POF - Proof of Funds

[mvnts]

Hi everyone,

I have some doubts about the NB Express entry guide, to be more precisely, about the Proof of funds:

1- The guide shows a message: " The funds must be in your name or in the name of your accompanying spouse. These funds must be unencumbered by debts or obligations (i.e., not real estate), transferable and available to you. "

So that means my wife can show her funds as proof right? Can my wife use her Registered Retired Savings Plan-RRSP as proof of funds? 70% of her money is on the RRSP and the 30% left is on a bank account.

Is that a problem for the EE after we get received the ITA from the NB (hopefully)using the same document as proof of funds?

 

[N Ajay Chowdary]

What does RRSP mean? can this fund be liquidated at any point of time?

if so you can use them as POF.

 

[rajibsam]

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-rrsp-t281759.0.html

You may go through this url.

You may show rrsp, but to be on the safe side, calculate your fund as sum of cash (30% in bank account) + rrsp (75% of amount in rrsp since you would have to pay tax while liquidating - max tax bracket could be 25%)

Also get letter from the financial institution as per cic format.

 

[andy108]

is it like a pension funds?

Pension funds are not accepted by some provinces (sinp as an example)

not sure about NB.

 

[mvnts]

What does RRSP mean? can this fund be liquidated at any point of time?

if so you can use them as POF.

Hey Buddy, RRPS means Registered Retired Savings Plan - RRSP which is an account, registered with the federal government, that you use to save for retirement. RRSPs have special tax advantages.​​​​

 

[mvnts]

Guys,

and can my wife use them? I found an agent and he said I can't, but he doesnt have 100% sure about it. I think I can use as long as she come to me to Canada but I also dont know for sure as well lol.

 

[mvnts]

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-rrsp-t281759.0.html

You may go through this url.

You may show rrsp, but to be on the safe side, calculate your fund as sum of cash (30% in bank account) + rrsp (75% of amount in rrsp since you would have to pay tax while liquidating - max tax bracket could be 25%)

Also get letter from the financial institution as per cic format.

Thanks for the link I will check it out