Can an automobile be used to complement POF ?

[Caspper]

Hey guys,

Right now we have the required money in our account, around CAD 14K, although we didn't have all this money in our account for the past 6 months. It has been gradually increasing each month as we are saving as much as possible.

My question is, we have a Honda automobile that worth CAD 15K, we will sell this car once we are ready to move to Canada. Can I used this car to complement my POF ?

 

[scylla]

My question is, we have a Honda automobile that worth CAD 15K, we will sell this car once we are ready to move to Canada. Can I used this car to complement my POF ?

No - you can't.

 

[opindersinghbuttar]

Not unless you see it and show cash as proof of funds.

 

[doobie.doobie]

Hey guys,

Right now we have the required money in our account, around CAD 14K, although we didn't have all this money in our account for the past 6 months. It has been gradually increasing each month as we are saving as much as possible.

My question is, we have a Honda automobile that worth CAD 15K, we will sell this car once we are ready to move to Canada. Can I used this car to complement my POF ?

Yes you can provided you sell it.
Currently, it would just be seen as your asset and the money is not liquid.
Once you sell it, you can show the proof of the money through the sale of the vehicle. CIC is interested to know that the money you are bringing in is legit. So to sum up, you can show the money in pof once you sell it.

 

[Caspper]

thanks for the clarification guys