Proof of Funds - Seniors Please Help!

[roop_d]

Hi,

I am an Indian citizen living in New Zealand. My parents have agreed to help me settle in Canada.
However, I have a few options and want to know which one will be the best option to show the proof of funds.
I understand the best option will be to probably make fixed deposit of the money and get a gift deed from my parents and use it as proof of funds.
However, will any of the options below be acceptable to CIC as Proof of funds?

Option A - Use my mother's (government job holder) Provident Funds statement showing the funds required and a gift deed that states she is happy to withdraw and give me the money to help settle in Canada?

Option B - Can I show some funds in the form of gold owned, Signed by a Chartered Accountant?
Please advise.

Thank You.

 

[TempResident]

Neither would work. Proof of funds, assuming you qualify for immigration under the Federal Skilled Worker Program, requires the funds to be under your name and for a period at least of 6 months in your bank account. These funds must be liquid, free from debt or any other obligation and readily available to be transferred into Canada. It is also worth noting that this requirement is strictly enforced as we’ve seen on this forum that lots of folks got rejected right away for not having sufficient funds, or someone else was a lienholder or had a claim on the funds. I would suggest having your parents transfer the money onto your name and keep it for 6 months before you apply.

 

[DRP]

I have a similar query,
Can money invested in stocks and mutual funds will be accepted as PoF ?

 

[Jakev]

I have a similar query,
Can money invested in stocks and mutual funds will be accepted as PoF ?

Nope- as these sources are subject to market risks and fluctuation. As a result, CIC doesn't accept them.

 

[roop_d]

Neither would work. Proof of funds, assuming you qualify for immigration under the Federal Skilled Worker Program, requires the funds to be under your name and for a period at least of 6 months in your bank account. These funds must be liquid, free from debt or any other obligation and readily available to be transferred into Canada. It is also worth noting that this requirement is strictly enforced as we’ve seen on this forum that lots of folks got rejected right away for not having sufficient funds, or someone else was a lienholder or had a claim on the funds. I would suggest having your parents transfer the money onto your name and keep it for 6 months before you apply.

Hi,
Thank You for clarification.
I have seen many people use their own EPF as Proof of Funds and it is acceptable to CIC.
I just want to know if the EPF on my mother's name with a gift deed that she is happy to withdraw and give the money to me to help settle in Canada and its not a loan.

 

[TempResident]

Hi,
Thank You for clarification.
I have seen many people use their own EPF as Proof of Funds and it is acceptable to CIC.
I just want to know if the EPF on my mother's name with a gift deed that she is happy to withdraw and give the money to me to help settle in Canada and its not a loan.

If you feel comfortable doing what everyone else did and was “acceptable” to IRCC, then go for it. However, bear in mind each application is assessed on a individual basis and might have different circumstances. Therefore, per IRCC guidelines, proof of funds must be under your name ONLY.

 

[DRP]

Nope- as these sources are subject to market risks and fluctuation. As a result, CIC doesn't accept them.

Thanks for the reply,

In that case if I take out the money form the Stocks and MFs and keep it in the bank as term deposit, will it work ?
how old the deposit should be in the bank as for PoF ?

 

[Jakev]

Thanks for the reply,

In that case if I take out the money form the Stocks and MFs and keep it in the bank as term deposit, will it work ?
how old the deposit should be in the bank as for PoF ?

Yep, that should work- explain the source of funds, such as sale of mutual funds/shares in this case.

The reason the deposit should be as old as 6 months is to prove the funds are unencumbered.

 

[DRP]

T

Yep, that should work- explain the source of funds, such as sale of mutual funds/shares in this case.

The reason the deposit should be as old as 6 months is to prove the funds are unencumbered.

Thanks Again Jakev !!