Proof Of Funds -- What all can be used ?

[migratecanada]

Hello Members,

What all can I use as proof of funds ?
I just discovered that with the new rules we have to submit the POF with the initial application itself, for which I wasn't ready at all. I was under the impression that I will have next 3 - 4 months to reflect the net funds in my account, but apparently this is not the case any more.

Can you please advise what all can be used as proof of funds ? Also, please confirm if the below can be used...

1. Gold
2. Property

I am in a rush rush situation now and would appreciate your advise.

Cheers

 

[matlal]

Hi migratecanada,

This is the response i got the CHC-New Delhi, India.

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 membersFunds 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.


This is what applies to New Delhi, check with your local embassy wat is accepted.

-Matlal

 

[migratecanada]

Hi Matlal,

Thanks for the prompt response.

 

[migratecanada]

Hi Matlal,

One more question. Would you know how old the bank statements should be ? can we convert the property or jewellery in to cash and deposit in bank account before showing POF ?

Thanks again.

 

[matlal]

Hi migratecanada,

I have read in the forum that 3 months to 6 months bank statement hold good.

However, as far as I understand from the Canadain website and their instructions set, they only need to know, if the amount is available to you. Ideally, why a 3-6 months statement is aksed, is to see how your income flows into your account and rule out major fluctations in your savings account.

Now to answer you questions, Property and Gold can be liquidated, and this can be shown as proof-of-funds. However, do show the source of income in that case i.e. attach a copy of the sale proceeds w.r.t to gold or property, with your POF document set. In this case, you are justified and don't need to show bank statments ranging over a period of 3 - 6 months. However, if you have a healthy bank account, where the cash inflow is higher than the withdrawls, it would serve as a good ancillary document.

-Matlal

 

[bhavikcpatel]

Hello,

Should I consider Equity Stocks & Mutual Fund as a cashable investments? Can Anybody tell me about it.

If yes, then what kind of document should I prepare to show fund. Can I take Investment Statement from my Demat Account Holding with notarized on it.

or something other than this....

Hi migratecanada,

I have read in the forum that 3 months to 6 months bank statement hold good.

However, as far as I understand from the Canadain website and their instructions set, they only need to know, if the amount is available to you. Ideally, why a 3-6 months statement is aksed, is to see how your income flows into your account and rule out major fluctations in your savings account.

Now to answer you questions, Property and Gold can be liquidated, and this can be shown as proof-of-funds. However, do show the source of income in that case i.e. attach a copy of the sale proceeds w.r.t to gold or property, with your POF document set. In this case, you are justified and don't need to show bank statments ranging over a period of 3 - 6 months. However, if you have a healthy bank account, where the cash inflow is higher than the withdrawls, it would serve as a good ancillary document.

-Matlal

 

[saket]

Dear All,
Recently my PR file for skilled worker was returned.No clear explanation was provided.
For the proof of funds,I provided a letter as my mother has the fund in post office and me as her nominee and got it stamped by regional post office.....I think, that might be the reason for return.

Now I am planning to re-apply.

I have funds in banks as liquid cash, Fixed Deposit and in postal deposits.I am planning to make a certificate from Charterted accountant and attach notarized xerox copies ,of the Fixed Deposits,Bank statement and postal passbook.Will this be sufficient.The amount is coming around canadian dollars 19000(we are a family of 3).

Kindly help seniors.

 

[saket]

Dear All,
Recently my PR file for skilled worker was returned.No clear explanation was provided.
For the proof of funds,I provided a letter as my mother has the fund in post office and me as her nominee and got it stamped by regional post office.....I think, that might be the reason for return.

Now I am planning to re-apply.

I have funds in banks as liquid cash, Fixed Deposit and in postal deposits.I am planning to make a certificate from Charterted accountant and attach notarized xerox copies ,of the Fixed Deposits,Bank statement and postal passbook.Will this be sufficient.The amount is coming around canadian dollars 19000(we are a family of 3).

Kindly help seniors.

 

[deex]

I have the same query- what proof to attach for MFs and for postal deposits?
waiting for some good answers frm experienced members
thanks

 

[nano24482]

Dear All,
Recently my PR file for skilled worker was returned.No clear explanation was provided.
For the proof of funds,I provided a letter as my mother has the fund in post office and me as her nominee and got it stamped by regional post office.....I think, that might be the reason for return.

Now I am planning to re-apply.

I have funds in banks as liquid cash, Fixed Deposit and in postal deposits.I am planning to make a certificate from Charterted accountant and attach notarized xerox copies ,of the Fixed Deposits,Bank statement and postal passbook.Will this be sufficient.The amount is coming around canadian dollars 19000(we are a family of 3).

Kindly help seniors.

Your mother's bank account/postal account won't do. And that could be the reason of rejection.

In my opinion you can submit copy banks passbook, FD and post office records and get it signed and stamped from the concerned officers in bank and PO.

I my case, I got my transactions of last 6 months via internet banking(it will give in pdf format) printed the same and got it stamped and signed by the bank manager.

 

[deex]

Does provident fund get counted in POF?

thanks

 

[cabharatbhushan]

Dear All,
Recently my PR file for skilled worker was returned.No clear explanation was provided.
For the proof of funds,I provided a letter as my mother has the fund in post office and me as her nominee and got it stamped by regional post office.....I think, that might be the reason for return.

Now I am planning to re-apply.

I have funds in banks as liquid cash, Fixed Deposit and in postal deposits.I am planning to make a certificate from Charterted accountant and attach notarized xerox copies ,of the Fixed Deposits,Bank statement and postal passbook.Will this be sufficient.The amount is coming around canadian dollars 19000(we are a family of 3).

Kindly help seniors.

I read any thread that if funds are on joint name of applicant and his/her mother then applicant can take 50% benefit of that....but in ur case u were nominee and not joint holder.

In case of joint holders, my personal opinion is that u should file an affidavit from ur mother declaring that she would not have any objection if u use her funds for immigration.

 

[honeyjack]

Yes Provident Fund is counted & MF , stocks etc will also considered as they are readily transferrable anytime.( liquid / quick assets )

For Banks Balance only Balance certificate as on date will do but certificate must be on a bank's letterhead signed & sealed by authority( manager).


Honeyjack

 

[proofoffunds]

By definition, a proof of funds, commonly called a POF, is a document that shows that an individual or company has the ability and money available to use for a financial transaction.

The form it usually comes in is a custody, security or bank statement.

A proof of funds ensures that the money required for a transaction is obtainable, and of course, legitimate.

More info at pofsnow.blogspot.com

 

[qorashi]

Hi everybody,
Does anyone know that the update for POF should contains information about the same bank account which was sent to CIC or we can send information of a different account to VO? Also both of these accounts are issued in my name.