ASIVAD - Need your help - Rejected for POF

[iceman87]

Hi Asivad,

I'm an FSW outland from India and I got rejected for "insufficient funds"

My app was filed in Aug 15 where my wife was accompanying me and hence the funds required for 2 people is 15,143

Now, my 1 year bank account shows an end of statement balance of about 13,800 CAD and I had included a statement of my FD's whose principal amounts total up to about 25,000 CAD. The FD's are in my name only (sole owner). I thought this should have been more than sufficient!

Can you advise me on what can I do in this case?

My funds have increased since the time I generated the last statement and I now have like 40K CAD in my FD.

I keep the minimum amount in my savings account since I have the sweepin facility.

Does FD not qualify as a valid proof of fund?

Your feedback will be greatly appreciated.

Thanks in advance

 

[Asivad Anac]

Sorry to hear about your refusal.

Either paste the contents of your refusal letter/officer's observations here or send me a PM.

 

[Moejoego]

Sorry to hear about your refusal.

Either paste the contents of your refusal letter/officer's observations here or send me a PM.

Now I am shaking too I have shown 21000 CAD in fixed deposit only.......trouble coming my way Asivad please suggest...

 

[CanadaWeCome]

Hi Asivad,

I'm an FSW outland from India and I got rejected for "insufficient funds"

My app was filed in Aug 15 where my wife was accompanying me and hence the funds required for 2 people is 15,143

Now, my 1 year bank account shows an end of statement balance of about 13,800 CAD and I had included a statement of my FD's whose principal amounts total up to about 25,000 CAD. The FD's are in my name only (sole owner). I thought this should have been more than sufficient!

Can you advise me on what can I do in this case?

My funds have increased since the time I generated the last statement and I now have like 40K CAD in my FD.

I keep the minimum amount in my savings account since I have the sweepin facility.

Does FD not qualify as a valid proof of fund?

Your feedback will be greatly appreciated.

Thanks in advance

You seem to have sufficient funds (in fact more...) then why would you be rejected...i fail to understand.

Phew...I am very sorry to hear about your rejection.

 

[iceman87]

ok sent u pm

 

[CanadaWeCome]

ok sent u pm

Can you please state the exact cause (reason) for your rejection as per the rejection letter...

Please hide the personal details.

 

[narayanf1]

This shakes me up too.. I have shown CAD 6000 in FDs and CAD 6000 in Provident Fund!!!

 

[mithunio]

Can you please state the exact cause (reason) for your rejection as per the rejection letter...

Please hide the personal details.

I second this. Or at least, please summarize CIC's reason for the rejection. It will help many people here with FD as POF. Thanks in advance!

 

[JoacRy]

My take from this is that CIC only excepts 'liquid funds' in Cash (Savings or Cheque Accounts). Other Financial Instruments such as Fixed Deposits are not accepted. Please correct me if I'm wrong.

 

[CanadaWeCome]

My take from this is that CIC only excepts 'liquid funds' in Cash (Savings or Cheque Accounts). Other Financial Instruments such as Fixed Deposits are not accepted. Please correct me if I'm wrong.

I hope not...otherwise many applicant's dreams will be at stake...Lets not jump the gun...till we hear it from the horses mouth.

 

[Asivad Anac]

As always, the situation is more complex than it first appears. The OP has provided some information and we're figuring out the probable reason.

Fixed deposits are acceptable as POF without doubt. But the same logic applies to them as to any other account being used to showcase POF. It is the PA's responsibility to prove beyond doubt that the funds being showcased for POF purposes are not borrowed. Whether the funds are in the form of checking/saving account or fixed deposits, this requirement stays unchanged. If the funds have been around for less than 6 months, the applicant has to conclusively identify the source of funds for CIC's benefit and prove that the fund weren't borrowed. If the funds have been around for more than 6 months, it shouldn't be a problem usually but an officer might ask for source of funds if they suspect something.

 

[deyka]

My take from this is that CIC only excepts 'liquid funds' in Cash (Savings or Cheque Accounts). Other Financial Instruments such as Fixed Deposits are not accepted. Please correct me if I'm wrong.

I have a friend who got ppr and he showed all funds in Fixed deposit... I fell it is a mistake on part of CIC and the case will be reopened once CSE is sent...probably the agent just saw the checking account balance and did not notice the FDs

 

[Freestyler]

I am also from India, and I have got my visa stamped now. Most of my funds were also in FD's, so that surely cannot be the reason for rejection.

 

[eecandidate]

This honestly was like a 8 magnitude earthquake to me. Really shaky.
I have shown 10k as FD, 3k as Savings and another 12k in listed stocks.
Dont know whats gonna happen.

 

[JoacRy]

As always, the situation is more complex than it first appears. The OP has provided some information and we're figuring out the probable reason.

Fixed deposits are acceptable as POF without doubt. But the same logic applies to them as to any other account being used to showcase POF. It is the PA's responsibility to prove beyond doubt that the funds being showcased for POF purposes are not borrowed. Whether the funds are in the form of checking/saving account or fixed deposits, this requirement stays unchanged. If the funds have been around for less than 6 months, the applicant has to conclusively identify the source of funds for CIC's benefit and prove that the fund weren't borrowed. If the funds have been around for more than 6 months, it shouldn't be a problem usually but an officer might ask for source of funds if they suspect something.

As always Asivad you are spot on. I found this link which may assist you to assist iceman87

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp