Funds at POE

[toronto_dream]

Hi Frnds,

I am planning to travel to Canada later this year. Can somebody pls help on my below query:

Understanding the volatility in Forex market particularly INR v/s USD/CAD and to avoid any exchange loss, i am planning to keep my money in my Indian account and take the account statement and a letter from Bank stating that the amount can easily be withdrawn through the ATM card. Also i have multiple credit cards with good credit limit which i can show to CBSA officer that these can help meet my requirement during the time i am in Canada. Does anyone have the same experience or can someone pls share some thoughts around the same.

Thanks

 

[toronto_dream]

can anybody help!!!!!!!

 

[parhar51]

@toronto_dream,
CBSA oficer at POE has to be satisfied with the POF a new Immigrant is crrying with himself/herself. Funds that an individual has to carry under POF are clearly defined in the CIS guidelines. If the need be, the officer at POE may physically check the same so as to ensure if it conforms the guidelines .Sometimes it is not checked ,only an oral confimation is sought.
It is advisable to tread on to a risk free path. Therefore,please see to it that u have a hasel free landing.
Good luck, My God bless all!!
parhar51

 

[banrad]

Well, it's at the discretion of the CBSA officer if he/she feels satisfied with the proof you provided. Usually, bank statements issued by non-Canadian banks are not well accepted. And as parhar suggested, the officer might ask you to produce the proof at landing but does not need to. Talking from my personal experience, the officer physically checked my POF when I was landing.
To be on the safe ground, you might wish to bring checks and a small amount of cash for your first days.

In the end, it's your call. Yet if I were you, I wouldn't put my landing on the line.

 

[Cappuccino]

Funds need to be either in CAD, or a readily transferable currency which the border officials usually consider to be USD, GBP or Euro.

Indian currency is unlikely to be accepted - it would be discretionary at best and very risky. Please also bare in mind that if you do not have sufficient proof of funds to complete your record of landing, you not only will not complete your landing BUT if you not from a visitor-visa exempt country you will also not have grounds on which to enter Canada as a visitor, and will have to return home.

It is entirely possible that you will not need to show proof of funds at all, many applicants on landing are not asked to show them (we were not) but it's rolling the dice if you chose to land without adequate proof being there.

I would strongly advise making sure your funds is available in one of the 4 currencies above.

 

[parhar51]

@cappucino,
Sir/ Madam,
Thank U very much for elaborating the point i tried to lay emphasis on. People, at times , assuming that there could be possibility of custom oficer at POE NOT QUESTIONING MUCH ABOUT POF, are prone to land themselves on a slipery ground AT POE .
Yes, u are very absolutely correct that Indian Rupee , being not amongst basket of convertible currencies,can in no way be accepted as POF.
It is always advisable to conform CIS guidelines wrt pre/ post landing formalities.
Good luck,MAY GOD BLESS ALWAYS !!!!
parhar51

 

[harry7to192000]

@ cappucino,
Sir/ Madam,
Thank U very much for elaborating the point i tried to lay emphasis on. People, at times , assuming that there could be possibility of custom oficer at POE NOT QUESTIONING MUCH ABOUT POF, are prone to land themselves on a slipery ground AT POE .
Yes, u are very absolutely correct that Indian Rupee , being not amongst basket of convertible currencies,can in no way be accepted as POF.
It is always advisable to conform CIS guidelines wrt pre/ post landing formalities.
Good luck,MAY GOD BLESS ALWAYS !!!!
parhar51

guys me and my spouse are going to land next week .how much moneyt do we need to show at POE

 

[banrad]

If it's just you two, then $13,837.

The minimum landing funds depend on the size of the family.
Check http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
1 $11,115
2 $13,837
3 $17,011
4 $20,654
5 $23,425
6 $26,419
7 or more $29,414

 

[rizmayo]

Hi Frnds,

I am planning to travel to Canada later this year. Can somebody pls help on my below query:

Understanding the volatility in Forex market particularly INR v/s USD/CAD and to avoid any exchange loss, i am planning to keep my money in my Indian account and take the account statement and a letter from Bank stating that the amount can easily be withdrawn through the ATM card. Also i have multiple credit cards with good credit limit which i can show to CBSA officer that these can help meet my requirement during the time i am in Canada. Does anyone have the same experience or can someone pls share some thoughts around the same.

Thanks

Sorry this won't be accepted. A lot of members will tell you that POF was not checked when they landed, however majority (not all) of those members were just asked how much they are carrying and in what form and no further checks were done.

However if you mention to the CBSA officer that you are carrying credit cards as proof of funds, and majority of your money is still in India (you want to draw when needed through ATM) certainly you will be facing problems and may even be denied landing.

Regards,

 

[harry7to192000]

Sorry this won't be accepted. A lot of members will tell you that POF was not checked when they landed, however majority (not all) of those members were just asked how much they are carrying and in what form and no further checks were done.

However if you mention to the CBSA officer that you are carrying credit cards as proof of funds, and majority of your money is still in India (you want to draw when needed through ATM) certainly you will be facing problems and may even be denied landing.

Regards,

i am going to carry pof 80% bank draft and rest in cash.altogether its $14000 .do we still need to declare that we are carrying more than $10000 in the form that we fill in plane

 

[coolguy2010]

Credit Card as POF..........Ohh god.....

Sorry this won't be accepted. A lot of members will tell you that POF was not checked when they landed, however majority (not all) of those members were just asked how much they are carrying and in what form and no further checks were done.

However if you mention to the CBSA officer that you are carrying credit cards as proof of funds, and majority of your money is still in India (you want to draw when needed through ATM) certainly you will be facing problems and may even be denied landing.

Regards,

 

[coolguy2010]

Yes, and u need to fill the fund declaration form

i am going to carry pof 80% bank draft and rest in cash.altogether its $14000 .do we still need to declare that we are carrying more than $10000 in the form that we fill in plane

 

[rizmayo]

i am going to carry pof 80% bank draft and rest in cash.altogether its $14000 .do we still need to declare that we are carrying more than $10000 in the form that we fill in plane

Yes the back draft is also encashable currency. Don't worry, you can take as much as you want on your first landing, it is not taxable.

Regards,

 

[harry7to192000]

Yes the back draft is also encashable currency. Don't worry, you can take as much as you want on your first landing, it is not taxable.

Regards,

thanks guys so that means we can take bit of jewellry too and declare it .would that be tax free too and one last question upon landing does the immigration officer ask you question about your history or anything like that

 

[rizmayo]

thanks guys so that means we can take bit of jewellry too and declare it .would that be tax free too and one last question upon landing does the immigration officer ask you question about your history or anything like that

Everything you take as part of first landing is tax free, including a list of things you can give to CBSA, as good to follow (these things you can bring later, in cargo etc.). The officer will stamp this list and whenever the stuff comes, you will not be taxed.

You will need pictures of jewelry. Keep them with you on the first landing.

Regards,