Proof of Funds Dilemma

[LTheanine]

Hello all.

Seeking for your advice on this. My home currency is fast declining against USD and CAD in recent days. At the moment, I have a USD account as well and planning to convert all my home currency money to USD. The thing is the home currency money will come from my liquidation of stocks. So basically the flow is:

Stock funds -> Home Currency Bank Account after stock liquidation -> USD savings account.

Previously I was just planning to present 2 statement of accounts - one from my home currency account and another from my usd account but given the recent drop in exchange rates, Im worried hence the plan to convert all to USD.

Questions
1. How will I show proof to cic (I was just recently invited to apply) that the usd money is all from me? Obviously it will show as a one time big deposit. Will the statement of account from my stocks and my home currency account suffice, along of course with my USd account statement? My usd account has been open for 5 years with about 4k usd average deposit. Will immigration think that given those accounts it was first from stocks then local currency account then usd account? If not, how can i let them know

2. Is this a risky thing for my immigration? ( just to give you a note the drop of my home currency is really fast, about 1% already in the past 3 days and about 7% year-to-date. I am afraid as well that by the time they assess my funds, it will no longer be sufficient when converted to CAD due to a lower exchange rate)

Really appreciate your thoughts on this as I have been thinking about this for a while

 

[paladinav]

I understand the difficulty you’re going through, however it is always good sense to keep a buffer. In my case I had shown 25% above the ask rate. The way I did this was got a letter from someone stating they are willing to support my relocation with up to x dollars.

 

[LTheanine]

^thanks. Yes, I have a buffer but as Ive said Im worried that by that time they have to compute my funds' equivalent to CAD, and I have decided to keep my account in my home currency it is already very depreciated that my buffer wont be sufficient anymore so I would to lock my money in USD which I think would be a stronger currency in the coming months.

Any ideas?

 

[cansha]

^thanks. Yes, I have a buffer but as Ive said Im worried that by that time they have to compute my funds' equivalent to CAD, and I have decided to keep my account in my home currency it is already very depreciated that my buffer wont be sufficient anymore so I would to lock my money in USD which I think would be a stronger currency in the coming months.

Any ideas?

Keeping in USD may be better.

 

[LTheanine]

^thanks. But again it will show as a one time big deposit which from what I read is a red flag to CIC. Which document/proof do I need to present to CIC that it first came from my stocks (which is denominated in local currency - pesos) then after liquidation was deposited to my stock's settlement bank account (which is still in pesos) then after which Ive converted to USD and deposited to my USD account?

My stock broker, Peso settlement account and USD account are all under the same bank. Exchanging of money from peso to USD will be done though in a different bank as the bank wont allow more than 1000 usd exchanges at a time for retail accounts.

Thanks to those will help me

 

[cansha]

^thanks. But again it will show as a one time big deposit which from what I read is a red flag to CIC. Which document/proof do I need to present to CIC that it first came from my stocks (which is denominated in local currency - pesos) then after liquidation was deposited to my stock's settlement bank account (which is still in pesos) then after which Ive converted to USD and deposited to my USD account?

My stock broker, Peso settlement account and USD account are all under the same bank. Exchanging of money from peso to USD will be done though in a different bank as the bank wont allow more than 1000 usd exchanges at a time for retail accounts.

Thanks to those will help me

You have answered your own questions. Yes it may be a red flag for CIC if they see a large deposit. But you already have a good explanation. Whatever you have written here you can put the same explanation in the LOE. As supporting documents you can give your stock trading account reports which will show you sold the stocks. When you will convert the money to USD you will get another receipt which will be again in your name. So I think it is not that difficult to show that money belongs to you. Don't worry too much. You should be fine with the proofs you have!

 

[LTheanine]

^thanks! in the LOE, do i need to share why i converted to USD, or do i just need to indicate there that I converted my cash to usd (without the reason why). Sorry for these granular questions I just wamt everything to be smooth

 

[cansha]

^thanks! in the LOE, do i need to share why i converted to USD, or do i just need to indicate there that I converted my cash to usd (without the reason why). Sorry for these granular questions I just wamt everything to be smooth

I'm not sure but in my opinion it should not matter. So do what you feel comfortable doing it. CIC is concerned about whether the funds belong to you or not. If you can prove you own the funds they should be okay.