Proof of funds

[Cozza]

Hi I’m currently staring the process of moving to Canada with my family through the express entry route as we are both in the trade.
I have to show that I have around £15500 in my account before I can apply.
Am I aloud to remortgage my home and take that money which will then be sat in my savings account and be fully available for me to use before I start the process.
Can I use that money as proof of funds.

 

[iSaidGoodDay]

Hi I’m currently staring the process of moving to Canada with my family through the express entry route as we are both in the trade.
I have to show that I have around £15500 in my account before I can apply.
Am I aloud to remortgage my home and take that money which will then be sat in my savings account and be fully available for me to use before I start the process.
Can I use that money as proof of funds.

No, taking loans to show proof of funds is not accepted. This is supposed to be the amount of money you need to settle in Canada and it can't be a loan.

 

[Cozza]

No, taking loans to show proof of funds is not accepted. This is supposed to be the amount of money you need to settle in Canada and it can't be a loan.

Even if it’s against your house which has a huge amount of equity sat in it. Which we will be renting out when we move over to Canada.