Proof of funds requirements - Explained

[Riyaz1979]

Hey Serge

PPF is not accepted as POF.
POF can be something which you can immediately spend.
That's the reason fixed assets are also not considered as POF.

Best Wishes,
vmraja

Hi vmraja
Need your advise, I am a NRI in UAE. Have applied for NBPNP and hopeful of getting ITA.
For proof of funds I have combination of 3 funds available
1) My Bank Statement from UAE bank solely name
2) Mutual Funds of India solely in my name
3) International Funds (in US$) from UK solely in my name

I just want to confirm can 2 and 3 be used as POF. For 2 and 3, I get monthly statements can this be submitted along with bank certificate and 6 months bank statement.

Thanks and Regards

 

[SergeSD]

Hi vmraja
Need your advise, I am a NRI in UAE. Have applied for NBPNP and hopeful of getting ITA.
For proof of funds I have combination of 3 funds available
1) My Bank Statement from UAE bank solely name
2) Mutual Funds of India solely in my name
3) International Funds (in US$) from UK solely in my name

I just want to confirm can 2 and 3 be used as POF. For 2 and 3, I get monthly statements can this be submitted along with bank certificate and 6 months bank statement.

Thanks and Regards

Hi Riyaz,

I'm assuming that they will process your application with those statements. However, they will want to see that you sold your securities and the money is already in your account as cash. If I were you, I would liquidate the portion you want to present as settlement funds and keep that amount in a deposit.

Cheers,

Serge

 

[vmraja]

Hi vmraja
Need your advise, I am a NRI in UAE. Have applied for NBPNP and hopeful of getting ITA.
For proof of funds I have combination of 3 funds available
1) My Bank Statement from UAE bank solely name
2) Mutual Funds of India solely in my name
3) International Funds (in US$) from UK solely in my name

I just want to confirm can 2 and 3 be used as POF. For 2 and 3, I get monthly statements can this be submitted along with bank certificate and 6 months bank statement.

Thanks and Regards

Hi Riyaz,
1 and 3 can be used as POF. Not sure about mutual funds.
Its better to submit 6 months statement if the funds are maintained.

Regards
Raja

 

[Ravstar79]

Proof of Funds (London) Please Help!
« on: April 20, 2016, 01:43:45 pm »
Hi, I am on the verge of submitting my PR application in few days. I have Medicals complete and all required docs to hand.

I am from the uk and am a province nominee for PEI.

Many people have different views on my question.

Question is, I am using my empty property as my settlement funds. I have 4 official evaluations stating property is worth £430,000 or more and a mortgage balance letter from bank saying balance is only £165000. That's almost $500,000 cad equity if convert.

I've even got an official letter from my estate agent confirming offers are waiting to be tabled, hence quick and guaranteed sale.

Lastly I got my lawyer to do a legal declaration stating prior to landing at port of entry there will be in excess of $450,000 funds available and will be shown at port of entry.

Many people have said if from uk this works but some people mainly from outside uk say you can't do this.

I have no choice but just for a peace of mind, I'd like to know others opinions.

Thanks

 

[SergeSD]

Hey Serge

PPF is not accepted as POF.
POF can be something which you can immediately spend.
That's the reason fixed assets are also not considered as POF.

Best Wishes,
vmraja

http://www.canadavisa.com/canada-immigration-discussion-board/anyone-shown-epf-as-proof-of-fund-under-express-entry-system-t284088.0.html;msg4621424#msg4621424

 

[Ravstar79]

Hi serge

Thanks for post.

I'm from uk things are slightly different here with cic. As London visa office tends to accept things that other visa offices don't

But thanks mate

 

[Fly2Can]

very informative

 

[SK0507]

Hello All,

Need Help.

I am landing in Canada soon under the FSW 2014 program(Got the visa last year). I will be staying for 10 days and then back to India. I will go back to Canada in a year.
Do I need to carry the 18K CAD (Family of three) as POF or just carry my Bank statement showing the money and just carry 3-4k CAD. I have the money but to convert them in CAD and then reconvert in INR, I will loose the FX conversion. I will anyway be carrying my ATMs.

Please guide.

Thanks
SK

 

[DiNaV]

Hi Riyaz,

I'm assuming that they will process your application with those statements. However, they will want to see that you sold your securities and the money is already in your account as cash. If I were you, I would liquidate the portion you want to present as settlement funds and keep that amount in a deposit.

Cheers,

Serge

Hi Serge,

I am the primary and only applicant for PR. I have funds in my name as fixed deposits of banks, private company's and government bonds in India. This is my money and I pay Income Tax on it, but my parents are second name holders in each of these i.e. first name is mine, second name is my dad and/or mom.

Will this be accepted as the valid proof of funds by the CIC in my PR application?

Please advice. I am hoping for a quick response.

 

[gabs90]

what if ive been saving money for a while in my mothers bank account and then she will transfer all my money to my account for my trip? is that a problem?

 

[gabs90]

Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.

You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: 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.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada

Hi
what if ive been saving money for a while in my mothers bank account and then she will transfer all my money to my account for my trip? is that a problem?

 

[bombardier]

Hi ,

I got PR and I am the principal applicant and my wife who is the co-applicant got job in Canada. She will be moving on Mobility and working in Canada office.

Whether we need to show proof of funds for all our family when we land first in Canada.

Kindly reply.

Thanks in advance.

 

[tushard8]

http://www.canadavisa.com/canada-immigration-discussion-board/anyone-shown-epf-as-proof-of-fund-under-express-entry-system-t284088.0.html;msg4621424#msg4621424

Hi Guy's, Soon I will be submitting my CIC application. I have a query related to proof of funds. I am in UK and here the banks (HSBC) where I have my savings account are not ready to issue any bank certificate letter as stated below as CIC requirement. Alternatively I can provide the Bank statements and LOE to support this savings, Will this be fine ?

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.

Appreciate your response and any guidance !

Thanks,
Tushar

 

[rajkamalmohanram]

Hi ,

I got PR and I am the principal applicant and my wife who is the co-applicant got job in Canada. She will be moving on Mobility and working in Canada office.

Whether we need to show proof of funds for all our family when we land first in Canada.

Kindly reply.

Thanks in advance.

The dependent can land either along with the PA or after the PA but in no circumstances can the dependent land before the PA. So, either you should accompany her to Canada at the time of landing or you can land first and she can land at a later date (before her visa expires, of course). Also, at the time of landing, whether the dependent is currently accompanying or not, you should be able to show POF for all your family members (spouse/dependent children).

 

[rajkamalmohanram]

Hi Guy's, Soon I will be submitting my CIC application. I have a query related to proof of funds. I am in UK and here the banks (HSBC) where I have my savings account are not ready to issue any bank certificate letter as stated below as CIC requirement. Alternatively I can provide the Bank statements and LOE to support this savings, Will this be fine ?

The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

o The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.

Appreciate your response and any guidance !

Thanks,
Tushar

In that case, see if you can get it from them in writing that they won't issue such letters. You can get 6 months statements stamped by the bank. Your bank letter need not necessarily mention 6 months average balance (You can provide 6 months statements if your bank won't mention the average balance).