Proof of Funds (Asivad Anac please reply)

[Siddiquis]

Hello,
I have seen many posts regarding the “Proof of Fund” but I wonder if I can get replies specific to my case. I am expecting my ECA (from CES) at the end of February 2016. I have already taken my IELTS exam and my score is 8.5/6.5/7/7.5 in L/R/W/S (overall 7.5 bands). With the aforementioned I anticipate my CRS at 417, which is likely to get PT from Ontario after registration in EE pool.
I am a Pakistani, but for more than two years living in Doha, Qatar. I was having the required funds in my account few months back but as I was unaware I transferred the sum to my brother’s bank account in Pakistan, and I thought that I will put this money in my own account in Pakistan when I visit, because of that I am unable to show the bank statement maintained for six months.
At the end of this month, I will have the required funds in my Doha (Salary) account, but it is effective after 6 months. Below are my few questions:

1. Should I wait for 6 months? Until I have my maintained 6 months bank statement? (I am afraid I will loose few points for age in Aug 2016, besides I am going to marry in the same month)

2. Should I request my brother to transfer the required sum in my Pakistani bank account and provide me with the gift deed? If so then should I immediately ask my brother ( I do not have the PT yet) or at the time of submitting documents for OINP? Does the gift deed date matter?

3. I will be applying from Doha, and I have documents notarized from Pakistan, and a Pakistani bank account, is it OK?

Please experts answer my queries, I will be very thankful.

 

[CanadaWeCome]

Hello,
I have seen many posts regarding the “Proof of Fund” but I wonder if I can get replies specific to my case. I am expecting my ECA (from CES) at the end of February 2016. I have already taken my IELTS exam and my score is 8.5/6.5/7/7.5 in L/R/W/S (overall 7.5 bands). With the aforementioned I anticipate my CRS at 417, which is likely to get PT from Ontario after registration in EE pool.
I am a Pakistani, but for more than two years living in Doha, Qatar. I was having the required funds in my account few months back but as I was unaware I transferred the sum to my brother’s bank account in Pakistan, and I thought that I will put this money in my own account in Pakistan when I visit, because of that I am unable to show the bank statement maintained for six months.
At the end of this month, I will have the required funds in my Doha (Salary) account, but it is effective after 6 months. Below are my few questions:

1. Should I wait for 6 months? Until I have my maintained 6 months bank statement? (I am afraid I will loose few points for age in Aug 2016, besides I am going to marry in the same month)
No need. You can show this fund as it is your salary credit.
2. Should I request my brother to transfer the required sum in my Pakistani bank account and provide me with the gift deed? If so then should I immediately ask my brother ( I do not have the PT yet) or at the time of submitting documents for OINP? Does the gift deed date matter?
You can do this right away. Date does not matter as long as it's around (or better after) the money transfer date.
3. I will be applying from Doha, and I have documents notarized from Pakistan, and a Pakistani bank account, is it OK?
No problem
Please experts answer my queries, I will be very thankful.

 

[Asivad Anac]

In addition to what is said already, recommend that you retake IELTS and get a 7 in R/W/S and 8 in L. That will push your CRS beyond 450 and get you a 'regular' ITA soon enough. Those 0.5 points in Reading are costing you an ITA now.

 

[Siddiquis]

@ CanadaWeCome

This is not my salary credit, rather i transfered different sums in my salary account to get the required sum, and from now onward i have to wait for 6 months ...

@ Asivad Anac

I will definitly go for the next IELTS attempt, but even after ITA i will require a maintained bank statement, and i have to wait for 6 months (January onwards) to get it effective, please advice.

 

[Asivad Anac]

The easiest way of ensuring no trouble on POF front is by showing the entire proceeds as a gift from your brother along with a signed self-declaration from them. You can effect this transfer right away and get the declaration as well so that you can use it for OINP/any other PN and later for CIC.

 

[CanadaWeCome]

@ CanadaWeCome

This is not my salary credit, rather i transfered different sums in my salary account to get the required sum, and from now onward i have to wait for 6 months ...
Unless you have an explanations for large transfers (preferably documented).

@ Asivad Anac

I will definitly go for the next IELTS attempt, but even after ITA i will require a maintained bank statement, and i have to wait for 6 months (January onwards) to get it effective, please advice.

 

[Siddiquis]

Thank you both for valuable replies.

So what i understand is that after getting my ECA done i should go in the pool and if i get PT from Ontario within 45 days i will ask my brother in Pakistan to transfer the required sum in my "Pakistani bank account" and provide me with the gift deed. Meanwhile i will try to take IELTS again (as Asivad suggested). Furthermore I have following questions in mind:

Only a gift deed suffice or i need deposit slip(s) ?

My brother's bank statement required?

Anything else i lack in mind? or any suggestion?

Thanks

 

[CanadaWeCome]

Thank you both for valuable replies.

So what i understand is that after getting my ECA done i should go in the pool and if i get PT from Ontario within 45 days i will ask my brother in Pakistan to transfer the required sum in my "Pakistani bank account" and provide me with the gift deed. Meanwhile i will try to take IELTS again (as Asivad suggested). Furthermore I have following questions in mind:

Only a gift deed suffice or i need deposit slip(s) ?
Just a gift deed would suffice..but no harm in attaching the deposit slip(s) as a proof.

My brother's bank statement required?
Not required
Anything else i lack in mind? or any suggestion?
Not that i can think of regarding PoF except your own Bank statement/letter
Thanks

 

[eecandidate]

Hi Asivad,

You are the top man in the forum and I am glad seeing you helping people so much. I have a question and would be glad if you could reply.

1. Under Proof of Funds, I had shown CAD 10k as 6- months fixed deposit with maturity being on 27th Jan, 2016 (today). Before this, the same amount had been in fixed deposit for six months . that means i had this sum for a year. now since this is matured, do i need to send a CSE with updated POF or i am good to go without doing it.

2. Further, I have shown 12k under listed stocks, but havent shown any proof where they came from as I have been holding these stocks for more than a year. shall i be worried?

Please advise.

 

[CanadaWeCome]

Hi Asivad,

You are the top man in the forum and I am glad seeing you helping people so much. I have a question and would be glad if you could reply.

1. Under Proof of Funds, I had shown CAD 10k as 6- months fixed deposit with maturity being on 27th Jan, 2016 (today). Before this, the same amount had been in fixed deposit for six months . that means i had this sum for a year. now since this is matured, do i need to send a CSE with updated POF or i am good to go without doing it.
Not required, as long as it gets credited to your account post maturity, and will be available to show at the border.
2. Further, I have shown 12k under listed stocks, but haven't shown any proof where they came from as I have been holding these stocks for more than a year. shall i be worried?
Stocks don't qualify as PoF
Please advise.

 

[eecandidate]

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

These funds could be in the form of:

cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

The above is the extract from CIC's website.

What do you say?

 

[rajanvnv]

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

These funds could be in the form of:

cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

The above is the extract from CIC's website.

What do you say?

It's true that you can show stocks and other risky assets as per their website. I am sure when assessing the value of such assets they would go by a more conservative approach rather than taking the exact value as on date. I believe you are putting yourself under scrutiny if you say you have exactly the limit set by CIC and you hold all of them in stocks and shares. I believe you should have minimum level of funds in a safer asset and show the additional one's in such risky classes.

 

[sikkavarun]

Hi,

I had invested in some gold jewelry around 1.5 years back. I have VAT paid bills for the same. Can I show that as a proof of funds?

If I cannot then, If I can sell them and put the money in a Fixed Deposit, will that suffice? Request for the support. Thanks.

 

[rajanvnv]

Hi,

I had invested in some gold jewelry around 1.5 years back. I have VAT paid bills for the same. Can I show that as a proof of funds?

If I cannot then, If I can sell them and put the money in a Fixed Deposit, will that suffice? Request for the support. Thanks.

You cannot show gold or property value as they are not readily cashable. Yes, you can definitely convert them to money and hold a FD and that can be shown as proof.

 

[eecandidate]

It's true that you can show stocks and other risky assets as per their website. I am sure when assessing the value of such assets they would go by a more conservative approach rather than taking the exact value as on date. I believe you are putting yourself under scrutiny if you say you have exactly the limit set by CIC and you hold all of them in stocks and shares. I believe you should have minimum level of funds in a safer asset and show the additional one's in such risky classes.

I agree with you what you have said.
I am a single applicant with POF requirement of around 12,000 CAD. I have shown 12k ( Savings+ Fixed Deposit) and 12 K (Listed Stocks) and 2k ( Credit Card liabilities) with net worth being CAD 22k which is way higher than required.
Hope it wont be an issue?
What do you say?