Proof of funds requirements - Explained

[neerajp]

Yes balaji. You are all good from your end.
Don't forget to compose a letter of explanation to explain your case.

Hi,

Is there a format for LOE or one needs to draft it by self? Thanks

 

[kanu]

Hello all, I was just wondering if Mutual funds are acceptable POF or not as I have good amount of money there but don't want to encash if i get an ITA.

Any suggestions on how to add that amount in POF?
Thanks

 

[sundar17feb99]

Hi,

Is there a format for LOE or one needs to draft it by self? Thanks

Hello, There isn't format for LOE.
Just usual addressing and closing line and explaining your case in-between.

 

[neerajp]

Hello, There isn't format for LOE.
Just usual addressing and closing line and explaining your case in-between.

Thanks for clarifying!

 

[sundar17feb99]

Hello all, I was just wondering if Mutual funds are acceptable POF or not as I have good amount of money there but don't want to encash if i get an ITA.

Any suggestions on how to add that amount in POF?
Thanks

Mutual funds can be used but it's high risk because of it's mercurial nature.
You can liquidate those and shown as POF

 

[kanu]

Mutual funds can be used but it's high risk because of it's mercurial nature.
You can liquidate those and shown as POF

So liquidation is the only option for MF? I might liquidate it and then get my bank statement with the updated amount and may reinvest the money again in MF.
How old should be the bank/FD statement before submitting the eAPR?

 

[sundar17feb99]

So liquidation is the only option for MF? I might liquidate it and then get my bank statement with the updated amount and may reinvest the money again in MF.
How old should be the bank/FD statement before submitting the eAPR?

It's not the only option perse. You can still show statement from MF, but that will only add ambiguity.
And once you liquidate and deposit, it is not recommended to re-transmit back to MF. IRCC may ask your most recent bank statement at any point during processing.

 

[kamiyachawla86]

Hi everyone... Am new to this process and while I've submitted my documents for transcripts from my university.. I wanted to check on the funds piece.. As part of employment in India.. there is a substantial amount I have in provident fund along with Mutual Funds and stocks. Will the provident fund statement work in this case ?

 

[sundar17feb99]

Hi everyone... Am new to this process and while I've submitted my documents for transcripts from my university.. I wanted to check on the funds piece.. As part of employment in India.. there is a substantial amount I have in provident fund along with Mutual Funds and stocks. Will the provident fund statement work in this case ?

Yes PF statement can be used as POF as it can be liquidated when needed.

 

[Ow2912]

Hey there,
I'll be traveling into Canada on a Working Holiday visa in may.
Before I arrive in Canada, I was wondering if I can carry my money in cash to proof the necessary amount of 2500 CAD.(I'll probably come with an equivalent of around 3500 CAD).
My boyfriend, who's Canadian and who I'll be living with told me that I would get a better exchange rate at VBCE, than having it on my prepaid credit card, which costs around 40€ per year and gives me a worse exchange rate.

Thanks in advance.

 

[samb2078]

Hi, thanks for such a detailed info!

I am applying for Canadian PR. I have a few queries:

1 I am married but, I am applying as a single applicant. I am definitely going to state that I am married and have a child. But, they are not going to accompany me now. Do I still have to maintain the settlement funds for 3?

2 If I am not filing a joint application, do I still have to submit the bank details of my husband too?

Thanks in advance for your help!

 

[orioye]

Hello Everyone,

Thanks for putting this up for the newbies

I have two cases I'd like to get advice on.

Case #1 (POF):
My dad is a Real Estate mogul and have given me and my siblings each some properties. Ownership certificate for my own property is still in my dad's name as changing the name here is extremely tedious and takes years, I however have a notarized letter showing ownership transfer from him to me. This property alone is worth more than the required amount by CIC. Can I use it? Do I need any more documents to back this up?

Case #2 Relative In Canada:
I plan to move to Nova Scotia with my wife. I personally don't have any relative there but my wife does. However, their relationship is not a direct one.
- The relative in Canada is her (my wife) Uncle's son. Apparently they are cousins.
- This uncle's name is in our marriage certificate (to represent my late Father In-Law).
- My wife still shares the same surname with them because she hasn't changed her name since marriage.

Any possibilities of this adding to our adaptability scores?

 

[sundar17feb99]

Hey there,
I'll be traveling into Canada on a Working Holiday visa in may.
Before I arrive in Canada, I was wondering if I can carry my money in cash to proof the necessary amount of 2500 CAD.(I'll probably come with an equivalent of around 3500 CAD).
My boyfriend, who's Canadian and who I'll be living with told me that I would get a better exchange rate at VBCE, than having it on my prepaid credit card, which costs around 40€ per year and gives me a worse exchange rate.

Thanks in advance.

Yes, you can carry 2500 CAD. anything above than 10,000 CAD should be declared.

 

[sundar17feb99]

Hi, thanks for such a detailed info!

I am applying for Canadian PR. I have a few queries:

1 I am married but, I am applying as a single applicant. I am definitely going to state that I am married and have a child. But, they are not going to accompany me now. Do I still have to maintain the settlement funds for 3?

2 If I am not filing a joint application, do I still have to submit the bank details of my husband too?

Thanks in advance for your help!

No and No

Show the settlement funds for 1 person along with your account documents for POF.

 

[sundar17feb99]

Hello Everyone,

Thanks for putting this up for the newbies

I have two cases I'd like to get advice on.

Case #1 (POF):
My dad is a Real Estate mogul and have given me and my siblings each some properties. Ownership certificate for my own property is still in my dad's name as changing the name here is extremely tedious and takes years, I however have a notarized letter showing ownership transfer from him to me. This property alone is worth more than the required amount by CIC. Can I use it? Do I need any more documents to back this up?

Case #2 Relative In Canada:
I plan to move to Nova Scotia with my wife. I personally don't have any relative there but my wife does. However, their relationship is not a direct one.
- The relative in Canada is her (my wife) Uncle's son. Apparently they are cousins.
- This uncle's name is in our marriage certificate (to represent my late Father In-Law).
- My wife still shares the same surname with them because she hasn't changed her name since marriage.

Any possibilities of this adding to our adaptability scores?

For case #1:

No, you cannot furnish those as your POF. You need amount which can be liquidated at any given time, i.e bonds, cash etc.

For case #2:
quoted from website site.

Relatives in Canada
You, or if it applies, your spouse or common-law partner, have a relative:

• living in Canada
• 18 years or older and
• a Canadian citizen or permanent resident

This relative must be a:

• parent
• grandparent
• child
• grandchild
• child of a parent (sibling)
• child of a grandparent (aunt or uncle)
• grandchild of a parent (niece or nephew)

In short, siblings will fetch you points on CRS but not on Eligibility score. Likewise, relatives will increase your FSW score but not CRS.

Hope it helps