Proof of funds requirement at the time of submitting application

[stone hearted]

Dear Seniors,

I am preparing the documents to apply for skilled visa program under FSWP. I would like to know about the proof of funds that whether at the time of submitting my application, shall i be required to show them or they are required at later stage after acceptance of the application?

Any information/ answer related to above query shall be highly appreciated.

 

[canadavisa13]

Hi,

proof of funds are needed to be shown at the time of application submission,and at anytime during the process you could be asked for an update of your proof of funds and will be asked to show them once again at the port of entry when you are landing as permanent resident.
all this is to make sure that you have enough money to support yourself during the first couple months of your arrival in canada because the government won't give any sort of financial assistance so the visa officer needs to make sure that you are legitimate about your proof of funds and not just borrowing money from someone pass by the immigration process.

good luck.

 

[stone hearted]

Thanks dear for your prompt reply. Well bro, iam confused that lets suppose i intend to submitt application in september end, then at that time what i be need to show with the application? i mean account statement or any balance statement at that particular time would be required? and for how mcuh expected time i need to hold the funds. please describe me in each step what would be required. Thanks once again for your help bro........

 

[RomanSPb]

Generally there are at least three steps to provide proof of settlement funds and they all might differ a bit:

1. Along with your initial application package that you send to the Central Intake Office. Here you can make a simple bank account statement or a certificate or whatever (let's say a letter of reference on a bank's letterhead) showing your current balance. There is no need to freeze the money so that you can withdraw them at any time. No transactions history is needed either.

2. At a later stage, commonly along with med forms or POVL, when your local visa office is "almost ready" to issue a visa for you, you will be required to present another proof. This time they will most likely ask to show a 6-months transactions history so a bank account statement showing these transactions (like you put some amount of money on your savings account on a monthly basis) will be just alright. They will expect to see you have no immediate and large money inputs just as if you have borrowed the money from someone. If such large one-time transactions exist, you will have to provide clarification and supporting documents such as sales agreement or whatever if you really sold something valuable (e.g. your car or an apartment)

3. At a port of entry, while talking to an immigration officer at the airport you will probably be asked to demonstrate your settlement funds in any form including bank account statements, travel checks or just cash (remember to declare all the money exceeding $10,000)

 

[stone hearted]

Thanks Romanspb for your clear step wise clarification. I am clear now abt the first step. However abt the next step, as u said i would be asked to show a six months statement of funds so at step 1, after showing the balance letter i would have definitely withdrawn my funds. Now at step 2, i would be asked to show six months statement so i want to know that whether i wld be given 6 months time to keep money again in bank and show the statement of funds to them? I hope i have made my question clear to you.

Thanks dear once again to all for their valuable time n support

 

[RomanSPb]

I'm not sure if you will be given 6 months, it might be less. So it is a good idea to start putting some money to your savings account when you feel like the end is near, e.g. when you have your med forms received. Otherwise they might want some explanation on what is the source of sudden on time cash income such as transfers from other accounts of yours or selling your car or other assets or so.

 

[agiegirl01]

I'm not sure if you will be given 6 months, it might be less. So it is a good idea to start putting some money to your savings account when you feel like the end is near, e.g. when you have your med forms received. Otherwise they might want some explanation on what is the source of sudden on time cash income such as transfers from other accounts of yours or selling your car or other assets or so.

Hello RomanSPB,please i need your help as i believe you are from Poland.Wes require that the Diploma Supplement should be sent directly by the issuing institution,this document however is in Polish language,so my question is,am i supposed to tell my University to translate the document before sending to WES? or should i collect the document from my University,take it to a translator and return the translated document with the original document to my University to be sent to WES?

Your reply would be highly appreciated.

 

[RomanSPb]

Hello RomanSPB,please i need your help as i believe you are from Poland.Wes require that the Diploma Supplement should be sent directly by the issuing institution,this document however is in Polish language,so my question is,am i supposed to tell my University to translate the document before sending to WES? or should i collect the document from my University,take it to a translator and return the translated document with the original document to my University to be sent to WES?

Your reply would be highly appreciated.

Hi,
I'm from Russia, but Warsaw visa office is now responsible for our country, that's it.

Regarding your WES application I can tell you what Russians did to satisfy other organization's (ces/icas?) requirements. As for WES I had to send my original diploma along with its supplement and an appostile from the recognized educational body.

If you need your documents to be sent by the University, you can:
1. Collect the documents from the University
2. Make a translation
3. Return to the University and ask them to seal the envelope and send it all to WES
OR
Put everything in the envelope yourself, write your University's address there as "From" and ask someone to stamp your envelope with the University's seal

 

[khm]

any body pl clear my query on POF
1. how to wright asset,liability and settlement of fund...
2.what is the difference b/w POF and above mentioned things..
3.is that is ok if i borrow this money from someone for one year and do the FD and saw as my POF?
4.it is compulsory to mention my home loan dues or car loan dues in my liabilities i am not mentioning it in my assets .. IS THIS ALLOWED??
5.AS I want to submit .. 1.Assets--XX000(FD)
2.Liability-- NIL
3.settelment of fund--XX000(FD).
please comment........

 

[RomanSPb]

any body pl clear my query on POF
1. how to wright asset,liability and settlement of fund...
2.what is the difference b/w POF and above mentioned things..
3.is that is ok if i borrow this money from someone for one year and do the FD and saw as my POF?
4.it is compulsory to mention my home loan dues or car loan dues in my liabilities i am not mentioning it in my assets .. IS THIS ALLOWED??
5.AS I want to submit .. 1.Assets--XX000(FD)
2.Liability-- NIL
3.settelment of fund--XX000(FD).
please comment........

According to the IMM 7000 Guide:
a) Assets
Indicate the total amount (in Canadian dollars) of fixed deposits, savings accounts, pensions, etc.
You may include current total value of your real estate and other assets you have
b) Liabilities
Indicate the total amount (in Canadian dollars) of real property mortgages and any other personal debts.
If any of property indicated in section a is purchased with help of credits, loans or mortgages, please indicate here current unpaid amount that you will have to return to the bank
c) Total funds available for settlement in Canada
With consideration to your total assets and liabilities, indicate the total amount (in Canadian dollars) of unencumbered, transferable and available funds that you have for settlement in Canada.
As our more experienced colleagues have already corrected me, total funds indicated under section c is not simply assets minus liabilities. Settlement funds cannot include fixed assets and other property but liquid money:
- current bank certification letter; or
- evidence of savings balance; or
- fixed or time deposits statements.

It is not allowed to borrow the money for this purpose. However, in fact, a simple bank certification letter reflecting your current balance is sufficient at this stage. You may be required to provide a 6-months transactions history later on.

 

[khm]

thanks Romanspb, But Still confused is it compulsory to show all my assets ? OR it is ok with bank statement .. and other borrowing not to be declared????

 

[RomanSPb]

thanks Romanspb, But Still confused is it compulsory to show all my assets ? OR it is ok with bank statement .. and other borrowing not to be declared????

Leave your assets alone, you may skip this at this stage. You will be required to declare all your assets at a port of entry, otherwise you will have to pay taxes in Canada when you sell'em abroad.

 

[khm]

Sir, that why i m asking is it ok with
..... assets--15000CAD
liability... NIL
settlement..15000CAD

this is how i want to fill my form.. before submission to CIC .

 

[RomanSPb]

Sir, that why i m asking is it ok with
..... assets--15000CAD
liability... NIL
settlement..15000CAD

this is how i want to fill my form.. before submission to CIC .

Yes, it is okay

 

[spikeKiller]

Sir, that why i m asking is it ok with
..... assets--15000CAD
liability... NIL
settlement..15000CAD

this is how i want to fill my form.. before submission to CIC .

ok