canadian-money-advisor.ca logo  
credit
What is Proof of Income?

Proof of income is an official document that is provided by an individual as his or her evidence being employed and earning a specific amount. This document is demanded in various places. Sometimes the document is also used as an identification document. From banks to visa offices, from tax offices to a financial organization, everybody asks for this important document. This document’s demand in banks is naturally explicable. Banks would obviously want to know if the individual is in a comfortable financial position so as to pay the bank installments. In Canada, like every other country, the multipurpose financial status indicator is regarded as an important document and is considered to be the most authentic proof from an individual. It can be a simple salary slip given by the employer. Some organization or official systems may demand salary slips of an entire year, whereas some of them may just ask for a few months of records. A pay slip, salary slip, wage slip or even a cash pay slip. Any one of these can act as a person’s Proof of income as far as it is genuine.

There are documents called pay stubs which indicate the year to date income listing from the most recent past. The income tax return document or the W-2 form can also act as the proof required for salary. This document must be of the current year, else it is not accepted. If the individual is not employed, he or she has to supplement with an unemployment certificate from any office of the Canadian employment commission. Even documents of benefits obtained from the government or social security benefits can be presents as proofs of income. The leave and earning statement from the military is also completely valid and given full regard and it can used wherever required. If a social service department of Canada can provide a statement of foster care, even that can be used as proof indicating that a person receives a financial income.

If an individual has been asked to provide this document then it is always better that he or she obtains a letter from a social agency that gives the detail of the number of family members. Hence he or she can get a document from the social agency regarding the financial helpings of the family. These documents can act as proofs of income. If the individual is a regular employee of an organization then he or she has to present a document from the employer indicating the individual’s salary and gross pay. It can also contain various other details. With this a minimum of three consecutive pay stubs should be annexed and at least four pay slips along with the attachment. If the individual is running a business or is self employed, then the person’s record of bank can be used as Proof of income. If insufficient, the person can provide the income tax return statements and a letter from the person’s accountant specifying the person’s gross or net income for that year.

Add Your Comments:
Fields with * are required
Your Comment Below:
 
Name*
 
Email*
 
Website
 
Code*
 
Enter Above Code
 
Note: Comments are moderated - Spam will be deleted
 

HOME | Contact | Disclaimer | About Us | Faqs | Discussion |