Purpose
To confirm whether the applicant meets the low-income cut-off (LICO), assessed by the amount of money they hold compared to the number of people in their family
Document requirements
The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
Other documents may also be requested, as necessary.
all this information is clearly mentioned on IRCC website.
you need a bank letter stating average balance for last 6 months, along with name on account, date of opening account, type of acount etc.
else you can have a bank letter showing date of opening, name of account, type of account etc along with 6 months bank statement.
funds should be unencumbered , meaning readily available to be converted to CAD...
examples - money in bank, provident fund (for indians) , fixed deposits in some cases
How about the credit card outstanding? Do we need to get an official letter from the credit card company as well? or the latest statement showing the balance is sufficient?
How about the credit card outstanding? Do we need to get an official letter from the credit card company as well? or the latest statement showing the balance is sufficient?
It is not mandatory to disclose everything. you only need to show account / multiple accounts that prove that you have the required funds. As for the Credit Cards, if you dont have much debt against you then only you should show it, otherwise try not to. nobody at CIC office is gonna pull out your CIBIL rating or anything. They only want to ensure that you are using your own money, not any kind of loan or borrowed money, to settle in canada.
It is not mandatory to disclose everything. you only need to show account / multiple accounts that prove that you have the required funds. As for the Credit Cards, if you dont have much debt against you then only you should show it, otherwise try not to. nobody at CIC office is gonna pull out your CIBIL rating or anything. They only want to ensure that you are using your own money, not any kind of loan or borrowed money, to settle in canada.