Proof of Funds

[homewood]

Hi guys, I need your advice. I am at post AOR stage. I did not know UBS stocks is not acceptable as POF. I plan to withdraw it to make it available in my savings account. Then send new bank certification via webform. Is this acceptable to IRCC?

 

[phl2019]

Hi guys, I need your advice. I am at post AOR stage. I did not know UBS stocks is not acceptable as POF. I plan to withdraw it to make it available in my savings account. Then send new bank certification via webform. Is this acceptable to IRCC?

You can try to go that route but provide:
• an LOE outlining the reason why you moved the funds (you didn’t know UBS Stocks were not accepted) and the steps you took to make them more accessible
• documentation covering the withdrawal and transfer of funds
• documentation confirming transfer of funds to a more accessible vehicle

 

[homewood]

You can try to go that route but provide:
• an LOE outlining the reason why you moved the funds (you didn’t know UBS Stocks were not accepted) and the steps you took to make them more accessible
• documentation covering the withdrawal and transfer of funds
• documentation confirming transfer of funds to a more accessible vehicle

Thanks so much for the response.
BTW, do you know if stocks is not really acceptable as POF?

 

[phl2019]

Thanks so much for the response.
BTW, do you know if stocks is not really acceptable as POF?

This is what the IRCC website says:
What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
__________
That said, what I takeaway from this is it’s most important that the funds are legally accessible to you.

So if your stocks can be withdrawn easily and you can get a hold of the funds, that should be fine.

What you can do then with your plan to move your funds from UBS Stocks to another bank account is document the process and share that with IRCC via webform, if only to assure them that the funds are accessible.

That’s the best situation I can imagine this playing out.

 

[homewood]

This is what the IRCC website says:
What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
__________
That said, what I takeaway from this is it’s most important that the funds are legally accessible to you.

So if your stocks can be withdrawn easily and you can get a hold of the funds, that should be fine.

What you can do then with your plan to move your funds from UBS Stocks to another bank account is document the process and share that with IRCC via webform, if only to assure them that the funds are accessible.

That’s the best situation I can imagine this playing out.

Thank you very much. I have moved it and it will take 8 days to be deposited to my bank account... just to be sure.

 

[phl2019]

Thank you very much. I have moved it and it will take 8 days to be deposited to my bank account... just to be sure.

Okay! Just put all the documentation and your LOE in one PDF if you want to send it via webform.

Good luck!