Proof of funds FSW 2014

[captain FK]

can bank balance certificate be in local currency? like I am from pakistan and my bank gave me balance certificate in Pak rupee... is it ok or not?

 

[Pipis Husband]

can bank balance certificate be in local currency? like I am from pakistan and my bank gave me balance certificate in Pak rupee... is it ok or not?

Yes of course sir, we are all submitting our proof of funds in our local currencies. Just make sure it's up to the amount required for your family size and add a little extra because of currency price fluctuation. Good luck with your application

 

[dr-kk]

can bank balance certificate be in local currency? like I am from pakistan and my bank gave me balance certificate in Pak rupee... is it ok or not?

u can easily request them to convert in CAD currency. its so easy and better advised to do so. dont fall a prey to currency exchange rate issues.

Thanks

 

[F_S_W]

I have heard real state is not acceptable anymore as proof of founds. You better double check.

"Provide proof of unencumbered and readily transferable funds in a convertible currency available for settlement in Canada:
• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements."

this is very serious matter for a lot of applicants. For example, a web developer etc don't have 25000 CA$ as saving , these guys are all relying on there assets (created by using their savings over a longer period) so please provide authentic information. any one who experienced this...........personally?

now please look at this link and try to explain what it means:

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



READ AT THIS PAGE WHAT CIC SAYS:

"

How much money should you bring?​

It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison. 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)."

 

[saudkhan418]

Here's what I did :

In the assets side, listed everything I own in my or wife's name with proof; bank statement as on date, current value of shares & mutual funds, property, fixed deposits. The property valuation was an estimate of current market price and a copy of the title deed in my name was attached as proof.

On the liabilities side, my home mortgage, car loan and a personal loan from the bank. All these were supported by documents which were duly attested.

Hey akbardxb where it is mention to list down ur assets and liabilities and show supporting documents? They just ask to write value of ur assets, liabilities and setlmnt funds... plz clarify as i didnot give supporting docs and even not list down

 

[breeza]

It confuses me too? What do u do if you sell your only house and not get the Visa its a huge risk and its scary. I will phone the VFS in my country of residence and my home country and get first hand information, hopefully so that I can share with everyone. If anybody can do that it will be super so that we have different sources corroborating to help put this grey area to rest. Wish me LUCK!!!

 

[namaste]

this is very serious matter for a lot of applicants. For example, a web developer etc don't have 25000 CA$ as saving , these guys are all relying on there assets (created by using their savings over a longer period) so please provide authentic information. any one who experienced this...........personally?

now please look at this link and try to explain what it means:

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



READ AT THIS PAGE WHAT CIC SAYS:

"

How much money should you bring?​

It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison. These funds could be in the form of:

cash

documents that show property or capital payable to you [/b](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)."

You need to read more carefully and give out the right information. The link you posted is not the right one. It is for when you land in Canada after getting the PR. Read the line "How much money should you bring?"

Valuation of property (as in house, car) is not acceptable proof of settlement funds that you need to show during application. The funds have to be liquid, unencumbured, and readily available to you.

Also, in your quote, it is not just "documents that show the value of property". It's "documents that show the value of property payable to you. A big difference. Note the example: none of them are assets.

 

[namaste]

Hey akbardxb where it is mention to list down ur assets and liabilities and show supporting documents? They just ask to write value of ur assets, liabilities and setlmnt funds... plz clarify as i didnot give supporting docs and even not list down

There is no need for supporting documents for assets and liabilities. of course one can show if one wants to but there is absolutely no harm in not showing them since CIC does not ask for them. The only document that is required is the proof of settlement funds.

 

[F_S_W]

You need to read more carefully and give out the right information. The link you posted is not the right one. It is for when you land in Canada after getting the PR. Read the line "How much money should you bring?"

Valuation of property (as in house, car) is not acceptable proof of settlement funds that you need to show during application. The funds have to be liquid, unencumbured, and readily available to you.

Also, in your quote, it is not just "documents that show the value of property". It's "documents that show the value of property payable to you. A big difference. Note the example: none of them are assets.

(Readers! please read everything on CIC website and interpret according to your own understanding or get legal advice)


Dear Namaste,

Usually I don't like to get involved in useless arguments, but the "tone" you used in the reply is "forcing" me to reply.

First, before declaring other people's information "WRONG" you "MUST" need some research.

I posted it because this issue is not mine or yours ONLY; hundreds of applicants are interested in this issue.

"Laalay" according to your advice I have read it again and again, but now it looks to me that you need a "some kind of advice". Don't worry, at this time I will help you but next time get one before declaring some someone else wrong.
​

1- Who said to you that this link is for those people who already obtained PR, this comment by you, show us how “INFORMATIVE” you are. Bro use CIC website, go to FSW, check “Determine you eligibility” for FSW, you will find this page there, under POF.

For the people who already got their PRs, for them CIC has published this link on their website:

http://www.cic.gc.ca/english/residents/new_immigrants.asp

2- Your comments show that even you have not read the whole page I shared: this also showing what kind of “THE RIGHT INFORMATION YOU PROVIDING”.

Why you did not read the full page before posting comments?​

3- Read the full page it says in the very start:
“You must show...”

Then the page says:

“You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.”​

Does your “English” “tells” you that this page is for the people “who are already in Canada” (as you have written)

Then the page answer a general question which come into mind that “how much money I should bring”?

Bro this page is all about eligibility and requirement for FSW....! May be you get confused by the sentence:​

“If you do not tell them, you may be fined or put in prison”​

This is a “general warning” about the relative Law. Do you think that if you are going to Canada and you are holding property documents, and the value of the property is $100,000, so you don't declare that you have ownership documents of the property with you, and you would be put in prison?

At the end of above said sentence, they say “these funds”....! “These funds” refer to the “FUNDS” they are talking about since the very beginning of the page.

4- I have read at this forum in different threads, different members are giving different advices, but a majority is emphasizing on the word “Liquid” as the “Honorable member NAMASTE” has written.

I request you Mr. Namaste please provide me “any single line” on CIC website which states that “the POF must be "ONLY" in Liquid form”. Any single line............anywhere on CIC's web?​

5- Namaste! You quoted my words “value of property payable to you.” Bro read it again it is “CAPITAL PAYABLE TO YOU”, and I assume that you know the meaning of “CAPITAL”.

6- Namaste! Your NOC is “Networking Engineer”, am I right? So you are network engineer but you are acting as “Financial Analyst”...? Why? Does it mean you have knowledge of Finance? If yes then please elaborate these financial terms which CIC has used:

“What does the meaning of “Capital”, “Liquid”, “unencumbered”, “readily”, “debentures” etc​

I AM NOT FROM FINANCE BUT I WANT TO KNOW WHEN AND WHERE THESE TERMS ARE USED?​

7- Referring to (as per my understanding, forgive me if I am wrong as I am not as INFORMATIVE as you) Cash, property, capital, stocks, bonds, debentures and treasury bills etc you said none of them is asset..................? I think in this case I should stop writing!​

At the end I would like to add the full page of CIC website which I shared as link, here it is;​

Proof of funds – Federal skilled workers​

You must show that you have enough money to support yourself and your family after you get to Canada.

You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).

You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.


The amount of money you need to support your family is set by the size of your family.

We update these amounts every year.
Number of Family Members Funds Required (in Canadian dollars)
1 $11,824
2 $14,720
3 $18,097
4 $21,971
5 $24,920
6 $28,105
7 or more $31,291

You do not have to show that you have these funds if:

• you have a valid offer of arranged employment in Canada AND
• you are currently working or authorized to work in Canada.

How much money should you bring?​

It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.
Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison.

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).”

 

[namaste]

Hey guys, NIKONIKO has said it all, because this is what the Document checklist says;
Provide proof of unencumbered and readily transferable funds in a convertible currency available for settlement in Canada:
• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements.

So value of houses, jewelry and such assets will not count no matter how many valuation documents you submit for them. They will only get your application returned to you. Please convert some of your assets into cash and place in a bank account or deposit.

For those who have raw cash, I suggest you cross the border to a stable neighboring country and open and account there. I wish you all the best

(Readers! please read everything on CIC website and interpret according to your own understanding or get legal advice)


Dear Namaste,

Usually I don't like to get involved in useless arguments, but the "tone" you used in the reply is "forcing" me to reply.

First, before declaring other people's information "WRONG" you "MUST" need some research.

I posted it because this issue is not mine or yours ONLY; hundreds of applicants are interested in this issue.

"Laalay" according to your advice I have read it again and again, but now it looks to me that you need a "some kind of advice". Don't worry, at this time I will help you but next time get one before declaring some someone else wrong.
​

1- Who said to you that this link is for those people who already obtained PR, this comment by you, show us how “INFORMATIVE” you are. Bro use CIC website, go to FSW, check “Determine you eligibility” for FSW, you will find this page there, under POF.

For the people who already got their PRs, for them CIC has published this link on their website:

http://www.cic.gc.ca/english/residents/new_immigrants.asp

2- Your comments show that even you have not read the whole page I shared: this also showing what kind of “THE RIGHT INFORMATION YOU PROVIDING”.

Why you did not read the full page before posting comments?​

3- Read the full page it says in the very start:
“You must show...”

Then the page says:

“You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.”​

Does your “English” “tells” you that this page is for the people “who are already in Canada” (as you have written)

Then the page answer a general question which come into mind that “how much money I should bring”?

Bro this page is all about eligibility and requirement for FSW....! May be you get confused by the sentence:​

“If you do not tell them, you may be fined or put in prison”​

This is a “general warning” about the relative Law. Do you think that if you are going to Canada and you are holding property documents, and the value of the property is $100,000, so you don't declare that you have ownership documents of the property with you, and you would be put in prison?

At the end of above said sentence, they say “these funds”....! “These funds” refer to the “FUNDS” they are talking about since the very beginning of the page.

4- I have read at this forum in different threads, different members are giving different advices, but a majority is emphasizing on the word “Liquid” as the “Honorable member NAMASTE” has written.

I request you Mr. Namaste please provide me “any single line” on CIC website which states that “the POF must be "ONLY" in Liquid form”. Any single line............anywhere on CIC's web?​

5- Namaste! You quoted my words “value of property payable to you.” Bro read it again it is “CAPITAL PAYABLE TO YOU”, and I assume that you know the meaning of “CAPITAL”.

6- Namaste! Your NOC is “Networking Engineer”, am I right? So you are network engineer but you are acting as “Financial Analyst”...? Why? Does it mean you have knowledge of Finance? If yes then please elaborate these financial terms which CIC has used:

“What does the meaning of “Capital”, “Liquid”, “unencumbered”, “readily”, “debentures” etc​

I AM NOT FROM FINANCE BUT I WANT TO KNOW WHEN AND WHERE THESE TERMS ARE USED?​

7- Referring to (as per my understanding, forgive me if I am wrong as I am not as INFORMATIVE as you) Cash, property, capital, stocks, bonds, debentures and treasury bills etc you said none of them is asset..................? I think in this case I should stop writing!​

At the end I would like to add the full page of CIC website which I shared as link, here it is;​

Proof of funds – Federal skilled workers​

You must show that you have enough money to support yourself and your family after you get to Canada.

You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).

You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.


The amount of money you need to support your family is set by the size of your family.

We update these amounts every year.
Number of Family Members Funds Required (in Canadian dollars)
1 $11,824
2 $14,720
3 $18,097
4 $21,971
5 $24,920
6 $28,105
7 or more $31,291

You do not have to show that you have these funds if:

• you have a valid offer of arranged employment in Canada AND
• you are currently working or authorized to work in Canada.

How much money should you bring?​

It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.
Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison.

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).”

You are free to believe whatever you want. You have been given correct answers pointing you to the relevant section of the guideline and yet you continue to refuse those guidelines. It looks like you are forcing YOURSELF to believe that liquid funds are not necessary even after being told by multiple people and being shown the direct guideline from CIC on this matter.
Also, it was your TONE in your previous reply to NIKONIKO, who gave you the correct information that forced me to jump in. If you want to take a risk and be the first one to know the consequences of not following CIC's guidelines on this, YOU are free to do so. But please don't argue about things you haven't yourself experienced or seen and make other people confused when there really is no confusion. The guideline is clear. The guideline as to what is acceptable changes from time to time, and recently noone has reported of property valuation being acceptable to CIC (as their guideline suggests).

You can take the risk but don't ask anyone else to do so.

 

[pie_vancouver]

Better call CIC to confirm if they accept real estate valuation as POF...

 

[F_S_W]

You are free to believe whatever you want. You have been given correct answers pointing you to the relevant section of the guideline and yet you continue to refuse those guidelines. It looks like you are forcing YOURSELF to believe that liquid funds are not necessary even after being told by multiple people and being shown the direct guideline from CIC on this matter.
Also, it was your TONE in your previous reply to NIKONIKO, who gave you the correct information that forced me to jump in. If you want to take a risk and be the first one to know the consequences of not following CIC's guidelines on this, YOU are free to do so. But please don't argue about things you haven't yourself experienced or seen and make other people confused when there really is no confusion. The guideline is clear. The guideline as to what is acceptable changes from time to time, and recently noone has reported of property valuation being acceptable to CIC (as their guideline suggests).

You can take the risk but don't ask anyone else to do so.

yeh off course i am free.
and don't forget it was not me who started this thread. read 1st pages there are other people. i just pointed the correct page, the only problem is if you don't have correct information then you should not post anything , even, you should ask the people to help who have the information.
you did wrong when you straight way blamed me for providing wrong information. that is why i have to write this to inform you it is not me who is wrong, it is you.

about the issue thread is here definitely people will share experiences as akbardxb did? and this will help a lot of other applicants.

even the next time, i request you (don't take it personal) that if you don't have proper information then request others instead of "Judging" the available information.

wish you good luck.

 

[namaste]

F_S_W, I will ignore your name-calling for the sake of clarity on this matter, which might be helpful to other applicants if they happen to stumble upon your post.

Here is an excerpt from the guideline that can be found here: http://www.cic.gc.ca/english/information/applications/guides/EG7TOC.asp#eg73

a) Assets
Indicate the total amount (in Canadian dollars) of fixed deposits, savings accounts, pensions, etc.

b) Liabilities
Indicate the total amount (in Canadian dollars) of real property mortgages and any other personal debts.

c) Total funds available for settlement in Canada
With consideration to your total assets and liabilities, indicate the total amount (in Canadian dollars) of unencumbered, transferable and available funds that you have for settlement in Canada.

The same information is in the application checklist here :
http://www.cic.gc.ca/english/pdf/kits/forms/IMM5612E.pdf

And, CIC's guideline and direction is written in a way that everybody applying can understand. No need to be a financial analyst to read what they have written. But since you are the big financial analyst you must know everything that CIC wants. I rest my case here.

Just a warning to other people, if you do show property valuation as POF, it would be in your own risk.

Edit added to clear confusion: Property valuations used to be accepted in the old FSW system by some visa offices (including LVO). But that was before 2010 when there were old rules where you sent supporting documents to your visa office directly. After 2010, all applications go to centralized office in Nova Scotia initially and so, the rules have changed substantially and as a result, everybody has to submit what is asked by CIC in their application checklist. There is no report of property valuation being acceptable after the change in rules. akbardxb applied in 2010 if I am not mistaken.

 

[F_S_W]

Anyone who want to use Property as POF​

there is a confusion about this, so any one who is interested to use the property Evaluation as POF, it is better to ask CIC directly, arguing on the thread with other members of the forum will not be helpful so here is the email address of the CIC Nova Scotia CIO, interested parties may send them email and get the reply which will be authentic.
here is the email address:

CIO-Sydney-Search-Enquiry @ cic.gc.ca​

remember there is no space between any WORD of the email.​

Edited:

remember there is space around "@" so before sending must remove this space.

 

[sdosanjh]

Anyone who want to use Property as POF​

there is a confusion about this, so any one who is interested to use the property Evaluation as POF, it is better to ask CIC directly, arguing on the thread with other members of the forum will not be helpful so here is the email address of the CIC Nova Scotia CIO, interested parties may send them email and get the reply which will be authentic.
here is the email address:

CIO-Sydney-Search-Enquiry @ cic.gc.ca​

remember there is no space between any WORD of the email.​

Edited:

remember there is space around " @ " so before sending must remove this space.

guys, anyone inquired abt property POF ?
the doubt still persists... show or no show....