Fund Requirement Criteria for Express Entry Profile.

[jay.pipalia]

Hi Guys,

I have just created my express entry profile. Most probably I will get ITA in next draw to be held on 12.12.2018 as my CRS is 450+.
Now, In my account I don't have enough fund but I am going to receive required funds from my parents before the draw by forming Gift deed.
1. Will this situation create any issue in visa processing?
2. Is it safe to put statement of investment in equity share as a part of required fund?
3. Is it safe to put Life Insurance Policy's surrender value as a part of fund?

It's humble request to reply as soon as possible as upcoming draw is on head now.
Thanks in advance.

 

[Noramoda]

Yes all these are a good idea
Gift deed you'll be submitting and for the other two sources it'll reflect in your statement, so it's all good.. in such cases you can have the money even a day before submitting your application and it wont matter. The 6 months mandatory period is waived in such cases

 

[tobs]

Hi Guys,

I have just created my express entry profile. Most probably I will get ITA in next draw to be held on 12.12.2018 as my CRS is 450+.
Now, In my account I don't have enough fund but I am going to receive required funds from my parents before the draw by forming Gift deed.
1. Will this situation create any issue in visa processing?
2. Is it safe to put statement of investment in equity share as a part of required fund?
3. Is it safe to put Life Insurance Policy's surrender value as a part of fund?

It's humble request to reply as soon as possible as upcoming draw is on head now.
Thanks in advance.

Get a gift deed from your parents. That's the easiest way to show POF.
Now you can put the money in a savings account, fix the money or invest it in mutual funds and then show the certificate and other related documents as POF documents. Those are the more common routes taking by applicants who receive gift deed or use their own money.
I'm not sure the Life insurance policy option can meet the requirement that the money must be available to you as soon as you can move to Canada. You may need to read up the requirements for POF on CIC's website and see if that's something you can use

 

[sam3218]

1.No issues
2. No, funds should be liquid equity investment isn't.
3. Only if you get the letter from the institute stating surrender value and that it can encashed at any time

 

[jay.pipalia]

Get a gift deed from your parents. That's the easiest way to show POF.
Now you can put the money in a savings account, fix the money or invest it in mutual funds and then show the certificate and other related documents as POF documents. Those are the more common routes taking by applicants who receive gift deed or use their own money.
I'm not sure the Life insurance policy option can meet the requirement that the money must be available to you as soon as you can move to Canada. You may need to read up the requirements for POF on CIC's website and see if that's something you can use

Thanks alot for your quick reply.

 

[jay.pipalia]

1.No issues
2. No, funds should be liquid equity investment isn't.
3. Only if you get the letter from the institute stating surrender value and that it can encashed at any time

Than you so much.

 

[jay.pipalia]

Yes all these are a good idea
Gift deed you'll be submitting and for the other two sources it'll reflect in your statement, so it's all good.. in such cases you can have the money even a day before submitting your application and it wont matter. The 6 months mandatory period is waived in such cases

Thank you.

 

[Noramoda]

Make sure you liquidate the amount, i have LIC too and they even issued me a certificate that i could have the surrender value within in a week but that wont work till the money is acutally in your account coz you'll be required to take the money with you to canada, which they can ask you to show at the border and if you dont carry it with you then there have been cases where theyve sent people back.. i suggest you dont take chances and liquidate it