401K loan as source of funds for immigration purpose

[nike333]

I am planning to apply for Canadian PR under FSW category in next few weeks. Currently, I live and work in US.

In my case, I have my money invested in Savings and Investment (401K) plan through my employer over last few years . Majority of the money saved in that account was contributed by me from every paycheck and some portion of it was contributed (matched) by my employer.

Well, I have easy and immediate access to funds that were "my own contributions" and have an option to withdraw some portion of my invested contributions as "a loan". Technically speaking, its not a loan as its my own money which is saved in the savings/investment account. During the repayment of this loan, deductions will be made from my future paychecks and I will be paying interest to myself. Therefore, no borrowing from second party is involved in this case.

I plan to borrow these funds from my savings (401K) account and deposit it into my Bank's account. So my question is, can Canadian Immigration authorities treat this as an acceptable "source of funds" for immigration visa application?

Has anyone done this before?

Any advice will be greatly appreciated!!!

Thanks

 

[nike333]

???

 

[CHIKU17]

I have not done this. I think they may question you if you have a sudden increase in your account balance. But, if you have this money in your savings/checking(not 401K) account for more than 6 months, it shouldn't matter. Also, i think they should be fine with if the source of money is from your own account.

Also, do you have a ITA? If not is it possible to save the amount required from your regular paycheck before you get the ITA? Keep it in high yields online savings account.

 

[nike333]

Thanks for your reply..

No, I have no rec'd ITA yet; expecting to get one in next draw...

Yes, I plan to come up with ~50% of required funds from my future paycheck savings and for remaining 50% I really want to use my 401K funds...doing so because I really want send PR application in next couple of weeks or so...but I still don't know for sure if the way I am trying to raise funds is appropriate in Immigration agencies eyes or not!