Using Bank Statement as POF at POE upon landing

[nanji]

Hello Everyone,

Has anyone used any country's [excluding Canada] Bank Statement as POF at POE upon landing? Please share your experience.

Thanks,
Nanji

 

[Sha_sha]

nanji, it's really not a good idea. I had similar question earlier and found only 'canpuneet' showed the document from scotia bank which is a special account to operate in Canada. The concept of proof of funds are to get immediate cash to survive. Please drop the idea of carrying a bank statement.

 

[nanji]

Actually, in my situation this is very important to know because I am staying in Canada for 2 weeks only after landing. I am not quitting my current job now and all my funds are in my EPF (Employee Provident Fund) account which I can only withdraw if I quit my job and leave my country of residence for good. This EPF amount is the one which I had declared to the visa office in the full application and they accepted it as Proof of Funds.

Now at the time of landing, since I am not quitting my current job I don't have those funds to carry physically with me. I am planning on borrowing an equivalent amount from my father and putting in my bank account to show as proof of fund so that I bring the actual EPF amount [tax free] to Canada 6 months down the line when I leave my current country of residence for good.

Obviously, I will be carrying some cash in CAD for immediate use for the 2 weeks. Also we have a family and relatives in Canada so will be saving on residence cost etc.

Also, I can also bring the borrowed amount from my father in cash but would I be able to take it back from Canada at the end of 2 weeks?

I am desperately looking for an answer to these questions. Please if someone can help I would be really grateful. Any seniors: PMM, Maaties, Qorax etc ?

Thanks
Nanji

 

[explorer101]

Of course, I can also bring the borrowed amount from my father in cash but would I be able to take it back from Canada at the end of 2 weeks?

Nanji

You can take back cash as well as DD/ TT with you. No questions asked.
Only loss suffered would be - commission on making draft, commission on cancellation DD and the currency fluctuation.

 

[Sha_sha]

As long as you are bringing cash your problem solves. You can carry it back after the completion of the formality @ POE.

 

[nanji]

Explorer101 , Sha_Sha,

Thanks a lot for your response. Really helpful and comforting. +1 to both of you!

The amount still stays Tax Free when I bring it again on my second entry, right?. I will not be depositing the CAD cash in my bank account on my first landing, exit with it at the end of 2 weeks [hopefully without any issues] and then bring the same amount back on my second entry [with PR Card hopefully]. Question: Any implications on my Income Tax? Will I be taxed for any of the above mentioned amounts?

 

[explorer101]

No tax is payable on interest in the account having 5000 CAD OR less. In fact if you bring DD and is going back after 15 days, then no need to deposit it for encashment.

 

[explorer101]

No tax is payable on interest in the account having 5000 CAD OR less. In fact if you bring DD and is going back after 15 days, then no need to deposit it for encashment.

 

[nanji]

Thanks explorer101 for the clarification! appreciate it...

 

[sharma77]

hi nanji,
i had similar situation with me, i stayed only for 15 days in canada and landed @toronto.MIND IT nobody checks any POF.i had only indian bank statements with me but no body asked for it. its a very simple process of landing , do not worry,do not scare. ENJOY CANADA AS I DID!
DR. SHARMA

 

[Sha_sha]

Hello Dr.Sharma, in my process of checking the entire discussion forum, you are the first person to say 'Indian bank statements' works as POF @ POE!!!!! You must be lucky as no one asked you about your Proof of funds!!! Are you sure you would like to advice others to follow you?