Proof of Funds/Settlement Funds requirement?

[xxkbxx]

We are a family of 5, thereby making our required POF/SF $22,831 (in CAD). In our Personal Net Worth Statement that we submitted as part of the application, our total estimated net worth was around $182,000 (equivalent in CAD). However, the majority of that amount is in the form of insurance, properties/land, some investments, etc.

As for cold, hard cash in the bank itself, we don't exactly have $22,831. Also, according to the COEs (Certificate of Employment) that we sent, the net income of the principal applicant's spouse is almost equivalent to $22,831/year.

All that said, as far as financial requirements go, how are we doing...do we make the cut? We discussed this with our representative in the past and they did not give us negative feedback or discourage our application based on financial requirements. So far, the embassy has not asked for any additional or updated documents (i.e. updated Personal Net Worth statement).

The only thing that they have sent us was the Request for Medicals. In the same letter, they also requested for the RPRF, both of which we've accomplished recently (medical examination & payment of the RPRF). Along with that, they also sent our "invite" for the CIIP.

Is there any realistic chance that we will be (touch wood!) denied due to monetary reasons...? Any info, advice, etc. is appreciated. Thanks.

 

[colsy]

Nope, I don't think you have cause for concern at all. Infact I am pretty confident that should your medicals go to plan you will be landing in Canada soon. If you didn't satisfy the requirements you wouldn't have been asked to do your medicals?

Of course when it is time to go, and based on what you described about your financial status, you will more than satisfy the monetary requirements.

Best of luck!

 

[S.K]

We are a family of 5, thereby making our required POF/SF $22,831 (in CAD). In our Personal Net Worth Statement that we submitted as part of the application, our total estimated net worth was around $182,000 (equivalent in CAD). However, the majority of that amount is in the form of insurance, properties/land, some investments, etc.

As for cold, hard cash in the bank itself, we don't exactly have $22,831. Also, according to the COEs (Certificate of Employment) that we sent, the net income of the principal applicant's spouse is almost equivalent to $22,831/year.

All that said, as far as financial requirements go, how are we doing...do we make the cut? We discussed this with our representative in the past and they did not give us negative feedback or discourage our application based on financial requirements. So far, the embassy has not asked for any additional or updated documents (i.e. updated Personal Net Worth statement).

The only thing that they have sent us was the Request for Medicals. In the same letter, they also requested for the RPRF, both of which we've accomplished recently (medical examination & payment of the RPRF). Along with that, they also sent our "invite" for the CIIP.

Is there any realistic chance that we will be (touch wood!) denied due to monetary reasons...? Any info, advice, etc. is appreciated. Thanks.

While send a letter for PPR, the Embassy will ask you proof of funds in the shape of updated bank statement and they CAN refuse you for not having sufficient funds to live in Canada

 

[xxkbxx]

We are a family of 5, thereby making our required POF/SF $22,831 (in CAD). In our Personal Net Worth Statement that we submitted as part of the application, our total estimated net worth was around $182,000 (equivalent in CAD). However, the majority of that amount is in the form of insurance, properties/land, some investments, etc.

As for cold, hard cash in the bank itself, we don't exactly have $22,831. Also, according to the COEs (Certificate of Employment) that we sent, the net income of the principal applicant's spouse is almost equivalent to $22,831/year.

All that said, as far as financial requirements go, how are we doing...do we make the cut? We discussed this with our representative in the past and they did not give us negative feedback or discourage our application based on financial requirements. So far, the embassy has not asked for any additional or updated documents (i.e. updated Personal Net Worth statement).

The only thing that they have sent us was the Request for Medicals. In the same letter, they also requested for the RPRF, both of which we've accomplished recently (medical examination & payment of the RPRF). Along with that, they also sent our "invite" for the CIIP.

Is there any realistic chance that we will be (touch wood!) denied due to monetary reasons...? Any info, advice, etc. is appreciated. Thanks.

While send a letter for PPR, the Embassy will ask you proof of funds in the shape of updated bank statement and they CAN refuse you for not having sufficient funds to live in Canada

Hi SK,

May I clarify what you mean exactly? Do you mean to say that before we receive a PPR, we should expect that they will ask for an updated bank statement (or perhaps personal net worth statement) and from there, they CAN refuse us cause of insufficient funds?

 

[S.K]

While sending your PPR and before stamping your visa they will require updated bank statement and at that time if you don,t provide then they can refuse you statement of personal net worth is not acceptable

 

[xxkbxx]

^
Is it certain that they will do this? Do they GENERALLY ask for additional/updated documents (bank statements, personal net worth statements, etc.) before coming to a final decision and releasing the visa?

If we are able to sell 1 of our properties before they ask us for the said documents (the property worth is more than CAD $22,831), will this finally solve the issue? As of the moment, we put 1 of our bigger properties up for sale.

Our last resort is to cash in some insurance and/or pension. If that happens, combined with the cash we currently have in the bank right now, we are confident we will have at least $22,831 ("required POF/SF"). This will be easier and faster to do than selling the property which is why it is our "last resort."

What do you think of our options right now? Are there other better options for us? I hope someone can give some sound advice regarding our case. If anyone (perhaps anyone you might know) is going through (or has gone through) a similar experience, please feel free to post here as well. Thank you.

 

[nasim15]

^
Is it certain that they will do this? Do they GENERALLY ask for additional/updated documents (bank statements, personal net worth statements, etc.) before coming to a final decision and releasing the visa?

If we are able to sell 1 of our properties before they ask us for the said documents (the property worth is more than CAD $22,831), will this finally solve the issue? As of the moment, we put 1 of our bigger properties up for sale.

Our last resort is to cash in some insurance and/or pension. If that happens, combined with the cash we currently have in the bank right now, we are confident we will have at least $22,831 ("required POF/SF"). This will be easier and faster to do than selling the property which is why it is our "last resort."

What do you think of our options right now? Are there other better options for us? I hope someone can give some sound advice regarding our case. If anyone (perhaps anyone you might know) is going through (or has gone through) a similar experience, please feel free to post here as well. Thank you.

You should be ready to provide proof of 'LIQUID,TRANSFERABLE,UNENCUMBERED FUND WORTH CAD 22831 TO SUPPORT YOURSELVES IN CANADA'in the form of either bank deposit and/or in the form of liquid investment like shares/debenture and bond.

You will also be required to take this much of fund with you while landing in Canada.

 

[nicholas30]

Hi Guys,

Do you need to show proof of funds when applied through BC PNP.....Applying outside Canada???