Proof of funds requirements - Explained

[sk540]

Hello

Is gold and property accepted as proof of funds??

Regards

 

[qamar425]

Hi,
I’m currently employed in Saudi Arabia and I want to apply under FSW immigration category. I just started for this process with my credentials assessment from WES. I am planning to send my application to CIO,Sydney, Nova Scotia within two months. My concern is, can I use my salary account (current) to prove my funds?
At the moment I have only SR 20,000/- (5,836/- Canadian Dollars).However, in next two months I can manage my End Balance to reach SR 50,000/-(Approx.14,720 Canadian Dollars required for two family members) after being paid two salaries.
My bank statement shows transaction description of my salary deposit as “Payroll Deposit”.I can attach my payroll slips with my bank statement to prove that the amount transferred is my salary.

 

[aviator_guy]

Hi All,

I just got reply from CIC New Delhi for Proof of Funds Requirement,

Kindly have a look.



Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.


The amount of funds you need to have in order to settle in Canada depends on the size of your family. The funds must be available to you and transferable to Canada. They must be unencumbered by debts or other obligations.



Number of family members
Funds required

1
$11,086

2
$13,801

3
$16,967

4
$20,599

5
$23,364

6
$26,350

7 or more
$29,337








Acceptable proof of funds are:

-bank accounts in your name or the name of your accompanying spouse/common-law partner;

-cashable investments in your name or the name of your accompanying spouse/common-law partner;

-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.



Not acceptable are:

-bank accounts in someone else's name;

-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);

-bank accounts in the name of your spouse who is not accompanying you to Canada ;

-property valuations;

-vehicle valuations;

-jewellery valuations.



You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.



A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants.



If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of indeterminate employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC). In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards.


We trust that this information will be of assistance.

showing POF in the bank account of my father (sponsor), is unacceptable, for student permit?

pension funds of my dad?

 

[mohamed1978]

what about having an apartment..can it be used as a proof of fund?...

 

[scylla]

what about having an apartment..can it be used as a proof of fund?...

No.

 

[lexis]

Good day everyone,

I have a job offer letter and at the same time i have Letter of Approval (MPNP), and in related with this I would like to apply a work permit and thus, i want to know the minimum balance of proof of funds as in the checklist it is required to attached along with other documents.

By the way, I am not from an exempt- country.

thanks

 

[illi10]

Dear Kind Friends,

Need some advice from all you people generous enough to give some free advice. My brother who is a british citizen has more than enough funds for the settlement funds requirement for my FSW application.
How can I use this?
1. Should I submit his bank statements alongwith a personal guarantee letter from him?
2. should the guarantee letter be in a standard bank guarantee letter format?
3. What about liens/encumberances on his bank account? He has none. But does he need to get a separate statement/certificate from the bank stating that his bank account is unencumbered?
4. Finally, if he has to transfer funds to my bank account then what would I need eg gift deed etc.

I am really hoping that options 1 and 2 can be used instead of 4 since moving around funds is a big hassle.

Regards

 

[Owais Iqbal]

Dear Kind Friends,

Need some advice from all you people generous enough to give some free advice. My brother who is a british citizen has more than enough funds for the settlement funds requirement for my FSW application.
How can I use this?
1. Should I submit his bank statements alongwith a personal guarantee letter from him?
2. should the guarantee letter be in a standard bank guarantee letter format?
3. What about liens/encumberances on his bank account? He has none. But does he need to get a separate statement/certificate from the bank stating that his bank account is unencumbered?
4. Finally, if he has to transfer funds to my bank account then what would I need eg gift deed etc.

I am really hoping that options 1 and 2 can be used instead of 4 since moving around funds is a big hassle.

Regards

It doesn't work this way. The amount must be in your account or in your spouse's.. You don't need to get any certificate. Just send the bank balance certificate. Since, the bank balance certificate only current balance, you would be good to go. However, you should maintain this balance in case they ask you again to submit the bank statement at any later stage..

 

[nicksar]

Hi Friends,

Am yet to receive my ECA reports and going to start applying my visa soon.

How long should I hold the money (fund proof). Is it that, I can borrow from someone only for certain period?


Thanks

 

[SMani]

The reason CIC is asking for proof of funds is simple.. The name itself tells you.. Settlement Funds..

Once you land you may take time to settle down.. During such time CIC does not want you and your family to be a burden on the tax payers money.. They want you to take care of yourself without depending on the Govt of Canada..


Please take this issue seriously and try to arrange for enough liquid funds at the time of application and try to maintain that balance till you land and settle down.. Its for your own benefit that they are insisting on settlement funds..The amount they ask for is the minimum and it will not be enough if you get into trouble once you land..

 

[Owais Iqbal]

Hi Friends,

Am yet to receive my ECA reports and going to start applying my visa soon.

How long should I hold the money (fund proof). Is it that, I can borrow from someone only for certain period?


Thanks

You need to maintain your account till you are issued visa..

 

[farzanaisme]

Hi there,
I'm in Australia with my husband and a boy for more than 5 years holding a work visa. My husband has a full time job and I've got part time. We've decided to apply for FSWP last month. So bit unorganized. I've got my IELTS & waiting for Eca report from Wes. I'm bit worried about settlement fund. Till the end of August we had good amount in bank account but in September had to lend about 15grand to one of my relative for short period. He is going to give that back this month. Then we would be right with the required settlement fund. Is it gonna be alright as because we're not borrowing money but getting our own money back. Do I need to provide explanation about this? Is there any other way to make it clear and acceptable to the VO? Please help

 

[Owais Iqbal]

Hi there,
I'm in Australia with my husband and a boy for more than 5 years holding a work visa. My husband has a full time job and I've got part time. We've decided to apply for FSWP last month. So bit unorganized. I've got my IELTS & waiting for Eca report from Wes. I'm bit worried about settlement fund. Till the end of August we had good amount in bank account but in September had to lend about 15grand to one of my relative for short period. He is going to give that back this month. Then we would be right with the required settlement fund. Is it gonna be alright as because we're not borrowing money but getting our own money back. Do I need to provide explanation about this? Is there any other way to make it clear and acceptable to the VO? Please help

No need to provide any proof.. Just send your bank balance certificate instead of bank statement. In case, at a later stage, if they ask for bank statement then submit your bank statement. Till then maintain your account.. You will be good.

 

[ctg]

I just received my MR yesterday and RPRF request along with a request for an explanation for the proof of funds. I am just wondering if I have my own bank account for more than a year and my funds came mostly from my parents how would i explain this? Should I explain that it came from them and from my savings and family business? is this acceptable? anyways, our family business is named under my parents. What papers do i have to present to prove this? thank you

 

[jojob]

I am in the same position....I need to know what kind of letter/affidavit i need to send in with my application.

Hi Guys,

All my bank accounts are joined with my mother or father. I am single and the only child of my parents. As I am going alone and the sole applicant I need to show close to 7.9 lacs for the immigration. Few of the accounts is having my name as the 1st account holder (close to 4-5 lacs) and in other I am the 2nd account holder. As I am the only son, all my FDs or bank accounts are kept joined with my parents. Kindly advice if I can show these bank statements or FDs as a proof of fund for Canadian Immigration?