I wish to ask the experts on Proof of Funds. My husband has some sort of savings in the Company he is working at right now. They have a Savings and Loans Association which is a Cooperative that gets deposit from the the employees of the Company and allow them to borrow with interest. My husband has already saved a substantial amount of money in this Association which he can only withdraw once he resigns or retire from such Company. Can this savings be allowed as Proof? Apart from the certification, is there other way to prove this? Should the certification be notarized? Almost half of our required funds is answerable by this deposit. I hope the Visa office will allow it. What do you think?
Thanks thanks so much!
I really appreciate all your help! This is a great forum! Love it!
This is my logic and opinion. If you can make a call to your respective visa office that would be great.
This 'saving' belongs to your husband. Now we have to prove that he can withdraw this money as and when he requires and there is no liability attached to it.
1. Can this association provide a letter to mention that the XX amount of money in the account belongs to your husband saved from his earnings and is free from any liability like loans etc?
2. Also the letter should mention that your husband can withdraw the money once he resigns/retire from the company. If yes, then get the letter on Company pad.
3. Attach this evidence with you full documents and mention in your cover letter that he plans to resign when his application for PR is approved and then he will avail the XX amount of money. Convert the amount in the savings account in Canadian dollars for easy analysis by VO. Also mention that you did the conversion with the help of currency converter on the CIC website on XX date.
There is indeed a currency converter for this purpose.
4. Lastly, your POF will be checked at port of entry and hopefully you will be able to withdraw the money from the Association or have saved enough by then.
Caution: When you indeed withdraw your money from the association then there will be a deposit of a large amount of money in your account. Be prepared with all the documents to prove that the money is yours and how it was deposited in your account.
This is just my opinion.... I have no evidence that this could work.