Proof of Funds??????

[Adrian]

The old saying says everything happens for a reason. Well I applied during April 2008 and after the long anticipated wait for the new immigration process I was fortunate enough that my line of occupation was included in the list of 38, but hey immigration ain't that easy.
I remember that prior to lodging my application one of the conditions for immigration was "Proof of funds", this I found not to be a problem given value of assets and investments. What I now have found out is that upon immigration proof of funds must be shown on a bank statement for instance. My question in this regard is that given the South African rand vs the Canadian dollar exchange, we're roughly looking at about R9 = $1CAD. Looking at it this way I with 3 dependants must show proof of funds equalling $20,000CAD, which is equivalent to R180,000.
In any currency that is a heck of alot of money, and from a business perspective would provide me with a better return if invested.
Granted if my application for immigration was approved I would bank in on these investments making the funds immediately available (+-$100,000CAD) and upon entry to Canada would have clear proof of such, however this does not seem to count, and as I understand proof of funds must be provided prior to approval.
Could someone please advise.

 

[manianz47]

Hi

But Proof of Funds needs to be shown at the time of landing, I trust
More from Seniors

 

[Leon]

Can you cash out or borrow $20,000, put in an account and get a statement for CIC? Should be enough for them for now. You can worry about it again when you land.

 

[aurobind]

Proof of funds in an investment which can be encashed and moved to Canada on granting PR is quite OK. So invest it where you get returns till you get your PR and and encash before landing.
Happy New Year

 

[jalams2000]

I am not also clear about the matter. I think seniors are more knowledgeable about it. If they could help us atleast we could get a clear picture of the issue.

We solicit coopeartion from the senior, please.

Thanks.

 

[Adrian]

Thanks alot for your inputs, I honestly hope to god that I only need to provide proof of funds at time of landing, and as to someone willing to lend me $20,000.................I don't think so, but Leon if you're offering? Just kidding, thanks.

 

[KSN]

The old saying says everything happens for a reason. Well I applied during April 2008 and after the long anticipated wait for the new immigration process I was fortunate enough that my line of occupation was included in the list of 38, but hey immigration ain't that easy.
I remember that prior to lodging my application one of the conditions for immigration was "Proof of funds", this I found not to be a problem given value of assets and investments. What I now have found out is that upon immigration proof of funds must be shown on a bank statement for instance. My question in this regard is that given the South African rand vs the Canadian dollar exchange, we're roughly looking at about R9 = $1CAD. Looking at it this way I with 3 dependants must show proof of funds equalling $20,000CAD, which is equivalent to R180,000.
In any currency that is a heck of alot of money, and from a business perspective would provide me with a better return if invested.
Granted if my application for immigration was approved I would bank in on these investments making the funds immediately available (+-$100,000CAD) and upon entry to Canada would have clear proof of such, however this does not seem to count, and as I understand proof of funds must be provided prior to approval.
Could someone please advise.

In FSW guide Pg 33. Proof of Funds--"Indicate the amount of unencumbered transferable and available funds you have in Canadian dollars. This can include the value of any property you own. This does not include jewellery, cars or personal assests."

The IM officer will look at you investments and decide whether it is unencumbered transferable and available funds.

After your assesment they can still ask you for proof of earnings. They might ask you for your tax documents or a copy of your statement of earnings from your employer which you use to file your taxes.

 

[foreverwaiting]

Be advised that during the entire application process, be ready to provide the proof of funds at the following stages -

1. At the begining when sending in the application (provided not under SAP).

2. During assessment when asked for updation of documents (frequently CHC specifically asks for POF at this stage).

3. At the time of making landing in Canada.

 

[jalams2000]

I am sorry that still now I am not clear about the proof of fund. I do not know how long I have to keep the fund idle in my account which I have to show as proof of fund. Is there any time bar such as, 6 months,1 year,etc. after landing to Canada. Shall appreciate if anybody could clear it.

Hope for a constructive New Year-2009.

Thanks.

 

[aurobind]

You need to be sure that as a new landed immigrant in Canada, you will not get any financial assistance and hence it is necessary for the officials to ensure that you will be able to maintain you and your family with your own funds. This fund required is given on CIC site http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
So depending on the no of members including you is the minimum amount you have to declare and show as proof of funds without encumberence available at your disposal which you should be able to prove to the entry point official also as a last step. It is imeterial if the fund is currently in fixed deposit or current/savings/checking account. At all the three stages mentioned above keep consistancy and do not show huge amouts also. Unless you can show that that is your legitimate earnings.
I suggest to keep the min req funds in fixed deposit and earn interest while your application gets processed. Then you can make a demand draft or travellers cheque when you appear for first time landing and show to the official.
Hope this is clear now.

 

[Jalal1]

I have a question to ask about proof of funds. I am planning to apply under new rules in near future. I intend to deposit the required amount of funds into my bank account after my application is recommended by sydney, NS. Will this cause any problem?

 

[Leon]

When I applied, I only had to prove funds when I applied and they asked me to prove funds and again when I landed as PR. If I had borrowed the money to put into my account and borrowed it again to land with it, they would never have known. Once you have landed in Canada, nobody looks at your bank account.

 

[target2009match]

According to my understanding ,at the time of submitting of application ,there is no need to prove funds ,but when sydney would confirm ur processing ,then they provide checklist and do as they want ,am i right?
Now ,one question about application ,in shdule 1 background declaration form ,at the end ,they mention ,dont sign it ,u may sign it in the presence of canadian official like this ,what is this?from where i find canadian officials they authorized ?
i have my brothe in canada ,how to prove i have B FORM with each and everything is present there
kindly reply thanks and takecare

 

[Jalal1]

I have accumulated provident fund mentioned in my salary slip is around 5000 CAD which i will get upon leaving my employer. Since my wife will be the principal applicant, will my accumulated fund contribute to the total funds asked by CIC?

 

[target2009match]

I am not expert ,but i think if u show ur fund of how much they want ?I think ,there are certain other criteria they are focusing more may be ,i m not sure like yours skill ,english language ability ,so it matters more than just mention ur fund ,i surmise ,kindly suggest me , i m also feel apprehensive about this one thanks and takecare