Proof of 'Landing Funds" >>>

[qorax]

trackitt.com | Posted by qorax (2870) | 5 minutes ago

to zawara:

We make the drafts in 'our names' - payable at "any bank" in Canada. Once we 'land', we open an a/c in "any bank", deposit that draft (of any 'other' bank too) in that a/c -- and it gets credited in "a week's time" max.

Where's the worry?

QORAX

 

[malu08]

Latest fund which needed when Landing in Canada (Port Of Entry). It has been increased slightly recently.

Number ofFamily Members Funds Required(in Canadian dollars)
1 $11,115
2 $13,837
3 $17,011 (783858.3745 INR) @ 46.0795 INR approx from www.xe.com on Jan 17th 2011.
4 $20,654
5 $23,425
6 $26,419
7 or more $29,414

 

[jadwig]

I think we should look at this 'Proof of Fund' at POE a little closer. The funds you need to show at POE can be said to be equivalent to that required during the processing of your application (check http://www.cic.gc.ca/english/immigrate/skilled/funds.asp). However, you are only required to 'show' this fund and it cannot be borrowed. Nowhere does it say how the funds must be presented, either as bank draft, cash, bank statement or otherwise. Regarding how much funds you should bring to Canada, let me quote from the link I have provided above:

"How much money should you bring?

Find out how much it costs to live where you are planning to settle in Canada.

Bring as much money as possible to make moving and finding a home in Canada easier."

Furthermore, in the instructions that is provided to you along with COPR and entry visa, there is a paragraph that says:

"Independent immigrants....must satisfy the immigration officer at the Point of Entry that they have enough money to support themselves and their family members..."

Again it does not say in what form the funds must be shown. In fact, just about the only place where these funds are qualified is in OP 6 manual, page 26 which I now quote below:

"The funds must be:
• available and transferable;
• unencumbered by debts or other obligations."

Personally, I intend to carry just enough funds in cash to survive the first few days and I'll leave the rest in my bank account (my bank is in the UK). I will carry the bank statement to show funds 'available and transferable' at POE and will transfer these after opening a Canadian bank account. I intend to do this because I do not consider it wise (for security reasons) to be carrying larges sums of money on my person. You might say 'carry bank draft and cancel if lost or stolen' but I would rather not go through all that. After all, how long does it take to transfer money internationally from one bank account to another? and I bet that is much safer. Furthermore, there are several financial companies now that will effect the transfer for you at rates that are far better than your bank or purchasing a bank draft. Buying a bank draft upfront will deny you the benefit of such fantastic transfer rates.

Your opinions please....

 

[qorax]

@Jadwig

-ENF4, Manual for Port of Entry, states that the duty of the BSO is to ensure that the new immigrant meets all regulations of IRPA.
-IRPA specifies that the PR should demonstrate that s/he has sufficient settlement funds, as per LICO (that's the CIC chart).
What do we do? Should we take a chance?

I wouldn't.
Qorax

 

[jadwig]

@ Jadwig

-ENF4, Manual for Port of Entry, states that the duty of the BSO is to ensure that the new immigrant meets all regulations of IRPA.
-IRPA specifies that the PR should demonstrate that s/he has sufficient settlement funds, as per LICO (that's the CIC chart).
What do we do? Should we take a chance?

I wouldn't.
Qorax

Qorax, I think we're saying the same thing. Let me use your word 'demonstrate' to illustrate my point. You're required to show/demonstrate that you have enough funds but nowhere does it say that the funds must be in cash, bank draft or bank statement. It only says 'available and transferable'. I believe funds in my bank statement are 'available and transferable'. CIC also encourage you to come with as much funds as possible to make your settling easier but you're not going through a second assessment of POF at the POE. If there's anyone that has been turned back because of POF at the POE, let him respond and post his experience with evidence.

Also check these links:

http://www.cic.gc.ca/english/newcomers/before-border-interview.asp


http://www.cic.gc.ca/english/newcomers/before-cost.asp

Below is my view on these links:

Link 1 prepares you for interview at POE. You are only asked how much money you carry as a routine question. This is just to complete the blank space on your COPR about how much money you arrived with and not a fresh processing of your eligibility to be a PR, which you have already passed!

Link 2 says you must check how much money you are allowed to carry out of your country and recognises that some countries may limit how much funds (in whatever form it is carried) you can move out at every instance. This shows that CIC recognises that you may not be allowed to carry all your funds at one go.

Link 2 further says you're required to show proof of funds to the Canadian visa office in your own country, implying during processing. For all it is worth, you have already passed this requirement before your visa was approved!

 

[pittabread]

Qorax, I think we're saying the same thing. Let me use your word 'demonstrate' to illustrate my point. You're required to show/demonstrate that you have enough funds but nowhere does it say that the funds must be in cash, bank draft or bank statement. It only says 'available and transferable'. I believe funds in my bank statement are 'available and transferable'. CIC also encourage you to come with as much funds as possible to make your settling easier but you're not going through a second assessment of POF at the POE. If there's anyone that has been turned back because of POF at the POE, let him respond and post his experience with evidence.

Also check these links:

http://www.cic.gc.ca/english/newcomers/before-border-interview.asp


http://www.cic.gc.ca/english/newcomers/before-cost.asp

Below is my view on these links:

Link 1 prepares you for interview at POE. You are only asked how much money you carry as a routine question. This is just to complete the blank space on your COPR about how much money you arrived with and not a fresh processing of your eligibility to be a PR, which you have already passed!

Link 2 says you must check how much money you are allowed to carry out of your country and recognises that some countries may limit how much funds (in whatever form it is carried) you can move out at every instance. This shows that CIC recognises that you may not be allowed to carry all your funds at one go.

Link 2 further says you're required to show proof of funds to the Canadian visa office in your own country, implying during processing. For all it is worth, you have already passed this requirement before your visa was approved!

jadwig i agree with you. different interpretations have been used so far to describe the funds needed at POE.

this is not such a serious issue. i think carrying some amount in cash and remaining in bank statement is more than enough. if IO asks where is the rest you can satisfy you have in uk bank account and you can transfer any time from uk to canada.

but if you want to be perfect and 200% correct then yes you should carry cash and bank draft and no bank statements like mr qorax has said.

i have never heard a case where some one was refused entry dut to POF at POE.

plus different people have different opinions. if you keep asking people everybody will give you their own opinions. even when sending the full docs to vo i asked few people and everybody has their own version of guide line.

so its better you do what you think is right and stop seeking further advice or consultancy.good luck!!!!!

 

[faran]

Do we have to show 2800$ to enter into Quebec as CSQ holder (Single)
or we have to fulfill federal funds requirements , Proof of Fund' at POE
Number of Family Members Funds Required
(in Canadian dollars)
01 $11,115

 

[Kanamen]

jadwig i agree with you. different interpretations have been used so far to describe the funds needed at POE.

this is not such a serious issue. i think carrying some amount in cash and remaining in bank statement is more than enough. if IO asks where is the rest you can satisfy you have in uk bank account and you can transfer any time from uk to canada.

but if you want to be perfect and 200% correct then yes you should carry cash and bank draft and no bank statements like mr qorax has said.

i have never heard a case where some one was refused entry dut to POF at POE.

plus different people have different opinions. if you keep asking people everybody will give you their own opinions. even when sending the full docs to vo i asked few people and everybody has their own version of guide line.

so its better you do what you think is right and stop seeking further advice or consultancy.good luck!!!!!

No,..... Its better to follow rules and regulations my friend ...good luck

 

[Simon123]

Hello everyone,

we willbe landing from US via rainbow bridge on 19th. I got my PR with AEO but i still want to carry some POF to be safe.

So can we (me and my husband) carry $13,837 USD in cash and cross the border?

We surely want to bring some 10K USD back and will deposit the rest in our new bank account in canada.

 

[jadwig]

Check this link which contains a quoted email from London Visa Office regarding acceptable proof of funds at POE.

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-fund-t64190.0.html

 

[naveenezone]

Hi Qarax, I have received my pr card and also I got an offer letter from a reputed company. Do I still need to show the POF at landing ?Will that count as an arranged employment. Can I convert some amount of my cash to CAD and leave rest of the POF in current currency and save in Bank. Will that proof work? Please clarify


Best regards,
Naveen

 

[qorax]

Hi Qarax, I have received my pr card and also I got an offer letter from a reputed company. Do I still need to show the POF at landing ?Will that count as an arranged employment. Can I convert some amount of my cash to CAD and leave rest of the POF in current currency and save in Bank. Will that proof work? Please clarify

Best regards,
Naveen

If u have already recd your PRCs - it shows u had 'landed' earlier... so, hereon all your reEntries into Canada gets POF free.

Qorax

 

[GIBALA]

Dear Qorax,

I have a few questions and thank you very much for your expert opinion :

Do we have to declare all of our Indian assets to the immigration officer when you first land in Canada?

My current understanding is as follows :
a) I am told that we have to get all our assets evaluated (like land, building, jewellery, etc) and disclose this along with our cash and investments at the time of landing / entering for the first time.
b) If you have disclosed it initially (at landing), and bring it to Canada within one year, to the extent disclosed, it will be considered as part of your settlement funds / assets and not taxed.
c)However if you bring it in after one year it will be considered as income earned and will be taxed as per existing rates after taking into account the double taxation avoidance treaty. But only to the extent of subsequent appreciation / interest earned post your landing could be taxed if assets have been declared.
d) How would long term capital gains be taxed in Canada? Is it the same as in India?

I am not able to get a satisfactory reply from our consultant.

Thanks brother for your valuable feedback.

GIBALA

 

[GIBALA]

Dear Qorax,

I have a few questions and thank you very much for your expert opinion :

Do we have to declare all of our Indian assets to the immigration officer when you first land in Canada?

My current understanding is as follows :
a) I am told that we have to get all our assets evaluated (like land, building, jewellery, etc) and disclose this along with our cash and investments at the time of landing / entering for the first time.
b) If you have disclosed it initially (at landing), and bring it to Canada within one year, to the extent disclosed, it will be considered as part of your settlement funds / assets and not taxed.
c)However if you bring it in after one year it will be considered as income earned and will be taxed as per existing rates after taking into account the double taxation avoidance treaty. But only to the extent of subsequent appreciation / interest earned post your landing could be taxed if assets have been declared.
d) How would long term capital gains be taxed in Canada? Is it the same as in India?

I am not able to get a satisfactory reply from our consultant.

Thanks brother for your valuable feedback.

GIBALA

Further, I believe only the PA and spouse can carry settlement funds and not the dependent children. Is this true ?

Thanks again.

 

[naveenezone]

Hi, I am planning to land in Canada in next few weeks and
1) I am planning to get travelers cheques or Cash in USD.
2) Is it legal to take USD currency into Canada (in cash or TC). Amount will be 17,000 USD. Please advise.