? What proof is expected?

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#8

I think you need to provide a notarized letter stating that your spouse has provided you with full access to the funds in their account.

@vignesh.pr, is that right or is anything else required?

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#9

Nope I think that should suffice!!

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#10

How recent should the account balance be? Can I submit my documents I got from the bank few weeks ago? (for example i got it on 3/1)

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#11

Yes, that should be alright. As long as the bank documents aren’t too old, they will work.

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