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john951159 Posts: 1
Posted On: 7/18/2023
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Can I provide proof of income through a combination of sources, such as bank statements, tax returns, and employment letters, to strengthen my application?
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Moderator Moderator Posts: 4141
Posted On: 7/27/2023
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Hello,
Thank you for sharing your situation and question with us.
We can appreciate that you would be interested in finding out what your options are in this situation.
The answer to this question may vary depending on what you are applying for. If this is for an immigration application, it is best to contact IRCC directly for that information. One option would be to request a Proof of Income statement from the Canada Revenue Agency, which would provide a brief summary of your income and deductions from the previous year.
I hope this information is helpful. Please let us know if you have further questions and if there is any follow-up to your question/situation.
Sincerely,
Your Settlement.Org team
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alexcray Posts: 68
Posted On: 3/24/2024
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john951159 wrote:
Can I provide proof of income through a combination of sources, such as bank statements, tax returns, and employment letters, to strengthen my application?
Different documents showcase income in different ways. Bank statements provide a recent snapshot of your cash flow, tax returns show your annual income, and employment letters verify your current employment and salary. Combining them paints a more comprehensive picture of your financial situation.
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alexcray Posts: 68
Posted On: 5/28/2024
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john951159 wrote:
Can I provide proof of income through a combination of sources, such as bank statements, tax returns, and employment letters, to strengthen my application?
Providing proof of income through a combination of sources can strengthen your application. Bank statements provide a detailed overview of your financial transactions, verifying income sources like salary payments and dividends. Tax returns provide comprehensive documentation of income, deductions, credits, and liabilities for a specific period, demonstrating consistent income over time. Employment letters confirm your current employment status, providing credibility to income claims. By combining these sources, you can present a compelling case to support your application, addressing potential discrepancies and questions.
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tarhibniamul Posts: 22
Posted On: 6/29/2024
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john951159 wrote:
Can I provide proof of income through a combination of sources, such as bank statements, tax returns, and employment letters, to strengthen my application?
Using multiple sources of income verification can strengthen your application for rental agreements, loans, or other financial purposes. Key documents include paystubs, bank statements, tax returns, employment contracts, proof of income letters, and earnings statements from platforms like UpWork. These documents provide a comprehensive picture of your financial situation, demonstrating consistent cash flow, significant savings, and income patterns. Providing documentation for each income source is crucial for a comprehensive financial picture.
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tarhibniamul Posts: 22
Posted On: 6/29/2024
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mbashash wrote:
Hi,
Is there any school in Ontario to offer 24/7 dorm to international school students?
Thanks.
Yes, you can provide proof of income through a combination of documents to strengthen your application. Using multiple sources of income verification can give a more comprehensive picture of your financial situation.Some key points on using a combination of proof of income documents:- If you have multiple sources of income, it's essential to provide documentation for each, such as paystubs from different employers, rental income statements, or proof of government benefits.
- Bank statements can serve as supporting evidence, particularly for self-employment income, by demonstrating consistent cash flow and significant savings.
- Tax returns are considered a credible means of verifying income as they encompass both earned and unearned income sources, but only reflect the previous tax year.
- Employment contracts, proof of income letters from employers, and W-2/1099 tax forms can provide additional context on your income sources and employment status.
- For self-employed individuals, profit and loss statements or earnings statements from platforms like UpWork can demonstrate income patterns, even if not legally binding.
By submitting a variety of income verification documents, you can paint a more complete picture of your financial situation and strengthen your application for a rental agreement, loan, or other purpose requiring proof of income. The key is to provide documentation for each of your income sources.
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