Enquiry - Proof of Funds Update

[jj_1990]

Hi All,

In January, there was an increase in the minimum settlement funds that need to be shown along with our PR application. I am curious to know if this is applicable to people who received ITA in December 2018.

Also, what is the exchange rate that the visa officer would consider when reviewing the proof of funds in our application? Is it the rate on the AOR date or the current date?

Thanks in Advance!

 

[jj_1990]

Anyone?

 

[Peacekeeper87]

Hi All,

In January, there was an increase in the minimum settlement funds that need to be shown along with our PR application. I am curious to know if this is applicable to people who received ITA in December 2018.

Also, what is the exchange rate that the visa officer would consider when reviewing the proof of funds in our application? Is it the rate on the AOR date or the current date?

Thanks in Advance!

The effect is not linked to when you received your ITA, but when you actually applied (AOR).
Because you applied in January, you're subject to the change as well.

The exchange rate is examined on the the day your POF are reviewed. As a matter of fact, many applicants saw their applications rejected due to harsh fluctuations in their home currency compared to Canadian Dollar during the process. I'm not sure what's the exchange rate source they look at, but it's safe to assume they look at Bank of Canada exchange rates.

 

[harnav sra]

B

The effect is not linked to when you received your ITA, but when you actually applied (AOR).
Because you applied in January, you're subject to the change as well.

The exchange rate is examined on the the day your POF are reviewed. As a matter of fact, many applicants saw their applications rejected due to harsh fluctuations in their home currency compared to Canadian Dollar during the process. I'm not sure what's the exchange rate source they look at, but it's safe to assume they look at Bank of Canada exchange rates.

absolutely right..

 

[jj_1990]

The effect is not linked to when you received your ITA, but when you actually applied (AOR).
Because you applied in January, you're subject to the change as well.

The exchange rate is examined on the the day your POF are reviewed. As a matter of fact, many applicants saw their applications rejected due to harsh fluctuations in their home currency compared to Canadian Dollar during the process. I'm not sure what's the exchange rate source they look at, but it's safe to assume they look at Bank of Canada exchange rates.

But wouldn't they ask for updated proof of funds in this case instead of directly rejecting the application?

As of now, I am fine but I can see that my local currency is forecast to take a hit against Canadian dollar in the coming month, which might be an area of concern for me.

 

[Peacekeeper87]

But wouldn't they ask for updated proof of funds in this case instead of directly rejecting the application?

As of now, I am fine but I can see that my local currency is forecast to take a hit against Canadian dollar in the coming month, which might be an area of concern for me.

Asking for updated proof of funds indeed seems like the logical request. But unfortunately, in most of those cases, they don't.
I wouldn't advise anyone to bet on that horse.

 

[jj_1990]

Asking for updated proof of funds indeed seems like the logical request. But unfortunately, in most of those cases, they don't.
I wouldn't advise anyone to bet on that horse.

Oh I see. Thank you so much!

 

[MegoN]

I got my AOR 3 June 2021 but there has been an increase in POF on 5th July 2021. I submitted my application with the previous POF requirements. I have not received any email/notification from IRCC. How do I update my application with the new POF and submit new statements. Please help. Thanks

 

[AishB]

I got my AOR 3 June 2021 but there has been an increase in POF on 5th July 2021. I submitted my application with the previous POF requirements. I have not received any email/notification from IRCC. How do I update my application with the new POF and submit new statements. Please help. Thanks

As per the post above, if you have already submitted your application you will not be required to update POF

 

[MegoN]

As per the post above, if you have already submitted your application you will not be required to update POF

Thanks alot AishB. But hope it wouldn't affect the application negatively

 

[AishB]

Thanks alot AishB. But hope it wouldn't affect the application negatively

The details are locked once the application is submitted so if the POF takes care of the currency fluctuations as well then there shouldn't be any problem.

 

[MegoN]

Yes, it takes care of the currency fluctuations using the previous POF requirement. I am concerned about the new requirement.