Funds Inadequate After ITA

[me2016]

Hi,

I hope someone could give an advise on my inquiry. I was able to meet the criteria for both FSW and CEC and got an ITA, but my ITA indicates that I have been invited under FSW. I put in 12,000 as available funds, but I spent a lot on shopping this holiday season so I don't have 12,000 anymore and this makes me ineligible for FSW. Should I continue with my application, and just change the amount of funds on my application, or should I decline the ITA, update my profile with my current funds, and wait for ITA again? Thanks in advance for your help.

 

[purplesnow]

if you don't have the money then you're ineligible for FSW. You need to maintain the fund requirement throughout the process and have it at the point you complete your landing.
You can't switch to a CEC ITA yourself by changing the funds in your application.
can you get back to $12,000 by the time you'd be submitting? If not then best to decline and get invited under CEC.

 

[me2016]

Thanks for the reply, purplesnow! I'm afraid, I cannot get back to $12,000 before my 60 days is up, but I do have both RRSP and stocks. Can both be considered as funds? I didn't realize that I will be considered for FSW even though I am eligible for CEC.

 

[vivekforbes]

I am on same boat. Does TaxFreeSavingsAccount (TFSA) and RRSP are counted as funds?

 

[KingOfGoodTimes]

Thanks for the reply, purplesnow! I'm afraid, I cannot get back to $12,000 before my 60 days is up, but I do have both RRSP and stocks. Can both be considered as funds? I didn't realize that I will be considered for FSW even though I am eligible for CEC.

RRSP would be as you can withdraw them anytime. So does TFSA , I am not sure about stocks ( what if their value crash ??)

But on a side note try to maintain the funds , I know its tempting to spend on boxing day ! but seriously ur status in the country is at stake !

I had hard time maintaining funds for two applicants over last year over 14000, but it was well worth it!

 

[me2016]

It's so hard to have control on Boxing Day! ;D Anyways, I'll just decline the ITA and update my funds. Thanks for the advice, everyone. Good luck to all of us.

 

[Pippin]

Find out how much of your RRSP would be withheld at source for taxes if you cashed it in (approx 20%, I think). TFSA is tax free on growth within the funds, so that can be calculated at full value.

 

[DigitalDestiny]

It's so hard to have control on Boxing Day! ;D Anyways, I'll just decline the ITA and update my funds. Thanks for the advice, everyone. Good luck to all of us.

There are people on this forum who are waiting since several months and even years for an ITA.

Please please.... do not waste ITAs like this. Somebody else would have loved to received this ITA which have now gone waste.

I wish you all the best in life .... but please do think about other people as well.

 

[me2016]

Believe me, I actually thought about that. I've been waiting for a year to get an ITA (not years, EE has only been a year). I've spent my whole day yesterday and today thinking about whether to push through or not. And up to this moment, I haven't fully decided. But I'm leaning more on the pushing through because I think I have sufficient funds, they're just not all in the same place. Anyways, thanks for the reply.

 

[faithandhope]

Hi I have some bond funds (mutual funds) and some exchange traded funds (equity)as my savings.
Are they valid funds to apply. If not what are the major form of savings considered as valid proof of funds