FD Liquidation before VISA approval

[Mr_Kumar]

Hi All,

I am an International Student in Canada and have applied for a Work Permit for my wife (and a study permit for my son) who is in India.

I used an FD as proof of funds. It was 5 months old when I applied for their visa (27 September 2023). It is already 13 weeks after the visa application. Medical and biometrics etc are already done in time. So, it's just final approval is awaited.

Now, I need some funds urgently. Can I liquidate that FD (before visa approval)? I saw other threads on this forum on FD liquidation before visa approval, people are saying that IRCC will hardly cross-check with the bank. I see some logic in it because it is not possible for IRCC to validate the PoF of every applicant.

One more option that came to mind is to get a loan on FD.

Please suggest me.

 

[Ross88]

The rule is you must maintain the funds you stated in the application up to and until arriving at the airport. The border officer may ask for the proof of funds at the airport.

On the other hand, they may not ask. Up to you if you want to take that risk.

 

[Mr_Kumar]

Thank you for your response. I appreciate it.

What do you thing about taking a loan against FD?

The rule is you must maintain the funds you stated in the application up to and until arriving at the airport. The border officer may ask for the proof of funds at the airport.

On the other hand, they may not ask. Up to you if you want to take that risk.

 

[Ross88]

My understanding is that funds for IRCC purposes should be free and clear of any debt obligations, so taking a loan against the FD could be read the same as not having the funds at all because you owe that amount to whomever gave you the loan.

Good luck!

 

[Mr_Kumar]

Thanks for the reply. I fully understand that what you are saying is correct. But my concern is only whether IRCC could cross-check the FD or not. I expect a good payment within a month so I'll be very much fine at the time of my family travel to Canada. I need urgent money right now and my FD is one potential source. If IRCC cross-checks the FD, I have to look for another option. And if IRCC rarely checks FDs then I'll go with FD.

Please let me know your thoughts about IRCC cross-checking of FDs.
Thanks

 

[Copingwithlife]

Thanks for the reply. I fully understand that what you are saying is correct. But my concern is only whether IRCC could cross-check the FD or not. I expect a good payment within a month so I'll be very much fine at the time of my family travel to Canada. I need urgent money right now and my FD is one potential source. If IRCC cross-checks the FD, I have to look for another option. And if IRCC rarely checks FDs then I'll go with FD.

Please let me know your thoughts about IRCC cross-checking of FDs.
Thanks

Your asking for advice on if cooking your books for immigration purposes would be ok ?
Like being dishonest?
As if that would make it ok to cook your books if strangers on the internet gave you a thumbs up ?
And what happens if you use the FD, the big payment doesn’t come thru , then what ?
Come to Canada with no financial backing? That would be reckless to say the least

 

[Mr_Kumar]

Your asking for advice on if cooking your books....

Dear, I do understand that I may sound like dishonest. But my argument is... what happens when people show their bank statement as PoF... Do they stop doing any transactions for months in their account (in most cases, primary account)? Money goes out and money comes in, it's the usual routine for everyone.

Now, coming to FD, they have a maturity date. What if the maturity date comes before the visa approval? In my case, its first maturity date is already gone. Thankfully, I opted for auto-renewal.

Thinking that my payment wouldn't come I'll let my family travel to Canada without money is a baseless discussion. We can stretch any topic using ifs and buts.

Anyway, thank you. I have a feeling that no one has a confirmed answer. So, It's all on me what I'll do. For now, I am thinking of taking a loan on FD because in case (which is very rare) if IRCC cross-checks the validity of the FD then bankers will only tell that it is there. I don't think any banker will reveal that there is a loan on FD, it will go beyond their scope of authority. Also, IRCC can't go in that deep; especially inquiring if there is a loan on this FD or not.

Thanks, buddy.