Proof of funds

[Traveler74]

Hello,

I am submitting my application through the buffalo office for Permanent Resindent under skilled worker now in December 07. I am in the US. I would like to know if can I send my 401K statement as a proof of funds?

thanks.

[thaiguy]

Nope.  It needs to be cash or liquid investments.

[Traveler74]

Nope.  It needs to be cash or liquid investments.

Hello Thaiguy!

I do not understand how come 401K can not be used as proof of funds. Just to give  you an idea with the amount that I have on my 401k, if I want right now, I can cash U$28,000 with no problem, and I would have this check sent out to me in a week. I only need to show that I have CAD$12.659 available for the immigration. Do you think you could give a little more detailed info on this issue?  thank you again.

[thaiguy]

I think it's a legal issue.  For instance, if you were sued in the U.S. for debts you owed, your creditors would be unable to 'attach' the funds in your 401(k).  They're legally protected.

Basically the rules say your funds must be ..

* cash
* securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
* negotiable instruments in bearer form (for example, bankers' drafts, cheques, travellers' cheques or money orders)

Your 401(k) is a retirement fund and is therefore not negotiable until you withdraw the funds.  If you wanted to, you could withdraw enough 401(k) money to satisfy CIC requirements and put that money in savings, etc.  But as long as it's in the 401(k), it doesn't count.