Financial Proof

[Rahim92]

Hey everyone,

Me and my brother are willing to immigrate to Canada through Express Entry under the Federal Skilled Worker(FSW) program. However, I require some assistance on the financial proof aspect under the FSW program.

Instead of having liquid cash, we possess a fixed asset in the form of land which is under the ownership of both me and my brother. The value of the land equates to exactly CAD $69,822, which amounts to CAD $34,911 when divided into two.

Therefore, I would like to know if we can present a fixed asset such as land instead of cash as a financial proof on our FSW and Express Entry profile and if so, will the amount be sufficient for us since we both are single?

Thanks!

 

[Asivad Anac]

You will have to show monies in the bank. CIC doesn't accept property valuations as POF.

 

[IMNA]

Hey everyone,

Me and my brother are willing to immigrate to Canada through Express Entry under the Federal Skilled Worker(FSW) program. However, I require some assistance on the financial proof aspect under the FSW program.

Instead of having liquid cash, we possess a fixed asset in the form of land which is under the ownership of both me and my brother. The value of the land equates to exactly CAD $69,822, which amounts to CAD $34,911 when divided into two.

Therefore, I would like to know if we can present a fixed asset such as land instead of cash as a financial proof on our FSW and Express Entry profile and if so, will the amount be sufficient for us since we both are single?

Thanks!

Land is part of Immovable property. It cannot be monetized easily

As per CIC The 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).

If needed you can use the Land as a form of collateral and secure a certified cheque in your name then you can try (do explain in LOE that when you immigrate this land will be sold/monetized). This does not guarantee acceptance but the chances are higher. The best option is to have cash in your bank but if that's not an option then you can try alternative.

 

[Asivad Anac]

Land is part of Immovable property. It cannot be monetized easily

As per CIC The 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).

If needed you can use the Land as a form of collateral and secure a certified cheque in your name then you can try (do explain in LOE that when you immigrate this land will be sold/monetized). This does not guarantee acceptance but the chances are higher. The best option is to have cash in your bank but if that's not an option then you can try alternative.

This is incorrect and a common mistake.

What is acceptable as Proof of Funds is available on this link ---> http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

What you have provided is from this link ---> http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

That link shows the money you are allowed to bring inside Canada AFTER your PR decision is positively made by CIC. That list doesn't constitute a valid POF required BEFORE your PR decision is positively made by CIC.

 

[affan_123]

Hey everyone,

Me and my brother are willing to immigrate to Canada through Express Entry under the Federal Skilled Worker(FSW) program. However, I require some assistance on the financial proof aspect under the FSW program.

Instead of having liquid cash, we possess a fixed asset in the form of land which is under the ownership of both me and my brother. The value of the land equates to exactly CAD $69,822, which amounts to CAD $34,911 when divided into two.

Therefore, I would like to know if we can present a fixed asset such as land instead of cash as a financial proof on our FSW and Express Entry profile and if so, will the amount be sufficient for us since we both are single?

Thanks!

Firstly, you both will apply separately and your accounts would be separate too. As mentioned above you both are single, you both need $11936 for one person to proof your financial health. Amount should be and always preferred to be in the form of liquid, money in the bank and untouched for atleast six months to prove your six months average balance. My recommendation is to keep your land as it is. You know, land never or hardly depreciate in worst situations only. Try to arrange money in the form of gift if possible. Your assetswont count as pof.

Hope this answers your question