Proof of funds

[Hostass20]

Hello,

I have an issue now that i don't know what will be the solution for it and i will really appreciate your help!

As a proof of fund according to CIC i need to show my last 6 month bank statement that's an easy thing but it wont show the min. amount of money that they require "12,000 CAD" its only my monthly salary transfer.

But my plan is to sell my car once i get the visa 'hopefully' so that could be the money i will take with me there.

Can i show a proof of asset "Car" or no and if no what will be my solution for that case?

 

[scylla]

No - you can't show a car as proof of assets. You have to demonstrate that you have the funds at the time you apply.

 

[Hostass20]

So whats the solution on that case?

 

[scylla]

So whats the solution on that case?

Sell your car now?

I don't know how to answer your question. It's up to you how you get the funds. You need to have them in order to apply.

 

[Neilp]

Hello,

I have an issue now that i don't know what will be the solution for it and i will really appreciate your help!

As a proof of fund according to CIC i need to show my last 6 month bank statement that's an easy thing but it wont show the min. amount of money that they require "12,000 CAD" its only my monthly salary transfer.

But my plan is to sell my car once i get the visa 'hopefully' so that could be the money i will take with me there.

Can i show a proof of asset "Car" or no and if no what will be my solution for that case?

The assets must liquid such as stock, bond, bank account balance. Unless you plan to sell your car then I would not suggest it. Typical cars and house overseas can work against you as it show ties to your home country. You can borrow from family in order to show the balance but the $12,000 is the bare minimum they request to set your self up in Canada.

Hope this helps

 

[Rickyindia]

hi everyone. My problem is that i have my own old funds but they are invested in mutual funds and they can be transfered to my savings bank account anytime. My questions are:-
1. Can mutual funds statements can be shown as POF?
2. If not, i will transfer the funds from mutual funds to my bank account.
3. The balance in my account statement will not be 6 months old, can i still lodge my eAPR?
4. I will attach the Mutual Funds statement as an additional document as an explanation for transfer of heavy amount into my saving account.

Noc-0122
CRS-475
EE created- july,2016
awaiting ITA

 

[Hostass20]

The assets must liquid such as stock, bond, bank account balance. Unless you plan to sell your car then I would not suggest it. Typical cars and house overseas can work against you as it show ties to your home country. You can borrow from family in order to show the balance but the $12,000 is the bare minimum they request to set your self up in Canada.

Hope this helps

Actually i can get this amount of money as gift from my mother but i am really afraid that the Canadian government count this as as defrauding or cheating, because i deposited such an amount suddenly.

I also have a salary transfer each month of around 1000 CAD each month for 6 month but my previous job was paying me cash but i am not saving my money in the bank so what if i deposited this now !

 

[istari]

Actually i can get this amount of money as gift from my mother but i am really afraid that the Canadian government count this as as defrauding or cheating, because i deposited such an amount suddenly.

I also have a salary transfer each month of around 1000 CAD each month for 6 month but my previous job was paying me cash but i am not saving my money in the bank so what if i deposited this now !

Receiving a gift from your mother is fine, but you need to provide a gift deed, signed by your mother.

 

[Hostass20]

Receiving a gift from your mother is fine, but you need to provide a gift deed, signed by your mother.

From where can we do the gift deed please ?!

 

[istari]

From where can we do the gift deed please ?!

You can get it done by a lawyer.
Or alternately, I think you can just have your mother write an affidavit and have it notarised.

 

[Hostass20]

You can get it done by a lawyer.
Or alternately, I think you can just have your mother write an affidavit and have it notarised.

Should i submit it with the statement from the beginning or when they ask for an explanation ?

 

[istari]

Should i submit it with the statement from the beginning or when they ask for an explanation ?

From the beginning.

 

[Hostass20]

From the beginning.

Thanks a lot for your help

 

[Stanlee]

hi everyone. My problem is that i have my own old funds but they are invested in mutual funds and they can be transfered to my savings bank account anytime. My questions are:-
1. Can mutual funds statements can be shown as POF?
2. If not, i will transfer the funds from mutual funds to my bank account.
3. The balance in my account statement will not be 6 months old, can i still lodge my eAPR?
4. I will attach the Mutual Funds statement as an additional document as an explanation for transfer of heavy amount into my saving account.

Noc-0122
CRS-475
EE created- july,2016
awaiting ITA

Yes, you can transfer the proceeds from mutual funds to your bank account. As long as you can prove the source of funds, it does not really matter whether the funds were in the account for 6 months or less.

 

[jes_ON]

The assets must liquid such as stock, bond, bank account balance. Unless you plan to sell your car then I would not suggest it. Typical cars and house overseas can work against you as it show ties to your home country. You can borrow from family in order to show the balance but the $12,000 is the bare minimum they request to set your self up in Canada.

Actually, no, you cannot "borrow" the money from anyone, including family. Borrowing means you have to repay the money, so that is not acceptable. However, as the OP has suggested, a gift from family (gifts do not have to be repaid), is acceptable, but you have to have proof that it is a gift (e.g. affidavit).