Hi guys,
Quick question about POF..
I've just received NOI from Ontario, my family is composed of 4 people so I have to prove around CAD 22300.
I was born in Brazil but I currently live in Australia.
In Australia I have about CAD 10k available straight away on a savings account.
I also have some money I had to leave in Brazil(when I came to Australia, the conversion rate was so bad that it wasn't worth exchanging it), the money is in a joint account between myself and my mom split in access account, savings account and investment account.
First question: Will they accept the money shown in the joint account? My name appears in the letter from the bank.
Yes, as long as you can prove through documents that you will have unrestricted access to the funds. For the joint account, you can get a self declaration from your mom stating the she has no objection in you using the funds and you have full access to the funds.
By investment account, if you are referring to any volatile financial asset, then I am afraid, it cannot be shown as POF. Instead you can show savings bank balance (last 6 months' statements, fixed deposits (receipts stamped by the bank) all which shows your name clearly. May be, you can even liquidate your investment account and create fixed deposits out of the proceeds.
Second Question: Do I have to have the letter/statement translated to english and do I need to do any currency conversion?
Yes, the letter will have to be translated into English. It should be issued on the bank's letter head and state the following.
1. Your name
2. Type of account/accounts held with the bank including account numbers
3. Date of account opening
4. Balance as on date (in local currency) and equivalent in Canadian Dollars (converted using day's spot rate)
5. Statement that funds are unencumbered and readily transferable in a convertible currency (all banks may not be ready to mention this, but you can still try, if you get it, it will be a bonus)
Additionally, you will need 6 months bank statements and other savings proofs (depending on what type of savings instrument it is)
Thanks