Please Help : In regards to Proof of Funds

[pash_2012]

I currently don't posses the amount required in my account directly. But my father has tax declared Gold Bullion from his retirement funds. He is willing to transfer me some of it. If required with relevant paperworks too. I can either liquidate it and transfer the amount into my account or else prove that I own the Physical Gold Bullion with relevant legal paperworks.

In any case I would be legal owner of it, as per my fathers written declaration.

My first question can I declare ownership of Gold Bullion with relevant valuation paperworks as Liquid Movable Asset or Proof of Funds?

If not, then now that I legally own it, I can sell it and transfer the sum into my bank account, but in the process I will have huge inflow/deposit into my account in a very short period of time. Can this source of money be explained with cover letter and sale paperworks?

Finally now that I have the money in my account would it be an issue as the required maintenance amount would only have been in my account for a few days or week instead of the required 6 months?

PS: I haven't got ITA yet. With CRS438 I am hoping for it by June. if I start the Gold sale process, it will still take me 10 more days ATLEAST to get all that money into my account. Hence the amount will only have been there in my account for two months before I send them my POF after my ITA HOPEFULLY in JUNE!

Please Advice!

 

[SMCANADAVISA]

I currently don't posses the amount required in my account directly. But my father has tax declared Gold Bullion from his retirement funds. He is willing to transfer me some of it. If required with relevant paperworks too. I can either liquidate it and transfer the amount into my account or else prove that I own the Physical Gold Bullion with relevant legal paperworks.

In any case I would be legal owner of it, as per my fathers written declaration.

My first question can I declare ownership of Gold Bullion with relevant valuation paperworks as Liquid Movable Asset or Proof of Funds?

If not, then now that I legally own it, I can sell it and transfer the sum into my bank account, but in the process I will have huge inflow/deposit into my account in a very short period of time. Can this source of money be explained with cover letter and sale paperworks?

Finally now that I have the money in my account would it be an issue as the required maintenance amount would only have been in my account for a few days or week instead of the required 6 months?

PS: I haven't got ITA yet. With CRS438 I am hoping for it by June. if I start the Gold sale process, it will still take me 10 more days ATLEAST to get all that money into my account. Hence the amount will only have been there in my account for two months before I send them my POF after my ITA HOPEFULLY in JUNE!

Please Advice!

Answers to you questions according to my understanding :

1. Owning gold bullion will not qualify for POF. You only have to show fixed deposits and payroll deposits and savings/current account cash in hand.
2. In your case, get the bullion sold and the money into your account .When you get ITA this amount would qualify for POF. CIC wants to see account transactions for last six months and that the balance on current date suffices their requirement. The catch her would be to convince CIC on the sudden inflow of huge cash. If you explain that to be from your father how do you justify that it's not a borrowing? That actually will point to something like money laundering. Be careful in your explanation.

 

[sahilkhurana06]

Hi,

Any under construction property will add to POF? If the property is under joint name of me and my father, will it be included into POF?

 

[sumit.singh.hallan]

Hi,

Any under construction property will add to POF? If the property is under joint name of me and my father, will it be included into POF?

Not it has to be liquid asset Sahil..

 

[pash_2012]

Answers to you questions according to my understanding :

1. Owning gold bullion will not qualify for POF. You only have to show fixed deposits and payroll deposits and savings/current account cash in hand.
2. In your case, get the bullion sold and the money into your account .When you get ITA this amount would qualify for POF. CIC wants to see account transactions for last six months and that the balance on current date suffices their requirement. The catch her would be to convince CIC on the sudden inflow of huge cash. If you explain that to be from your father how do you justify that it's not a borrowing? That actually will point to something like money laundering. Be careful in your explanation.

As advised within the forum, if I can get it documented that it is a gift from my dad, by getting it on a notarised stamp paper saying that dad is gifting the funds out of love and I don't have to return him back
Do it as soon as possible. After that make an FD of the amount for 6 months.
It's more safe and acceptable by CIC

 

[Pippin]

Hi,

Any under construction property will add to POF? If the property is under joint name of me and my father, will it be included into POF?

No. How would you be able to use this property to pay for food, lodging, transportation, etc while you try to find employment in Canada ?

 

[hardi]

Dear All,

I have read somewhere in forum that we need to maintain proof of funds the moment we create our EE profile till the end.
1) Do we really need to have this or we can have funds after we have received ITA?

2) I am not sure how to declare funds?? How CIC guys will know whats the balance in my current account?? Do we provide them bank account details while applying for EE profile of after furnishing documents (after ITA)? How to show we have funds?

Question may sound silly to many, but still enlighten me.

Thanks & Regards
Hardi

 

[katja2684]

Hardi I think it's better not to wait until getting ITA and have the funds available by the time you create the EE profile.
You wouldn't know when you're getting ITA anyway because draws are announced on the same day when they happen.
You might get invited and not having POF when you are issued the ITA, which will cause further complications for you.
If you get selected you'll have to show bank statements and have to maintain the funds that you declared in your EE profile during the entire PR process. This is because CIC can ask you repeatedly to show proof of funds, while your file is evaluated. Some candidates suggested that you should 'freeze' your account with the POF after receiving ITA.
I read yesterday the POF requirements on CIC website because I was also unsure.
My understanding is that POF is required both for CEC and FSW unless you're currently working in a job with LMIA or have a job offer supported by LMIA.
I think this is unfair because many people are working on LMIA exempt work permits and the LMIA really doesn't make a difference as you are still getting paid whether your job is LMIA exempt or not.

 

[Pippin]

Dear All,

I have read somewhere in forum that we need to maintain proof of funds the moment we create our EE profile till the end.
1) Do we really need to have this or we can have funds after we have received ITA?

2) I am not sure how to declare funds?? How CIC guys will know whats the balance in my current account?? Do we provide them bank account details while applying for EE profile of after furnishing documents (after ITA)? How to show we have funds?

Question may sound silly to many, but still enlighten me.

Thanks & Regards
Hardi

You show bank statements when completing full application. Safest way is to have them stamped by the bank. Provide 6 months showing the progression of savings, or whatever number CIC requests. These funds should be in your account when you apply for EE as that is an essential element of the 67 points to qualify for FSW in the first place.

 

[KKUMAR14]

hi all,

I have 400 points and hoping i will get an ITA in atleast six months time....
I am the principal candidate and my husband will be dependent.
we have the required amount in my husbands account ( not a joint account).

Is it ok to show his account as POF? or should i get it transferred to my account?

i also have some money as Fixed Deposit in bank which will mature only in 2016.. can i show this too as POF??

thanks in advance

 

[Pippin]

You can show funds in husband's account as long as he is part of your application. This would not work if the joint account was with a parent. Regarding the 2016 maturity-can these funds be cashed at all (loss of interest possibly?) or are they completely locked in? If they are not accessible then they cannot be used as POF.

 

[rainman400]

Can I just not show that I have the funds in my account? Like if my father transfers it today? I technically have the funds. I have the funds anyway, jsut that most of it is invested in places right now. Maybe I could show those investments?

 

[jrgongon]

i also have the same scenario...we are required around 18000 for pof but as of now i only have roughly 2000 in my account...but i will be having 20000 in few months time for i will be selling my properties...is that ok..there will be a huge jump up in my soa....expecting to have ita in few weeks...i have a 340 crs

 

[Pippin]

Keep a clear paper trail. Selling your house you can show that you owned it. You can show the sale of it and the ultimate deposit. Not a problem. But saying you have a house worth x amount probably won't satisfy CIC. Also be aware of foreign exchange and its effect on Canadian dollar to make sure you have the required amount at all times.

 

[aj355]

After getting ITA, while uploading documents this is what is mentioned for funds:

- Document: Proof of Means of Financial Support
If you are visiting Canada, you must prove that you can support yourself and the family members accompanying you while you are in Canada by providing as many of the following documents:

- your bank statements for the past four months
- a bank draft in convertible currency
- pay stubs
- an employment letter
- proof of assets or business
- proof of payment of tuition and accommodation fees
- tax reports, declarations or statements
- proof of a student/education loan from a financial institution
- a letter from the person or institution providing you with money
- proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program
- proof of a Canadian bank account in your name if money has been transferred to Canada
- If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile.

Your financial profile includes a listing of all your bank (chequing and savings) and investment accounts. The official letter must be printed on the letterhead of the financial institution and must include your name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the balance of each account over the previous 6 months.

You must scan all proof of funds documents and save them as one file.