Help: POF and Inflation

[omarkhan]

Dear members:

As a family of 2 I am to show a pof of at least CAD15312. I entered in the pool by claiming to have CAD16000 worth of funds. Now, my bank statement exceeds that figure by about CAD 400, but I am afraid the inflation may go up and my pof, which is in local currency may fall below 16000, though not necessarily 15312( which the immigration authority would want me to show) Wonder if I can bring down the figure of 16000 to 15312 now that I have received the ITA? On the other hand, if my pof falls below the 16000 (that I claimed to have) but stays above 15312, do I still need to worry?

 

[omarkhan]

Any suggestions please?

 

[DelPiero07]

As long as you meet the minimum required funds the amount you claimed to have($16000) is irrelevant.

 

[omarkhan]

Thank you very much. I am relieved now.

 

[emamabd]

Thank you very much. I am relieved now.

This may not be relevant to your original question, but just a piece of advice from someone who lived here for a while...the amount mentioned on CIC/IRCC website will hardly last for a few months once you immigrate permanently (assuming you don't have a job in hand)...i would advise that you secure enough funds to last you/and your family for a year.

 

[omarkhan]

This may not be relevant to your original question, but just a piece of advice from someone who lived here for a while...the amount mentioned on CIC/IRCC website will hardly last for a few months once you immigrate permanently (assuming you don't have a job in hand)...i would advise that you secure enough funds to last you/and your family for a year.

Thank you. Actually this is a very importat piece of advice I'd say. I have also been thinking about this and plan on taking extra money along just in case. Although its a very relative question but may I ask your advise on how much could be enough for two people to take care of very basic expenses for a year?

 

[Immigreat81]

This may not be relevant to your original question, but just a piece of advice from someone who lived here for a while...the amount mentioned on CIC/IRCC website will hardly last for a few months once you immigrate permanently (assuming you don't have a job in hand)...i would advise that you secure enough funds to last you/and your family for a year.

What's your advice on the amount needed then for 1 year without a job? For a family of 2 adults and a 2 year old?

 

[emamabd]

Thank you. Actually this is a very importat piece of advice I'd say. I have also been thinking about this and plan on taking extra money along just in case. Although its a very relative question but may I ask your advise on how much could be enough for two people to take care of very basic expenses for a year?

I would say account for at least $2500 per month, this is to cover basic accommodation needs, food, internet/phone bills and public transportation costs..basic lifestyle, nothing fancy

 

[emamabd]

What's your advice on the amount needed then for 1 year without a job? For a family of 2 adults and a 2 year old?

I would say around $2800 per month would be a reasonable minimum,

 

[omarkhan]

I would say account for at least $2500 per month, this is to cover basic accommodation needs, food, internet/phone bills and public transportation costs..basic lifestyle, nothing fancy

Thanks a lot for the advice. It was very helpful, and I'll definitely take this into consideration regarding funds I'll take along.

 

[Immigreat81]

I would say around $2800 per month would be a reasonable minimum,

Thanks. That's nearly double what CIC recommend. Wonder why they quote such figures. Where in Canada are you? Do you consider it a high cost of living city compared to others? Thanks again for the advice.

 

[emamabd]

Thanks. That's nearly double what CIC recommend. Wonder why they quote such figures. Where in Canada are you? Do you consider it a high cost of living city compared to others? Thanks again for the advice.

I've lived in Toronto for about 3 years and now moved to a small town in the GTA, i've assumed toronto in the estimates i provided - rental cost for a 1 bedroom basement unit is about $1000 per month, an average 2 bedroom flat/or main floor in a house would cost around $1500 per month, a high end 2 bedroom condo would cost around $2000 a month. If you decided to live in a small town within close proximity to Toronto but have to commute daily due to work/or studies, you would likely save a few hundred bucks in rental but would pay it back as regional transportation costs (GO trains/GO buses to and from toronto). Once you become settled, you'll find that rental costs + phone and internet bill + transportation and food add up to a large fixed monthly amount that you cannot get by with less, weigh your options first and do the math before signing a rental agreement, phone/internet contract..etc. I didn't even factor in the car insurance and related expenses, assuming you won't buy a car until you secure employment.

I think the funds amount mentioned on CIC website are meant to support you for 6 months only, not for a whole year. Also note that Canada has 4 seasons, as a new comer you would need to buy winter clothes for you and the family members, similarly for the summer season, rainy season ..etc, clothing is not cheap here by any means.

 

[wstrn24]

Thanks a lot for the advice. It was very helpful, and I'll definitely take this into consideration regarding funds I'll take along.

Well, it's expensive to live in GTA. It's better to get a job(any kind of job) asap. If you were planning to live in a small town, you would find it difficult getting around without a car.

 

[siju22]

Hi All,

I have a clarification on POF. I have funds which will sum upto 10,000 CAD in one of my bank account and 4500 CAD in another bank account and 4500 is third bank account. Am planning to transfer all the amounts into 10,000 CAD account and show that account as a POF. Is that a right way to showcase that? or should i show it individually?

Also, I have the fund as gift deed from My Mom and Uncle which can sum upto 9000 CAD. Remaining 10000 CAD is the amount which was repayment of fund from my Father-in-law where I have helped him once for his personal needs an year back and he repayed it now. Should i get a LOE stating that it is the repayment amount which is displayed in my account? How I have to justify myself to in such situation.

Any experts, please advise. Thank you in Advance.

Regards,
Siju

 

[omarkhan]

[Qswstrn24, post: 6182719, member: 655830"]Well, it's expensive to live in GTA. It's better to get a job(any kind of job) asap. If you were planning to live in a small town, you would find it difficult getting around without a car.[/QUOTE]
There's the catch then. And I cannot afford the car immediately. I think we need to recalculate and reconsider our option of settling in GTA. Generally speaking they say there are more opportunities there than any place else, but being a university teacher, I wonder if I have to settle for odd jobs for a long time unless i do a PhD from Canada or do something else. Thanks a lot for your advices.