While landing, is it compulsory to have minimum required POF in physically

[lovelyece]

Hi,

I have one doubt that While landing , do one need to have required POF atleast in actual.
I mean, lets say for single person, POF required is 12400 CAD. So is it compulsory to have atleast this amount (in the form of cash, travel cheeque, Bank draft) while landing or one can have partial sum ,lets say 8000 CAD and rest fund in one's Home Country bank. (and one have the latest bank statement and fund certificate as proof)

Also if one create a bank account in canada (before arrival ) and transfer funds to that account (before arrival)
So while landing do one has to declare that fund also.

Please suggest.

 

[DiNaV]

Hi,

I have one doubt that While landing , do one need to have required POF atleast in actual.
I mean, lets say for single person, POF required is 12400 CAD. So is it compulsory to have atleast this amount (in the form of cash, travel cheeque, Bank draft) while landing or one can have partial sum ,lets say 8000 CAD and rest fund in one's Home Country bank. (and one have the latest bank statement and fund certificate as proof)
I had these similar questions few days back (as I am in the same situation like you) and the answers I got am sharing with you. No, it is not required to have the whole od 12400 CAD in cash/cheque or any other form at the time of landing. But you do need to show POF in form of bank statements. And if you take more than 10000 CAD in any form then you need to declare it.
Also if one create a bank account in canada (before arrival ) and transfer funds to that account (before arrival)
So while landing do one has to declare that fund also.
I dont know the answer to this question of yours. But I do have a question for you in return here . Before arrival how can one create a bank account in Canada??! Please let me know how this is possible as I would be interested if such an option is available.
Please suggest.

 

[mangutrad]

It depends on the kind of immigration class. CEC do not need any proof of funds for example.

 

[legalfalcon]

Hi,

I have one doubt that While landing , do one need to have required POF atleast in actual.
I mean, lets say for single person, POF required is 12400 CAD. So is it compulsory to have atleast this amount (in the form of cash, travel cheeque, Bank draft) while landing or one can have partial sum ,lets say 8000 CAD and rest fund in one's Home Country bank. (and one have the latest bank statement and fund certificate as proof)

You only need a proof of funds, and not the actual funds (cash or check). The document you submitted along with your application will be sufficient.

Also if one create a bank account in canada (before arrival ) and transfer funds to that account (before arrival)
So while landing do one has to declare that fund also.

No, you only declare cash, check or any other monetary instrument that you are carrying with you, only if it exceeds CAD 10,000. This is to prevent money laundering.

Please suggest.

 

[legalfalcon]

See http://www.rbc.com/newcomers/moving-to-canada-resident.html

https://www.nbc.ca/en/personal/programs/newcomers/getting-ready-to-open-your-account.html

 

[rockytg]

In addition to the ones stated above, check Scotiabank and icici bank site.

You can open accounts from India itself before you actually move to Canada. The account would be inactive till the time you do not visit a branch of that very bank in Canada. Also, they issue you a balance certificate which can be used as proof of funds.

 

[Wolverine17]

I want to ask,only the old bank statement is needed and not an updated one?

 

[rockytg]

Updated one.

 

[Wolverine17]

Updated one.

Am asking because @legalfalcon said the old one thats why the confusion

 

[scylla]

Am asking because @legalfalcon said the old one thats why the confusion

Updated. If you are asked, they'll want to see recent proof that you have enough funds.

 

[Wolverine17]

Updated. If you are asked, they'll want to see recent proof that you have enough funds.

K great thats what i thought,will i need the statements and bank letter or statement only is enough?is it ok to carry part in cash and the rest of the amount to be shown as statement or bank letter?do i need to show statements for the cash amount as well or not needed?thanks

 

[omarkhan]

I wonder if the pof i submit at the time of application which is a 1k CAD more than the LICO then, falls below the LICO due to inflation after I have submitted the eAPR, would that result in rejection? Alternatively, can I upload an updated statement if if the pof falls below LICO? I raised this question earlier but never got a satisfactory answer, and its really making me uneasy. I would really be thankful if the senior experts here, such @legalfalcon can help me out here. Thanks.

 

[legalfalcon]

Am asking because @legalfalcon said the old one thats why the confusion

There is no requirement for an updated statement and a new document from your bank. The same PoF you submitted to IRCC with your PR application will suffice. However, do carry the latest statement from your bank and that would be all.

 

[Wolverine17]

There is no requirement for an updated statement and a new document from your bank. The same PoF you submitted to IRCC with your PR application will suffice. However, do carry the latest statement from your bank and that would be all.

K thanks so will get and updated bank statement for the money in bank?will i also need a bank letter??also for the cash money that i will carry do i need to show bank statements or something or only declare what i have in cash and show the rest of funds that are in the bank?

 

[legalfalcon]

K thanks so will get and updated bank statement for the money in bank?will i also need a bank letter??also for the cash money that i will carry do i need to show bank statements or something or only declare what i have in cash and show the rest of funds that are in the bank?

You only need the latest bank statement. You can use the old letter that you submitted to IRCC. You cannot carry more than 10K CAD in cash/check. If you do, you will have to declare it, and it will be confiscated until you declare documentary proof of the source.