Another proof of funds question

[dazednconfused]

I know this has been asked multiple times before on the forums. But I am unable to find a clear answer. Forum members, I would appreciate some insight.

CIC website states we need to show CAD15,312 for proof of funds for 2 people.

My questions are as below:
1. We plan to only show our joint account for POF. 6 months average will only be around $1500. However, I have transferred some money from my personal account into the joint account and we now have a little over 50% of the CAD 15,312 in the account. Will this be a problem? I can provide a signed statement that the money is ours to use at any time.
2. For the balance CAD6700, can I use my 401k? I did a quick check and after withdrawal taxes and penalties we will be above the CAD15,312 mark.
If needed, I can get a letter from the 401k firm stating that the funds is mine and that post withdrawal we will have $X.
3. Can I then show CAD8600 + $X (whatever it converts to in CAD) which will be over and above the CAD15,312?

Thanks!

 

[CanadaWeCome]

I know this has been asked multiple times before on the forums. But I am unable to find a clear answer. Forum members, I would appreciate some insight.

CIC website states we need to show CAD15,312 for proof of funds for 2 people.

My questions are as below:
1. We plan to only show our joint account for POF. 6 months average will only be around $1500. However, I have transferred some money from my personal account into the joint account and we now have a little over 50% of the CAD 15,312 in the account. Will this be a problem? I can provide a signed statement that the money is ours to use at any time. A: Shouldn't be a problem. Just carry the proof of your other account and the money transfer from one to the other. But i suggest you keep it more that the LICO requirement considering the currency fluctuations.
2. For the balance CAD6700, can I use my 401k? I did a quick check and after withdrawal taxes and penalties we will be above the CAD15,312 mark. A:Sure you can.
If needed, I can get a letter from the 401k firm stating that the funds is mine and that post withdrawal we will have $X.
3. Can I then show CAD8600 + $X (whatever it converts to in CAD) which will be over and above the CAD15,312? A: Yes.

Thanks!

 

[dazednconfused]

Thank you very much for the response!! ;D
This makes me a lot more relaxed about the POF.

 

[dazednconfused]

Follow up question: the monies that was transferred from my personal account into the joint account was only recently available in my personal account. But these came from tax returns and from paychecks. Would I have to document the history of these amounts or is it sufficient to write an explanation stating the amounts and their origins?

 

[dazednconfused]

Final follow up: I will not be withdrawing the money from 401k. What I intend to do is basically have a letter from the 401k firm confirming my name and address on the account and the closing balance on that day and that the funds are mine. I will also attach 1 year statement as supporting document and provide calculation for the deductions based on applicable taxes using my salaried income and I will still have sufficient funds to meet the minimum requirement.

Sorry for multiple posts - I was reading similar older threads but it looks like the answer on most of them were assuming that money would be withdrawn vs. in my case I do not intend to withdraw any money from 401k unless needed.