Question on Fund usage after getting PoF

[svenkat89]

Hi All,

I have already got the bank letter (PoF) and average statements for last 6 months.

Can we use the money that we showed in the bank letter because this money our primary source of living.

If we should not use it, will they check with our bank that we have money before approving PR?

If we can use , we can still collect the sufficient funds before we travel to canada for first time arrival?

 

[Max003]

Hi All,

I have already got the bank letter (PoF) and average statements for last 6 months.

Can we use the money that we showed in the bank letter because this money our primary source of living.

If we should not use it, will they check with our bank that we have money before approving PR?

If we can use , we can still collect the sufficient funds before we travel to canada for first time arrival?

Rule of thump is you shouldn’t be using any of your POF until you’ve landed in Canada since the money is to spend in Canada. IRCC will not check your bank directly rather they’ll scrutinize the documents you’ve attached for POF. However, they could request you to provide up to date statements of your POF at any stage of the application process. And you’ll have to show that you have enough money to support you and your accompanying applicants if you have any. If there are any discrepancies between the amount you’ve showed when applied and the current one then YES they are in right to reject your application. My two cents, don’t touch the POF fund until you land Canada. But, if the money is your livelihood use some now but always make sure to maintain the minimum POF fund from now till the approval of your application. You’ll never know whether they request most recent POF or not in the later stage of your application.

 

[svenkat89]

I find it funny actually, someone has to maintain this amount of balance for as long as we arrive there(which may take potentially an year) ...i believe we can still use it and may be make sure that by the time we go there we should still have the same amount we provided them as proof.

 

[scylla]

I find it funny actually, someone has to maintain this amount of balance for as long as we arrive there(which may take potentially an year) ...i believe we can still use it and may be make sure that by the time we go there we should still have the same amount we provided them as proof.

You'll be risking refusal if you do that. But of course entirely your choice.

As said above, you should maintan the minimum level of POF throughout the processing of the application and until you land in Canada. It's always possible that IRCC may ask you for additional document while your application is being processed. If that happens and your POF has dropped below the minimum amount, you'll be looking at a refusal.

POF has to be maintained to demonstrate that you have the minimum funds required to settle yourself in Canada when you arrive. If you have to use these funds for your day to day living, then the argument would be that you don't actually have the level of funds saved that you need for your settlement here.

 

[upon]

My understanding: you don’t need to maintain the amount you showed them. It even sounds ridiculous. It is your money-you gotta do whatever you pleased.
However, you must maintain ‘minimum fund requirements’ for your situation at all times before you land.