Requirement of Minimum Funds' Proof

[ammaartahir]

Dear all,

I am gathering all the required documents for immigration at the moment. What it came to me was more than a shock when I read that one needed to provide the proof of minimum funds in one's bank account through bank statement of around 2-3 months. The problem is that I don't have this much money in my account at the moment. I can sell my car and a couple of other assets to get this amount

I want to know:

1. Would CIO accept my bank statement showing the amount present in my account at the moment I launch my application? (or would they demand a bank statement of previous 2-3 months?)

2. For how much time I would have to maintain this much of amount in my account? I mean how much time would they take to verify the account and thereafter I would be able to withdraw this amount if I need?

3. Is there any other way out?

Desperately waiting for your response and help!
Thanks in advance

Best Regards,
Ammaar

 

[SunnyDXB]

Dear all,

I am gathering all the required documents for immigration at the moment. What it came to me was more than a shock when I read that one needed to provide the proof of minimum funds in one's bank account through bank statement of around 2-3 months. The problem is that I don't have this much money in my account at the moment. I can sell my car and a couple of other assets to get this amount

I want to know:

1. Would CIO accept my bank statement showing the amount present in my account at the moment I launch my application? (or would they demand a bank statement of previous 2-3 months?) - Before 26 June 2010 (old system) the bank statement was submitted to London office but now under new rules you need submit your original bank statement for 2 -3 to CIO which should have a balance which is specied in CIC website as per the number of applicants
2. For how much time I would have to maintain this much of amount in my account? I mean how much time would they take to verify the account and thereafter I would be able to withdraw this amount if I need? - You need to maintain the balance in the bank until you get visa stamped on your passport because they can check with your bank at any time.
3. Is there any other way out? - If you don't have enough money to show in your bank statement then you can show any asset which is in your name and which is having equal or more value which you need to show to the immigration officer.
Desperately waiting for your response and help!
Thanks in advance

Best of luck.

Best Regards,
Ammaar

 

[ammaartahir]

Thanks SunnyDXB for an elaborate reply. But what I've come to know is that we can't show assets in our name as a proof of funds available with us in assets' form

 

[saki]

Dear all,

I am gathering all the required documents for immigration at the moment. What it came to me was more than a shock when I read that one needed to provide the proof of minimum funds in one's bank account through bank statement of around 2-3 months. The problem is that I don't have this much money in my account at the moment. I can sell my car and a couple of other assets to get this amount

I want to know:

1. Would CIO accept my bank statement showing the amount present in my account at the moment I launch my application? (or would they demand a bank statement of previous 2-3 months?) Just show them your 2-3 months statement and with that attach and explanation satement stating that you have sold your assets thats why there is a deposit of big amount in your account - show the proof of the assests you sold like for car show them the receipt of the Invoice when you sold that car it is accepted.

2. For how much time I would have to maintain this much of amount in my account? I mean how much time would they take to verify the account and thereafter I would be able to withdraw this amount if I need? You need to keep it in the account until visa is stamped as they may ask you later at medical time to provide sstatement especially now when you are showing funds after selling your assets.

3. Is there any other way out? Other way is to wait for 2 months and then apply with the statement and keep money in the account so you have solid statement after 2 months.
Desperately waiting for your response and help!
Thanks in advance

Best Regards,
Ammaar

Cheers
Saki

 

[ammaartahir]

Dear Saki, I am extremely confused in this matter. Well the thing is that I've not even launched an application, let alone my chances of success; who, in this situation, would sell his assets like car, electronics, jewellery, house, etc because one is not certain how long the process would be! In addition, it seems to be a rather folly to place a big amount (13,801 CAD in my case) in bank account for such a long period of time for no good and won't be able to remove them if one needs them!!! Well this doesn't make sense to me at all. What I interpret from the statement written on cic website:

You will need to provide proof of your funds to the Canadian visa office in your home country when you submit your application for immigration.

is that I need to prove that I have enough funds available with me when I launch my application. I mean to say the funds can be in asset form and can be disposed of as soon as a person gets visa and takes away liquid money to Canada!
What would you advice? Because I have asked from a senior who previously applied (a number of years ago) that he didn't dispose off his assets before leaving for Canada (after the whole application process)

Kindly enlighten

 

[saki]

Dear Saki, I am extremely confused in this matter. Well the thing is that I've not even launched an application, let alone my chances of success; who, in this situation, would sell his assets like car, electronics, jewellery, house, etc because one is not certain how long the process would be! In addition, it seems to be a rather folly to place a big amount (13,801 CAD in my case) in bank account for such a long period of time for no good and won't be able to remove them if one needs them!!! Well this doesn't make sense to me at all. What I interpret from the statement written on cic website:

You will need to provide proof of your funds to the Canadian visa office in your home country when you submit your application for immigration.

is that I need to prove that I have enough funds available with me when I launch my application. I mean to say the funds can be in asset form and can be disposed of as soon as a person gets visa and takes away liquid money to Canada!
What would you advice? Because I have asked from a senior who previously applied (a number of years ago) that he didn't dispose off his assets before leaving for Canada (after the whole application process)

Kindly enlighten

Hi,

I dont think you need to show proof of funds to CIC, you will only need to show it at the time sending full documents. Normally people put funds in the account just a week before sending the documents and instead of sending the 2-3months statement they send current balance statement which show current balance only not the transactions for the last 2-3 months and people have been successful as well with this approach but its not recommended as sometime visa officer ask forthe statements at the time of medicals. Some visa offices accept the Property Valuation as well if you owned it without any mortgage but i dont think London office accepts it. I would say just show your current balance statement to the CIC and later when you send the full docs send the 2-3months statement by that time you will have these funds in your account for long period. But i wont suggest to re-draw again after sending the docs as they may ask you for the statement again. What really Immigration wants to see is that you have minimum funds in your savings to cover your one year living expenses when you arrive in Canada.

Cheers
saki

 

[nitroxn]

I am also applying within a few weeks. Here is what I intend to do:

1. Show a bank statement of about 13,801 CAD aggregated over the few weeks or so in my wife's bank a/c
2. Show a statement of Provident funds and Citizen Investment Trust which accounts of upto 33% of my salary deposited

Any comments or suggestions?

 

[ammaartahir]

Dear Saki, thanks for an elaborate answer!
Well, you've told in another thread that since the house is in the name of my father, I can't show it as being my asset but what if I transfer it in my name and be the owner of it. Then, can I show it as a proof of funds' availability??

 

[saki]

Dear Saki, thanks for an elaborate answer!
Well, you've told in another thread that since the house is in the name of my father, I can't show it as being my asset but what if I transfer it in my name and be the owner of it. Then, can I show it as a proof of funds' availability??

Hi

You need to check if London visa accepts the valuation or not as per old rules they dont but i have heard that after 26th June all visa offices are accepting it so you need to do research about this first before you transfer it on your name and yeah if they accepts it then you can show that as a proof of funds.

Cheers
Saki

 

[saki]

Dear Saki, thanks for an elaborate answer!
Well, you've told in another thread that since the house is in the name of my father, I can't show it as being my asset but what if I transfer it in my name and be the owner of it. Then, can I show it as a proof of funds' availability??

Ammar yes London visa office is accepting the property value another forum member has put it onthe Pakistan thread so it will work for you

Cheers
Saki

 

[ammaartahir]

Thanks a bunch Saki! Best of luck

btw this is the link:

http://www.muchmormagazine.com/2010/06/canadian-immigration-proof-of-funds-requirements/

 

[saki]

Thanks a bunch Saki! Best of luck

btw this is the link:

http://www.muchmormagazine.com/2010/06/canadian-immigration-proof-of-funds-requirements/

Your welcome buddy

Good Luck to you too..

Cheers
Saki

 

[mohanrkkdi]

Hi,

I dont think you need to show proof of funds to CIC, you will only need to show it at the time sending full documents. Normally people put funds in the account just a week before sending the documents and instead of sending the 2-3months statement they send current balance statement which show current balance only not the transactions for the last 2-3 months and people have been successful as well with this approach but its not recommended as sometime visa officer ask forthe statements at the time of medicals. Some visa offices accept the Property Valuation as well if you owned it without any mortgage but i dont think London office accepts it. I would say just show your current balance statement to the CIC and later when you send the full docs send the 2-3months statement by that time you will have these funds in your account for long period. But i wont suggest to re-draw again after sending the docs as they may ask you for the statement again. What really Immigration wants to see is that you have minimum funds in your savings to cover your one year living expenses when you arrive in Canada.

Cheers
saki

hai
whether property evaluation document should be
accompanied by photocopies of original property certificate
or just property evaluation document alone will serve the purpose when we send full
documents to CHC.