Proof of Funds - Date Considerations

[legalfalcon]

quoting @legalfalcon , isn't it true that the dollar rate is locked at the time time of your AOR ? So, currency fluctuations should not matter as long as the amount you showed initially remains maintained on your account throughout your application pricessing timeline.

IRCC does not go by daily change in currency conversion, instead it relies on a quarterly average which is published by the federal government and given to all federal agencies. Also, the federal agencies rely on the conversion rate on the date of filing the application published by the Bank of Canada.

This is why it is highly advisable that you show additional funds above the minimum required to meet PoF.

Either way, an application cannot be rejected for PoF, instead a PFL is sent and an opportunity given to an applicant to meet the PoF, this is because the PoF is not in the regulations, instead comes form a ministerial instructions. In law the priority is:

Act
Regulations
Ministerial Instructions - Memorandums

 

[Yaadi_787]

IRCC does not go by daily change in currency conversion, instead it relies on a quarterly average which is published by the federal government and given to all federal agencies. Also, the federal agencies rely on the conversion rate on the date of filing the application published by the Bank of Canada.

This is why it is highly advisable that you show additional funds above the minimum required to meet PoF.

Either way, an application cannot be rejected for PoF, instead a PFL is sent and an opportunity given to an applicant to meet the PoF, this is because the PoF is not in the regulations, instead comes form a ministerial instructions. In law the priority is:

Act
Regulations
Ministerial Instructions - Memorandums

A very good explanation. Thanks for this and what is extremely surprising is that CIC should ideally give chance to correct PoF situation via PFL for a candidate. However, I have read many applicant's experience that they got straightway rejected if there was any issue that CIC thought that they have with their PoF doc. Is there any way or rule that CIC can decide to do so as per their special discretion powers or something (not giving chance to applicant via PFL to try and prove it one more time)

 

[pursuit_of_happiness]

Thanks @legalfalcon for the clarification.

 

[legalfalcon]

A very good explanation. Thanks for this and what is extremely surprising is that CIC should ideally give chance to correct PoF situation via PFL for a candidate. However, I have read many applicant's experience that they got straightway rejected if there was any issue that CIC thought that they have with their PoF doc. Is there any way or rule that CIC can decide to do so as per their special discretion powers or something (not giving chance to applicant via PFL to try and prove it one more time)

The only time the application can be rejected is when it is incomplete under the completeness check, R10.

R10 states what is the definition of complete application that should be submitted - See https://laws-lois.justice.gc.ca/eng/regulations/SOR-2002-227/page-3.html#h-6


If the application is incomplete, then per section 12 it will be returned, and this imposes an absolute responsibility on the applicant to ensure that the application is complete.

Return of application

12 Subject to section 140.4, if the requirements of sections 10 and 11 are not met, the application and all documents submitted in support of it, except the information referred to in subparagraphs 12.3(b)(i) and (ii), shall be returned to the applicant.

However, if the application crosses R10, and it is found to be not eligible, then before the application is rejected the applicant has be afforded the "right to be heard." This is a part of 'Administrative Law' commonly know as principles of natural justice. All administrative agencies making decisions that affect a person, have to follw there.

The applicant’s right to be heard
When an individual will be affected by a decision, that individual has the right to know the case to be met and must be given a fair opportunity to respond.

To read more see https://www.canada.ca/en/immigration-refugees-citizenship/corporate/publications-manuals/operational-bulletins-manuals/service-delivery/procedural-fairness.html

 

[Yaadi_787]

Thanks a lot @legalfalcon

 

[engrazafar]

IRCC does not go by daily change in currency conversion, instead it relies on a quarterly average which is published by the federal government and given to all federal agencies. Also, the federal agencies rely on the conversion rate on the date of filing the application published by the Bank of Canada.

This is why it is highly advisable that you show additional funds above the minimum required to meet PoF.

Either way, an application cannot be rejected for PoF, instead a PFL is sent and an opportunity given to an applicant to meet the PoF, this is because the PoF is not in the regulations, instead comes form a ministerial instructions. In law the priority is:

Act
Regulations
Ministerial Instructions - Memorandums

i received PFL recently because of exchange rate fluctuation. they used latest exchange rates instead of average or AOR date. my currency is continuously being devalued. even if I put extra money, i am not sure what will be the exchange rate at the time of review of my response to PFL. it is so unpredictable.

How should i tackle the situation? can i request to them to lock exchange rate on the date i send updated bank statements as a response to PFL?

 

[RochelleAlford]

Hey, what did you finally do in this case? My amount seems to have reduced now that there has been currency fluctuations.

Please share your experience! Thank you

i received PFL recently because of exchange rate fluctuation. they used latest exchange rates instead of average or AOR date. my currency is continuously being devalued. even if I put extra money, i am not sure what will be the exchange rate at the time of review of my response to PFL. it is so unpredictable.

How should i tackle the situation? can i request to them to lock exchange rate on the date i send updated bank statements as a response to PFL?

 

[engrazafar]

Hey, what did you finally do in this case? My amount seems to have reduced now that there has been currency fluctuations.

Please share your experience! Thank you

Hi

I replied to PFL with explanation and updated POF documents. My response was reviewed and eligibility passed in the following week.

If your eligibility is already reviewed and passed, you don't need to worry. However, if your application is in initial stages, add more funds to your account and send them updated POF ASAP.

 

[RochelleAlford]

Hey, thanks for the quick revert.

It's been about 65 days since my AoR and haven't called to check if eligibility has been passed.

Plus I've shown an FD as PoF. What do you suggest could be done? Make another FD of a smaller amount?

Also, after how long did you receive this POFL request? I mean how many days after AoR?

Hi

I replied to PFL with explanation and updated POF documents. My response was reviewed and eligibility passed in the following week.

If your eligibility is already reviewed and passed, you don't need to worry. However, if your application is in initial stages, add more funds to your account and send them updated POF ASAP.

 

[engrazafar]

Hey, thanks for the quick revert.

It's been about 65 days since my AoR and haven't called to check if eligibility has been passed.

Plus I've shown an FD as PoF. What do you suggest could be done? Make another FD of a smaller amount?

Also, after how long did you receive this POFL request? I mean how many days after AoR?

you should call CIC and inquire about the status of your eligibility. case processing agents usually review eligibility within first two months. it's advisable to send updated POF. I am not sure about FDs requirements. I only showed liquid funds.

 

[Priya85]

IRCC does not go by daily change in currency conversion, instead it relies on a quarterly average which is published by the federal government and given to all federal agencies. Also, the federal agencies rely on the conversion rate on the date of filing the application published by the Bank of Canada.

This is why it is highly advisable that you show additional funds above the minimum required to meet PoF.

Either way, an application cannot be rejected for PoF, instead a PFL is sent and an opportunity given to an applicant to meet the PoF, this is because the PoF is not in the regulations, instead comes form a ministerial instructions. In law the priority is:

Act
Regulations
Ministerial Instructions - Memorandums

Hi, how many days prior to submission of documents is ideal to get the bank letter?

 

[GraceHamee]

Hi

I replied to PFL with explanation and updated POF documents. My response was reviewed and eligibility passed in the following week.

If your eligibility is already reviewed and passed, you don't need to worry. However, if your application is in initial stages, add more funds to your account and send them updated POF ASAP.

Hello
What good reason can I use for adding money into the account.please help as I am in similar situation

Thanks