[HELP] Proof Of Fund, Help is needed. THANKS!

[hhhh]

Dear All,

About the proof of fund, I may have problem to meet the requriement.
May I have your kindly help or suggestion, my situation is:

EDIT: ALL following mentioned deposit / salary I saved is under my local currency. Just for convenience, I convert to CAD$ approximately.

I have:
1. 3 years Fixed Deposit of CA$ 10K from 2014, July. (Deposit is in local Currency, just for convenience, convert to CAD$)
2. 3 years Fixed Deposit of CA$ 10K from 2015, July. (Deposit is in local Currency, just for convenience, convert to CAD$)
3. 3 years Fixed Deposit of CA$ 10K from 2015, August. (Deposit is in local Currency, just for convenience, convert to CAD$) (from my dad and some of my salary, previously, I save little money every month as fixed deposit, and every mid of year, I'll withdraw all of them and my dad will give me some, then save all the money together, but for the withdraw of fixed deposits, I cannot proof them as in my bank, the fixed deposit certificate will be returned after it is withdrew)
4. I have my salary bank card, have regular work and monthly stable salary, $1.5K/month. (Net Pay). (Salary is in local Currency, just for convenience, convert to CAD$)
4.1. All the salary will be spent every month since years ago. (Most part will for my credit card, another part will withdraw as cash)
5. I have a credit card, since 2007. but now it's CA$ -5K. (The number is in local Currency, just for convenience, convert to CAD$) (since more than 10 months before, as you can see, my monthly salary cannot satisfy my credit card)

I've read through the forum as many topics as I can, and read the EE requirement.
It seems CIC requires Proof of Fund:
1. Cannot accept Fixed Deposit over 3 years/5 years
2. I cannot provide the 6 month balance that meet the requirement (Coz every month once the salary reached my account, I'll pay for my credit card, and some amount of cash, so it keeps 0 every month)

May I have your help to corret me if my understanding is wrong.
Or give me some suggestion that can help me qualified for the Proof of Fund?

Or say the Fixed Deposit in 1 & 2 & 3 will enough to satisfy VO?
BTW, Do I have to show all account of me, which means, different banks, different cards including credit card.
Or, all other cards can be "hidden" to VO?
What I mean exactly is, can I keep silent for my credit card?? And never mention it during EE & eAPR application?

Your suggestion or clarification will be appreciated.
Thanks!

 

[Asivad Anac]

A fixed deposit in your name is sufficient for POF purposes. If it is more than 6 months old, there is no need to prove source of those funds.

 

[rajibsam]

Dear All,

About the proof of fund, I may have problem to meet the requriement.
May I have your kindly help or suggestion, my situation is:
I have:
1. 3 years Fixed Deposit of CA$ 10K from 2014, July
2. 3 years Fixed Deposit of CA$ 10K from 2015, July
3. 3 years Fixed Deposit of CA$ 10K from 2015, August (from my dad and some of my salary, previously, I save little money every month as fixed deposit, and every mid of year, I'll withdraw all of them and my dad will give me some, then save all the money together, but for the withdraw of fixed deposits, I cannot proof them as in my bank, the fixed deposit certificate will be returned after it is withdrew)
4. I have my salary bank card, have regular work and monthly stable salary, $1.5K/month. (Net Pay)
4.1. All the salary will be spent every month since years ago. (Most part will for my credit card, another part will withdraw as cash)
5. I have a credit card, since 2007. but now it's CA$ -5K (since more than 10 months before, as you can see, my monthly salary cannot satisfy my credit card)

I've read through the forum as many topics as I can, and read the EE requirement.
It seems CIC requires Proof of Fund:
1. Cannot accept Fixed Deposit over 3 years/5 years
2. I cannot provide the 6 month balance that meet the requirement (Coz every month once the salary reached my account, I'll pay for my credit card, and some amount of cash, so it keeps 0 every month)

May I have your help to corret me if my understanding is wrong.
Or give me some suggestion that can help me qualified for the Proof of Fund?

Or say the Fixed Deposit in 1 & 2 & 3 will enough to satisfy VO?
BTW, Do I have to show all account of me, which means, different banks, different cards including credit card.
Or, all other cards can be "hidden" to VO?
What I mean exactly is, can I keep silent for my credit card?? And never mention it during EE & eAPR application?

Your suggestion or clarification will be appreciated.
Thanks!

It seems you are in Canada, authorized to work and have a job. Moreover you may be applying under cec. So as per cic you may not require pof. Put 0 in available funds and ee won't ask for proof.

Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada.

 

[hhhh]

A fixed deposit in your name is sufficient for POF purposes. If it is more than 6 months old, there is no need to prove source of those funds.

Dear Sir,

It's very kind of you. Thanks for your reply.
But I see in another post you mentioned "Short-term FDs should be fine. Not those 3 year/5 year ones, if your bank offers those instruments. "
That's why I feel nervous.
Would you mind help clarify?

BTW, Do I have to show all account of me, which means, all different banks, different cards including credit card.
Or, all other cards can be "hidden" to VO?
What I mean exactly is, can I keep silent for my credit card?? And other bank accounts. And never mention them during EE & eAPR application? Only list the 3 fixed deposits

Your kindly reply will be highly appreciated again!!

 

[hhhh]

It seems you are in Canada, authorized to work and have a job. Moreover you may be applying under cec. So as per cic you may not require pof. Put 0 in available funds and ee won't ask for proof.

Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada.

rajibsam,

No I am out of Canada...

 

[hhhh]

rajibsam,

No I am out of Canada...
Thanks for your reply

 

[Asivad Anac]

Dear Sir,

It's very kind of you. Thanks for your reply.
But I see in another post you mentioned "Short-term FDs should be fine. Not those 3 year/5 year ones, if your bank offers those instruments. "
That's why I feel nervous.
Would you mind help clarify?

True. The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

BTW, Do I have to show all account of me, which means, all different banks, different cards including credit card.
Or, all other cards can be "hidden" to VO?
What I mean exactly is, can I keep silent for my credit card?? And other bank accounts. And never mention them during EE & eAPR application? Only list the 3 fixed deposits

You don't have to disclose all your finances to IRCC. They are only keen on knowing if you have exclusive access to the required funds and that those funds aren't borrowed.

Your kindly reply will be highly appreciated again!!

 

[hhhh]

Dear Asivad Anac,

First of all, thanks again.
1. Then my understanding is since total value of my 3 deposits is much higher than required fund, then will be OK, right?

2. Thanks again for your clearly clarify, I feel free now. Coz I was really nervous about my credit card record.

All the very best wishes to you!

 

[Asivad Anac]

Dear Asivad Anac,

First of all, thanks again.
1. Then my understanding is since total value of my 3 deposits is much higher than required fund, then will be OK, right?

2. Thanks again for your clearly clarify, I feel free now. Coz I was really nervous about my credit card record.

All the very best wishes to you!

Assuming you're applying as a single applicant (or even a family of 2 or 3), any 2 of those 3 deposits would suffice.

 

[hhhh]

Assuming you're applying as a single applicant (or even a family of 2 or 3), any 2 of those 3 deposits would suffice.

Dear Asivad Anac,

Thank you for the clarify!
BTW, I just awared, maybe because in my post, I mentioned all deposit / salary in CAD$ leads the misunderstanding:

I am out of Canada, and all of the deposit / salary in fact I saved / earned, are under my local currency.
Just for convenience, I approximately convert them into $CAD.
So it means, I save it as JPY$80K, then I just mentioned CAD$ 10K in my post.

Then base on above explain, may I have your final confirm that your mentioned clarification still valid?: True. The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

THANK YOU, AGAIN!

 

[Asivad Anac]

Dear Asivad Anac,

Thank you for the clarify!
BTW, I just awared, maybe because in my post, I mentioned all deposit / salary in CAD$ leads the misunderstanding:

I am out of Canada, and all of the deposit / salary in fact I saved / earned, are under my local currency.
Just for convenience, I approximately convert them into $CAD.
So it means, I save it as JPY$80K, then I just mentioned CAD$ 10K in my post.

Then base on above explain, may I have your final confirm that your mentioned clarification still valid?: True. The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

THANK YOU, AGAIN!

No misunderstanding. If you have 20k CAD$ in local currency, that would suffice as POF even for a family of 3.

 

[hhhh]

No misunderstanding. If you have 20k CAD$ in local currency, that would suffice as POF even for a family of 3.
[/quote

Dear Asivad Anac,

Yes i understand CAD$20K is enough.
What I want to final confirm is, 3 years Fixed Deposit of Local Currency (which approximately equal to $20K) is accepted?
As you mentioned in another post that is 3 years FD is not accepted and explained in my post:
True. The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

So I want to double confirm.
Thanks again.

 

[hhhh]

No misunderstanding. If you have 20k CAD$ in local currency, that would suffice as POF even for a family of 3.

Dear Asivad Anac,

Yes i understand CAD$20K is enough.
What I want to final confirm is, 3 years Fixed Deposit of Local Currency (which approximately equal to $20K) is accepted?
As you mentioned in another post that is 3 years FD is not accepted and explained in my post:
True. The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

Frankly Speaking, I just don't really understand what does it means...about: The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

If you have patience to help rephrase it, will be great appreciated.

 

[Asivad Anac]

Dear Asivad Anac,

Yes i understand CAD$20K is enough.
What I want to final confirm is, 3 years Fixed Deposit of Local Currency (which approximately equal to $20K) is accepted?
As you mentioned in another post that is 3 years FD is not accepted and explained in my post:
True. The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

Frankly Speaking, I just don't really understand what does it means...about: The reason being that there is usually a stiff penalty for foreclosing such deposits which might inadvertently bring their value below the required LICO. If the value after foreclosure charges is higher than the required LICO amount, these would still suffice.

If you have patience to help rephrase it, will be great appreciated.

This is acceptable. What I meant earlier was if foreclosure of those FDs reduces their inherent value to below required amount of funds, you could be in trouble.

 

[StAnger]

Interest Rates for Premature withdrawal of FDs = Interest Rate applicable for actual period of FD as per the rates prevalent at the time of investment – 1%

Unlike PPF, FD's are safe bet.