Proof of Funds - Land accepted?

[tunnytox]

I have just invested about £12000 on a landed property in Nigeria, before I received a letter to show proof of funds from the CIC office in Accra, can someone please advise if the CIC will accept this land (valued by registered valuer) as a proof of funds combined with a savings balance of about £6000. I have a family of four which means I require $20000+

Many thanks

 

[NewYorker]

Proof of funds;

These funds could be in the form of:

* cash
* securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
* negotiable instruments in bearer form (for example, bankers’ drafts, cheques, travellers’ cheques or money orders).

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

 

[tunnytox]

NewYorker,
I have some shares in a private company being run by my friends in Nigeria, can I value the shares and use this?

 

[NewYorker]

Well, read my reply,

It says stocks are acceptable.

 

[Abisola]

According to the instruction guide for filling the forms,the area that says funds read thus"Indicate the amount of unencumbered transferable and available funds you have in Canadian dollars,This can include the value of any property you own.However,this does ot include jewellery, cars or other personal assets".i hope this helps

 

[Sir K]

I think I agree with Abisola, valued property can be used. "Unencumbered" can be used to describe an asset that does not have a corresponding debt. For example, a car whose loan has been paid off or an investment bought with cash, not a margin loan from the broker. Property that is not subject to any creditor claims or liens.
cheers

 

[rascojenkins]

yeah use the value of your property,your savings,and your shares in the company with your friend. people use the value of their houses here in the US as prof of funds all the time.

 

[mahharrouf]

yeah use the value of your property,your savings,and your shares in the company with your friend. people use the value of their houses here in the US as prof of funds all the time.

I think I agree with Abisola, valued property can be used. "Unencumbered" can be used to describe an asset that does not have a corresponding debt. For example, a car whose loan has been paid off or an investment bought with cash, not a margin loan from the broker. Property that is not subject to any creditor claims or liens.
cheers

Please dont try make your own understandings otherwise you may face deficulties in process. " NewYorker" pasted clearly and even bellow is link of official website.

Proof of funds would be accepted only which available in urgent case we can say, if you need tomorrow money in Canada, could you sell your land within hours for that need? Homes/propertied are accepted in UK CIC office but they have some conditions too. This is my personal understanding, if really lands properties are acceptable in form of proof of funds, then some can make correction.

 

[NewYorker]

I think I agree with Abisola, valued property can be used. "Unencumbered" can be used to describe an asset that does not have a corresponding debt. For example, a car whose loan has been paid off or an investment bought with cash, not a margin loan from the broker. Property that is not subject to any creditor claims or liens.
cheers

Don't start assuming - read the facts, Land and Properties are not same as cash and will not be acceptable by all CHC offices.

 

[rascojenkins]

I strongly stand by my above post.He will only have a problem if he does not transform the property or have the funds at the time of landing.However he can e-mail his local CIC office to be double sure.

 

[tunnytox]

I really do appreciate all the advice I'm being given, this forum has really being very helpful. I will include all proofs that I have and let them choose which one to take, I think that will solve the problem. However, since my shares is in a private company it will need to be valued by an accountant before it will be acceptable, I will arrange for all these to be done. If I include all these items; land, stocks and land it will be well over $20000 required. the cash and the stock only will worth over $20000 so if they decide not to take the land it will be of no effect.

 

[NewYorker]

If you have cash which will meet CIC requirement for your family then you do not need to show anything else, doesn't really matter, they just want to see if you have the settlement funds. If you show $25,000 for proof of funds and later you can take a million dollar - it really doesn't matter.

 

[tito]

I have just invested about £12000 on a landed property in Nigeria, before I received a letter to show proof of funds from the CIC office in Accra, can someone please advise if the CIC will accept this land (valued by registered valuer) as a proof of funds combined with a savings balance of about £6000. I have a family of four which means I require $20000+

Many thanks

tunnytox,
Some info you can use:

Land - I used land and my house in Nigeria as part of my proof of funds, got a valuer to do the valuation and sent the report to Accra. I included the deed of assignment as proof (its a govt land) and also added the docs on approval to build just to tidy up the whole show.

Shares - I also used my shares as proof of fund, got the CSCS printout showing what I had ack then and included photocopies of share certificates for those not yet on CSCS. I got a valuation report from my broker and included newspaper report of stock prices for the previous day just to make it "tight".

The land/house and shares were all accepted along with cash from accounts scattered around.

Go ahead, use them especially since the cash and stock will be worth over the required $20,000.

And we are also a family of four, landed in December 2007.

All the best.

tito!

 

[Sir K]

Thanks tito for serving as a living witness. To NewYorker, I was not assuming, I was only defining the meaning of "unencumbered fund" which I still stand by.
cheers

 

[NewYorker]

No offense meant, but all I have said is referenced from CIC website, that is what I meant not to assume anything else, read the facts. If yours were accepted not necessarily mean will be accepted for all.

Rules are made by CIC, and they can only make an exception to the rules not me, we are only here to guide each other, and positive criticism is what we need.

Cheers now!!