Rental Deposit a source of POF document??

[fatehelps]

Can my rental deposit be shown as a document for POF funds??
This logically means the rental deposit will be paid to me when i move out of this property, at the time of immigration.

If yes, any legal formalities on how to make this document??

 

[MedZed]

Can my rental deposit be shown as a document for POF funds??
This logically means the rental deposit will be paid to me when i move out of this property, at the time of immigration.

If yes, any legal formalities on how to make this document??

No, it is not acceptable.

 

[fatehelps]

Can you say why it is not acceptable??

 

[MedZed]

Can you say why it is not acceptable??

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[fatehelps]

Dear Medzed,

I'm already aware of the cic link you'd showed.

Any money that can be easily liquidised and belonging to me is acceptable.

Rental Deposit, like Provident Fund (PF) comes under this type. What do you think guys.

 

[visaowl]

Dear Medzed,

I'm already aware of the cic link you'd showed.

Any money that can be easily liquidised and belonging to me is acceptable.

Rental Deposit, like Provident Fund (PF) comes under this type. What do you think guys.

How is rental money easily liquidized? You do not have possession of the funds at present. It is promised to you in future, but your tenants can not choose to pay you in future. Rental money owed to you in future is not a proof of funds. By this logic, everyone having a job is a future millionaire.

 

[Marooned]

Dear Medzed,

I'm already aware of the cic link you'd showed.

Any money that can be easily liquidised and belonging to me is acceptable.

Rental Deposit, like Provident Fund (PF) comes under this type. What do you think guys.

I had the same question,when I asked some lawyers they said that is not acceptable and the application would be easily rejected due to this matter.

 

[fatehelps]

When you leave the property, the landlord is liable to repay the deposit money back to me.

I do not have that in possession, but sooner or later I should move out of this property to receive this money back. No matter the future tenants pay the landlord to repay me, legally the document says the landlord has taken xx money and need to return back once i move out.

Moving out of this property will naturally happen when i get thro' the visa process.

I ask you a question. How does PF money acceptable under POF. Only when I terminate work with employer, I would get access to PF funds.

 

[Gustcan]

Rental income is generally not acceptable as the money you need for POF should be liquid and be ready to moved to Canada if your PR gets approved. You could argue with CIC and say you have a rental agreement which makes its mandatory for you to receive the income every month but I don't think so CIC would accept it as its a weak argument. CIC needs to see the money in your bank so that they can check off that you or any other person who immigrates will not end up on government support.

 

[mf4361]

Is it not correct that rental deposits are only refundable when the landlord is satisfied the rental is intact (Any damage is deducted from the deposit). So the full refund is conditional.

I think @visaowl is right that the logic is you don't own the fund at the moment. If its not your money, you can't use it.

This is like showing a stack of lending receipts and say the borrower is liable to pay me back. Nope it's not your money [Now] and therefore it won't be accepted

 

[narby]

You asked so people answered.
You do not take those advises, and still say you are right. Why did you post this from the first place?

 

[purplesnow]

in Canada you pay first and last months rent, no deposit. and abroad when people move out they tend not to pay the last months rent and just leave the deposit. so by Canadian standards, they wouldn't recognise the deposit as being repayable, and when you do move out you're probably going to just leave the deposit and not pay the last months rent. so its not money you'll be getting back..

 

[fatehelps]

mf4361: Your point makes good sense to me. I am not guaranteed to get 100% refund of my deposit money when I handover the house in poor condition. I can't justify it through any acknowledgement document that I will handover the property fairly to get full refund.

narby: I am here for finding suggestion. Every answer is appreciable, when backed with right answers like mf4361. I get nothing by denying any facts.

 

[fatehelps]

Guys !!

What about Provident Fund through employment?? - This is acceptable under POF Funds??

 

[dobes]

When you leave the property, the landlord is liable to repay the deposit money back to me.

I do not have that in possession, but sooner or later I should move out of this property to receive this money back. No matter the future tenants pay the landlord to repay me, legally the document says the landlord has taken xx money and need to return back once i move out.

Moving out of this property will naturally happen when i get thro' the visa process.

I ask you a question. How does PF money acceptable under POF. Only when I terminate work with employer, I would get access to PF funds.

I don't see why this would not be counted, but I think it would be up to the discretion of the visa officer.

Most people here are confusing rental INCOME - when you rent your apartment in your home country for a set amount of money per month, and rental DEPOSIT, which is what you are talking about - money you paid a landlord to occupy a property, and that will be returned to you assuming you have not destroyed or damaged the property.

I think it would be best if you could move from the property and retrieve your deposit before filing your financial statements, but I think it also might be acceptable, especially if you can get a notarized document from the landlord promising to return the money to you when you vacate the premises.

The thing is, this is not cold hard cash - and that is the one thing that will always be acceptable to CIC, so you are still taking a chance.