Proof of funds requirements - Explained

[chatfriend]

Hi guys

Can i show my LIC insurance worth 10 k as my POF to CHC ND\\

Pls let me know guys

The direction clearly state that, cashable investments..

 

[cutemedo]

""Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is ""totally acceptable by CIC"" and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.""


Is real estate being accepted as Proof of funds ? As its written in letter above from visa office that property evaluations are not accepted ! Please help.

 

[dipmm2000]

hi seniors, i m in the uk but i want to show bank statement fron back home.is it possible to show bank statement from back home while staying in the UK??

 

[imu]

Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.

You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada

HELLO
i have sent a bank certificate regarding proof of funds along with a bank statement in which i shown 3 months banking transcation but only three times transcsted . actully i gathered this amount of money from my active three other bank accounts. it is shown in the bank ststement. will it a refusal case ? i am really worried
please drop a comment here.
best regards
imu

 

[visaexpert]

HELLO
i have sent a bank certificate regarding proof of funds along with a bank statement in which i shown 3 months banking transcation but only three times transcsted . actully i gathered this amount of money from my active three other bank accounts. it is shown in the bank ststement.


will it a refusal case ?

NO

No problem if you have required funds in bank account on today's date

 

[matlal]

Thank you Shibuya for the information.

Chatfriend,

You have indicated in your post that you have shown stocks as POF and it was considered.

On the same note : could you confirm, if life insurance premiums are also considred as POF



shreya99
Thank you for sharig the info you received from the CHC.

-Matlal

 

[ruka]

Hi,

I got the letter from the bank today. and it stated yesterday's balance.

Now please tell me how long this letter is valid. Is it OK if I send my full docs in two or three weeks' time.
Or do I have to submit docs immediately. I am still to receive my translations and POC (already received wife's POC).

please advice

thanks in advance.

 

[hopeincanada]

Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.

You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada

Pls. advise. Can we use our land property as POF. We can let the bank or real estate company evaluate the property and let them issue a certificate indicating the value of the property. We will submit this property evaluation certificate together with our bank savings certificate. You think this will work?

 

[chatfriend]

Thank you Shibuya for the information.

Chatfriend,

You have indicated in your post that you have shown stocks as POF and it was considered.

On the same note : could you confirm, if life insurance premiums are also considred as POF

Dear Matlal,

LIC premium have some strings attached to it. The funds should be free and cashable...
(Please note that, I have shown stocks as POF at the time of updation of file; not at the time of landing)

 

[erikvirgo]

SHIBUYA,

Can you show us where did you see the three months requirement as well as the transfer info as quoted from your info:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

 

[nursemich]

What if I have a money that was just given by my parents and then I deposited it in the bank, but the statement doesn't show its been 3 months, will I get denied?

 

[visaexpert]

What if I have a money that was just given by my parents and then I deposited it in the bank, but the statement doesn't show its been 3 months, will I get denied?

NO

 

[ainpfamily]

Hi All, thanks for sharing such useful details.

I recently got AOR from CIC london and they asked me to show source of funds in addition to proof.

I am salaried employee so I can show my bank statement with regular injection of salary. But how can I link it to my savings...

moreover, will CIC accept gratuity/provident funds as part of proof?
thanks in advance...

 

[erikvirgo]

ainpfamily,

How did you deposit the money into saving accounts? by cash? if so you can always tell CHC that you have cash stashed for emergency and then put it in saving accounts as Canada Immigration POF.
They want to see your bank account just to know if you actually have income that enable you save that kind of cash or POF but really how can they prove it if that is your own money/cash...You jsut have to convince them that it is your money

 

[TJ2010]

ainpfamil,
Can I asK how long did the money spend in your account before you print the statement/proof of fund. I need to know. Can I use bank certificate becos the money can only stay in my account for one month before I print the statement.