Proof of funds requirements - Explained

[xylene]

Dear All,

I have a confusion about carrying settlement funds, as I am planning to first land along followed by my family after couple of months.
Do I need to carry and show Settlement funds while I reach? OR my family members are required to carry their own share once they land?

The primary applicant should be carrying the POF (for all members) at the time of landing...(Primary applicant should land first as well)

 

[Regina]

Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

However, at the point when CIC is ready to issue visas it may ask to show the actual FUNDs and not just morgage papers or title.

 

[kaemeemanalo]

This is an old thread i stumbled upon

im the principal applicant and applied for fsw 2014 my application includes my wife and she is currently working as caregiver in Canada, im by the way working and based here in the Philippines

as the principal applicant we saved the required amount of money here in my home country. my question is do we required to produce POF since my wife has a full time job in Vancouver? thanks.

 

[omerwaqaskhan]

I have couple of questions:

1. Is it necessary to maintain an account till we get decision against our application?
2. Can't we send a bank statement with application and submit it again later when they need it? Because we never know that how much time will they take for making decision, so is it wise to freeze your money in bank account for unknown time period? We can earn money by investing that amount

Thanks

 

[xylene]

I have couple of questions:

1. Is it necessary to maintain an account till we get decision against our application?
2. Can't we send a bank statement with application and submit it again later when they need it? Because we never know that how much time will they take for making decision, so is it wise to freeze your money in bank account for unknown time period? We can earn money by investing that amount

Thanks

As long as the money is your own and not loaned, I don't think CIC cares if you invest it or not. Moeover when you travel you would have to liquidated the cash.

 

[PerryB]

The primary applicant should be carrying the POF (for all members) at the time of landing...(Primary applicant should land first as well)

Could you please clarify one more thing ? I have joint account with my wife and she wont be accompanying and would land in 6 months ? Now, If we I make DD from that account, would that work as POF during landing ?

 

[xylene]

Could you please clarify one more thing ? I have joint account with my wife and she wont be accompanying and would land in 6 months ? Now, If we I make DD from that account, would that work as POF during landing ?

Yes joint account with spouses is good.

 

[Deep Benipal]

Hello friends ,

This is Gurdeep Singh . I am planning to go for Canada in September intake 2015 . I have already taken an IELTS and got overall 6 band score (5.5 in speaking and reading , 6.5 in writing and listening) . I have been accepted by a canadian institution . I got my offer letter 3-4 days ago . But I want to take IELTS exam again because i am meeting the minimum requirements of canadian embassy and to make my case stronger i wiil be taking IELTS exam on 16 may . My father is a government employee and he has almost 5 acres of land which is resistered on his name . I am using my bank account for more than 1 year but currently i have a little amount of money in my account . So please tell me how can i make my case stronger from financial point of view .

Regards ,

 

[xylene]

Hello friends ,

This is Gurdeep Singh . I am planning to go for Canada in September intake 2015 . I have already taken an IELTS and got overall 6 band score (5.5 in speaking and reading , 6.5 in writing and listening) . I have been accepted by a canadian institution . I got my offer letter 3-4 days ago . But I want to take IELTS exam again because i am meeting the minimum requirements of canadian embassy and to make my case stronger i wiil be taking IELTS exam on 16 may . My father is a government employee and he has almost 5 acres of land which is resistered on his name . I am using my bank account for more than 1 year but currently i have a little amount of money in my account . So please tell me how can i make my case stronger from financial point of view .

Regards ,

Well, you need to have the POF required in your bank account. However if you have an offer letter please go through this thread http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-requirements-explained-t45043.0.html
you might be eligible to land with a POF, but I would recommend you to check with CIC before landing. Also any experienced folks to comment !

 

[haceeb]

I am a principle applicant. Can anyone confirm this as a FACT that joint account with wife is acceptable ?

 

[xylene]

I am a principle applicant. Can anyone confirm this as a FACT that joint account with wife is acceptable ?

Yes it is.

 

[parhar51]

Hello friends ,

This is Gurdeep Singh . I am planning to go for Canada in September intake 2015 . I have already taken an IELTS and got overall 6 band score (5.5 in speaking and reading , 6.5 in writing and listening) . I have been accepted by a canadian institution . I got my offer letter 3-4 days ago . But I want to take IELTS exam again because i am meeting the minimum requirements of canadian embassy and to make my case stronger i wiil be taking IELTS exam on 16 may . My father is a government employee and he has almost 5 acres of land which is resistered on his name . I am using my bank account for more than 1 year but currently i have a little amount of money in my account . So please tell me how can i make my case stronger from financial point of view .

Regards ,

@GURDEEP JI,

Congrats for getting position in a Canadian institute.On the basis of offer letter u can apply for student permit to the Consulate near the place of ur residence.Grant of Student permit depends on the under mentioned factors :

1.Credential of Canadian Institute which has offered u the position.
2.Course offered ,whether it matches/extension to the course(s) u took in ur last degree.
3.Source of funding ur educational expenses .

Visa office will assess ur application taking into consideration the above mentioned facts nd documentary proof submitted by u in support thereof. Ur parent may support u nd Bank Loan may also be a accepted by VO. Please note that only liquid asset forms the part of source
of ur funding.

Hope, this may help u !!!!

Good luck d May god bless all !!!!!

parhar51

 

[niagracalling]

IS IT FINE TO SHOW POF IN INR AT THE TIME OF LANDING

 

[xylene]

IS IT FINE TO SHOW POF IN INR AT THE TIME OF LANDING

I would recommend converting it into USD or CAD. One the Immigration official wouldn't want to convert and try to figure out if the value in CAD is equivalent to the required amount.
Two, the official might not know the banks and might question the validity of the statement.

However if you have the money in CAD (as travellers cheque or in a Canadian Bank) they might be able to trust you better.

I would never recommend taking a risk on this !
Also this money is for your survival in the first few months in Canada. You would need CAD to pay your landlord and I wouldn't recommend using an Indian Bank card here as you would be charged a lot !

 

[omerwaqaskhan]

This term "POF" is really confusing. I am trying to get answer in simple and straight forward words, but not getting from anywhere. OK, Here is the text which I read on CIC

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).


What I want to know is:

1- When an applicant applies for PR visa, can he show his property(plot or home on his name) documents as a POF? (If NO then why CiC says documents that show property, and the point to be noted is that they have mentioned it in the BRING MONEY TO CANADA section, means after visa approval/landing stage, where we must show liquid available cash)

2- I have around 4k CAD$ in bank account and a plot in my name which is valued at around 30K CAD$, can I use that bank statement and valuation and ownership documents of property as POF? (obviously when they CiC will grant visa or at later stage they ask for bank statement, I will show bank statement of available cash)

3- What do I need to do if the plot was transferred to me by my father as a gift?

If anyone has used property documents as POF then please let others know as it will help a lot of people who don't have cash available in bank and they are using the amount for investment purpose like in real estate (plots, homes).

Seniors please help!