How long you have to mantain POF

[rehaan]

Hi,

I m Pre June applicant almost 1 and half years has been pass since I heard
any news from Visa Office. I would like to know how long we have to maintain
this proof of fund can we take out money for our use if yes then how much
we can.

Regards

 

[rehaan]

???

 

[wilson]

Hi,

I m Pre June applicant almost 1 and half years has been pass since I heard
any news from Visa Office. I would like to know how long we have to maintain
this proof of fund can we take out money for our use if yes then how much
we can.

Regards

According to CIC one of the requirement for Skilled Worker PR applicant is to show POF when applied. The visa office may ask an updated POF at any time during the process. If you fail to show a genuine bank deposit maintained at least for 6 months ( I did not see any strict rule about this ) when asked by your VO, may be there could be a negative decision on your case, failing to show POF. Therefore, you are supposed to maintain the account till you receive your visa. While you immigrate to Canada, at the landing airport you have to show the funds as required.

Now going to your intention of using the funds in your account, it is your own decision. Being your application is indefinitely delayed and pending, the Visa Office may not be strict about the transactions and therefore, you can take an appropriate decision about how you could use your money in the bank. But keep in mind that the VO may ask for updated POF while processing, if there is a hope.

 

[rehaan]

So you mean I can use 20-30 % of available fund and when they will ask for the updated POF
I will put from my other account and show the require POF

 

[wilson]

So you mean I can use 20-30 % of available fund and when they will ask for the updated POF
I will put from my other account and show the require POF

No. I did not say like that. What I mean is that as your application is indefinitely delayed and no action seen since last 18 months, you can take an appropriate decision on using the deposited funds. You should be prepared for facing any situation if there is a query from VO when application is in process.

 

[rehaan]

Wilson,

As you are senior what you will do if you are in my position.
It is just like blocking the money for nothing.

I m planning to take around 20-30 % and invest in something
Should I go for it or :

Regards

 

[wilson]

Wilson,

As you are senior what you will do if you are in my position.
It is just like blocking the money for nothing.

I m planning to take around 20-30 % and invest in something
Should I go for it or :

Regards

Dear rehaan, If I meet such a situation I may change the type of deposit to fetch a higher interest rate. You can check with your bank or any other bank where you can get more interest on deposits. Recently banks have hiked their interest rates. Drawing the amount partially and investing some where else is not recommended. You can invest in securities, debentures, shares etc but the market is fluctuating and not sure about the profit. For example, I took a Metlife investment policy in 2007 with a premium of 100,000/- per annum. I paid 5 consecutive years till this year. Two days back I got my account statement showing balance only Rs. 4,33,000/-.which should be above 560,000/-. When I inquired, Metlife customer service replied me that :

"We would like to inform you that as per the policy Terms and Conditions there are various charges like Premium Allocation Charge, Policy Administration Charge, Mortaliity Charge, Fund Management Charge, Service Tax etc which are levied towards the policy and the same gets deducted from the fund value"

Always there could be a risk. Therefore I suggest if you wish you may change the entire deposit to another type of account where you can get more interest or profit.

 

[rehaan]

Thank you very much for your kind suggestion

 

[advanta1]

You got to maintain the POF till PPR.

Hi,

I m Pre June applicant almost 1 and half years has been pass since I heard
any news from Visa Office. I would like to know how long we have to maintain
this proof of fund can we take out money for our use if yes then how much
we can.

Regards