Proof of funds on the edge

[alias1]

Hi all,

I'd like to hear from someone who's been in a similar situation regarding POF.
Mine is as follows:

I earn a relatively high salary (about CAD 7,5k a month) but also spend a lot. As a result, I started to save for immigration quite recently, and I only crossed the requirement 1-2 months ago. Besides, the currency fluctuations are high at the moment (perhaps due to the NAFTA talks) and I'm afraid my POF can look even worse if I'm unlucky and CAD goes up.

In order to stay safe, I'm going to buy CAD 16k (I only have 1 dependant, and this is the exact figure I declared in my EE profile) with funds in my local currency. I have a multi-currency account, so the exchange transaction should be clearly reflected in my bank statement, which will be used as POF. After that, I plan to keep those funds untouched until my landing. Do you think it's a good strategy?

My main concern is that I'll have very little on my bank account besides those 16k, and hefty APR processing fees, RPRF, medical exams will not be reflected in my POF. Can that be a problem? In case it can, is there a chance my application will be immediately rejected, or will they definitely request for additional documents such as up-to-date account statements? I plan to keep saving, so the latter should not be a problem for me.

I'd like to clarify that there are no suspicious transactions in my account, and all my savings come from my salary, which comprises > 95% of the deposits. I do use credit cards though, and most withdrawals from my account are either credit card bill payments or payments for some other bills (rent and so on).

Thanks.

 

[Histrionics]

Hi all,

I'd like to hear from someone who's been in a similar situation regarding POF.
Mine is as follows:

I earn a relatively high salary (about CAD 7,5k a month) but also spend a lot. As a result, I started to save for immigration quite recently, and I only crossed the requirement 1-2 months ago. Besides, the currency fluctuations are high at the moment (perhaps due to the NAFTA talks) and I'm afraid my POF can look even worse if I'm unlucky and CAD goes up.

In order to stay safe, I'm going to buy CAD 16k (I only have 1 dependant, and this is the exact figure I declared in my EE profile) with funds in my local currency. I have a multi-currency account, so the exchange transaction should be clearly reflected in my bank statement, which will be used as POF. After that, I plan to keep those funds untouched until my landing. Do you think it's a good strategy?

My main concern is that I'll have very little on my bank account besides those 16k, and hefty APR processing fees, RPRF, medical exams will not be reflected in my POF. Can that be a problem? In case it can, is there a chance my application will be immediately rejected, or will they definitely request for additional documents such as up-to-date account statements? I plan to keep saving, so the latter should not be a problem for me.

I'd like to clarify that there are no suspicious transactions in my account, and all my savings come from my salary, which comprises > 95% of the deposits. I do use credit cards though, and most withdrawals from my account are either credit card bill payments or payments for some other bills (rent and so on).

Thanks.

Do you already have an ITA? If not, then you can use the time until you get the ITA and submit your e-APR to save more funds.

Secondly, I am not sure about the conversion of funds aspect. Personally, I would not convert to another currency but if your country allows you to hold forex in that sum, and other seniors also recommend, then you should go ahead.

 

[alias1]

I do have an ITA. I have no problem waiting and even declining it (my CRS is quite high), but for personal reasons I'd prefer to file earlier.

That said, I am trying to understand if it's safe for me to apply with my current situation (meaning the application is not rejected without any requests for additional documents) or if it's better to wait for say 1 or 2 months.