Proof of Funds

[EST123]

Thanks Asivad.

The funds are invested in mutual funds through large stockbrokerage firms.

I have no desire to sell my shares yet in the currently deflated market, but the quantities are far in excess of the $12,000 CAD.

 

[Asivad Anac]

Thanks Asivad.

The funds are invested in mutual funds through large stockbrokerage firms.

I have no desire to sell my shares yet in the currently deflated market, but the quantities are far in excess of the $12,000 CAD.

Unfortunately, because of their inherent volatility, you wouldn't be able to use these to showcase POF. You'll have to cash out at least the required amount and deposit in a bank account which will then be used for POF purposes.

 

[EST123]

Hi Asivad,

Thanks for the further information, i found this on the CEC website which appears to suggest that shares would be accepted:

"How much money should you bring?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison. These funds could be in the form of:

cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders)."

Is this not necessarily the case? Thanks again for your help.

EST123

 

[Asivad Anac]

Common misconception.

That page provides information on how to bring monies into Canada AFTER your PR decision is positively made in your favour. That's not the right place to check for POF requirements.

 

[prcand]

Does this mean it's OK to download at least 6 months online statements, then have the bank stamp them?

Or do we need to ask the bank specifically for this customized letter (for them to write the average)?

Someone was refused earlier for having submitted online statements that weren't stamped/sealed by their bank authorities. Recommend that you not take this risk.

All the best!

Can we directly download the 6 month statement from bank account online and attach it? OR should we have to get them attested by the bank authorities?

 

[Asivad Anac]

Does this mean it's OK to download at least 6 months online statements, then have the bank stamp them?

Or do we need to ask the bank specifically for this customized letter (for them to write the average)?

Either of those 2 options would do.

 

[VictorCA]

So, just to confirm, if I sell my car in order to meet the POF requirement, would that be okay for CIC if I just show them the selling agreement?

 

[Asivad Anac]

So, just to confirm, if I sell my car in order to meet the POF requirement, would that be okay for CIC if I just show them the selling agreement?

Not enough. You'll have to show paper trail of the money coming into your account and some valid evidence to prove change of ownership. A sale agreement isn't conclusive proof, just by itself, that the asset is sold.

 

[prcand]

thanks! this is because i already called my bank and they do not offer a customized letter stating the average for the past 6 months. they were actually surprised to hear about the request.

online bank statements PLUS bank stamp then, it is.

Either of those 2 options would do.

 

[EST123]

Unfortunately, because of their inherent volatility, you wouldn't be able to use these to showcase POF. You'll have to cash out at least the required amount and deposit in a bank account which will then be used for POF purposes.

Thanks for the clarification Asivad.

I now find myself in a situation where I can't see the obvious path to cover myself. From the information below, what do you think is the best course of action?

1. My mutual funds are worth circa $60,000, however my application must be submitted by the end of the week, so I wouldnt be able to sell them in time to be in reciept of sufficient funds.
2. My parents could provide money, but I am uncertain of the process (I believe an Affidavit must be prepared?). I'm not certain I have enough time to do that in any case.
3. I could inistigate the selling of some funds and provide the confirmation evidence, however I am uncertain if this would be sufficient.

Your help, as always, is appreciated.

EST123

 

[Asivad Anac]

Thanks for the clarification Asivad.

I now find myself in a situation where I can't see the obvious path to cover myself. From the information below, what do you think is the best course of action?

1. My mutual funds are worth circa $60,000, however my application must be submitted by the end of the week, so I wouldnt be able to sell them in time to be in reciept of sufficient funds.
2. My parents could provide money, but I am uncertain of the process (I believe an Affidavit must be prepared?). I'm not certain I have enough time to do that in any case.
3. I could inistigate the selling of some funds and provide the confirmation evidence, however I am uncertain if this would be sufficient.

Your help, as always, is appreciated.

EST123

2 options.

1. Get a gift from your parents for the entire amount required towards your POF. All you'll need to submit as supporting documents are bank transactions showing credit and debit for this transfer from and into the respective accounts, a signed self-declaration on plain paper from your parent(s) that this transaction is a gift expressly meant to help support you in settling down in Canada and definitely not a loan that needs to repaid at any point in time, bank letter from your account (into which this transaction is made) with all details as required by CIC (including 6 months average balance or 6 months (May-Oct '15) of bank statement in lieu of that). Upload all those documents along with a brief note explaining the purpose of each of those documents and join the dots. Period.

2. Give a sell order on a fraction of your investments which nets you about 20% more cash than your POF (just to be safe) and showcase that evidence along with a brief note explaining that you hold nearly 60000 CAD worth mutual funds and are converting some of them into cash for the express purposes of POF but that it has a lead time of a week or so before the monies are credited into your account. Reinforce that you will upload additional evidence of the monies having arrived in your account as soon as that happens. In addition to all this, provide evidence to prove that these mutual funds are entirely held in your name with no additional lien on them or shared ownership with anyone else. Period.

Either of those should suffice but I would recommend going with Option 1. I got through by providing just that as did many other members over the years.

All the best!

 

[CPRaspirant]

Hi ,

I have funds in two bank accounts one bank account is in my post marriage name and one in pre marriage name , will it be fine if i give statement of both the accounts and attach my marriage certificate ?

 

[Asivad Anac]

Hi ,

I have funds in two bank accounts one bank account is in my post marriage name and one in pre marriage name , will it be fine if i give statement of both the accounts and attach my marriage certificate ?

If you can satisfy POF requirements with just 1 of those accounts, you don't need to submit anything for the other account. If that isn't possible, what you've planned to submit will work along with a brief note explaining the rationale behind uploading letters from both the accounts along with the marriage certificate.

All the best!

 

[CPRaspirant]

Hi Asivad ,

Thanks for your help .

Actually POF requirement suffices after adding the money in both accounts . Initially i was thinking to transfer the funds in one account but later i thought it might be difficult to show the money trail then showing statement of both the accounts .

 

[EST123]

Thanks for you assistance, Asivad.

This will be my third attempt at submitting an application - my first was under the old CEC process and was caught up in the change over. I had to leave Canada, my job, my girlfriend. The second time was back in August, where my application was refused as I didnt include my WES form.

The whole process has been pretty stressful to say the least, in these circumastances I think many people start to think irrationally. Thanks for providing straight answers - it really is appreciated.

Cheers,

EST123