Can anybody guide me about funds proof for ee pr process if i get ita for me slouse and 3 kids (two r 1.5 yr old n another is 3 yr)
1. What kind of funds can be consider
2.i am primary applicant so do every proof should be on my name or it can be on my spouse
3. Does life policies count?
4.we have a commercial property on our name so sale deed would work?
Hi Seemapandey,
To add to what hamgha said:
2. I am the primary applicant so does every fund need to be in my name or it can be in my spouse's? [See below]
Funds in a joint account where the other account holder is your accompanying spouse can be used to satisfy settlement fund requirements. You can also use funds in an account held by your accompanying spouse only, but your spouse will need to provide an affidavit stating you have full permission to use all of the funds in the account for settlement purposes.
1. What kind of funds can be considered? [See below]
3. Do life policies count? [Depends; see below]
4. We have a commercial property in our name; so would a sale deed work? [Only if you sell the property before submitting eAPR; see below]
There is still debate about which source of funds are considered appropriate for satisfying the settlement fund requirement. The only explicit rules that IRCC provides are that the funds:
- must meet or exceed IRCC’s requirements for required settlement funds, in terms of amount, based on the size of your immediate family, including unaccompanying family members (this requirement is 50% of the low income cut-off and can change, so be sure to verify the amount needed at the time of completing your application)
- must NOT be BORROWED from another person or institution (i.e. be a loan)
- must not be encumbered by debts or other obligations (e.g. being used as collateral against an existing loan)
- must be readily available to you at the time of submission of your application (eAPR), and again at the time of the issuance of your PR visa (e.g. you can't use equity on real property because this isn’t readily available)
- must be supported by proof that you can legally access them (i.e. that they’re transferrable) to use in Canada, for settlement purposes, when you arrive
Below is a breakdown of the different types of funds most persons consider using to satisfy the settlement requirement; generally, if you’re uncertain about the ‘appropriateness’ of any of the funds you’re claiming as settlement funds, it’s a good idea to provide proof of other funds, to cover that ’uncertain’ fund’s amount, just in case, if you are able to do so.
Investments
Some people insist that investments tied to the market (e.g. stocks/shares) can’t be used to satisfy the settlement fund requirement, because their value is too susceptible to fluctuation based on market conditions, but there is no HARD evidence of this. IRCC’s website indicates that the acceptable documentation needed for proof should ‘include information for each current bank and
investment account’ which implies that investments are indeed acceptable, although the type of investment that’s acceptable is not specified. The consensus is that mutual funds, treasury bills, bonds, and guaranteed investments are acceptable for settlement funds, but the jury is still out on stocks/shares.
Retirement Funds
Persons have claimed to successfully use their retirement funds balances as proof of settlement funds, even though funds in some type of retirement funds wouldn’t necessarily satisfy the requirement of being ‘
available to you at the time of submission of your application’ due to restrictions on when and why these funds can be withdrawn. It is possible that it depends on the type of retirement fund and its associated restrictions.
Real Assets
Since equity in real assets can’t be used, because the funds from such are not available to you until AFTER you sell, you would need to sell whatever asset under consideration prior to submitting your application (and submit the sales receipts/agreements as evidence of the sale to show where the money is coming from). Examples of things persons have sold to satisfy this requirement include houses, cars, jewelry, and gold. However, this route is less than ideal because your PR application is not guaranteed to be approved, and it would be unfortunate for an applicant to sell their assets only to have their PR application denied.
Life Insurance Policies
Consensus is that Life Insurance Policies (i.e. whole life insurance, but not term life insurance) that can be readily liquidated can be used as proof of funds (at least the portion of it that can be encashed at the Policy holder’s request).
Savings and Checking Accounts (and Fixed Deposits)
These appear to be the safest of the funds – there is little to no doubt that IRCC will accept funds held in savings/ checking accounts and fixed deposits in your name, although joint accounts may attract some issues if the proper affidavits aren't provided
