Proof of funds - property payable to you...

[Belgiancouple1986]

Hi,
As a Belgian couple, we just arrived in the pool with 458 points. As I want to sort out all of our needed documents should we receive an ITA, I have a question about the proof of funds:

I stated on our profile that we will bring 30 000 EURO to Canada. The plan is to sell our house, this cash is not available at the moment, not even the needed 11 000 Euro or so. I found some answers on this forum saying that you need to prove you have this as liquid cash (not real estate). This money will however only be available when we sell our house (but we plan to sell it once we have our PR, not before...).

But on the cic website they say that proof of funds can also be 'a document that show a property payable to you'.


Is this true?
How do you prove this (documents of your bank loan?)
Does anyone have experience with this under EE without nomination / job offer?

Thanks for the help!

 

[Dexmoody]

Hi,
As a Belgian couple, we just arrived in the pool with 458 points. As I want to sort out all of our needed documents should we receive an ITA, I have a question about the proof of funds:

I stated on our profile that we will bring 30 000 EURO to Canada. The plan is to sell our house, this cash is not available at the moment, not even the needed 11 000 Euro or so. I found some answers on this forum saying that you need to prove you have this as liquid cash (not real estate). This money will however only be available when we sell our house (but we plan to sell it once we have our PR, not before...).

But on the cic website they say that proof of funds can also be 'a document that show a property payable to you'.


Is this true?
How do you prove this (documents of your bank loan?)
Does anyone have experience with this under EE without nomination / job offer?

Thanks for the help!

You need to have the amount in liquid funds by the time you apply for PR (after ITA). A property title is generally not accepted.

I suspect what they mean on the CIC website is if you already have a signed sales contract for your property that is awaiting settlement.

 

[Belgiancouple1986]

Since with 458 points an ITA is not so sure I think the best option will be to wait untill we get an ITA and then ask family. I also found that it can not be borrowed so then they need to fill in a special form stating that they give it as a gift and do not want it back.

Apparently, they also look at the average amount there has been on your bank account for the last 6 months, so they notice that you received it shortly after the invitation, that is why you need a signed confirmation that the money is a gift. Shame, all our money is in our house for the moment, we would prefer not to sell the house untill we get our PR status offcourse...

Our family is not yet informed about our plans since we don't want to bother and worry them untill we are quite sure we can go. I will probably do the French exam as well and think, realistically I should earn an extra 12 points, improving the ods a little bit...

 

[ThiagoSCF]

Keep in mind that you also need to prove that you've had this money from the past 6 months. So taking a loan in the last week and showing only your current balance is not enough.

 

[Belgiancouple1986]

I also found the rule of the 6 months, however the following site explains that there are possibilities to convince the visa officer with documents that you have it at your disposal, even when you received it less than 6 months as a gift. And CIC might accept this, although of is not ideal...

Source was canadavisahelpcentre, I can not post links for some reason...

 

[ThiagoSCF]

That's not correct.

There is no need to have the money for six months - it's a common misconception.

CIC only want to see the six months' average bank account balance to determine if a large sum of money was deposited. This would raise a red flag with them.

Belgiancouple1986, as you correctly state in your post, you can preempt this by including a signed gift declaration. It must be crystal-clear that the money was given to you as a gift and there is no obligation of repayment.

Of course, that is not stopping you voluntarily giving another gift to the donor once you have sold your home, but the point is that there can be no formal written or even verbal commitment to do so.

That's exactly why it is important to maintain such amount of money in your account for this period of time. I read it a couple of times in this forum already.

I don't know anything about receiving the money as gift though.

 

[Andre_Smol]

If you want to add the money to your account as a gift from family members, there is no problem with that as long as you can provide a gift deed to prove that the money is actualky yours and isnt just borrowed so you can meet the minimum.

Many other people on the forum have done the same thing successfully so basically, if your 6 month balance is sugnificantly below the minimum, you need additional documentation to prove that the sudden jump in funds is legitimate and that it is actually your money and not a loan.

As long as you keep that in mind, you will be fine.

Good luck with your application. 458 is a good score and would have gotten you an ITA in several past draws. With a bit of luck, you might still have a vhance later on this year.

All the best!