Bitcoins as proof of funds?

[mf4361]

I doubt CIC people will understand what bit coin is because they are government officers ;D

I don't think you can use it as PoF, but you can cash out bit coins and show that to CIC instead.

 

[limbo]

They can for example, ask I have got ending balance of XYZ as of ABC date, is that correct? Bank would at least say yes or no.

This is false for Canada. A bank doing so would violate PIPEDA.

 

[mf4361]

This is false for Canada. A bank doing so would violate PIPEDA.

@limbo is correct. CIC cannot ask banks to disclose their clients account without a court order.

Unlike some other countries, Canada government does not have ultimate ruling power over the private sector.

 

[DanielFragaBR]

Nobody has a definitive answer about this? As someone wrote before, it's very easy to proof someone controls bitcoins, just by signing a message. Then anyone can verify this message with the signature. Math won't lie.

And if the CIC really doesn't accept Bitcoin, would they accept the statement from a prepaid card?

 

[Stanlee]

In my opinion, any volatile financial instrument (shares/equity/bitcoin etc) cannot be used as a proof of funds for migration to Canada. On the other hand, if these are liquidated, then the proceeds from these instruments can be used as proof of funds.

 

[jassu2]

Actually, bitcoin has good mechanisms for proof of funds. The balance of every wallet is public for every one to see. And the wallet owner can use his wallet public key to sign a message (like "dear CIC, this is really my wallet") and any other bitcoin user can verify that indeed it was signed by the wallet holder. So the technology for verifying funds are way much better than in case of banks. It's just someone must be knowledgeable enough to know they exist and how to use them.

Now that I find really hard to believe. Disclosing such information by the bank would violate a host of different laws here in Poland, and we're even not close to countries with real bank secrecy like Switzerland. A bank employee telling a total stranger the balance of my account is totally illegal, and if they did it, I would sue them for $$$$$$$$$ and won easily. The bank can tell my account balance to certain officials like DA or tax office, but to CIC? Absolutely no way.

well here the point is asking whether the bank statement is genuine or not.. as simple as tat.. its not asking randomly.. by someone.. for some random persons bank statements..
It is us as candidates furnishing our bank statements to CIC (canada govt) to accept us as immigrants.. canada is not interested in our credit history and stuff like tat.. they are interested to see whether the doc is fraud or not..

same way they can email our university and ask whether so and so student studied or not.. they dont give a damn abt our marks.. just wanna knw genuineness of our documents..
even banks share such information amoung themselves all the time when LC or credit history needs to be chked..

at end of the day.. let us not forget wat snowden showed us..

 

[Jaxon911]

This is false for Canada. A bank doing so would violate PIPEDA.

Ok. However, I have heard banks provide document verification services, i.e. someone can pay bank and send them a document for verification of originality.

 

[Bs65]

Says it all really http://www.businessinsider.com.au/this-tradie-used-an-app-to-convince-a-queensland-court-he-was-a-billionaire-2016-3 nothing to do with Canada but shows how easy must have been to convince Police/ Court in Australia before owning up was a fake statement

 

[Bocekm]

Well, it's been almost two years since the thread was created. Has anybody tried to provide a proof of cryptocurrency holding as a proof of settlement funds to the immigration officer?

 

[StevieFray]

...doubt that highly..eventually "regulated" banks may provide a section of bitcoin but as of now, I would not remotely take that risk especially with the perceived notion that specific digital currency is generally use on dark net.

...no offense

 

[thebestapplicant]

I'm in the same boat as OP, but I intend to liquidate my cryptos the next week

My concern is how do I convince the cic that these funds are actually mine
Would attaching bank statements indicting deductions from my initial cryto exchange withdrawals work ?

 

[pradeesh]

Hello,

I've gone through the entire collection of threads on this topic and still have a few nagging details that are begging for guidance.

Well, as a relatively new investor in crypto and about to make landing in Canada, how do i declare crypto related investments at the border on landing? Is it compulsory or only necessary when its cashed out only? Is there a right way to do this without being on the wrong side of tax law. Would appreciate some direction in this regard, a quick google search does not yield much help with regards to tax attorneys who help with this kind of advise.

Thank you,

 

[bhp2012]

Hello,

I've gone through the entire collection of threads on this topic and still have a few nagging details that are begging for guidance.

Well, as a relatively new investor in crypto and about to make landing in Canada, how do i declare crypto related investments at the border on landing? Is it compulsory or only necessary when its cashed out only? Is there a right way to do this without being on the wrong side of tax law. Would appreciate some direction in this regard, a quick google search does not yield much help with regards to tax attorneys who help with this kind of advise.

Thank you,

Hi,
Please let us know what happened.‌

Thanks,

 

[airfan]

Hello,

I've gone through the entire collection of threads on this topic and still have a few nagging details that are begging for guidance.

Well, as a relatively new investor in crypto and about to make landing in Canada, how do i declare crypto related investments at the border on landing? Is it compulsory or only necessary when its cashed out only? Is there a right way to do this without being on the wrong side of tax law. Would appreciate some direction in this regard, a quick google search does not yield much help with regards to tax attorneys who help with this kind of advise.

Thank you,

I have the same question/ query. Would appreciate if anyone can help answer this dilema/ query.

 

[pradeesh]

bhp2012, airfan,

In my case during landing, there were no questions really concerning crypto, in fact there were least interested in it given the current market slump and bad press. They asked basic questions regarding cash in hand and any baggage to follow. It was a breeze. But need to get into detail regarding keeping good records while making CRA declarations next year for tax purposes.

Goodluck to you both.