Proof of funds question

[bairn7]

Hi all

I've read up on the proof of funds requirement and just have a question. I know that you can't borrow money from someone as the funds have to be 'unencumbered'. But I've also read that they don't take into account your credit card/loan status?

I am building up my fund requirements just now and I have a credit card that allows me to make a money transfer to my bank account (so I will have credit card debt but liquid funds)...how is this likely to be viewed by the authorities?

Also, there seems to be conflicting information about the length of time that the funds have to be in the account (there is talk of 3 months but also talk that a current statement is sufficient). If I don't have enough funds, I was planning to sell my car upon receiving an ITA to ensure I had enough. Would a large cash injection (with explanation) likely be accepted?

Thanks all

 

[ee2015]

Im not too sure, but I read somewhere we need to submit credit card balance if any debt.
I went to the bank to get the bank statements for PR purpose just to see how it looks like, and they stated the balance in my credit card and if it was in a good standing.

One immigration consultant said I need to prove that the fund was in my bank account for 6 months when I submit all the supporting documents, but I am not relying on it 100% because I found that they are not always correct... Are you going for CEC or FSW?

 

[bairn7]

Thanks

I'm going for FSW. I know that you need to provide details of credit card debt when providing a full list of your assets/liabilities but as I understand it, debts do how count against you for proof of funds purposes (i.e. liquid funds to meet the minimum requirements).

I'm not worried about the debt, I'm trying to establish it it will be acceptable for me to transfer money from my card to my bank account in order to meet the minimum balance requirements.

 

[rakeshk007]

Say I get ITA and I haven't got the the necessary funds in my account. I intend to ask my parents to make transfers to my account from their account after i receive ITA.
I will then take the statements. Is that valid?

 

[ITA4Sure]

Settlement Funds

Principal Applicant (P.A.) for Canadian Immigration applications, under Federal Skilled Worker (FSW) category have to prove that they have sufficient settlement funds available, at the time of making an application for Permanent Residence of Canada and also at the time of landing in Canada. These funds should be transferable funds.

The amount of settlement funds, depend on the size of the family, which includes both spouses and accompanying children. For example if you are single and not married the amount needed is only for 1 person. In your case you are married it means , you and your spouse (2 persons). And if you are married with two children it means settlement funds for 4 persons( 2 adults and 2 children).

The following table will show you the total funds needed, depending upon your situation and number of family members in your application. These funds must be your own funds. Property cannot be shown against this fund, unless it has been sold and money available.

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 (CAD)
1-$ 11,824
2-$ 14,720
3-$ 18,097
4-$ 21,971
5-$ 24,920
6-$ 28,105
7-$ 31,291 or more

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
The proof of funds can be in the name of the Principal Applicant or his / her accompanying spouse, in the following forms:

Certified Letters from the bank/s confirming funds available.
Certified Bank Statements mentioning the name, address and account number of applicant and OR accompanying spouse..
Certified Fixed term deposit statements/ en-cashable.
Cash investments / bonds / certificates that are redeemable.
Any funds in individual or joint name with spouse.
Money in provident funds held with current or past employers that can be cashed out.
Life Insurance redeemable policies etc.
VALUE OF PROPERTIES OWNED ARE NOT ACCEPTED AS VALID PROOF OF FUNDS
Some countries also have specific forms to be completed for availability of funds.

How much money should you bring into Canada when you come here?

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).
The amount of money you need to support your family is set by the size of your family. We update these amounts every year.
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[toben]

See http://www.cic.gc.ca/english/immigrate/skilled/funds.asp for the exact requirements regarding funds for FSW.

Also http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp for general information about what POF should contain.