Proof of Funds: Real Estate e.g. House, apartment, land

[shrinivas1980]

Dear experts,

I am about to file my PR application and the only thing remaining is gathering the required 'Proof of Funds'. Can I show my 'real estate' (an apartment) as a proof of fund? I am confused.

Request to help me out.

Thank you!

 

[emiiuki]

Dear experts,

I am about to file my PR application and the only thing remaining is gathering the required 'Proof of Funds'. Can I show my 'real estate' (an apartment) as a proof of fund? I am confused.

Request to help me out.

Thank you!

Only if you sell it before submiting the application.

 

[shrinivas1980]

Dear emiiuki,

Thanks for your valuable response. But in contradiction, CIC website 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).

Thanks!

 

[Canph]

Hi,

Some where in the forum thread I had read that, PAs spouse had submitted her mothers FD with affidavit declaring that she will be gifting FD money to her daughter which can be used anytime in future in need .....etc..........which was accepted by the VO as POF, If am wrong seniors has to correct me.
Please seniors please throw some light.

 

[shrinivas1980]

Thanks canph. Even I came across the same thread just-a-while ago in addition to some contradictory threads which has left me in confused state of mind. It also depends on the Visa Office which will process your file. For ex. London VO has no problems in considering Property Valuations as POF, but New Delhi VO may not accept it.

Confusing, very confusing

 

[Abu Hassaan]

Dear Shrinivas,

This is different scenario which you quoted from CIC website. It is related to the landing issue that how much and in which form you can bring funds to Canada. As far as, proof of fund for PR application is concerned, that is totally different scenario. You should show such proof which is in lquid form and can be liquidated immediately. Property assets are not lquid assets, hence most likely, will be rejected.

Dear emiiuki,

Thanks for your valuable response. But in contradiction, CIC website 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).

Thanks!

 

[Canph]

@Shrinivas,

Yeah that is true, NDVO does not accept the property as as POF. But this affidavit thing has to be researched as some applicants in old threads of 2010 from NDVO has been successfully provided POF as gift money from parents that is affidavit declaring the usage of money by their son/daughter respectively.
I thnk this has to be cleared by some VIP members who are knowledgeable and have great idea on this subject.
Please try to consult some immigrant lawyers or seniors in this forum, and update the reply as it will help many applicants who are in the similar situation.

 

[shrinivas1980]

Oh, thanks a lot Abu. You opened my eyes by clearing my doubts to the greatest extent. +1 for you.

Abu, as on today I can show half the required amount in my bank account (savings + PPF+ Fixed Deposit). Would it work if my daddy and I have a joint bank account?

Your experts comments are much needed.

Thanks once again.

 

[shrinivas1980]

Hi Canph. That's true. Requirements have found to be varying VO-to-VO. Yes, even I am planning to take my daddy's help on funds issue. +1 for you too.

 

[joe99]

Dear experts,

I am about to file my PR application and the only thing remaining is gathering the required 'Proof of Funds'. Can I show my 'real estate' (an apartment) as a proof of fund? I am confused.

Request to help me out.

Thank you!

Dear shrinivas

Your real estate or apartment is considered as asset .......

Highly recommended are FDs , bank statements and your savings as POF

 

[shrinivas1980]

Thanks joe99. How about Personal Provident Fund and Employee Provident Fund? I think they will work too.

 

[joe99]

Thanks joe99. How about Personal Provident Fund and Employee Provident Fund? I think they will work too.

Yup......, that will work.....

 

[Abu Hassaan]

There are contradictary opinions on joint bank accounts. I think, an affidavit from your father clearly stating that you can use these funds for any purpose would help you to go through. Please get another expert opinion before proceeding on this line.

Oh, thanks a lot Abu. You opened my eyes by clearing my doubts to the greatest extent. +1 for you.

Abu, as on today I can show half the required amount in my bank account (savings + PPF+ Fixed Deposit). Would it work if my daddy and I have a joint bank account?

Your experts comments are much needed.

Thanks once again.

 

[shrinivas1980]

That's a great suggestion bro

 

[Canph]

There are contradictary opinions on joint bank accounts. I think, an affidavit from your father clearly stating that you can use these funds for any purpose would help you to go through. Please get another expert opinion before proceeding on this line.

Even I had the same view, as I had read in old threads stating some applicants had provided their parents or in laws affidavit for his/her spouse, declaring the usage or availability of funds for their daughter/son for future use and I believe they have been successful.
But more should be said by seniors/experts who has heard or seen this kind of cases for providing POF.