Proof of Funds, When to show?

[alex_smith]

Hello everyone!

Does anybody know at what point will I have to show the proof of funds after submitting a PR application?
On one hand the amount required is not that big, on the other having to freeze 14.000 for a couple of years, while the application is being processed is not much fun.

What is the current situation?

Many thanks in advance for any tips

 

[scylla]

You need to show proof of funds when you apply and CIC can ask for updated proof at any time during the processing of the application. If they ask for updated proof and you can't supply it, the application is refused. Best to keep the money in the account from the time you apply to the time you land.

 

[alex_smith]

You need to show proof of funds when you apply and CIC can ask for updated proof at any time during the processing of the application. If they ask for updated proof and you can't supply it, the application is refused. Best to keep the money in the account from the time you apply to the time you land.

Thank you for advise. Do you have the link to the source of this information, by any chance?
Also, will a bank statement suffice?

 

[scylla]

Thank you for advise. Do you have the link to the source of this information, by any chance?
Also, will a bank statement suffice?

You won't find any link that says all of this outright. However this has been the experiences of people on this forum over the years.

A bank statement is fine. However keep in mind that CIC will sometimes ask for several months of historical bank statements to prove the money is actually yours and you didn't just borrow it temporarily to show POF.

 

[alex_smith]

You won't find any link that says all of this outright. However this has been the experiences of people on this forum over the years.

A bank statement is fine. However keep in mind that CIC will sometimes ask for several months of historical bank statements to prove the money is actually yours and you didn't just borrow it temporarily to show POF.

Ok, so it has to be savings in the back account. Not cash. That is clear. May be tricky for me as I don't really trust banks to keep the money. Just use a bank account for some daily transactions. Do you think I should open an account in Canadian or US bank just prior to PR application?

Also I find it a bit strange that such an important issue is not properly stipulated in the immigration manual, since there is no clear definition on when exactly to present the POF, many people can get confused.

 

[Carmageddon]

If I may join this thread - I have similar concerns, however mine is that I currently DON'T have the cash to show...

Some suggested taking a loan, and then giving them a print of bank balance (they don't usually ask for transactions history is what people say), afterwards returning the loans, until they ask for it again.
I should point out that I need to show about 21K (4 person) and state that I do have money I intend to take out of pension saving plans when time comes that will be enough, but as I understood, its not accepted as proof of funds...

So what do you suggest? How do people from even poorer country, are supposed to show the money and keep it liquid for the years it takes to process the application?

 

[optimistic candi]

Can someone say what is it meant by financial inadmissability. What is a serious financial problem. I showed a fixed deposit of 14000 $ which has been in the account for the past 2 years.
But i have taken a loan against fixed deposit for 12000$ from the same account. Will it be a problem.
Please give some insights

[/quote]

 

[scylla]

If I may join this thread - I have similar concerns, however mine is that I currently DON'T have the cash to show...

Some suggested taking a loan, and then giving them a print of bank balance (they don't usually ask for transactions history is what people say), afterwards returning the loans, until they ask for it again.
I should point out that I need to show about 21K (4 person) and state that I do have money I intend to take out of pension saving plans when time comes that will be enough, but as I understood, its not accepted as proof of funds...

So what do you suggest? How do people from even poorer country, are supposed to show the money and keep it liquid for the years it takes to process the application?

Yes - you are supposed to keep the funds liquid for the time it takes for your application to be process and then bring the money with you to Canada. You will most likely need it to survive here for the first several months. Taking out a loan won't work - the money has to be yours. CIC will often ask for updated proof of funds while the application is being processed. When they do, they typically ask for 4-6 months of historical bank statements to prove the money is yours and not a loan. So there's really no point in applying unless you actually have the funds and they are yours.

 

[Carmageddon]

Yes - you are supposed to keep the funds liquid for the time it takes for your application to be process and then bring the money with you to Canada. You will most likely need it to survive here for the first several months. Taking out a loan won't work - the money has to be yours. CIC will often ask for updated proof of funds while the application is being processed. When they do, they typically ask for 4-6 months of historical bank statements to prove the money is yours and not a loan. So there's really no point in applying unless you actually have the funds and they are yours.

Can they really ask for historical statements detailing transactions more than just summary of balance? Since its not stated anywhere as Required documents.

Thanks for the explanation, worst case I will ask my mother to transfer the money to my account, and then they can not say that its not mine (its none of their business, whether someone else took a loan and gave it to me).
This should work, right?

 

[scylla]

Can they really ask for historical statements detailing transactions more than just summary of balance? Since its not stated anywhere as Required documents.

Thanks for the explanation, worst case I will ask my mother to transfer the money to my account, and then they can not say that its not mine (its none of their business, whether someone else took a loan and gave it to me).
This should work, right?

Yes - they can certainly ask for historical statement and we've seen many examples on this forum where they have in fact asked. CIC asks this question to verify the funds are yours and aren't a loan or haven't been temporarily borrowed from a friend/family member. You can certainly tell CIC that where the money came from is none of their business and refuse to provide historical statements. If you do that, you should expect your application to be refused since you will effectively be confirming that the funds aren't yours.

 

[Carmageddon]

Yes - they can certainly ask for historical statement and we've seen many examples on this forum where they have in fact asked. CIC asks this question to verify the funds are yours and aren't a loan or haven't been temporarily borrowed from a friend/family member. You can certainly tell CIC that where the money came from is none of their business and refuse to provide historical statements. If you do that, you should expect your application to be refused since you will effectively be confirming that the funds aren't yours.

Cant I announce that it is NOT a loan from my mother, but a gift, thus making the money MINE?
Also, I just realized the new EE Ministerial Instructions do not mention Proof of Funds at all! So it might this requirement is no longer needed (officially)...

 

[scylla]

Cant I announce that it is NOT a loan from my mother, but a gift, thus making the money MINE?

This might work if you transfer the money to your account now and leave it there for the duration of the processing. Moving this money in later (when CIC asks for proof of funds again) won't work.

I can't comment on EE. I haven't read the requirements in details.