Mutual investment fund
- Thread starter ViAchKoN
- Start date
Please check what the IRCC website says. You want to go to Canada, you need to learn to read the rules.
Oh really. I have never thought about it.
Of course I have done it already and have not found the answer. That is why I asked you.
There is no restriction about mutual funds because it is a type of a financial instutution. And IRCC says that you can provide letter either from a bank or a finibcial institution.
So why I can’t use my mutual funds. Read the rules is not the answer
No. Mutual funds can change in value over time. There is no guaranty that they your fund value will keep increasing over the time of your PR application. Only funds which are readily available should be shown as proof of funds, such as cash in your chequing/savings account, Fixed Deposits and Retirement funds (acceptability/process might vary from country to country, you can search in this forum for further details) are accepted. You can search this forum for other acceptable forms, but it is mostly money in your account. You can withdraw amount from your mutual fund account, which is fine.
Reproducing my message to the thread creator. Here is what IRCC website actually says
And here is an response from the horse's mouth (IRCC) itself that I found when searching the forum (https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-requirements-explained.45043/#post-323657)
Acceptable proof of funds are:
-bank accounts in your name or the name of your accompanying spouse/common-law partner;
-cashable investments in your name or the name of your accompanying spouse/common-law partner;
-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Not acceptable are:
-bank accounts in someone else's name;
-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
-bank accounts in the name of your spouse who is not accompanying you to Canada ;
-property valuations;
-vehicle valuations;
-jewellery valuations.
Mutual funds clearly fit into the definition of "cashable investments". They can be liquidated and transferred to your bank account within 1-2 days (unless your fund has a lock-in period).
- The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.
- o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
- Other documents may also be requested, as necessary.
And here is an response from the horse's mouth (IRCC) itself that I found when searching the forum (https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-requirements-explained.45043/#post-323657)
Acceptable proof of funds are:
-bank accounts in your name or the name of your accompanying spouse/common-law partner;
-cashable investments in your name or the name of your accompanying spouse/common-law partner;
-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Not acceptable are:
-bank accounts in someone else's name;
-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
-bank accounts in the name of your spouse who is not accompanying you to Canada ;
-property valuations;
-vehicle valuations;
-jewellery valuations.
Mutual funds clearly fit into the definition of "cashable investments". They can be liquidated and transferred to your bank account within 1-2 days (unless your fund has a lock-in period).
Thank you for your answer. At last some official source. Because there is no proof about rejecting mutual fund money. Literally, no where. And people keep saying that mutual funds are not accepted as a proof without referring to official sources or personal experience. I think I will keep going with my mutual fund as a part of proof of funds.
I hope that if they don’t accept it, I will not rejected straight away and be giving a chance to transfer money on bank account. But I think it will be okay, VO is a person and understands that people sometimes people invest money and mutual fund is not a risky way to do it.
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I used my mutual funds investment as prrof of funds.I had above the minimum acceptable for a single applicant.
The money was gotten as a gift from my parent ( gift deed) and invested into the mutual funds, and there's been no issue.
The money was gotten as a gift from my parent ( gift deed) and invested into the mutual funds, and there's been no issue.
False.
Even if the mutual funds invesment doesn't increase it does not reduce in value.
It's key that anyone using MF as their pof must ensure that the value of the funds as at the time of submitting their application is higher than the minimum required POF for the number of applicants.
First of all, yes, mutual funds can lose value. You have currency risk for whatever your fund is denominated in, and you have the market risk. If the overall value of the portfolio crashes, you will lose money.
And this is why I told you to read the rules yourself. There are very few experts on this forum and the government body do a relatively thorough job of providing their guidelines. ItsI your job to do your own research before you just go and ask advice from unqualified strangers.
Yes. If I was showing mutual funds, I would ensure that the amount is at least double of the required amount due to market risks.
Ideally, you'd have enough cash so that you wouldn't worry about the mutual funds' value fluctuation wouldn't put you at much risk.
Hi tobs. So i read that you used a gift deed then transferred to mutual funds. My question is did you still need to show your bank balance after you put funds in the mutual funds. And what documents did you provide to show POF. I know you have to show gift deed and statement from mutual funds. But did you provide any other documents apart from those two?
Hey ladi,
I asked my mutual funds investment bank to give me a statement |(it was more of a summary of amount invested and amount redeemed). I also got a bank statement and letter from one of my commercial banks (savings account) even though there wasn't any money there.
The documents I used; A gift deed, A bank letter $ a statement from the MF Investment bank and one commercial bank (my savings account).
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