proof of fund?recently deposited?

[china786]

My dear mates, i want to know that i had land which i sold couple of months ago and the money was converted into bond under my father's name, but land was in my name. Can i use those bonds as proof of funds available to me. As i am abroad, i couldn't sell the land and deposit money into my account. Anyone with suggestions?
I am planning to apply in a month's time. Some people are suggesting to apply ASAP,what are your opinions?

 

[Ryo]

Regarding the EPF, the amount is readily available upon my exit from Malaysia. Why can we not consider that as unencumbered funds? It is just cash lying with EPF which I can withdraw anytime (meaning only when I leave Malaysia for good) and that would be the case for me if I get PR. If my EPF statement (which is like a bank statement) shows the required equivalent funds in Malaysian Ringgit than I do not understand the issue. May be I am missing something. I only want to understand CIC point of view on funds like EPF?

sushid0C, I have not applied yet and am planning to apply soon if all goes well in my gathering of documents which is proving to be very difficult. 80% of the required amount is already in my EPF and it would take a max. of 6 months to reach the required target. The additional types of funds I mentioned was something extra I can show to the CIC. What do you think, for that do I need a net worth statement from a chartered accountant?

Nanji

Hi Nanji,

I am in the same situation. We call it MPF here. I sent CIC an email regarding this and they replied with the link to their website which still didn't answer my question. I gather there shouldn't be a problem as you also must show proof of fund upon landing and you obviously will have the fund by then but still i am not 100% sure.

What i suggest is send them an email and report back if you got any feedback.

 

[john5655]

not sure where Ryo is from, but it sounds like Hong Kong?

The MPF and EPF are classic systems, and one of the drawbacks is that the money is not readily transferrable

even if you leave the country for good, you cannot get instant access to this money, there will likely be a delay

that's why CIC may have an issue with this kind of fund

finally, Malaysian Ringgit is one of those currencies that may not be transferrable quite so easily out of the country, but I am happy to be corrected

 

[midhunov]

Hi all,
I would like to know whether I can show my Proof of Funds in Life Insurance Policies. If Life Insurance Policies is allowed, should I take into account the premium paid or the total insurance amount?

Thanks in advance,
Midhun

 

[syedrahman1980]

Dear midhunov
No. You can not show insurance policies as proof of fund. Pls. see the link.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp


It is clearly stated that Funds could be in the form of:

* cash
* securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
* negotiable instruments in bearer form (for example, bankers’ drafts, cheques, travellers’ cheques or money orders).

Syed

 

[NewYorker]

Dear midhunov
No. You can not show insurance policies as proof of fund. Pls. see the link.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp


It is clearly stated that Funds could be in the form of:

* cash
* securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
* negotiable instruments in bearer form (for example, bankers' drafts, cheques, travellers' cheques or money orders).

Syed

Syed thanks for reinstating that quote from CIC website. When in doubt, read the policies - don't assume what happened to other people will also happen to you.