CIC now mentions Stocks as proof of fund. Is it Correct?

[rajathbk]

Hi guys,

Just read this on CIC website:

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than CAN$10,000 into Canada. If you do not tell them, you may be fined, and your funds could be seized. These funds could be in the form of:

- cash,
- documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.), or
- documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

The above is at this link: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

I had the impression that stocks are not considered as proof of funds by CIC, as I remember to read it here on this forum.
But my query is that can we now show holding of stocks in the Stock market as proof of funds. A written statement by the Brokerage firm with the current value of the stocks can be provided as proof of funds.

Please give inputs.

 

[jairichi]

This is at the time of landing not for POFs after getting an ITA.

 

[rajathbk]

hmm, Thanks for answering. +1 to you. What you are saying makes sense, on second reading of the concerned webpage. But that is implied sense that it is at the time of landing, and it is not mentioned clearly on the webpage. Also the webpage title mentions "Proof of funds – Skilled immigrants (Express Entry)"

Another point, is that if you first follow this link, titled "Apply – Skilled immigrants (Express Entry)"
at http://www.cic.gc.ca/english/immigrate/skilled/apply-how.asp
Then under subheading - "2. Get all the documents you need", if you click on "enough money" link it again directs to the webpage i earlier quoted in my post, i.e. http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Now, if even If whatever you are saying is true, but my argument is that there is uncertainty and ambiguity due to above mentioned webpages and IRCC should explicitly make it clear as to what documents are considered. Also if the link of proof of funds is applicable only for Landing then that should also be made explicitly clear. Or is there something I am missing?

Another query is that on this link - http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp
Under heading proof of funds, IRCC mentions that principal applicant should provide documentation for proof of funds. I am intending to provide funds proof in form of FDR but they are in name of my spouse. Is that a problem???

Thanks in advance.

 

[jairichi]

hmm, Thanks for answering. what you are saying makes sense, on second reading of the concerned webpage. But that is implied sense that it is at the time of landing, and it is not mentioned clearly on the webpage. Also the webpage title mentions "Proof of funds – Skilled immigrants (Express Entry)"

Another point, is that if you first follow this link, titled "Apply – Skilled immigrants (Express Entry)"
at http://www.cic.gc.ca/english/immigrate/skilled/apply-how.asp
Then under subheading - "2. Get all the documents you need", if you click on "enough money" link it again directs to the webpage i earlier quoted in my post, i.e. http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Now, if even If whatever you are saying is true, but my argument is that there is uncertainty and ambiguity due to above mentioned webpages and IRCC should explicitly make it clear as to what documents are considered. Also if the link of proof of funds is applicable only for Landing then that should also be made explicitly clear. Or is there something I am missing?

Another query is that on this link - http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp
Under heading proof of funds, IRCC mentions that principal applicant should provide documentation for proof of funds. I am intending to provide funds proof in form of FDR but they are in name of my spouse. Is that a problem???

Thanks in advance.

You are correct about the links. For a quick reader it is misleading. The key words are "bring" and "Canadian Customs" that implies landing.
If your spouse is accompanying you and is part of your PR application then you can show funds in her name. If you want to be more safe you can transfer that FDR to your name with a gift deed executed. I think the latter is unnecessary.

 

[Bs65]

This statement in the link http://www.cic.gc.ca/english/immigrate/skilled/funds.asp is for sure about telling people to be responsible and ensure they have funds to establish themselves when they arrive/land. Although strange to say stocks in my opinion given they can go up or down so you could arrive with stocks of 10000 CDN then following day stock collapses and you have nothing so would not rely on stock holding alone as proof of funds on landing.

 

[rajathbk]

If your spouse is accompanying you and is part of your PR application then you can show funds in her name. If you want to be more safe you can transfer that FDR to your name with a gift deed executed. I think the latter is unnecessary.

Thanks for clarifying. Appreciate it. Yes, my spouse is part of the express entry application. I am not getting the FDRs transferred nor will she do that

 

[jairichi]

Thanks for clarifying. Appreciate it. Yes, my spouse is part of the express entry application. I am not getting the FDRs transferred nor will she do that

Ha ha I was about to add that part (if spouse is willing to transfer)