proof of funds for skilled workers

[redwood]

I was wondering if someone could help me clear up some questions about the issue of proof of funds. I've sent in my application (skilled worker class) and received AOR last year. My application included my proof of funds in the form of a bank statement. I was under the impression that the only other time I need to show proof of funds is to a customs officer if and when I finally land in Canada. But I've read on this board that some people were contacted by CIC and asked to produce bank statements for the previous 12 months. So my question is: is everyone required to do this, and if so, at what point? Does it depend on where you applied? Do you only have to show proof of funds if you're called in for an interview? Or do they ask for it again as a condition of your approval?

Any insight would be much appreciated.
Thanks!

 

[malwa09]

Hi Friends !
Just need some information regarding proof of funds.

I provided the proof of funds in the form of Fixed Deposit(FD) but the FD benefits are very negligible. Now I want to break those Fixed Deposits and convert them into other(Better) Fixed Deposits.

My point is that, will it be OK if I do so and send them(CIC, New Delhi) with new FD papers or shall I wait till the end of the process.


I will be glad to have any advice.


regards and good luck to all.

malwa09

 

[haral]

its your money you can do what ever you like with it - you dont have to send the POF again to VO until n unless they ask for it...there wont be any issue as long as you can show them that money belongs to you.

Hi Friends !
Just need some information regarding proof of funds.

I provided the proof of funds in the form of Fixed Deposit(FD) but the FD benefits are very negligible. Now I want to break those Fixed Deposits and convert them into other(Better) Fixed Deposits.

My point is that, will it be OK if I do so and send them(CIC, New Delhi) with new FD papers or shall I wait till the end of the process.


I will be glad to have any advice.


regards and good luck to all.

malwa09

 

[echoes1978]

My proof of funds is 8 months old. Is it acceptable for CIO (FSW1) or not?

 

[Pippin]

Bottom line is that POF has to be YOUR OWN MONEY, not borrowed. There should be no problem if you have provided solid proof (for example your job gives you an income that makes sense you could have saved that money, or you have sold property and have the legal papers showing you were the owner....a paper trail). If you need to change investments, that's fine, just keep the paper work showing from where it came and went. The cost of living in Canada may be higher than the country where you presently reside. Under the FSW programme there are no financial handouts. You have to be self supporting. By Canadian standards, the amount required for POF is a modest safety net to tide you over until you find work and get your first pay cheque, which may not be in hand for at least two weeks after you start work.

 

[Cappuccino]

My proof of funds is 8 months old. Is it acceptable for CIO (FSW1) or not?

Visa office can ask to see proof of funds at any point during the process, although it is rare they ask for it until point of entry, unless the funds provided with the application/supporting documents are insufficient.

It has been known for them to ask for up to 12 months bank statements. They want to be sure you haven't borrowed the money, since that is not allowed, so they want to keep an eye out for any large deposits.

Now, you don't have to have had the funds there for 12 months - if they can see you were steadily saving funds over a period of time that is fine. But any large deposits (say over $1000) will have to be explained.

As long as the money is genuinely yours, you have nothing to fear.

Best of luck.
Wayne.

 

[Cappuccino]

Bottom line is that POF has to be YOUR OWN MONEY, not borrowed. There should be no problem if you have provided solid proof (for example your job gives you an income that makes sense you could have saved that money, or you have sold property and have the legal papers showing you were the owner....a paper trail). If you need to change investments, that's fine, just keep the paper work showing from where it came and went. The cost of living in Canada may be higher than the country where you presently reside. Under the FSW programme there are no financial handouts. You have to be self supporting. By Canadian standards, the amount required for POF is a modest safety net to tide you over until you find work and get your first pay cheque, which may not be in hand for at least two weeks after you start work.

I think visa offices will be asking for more and more bank statement to back up anyone who has only sent a bank certificate.

I know of at least 4 or 5 users on here who have admitted to borrowing the money and submitting only a bank certificate with balance to conceal the borrowed funds from CIC.

These are people who will arrive in Canada with large debts and will probably be draining from the welfare system before they know it. Not fair on Canadians. Not fair on honest applicants. Not fair on them to be honest!

Personally, I don't see why CIC don't just ask for 12 months bank statements up front with the application, and just return any that fail to provide 12 months trace on their funding.

But back to the point - as Pippin says you have nothing to fear if the money is genuinely yours, just provide 12 months statements if asked, and any large deposits from property or asset sale, just provide receipts.

Wayne.

 

[Pippin]

Am starting to feel a bit like The Two Ronnies, Wayne! Anyway, when you apply, you may wish to provide a couple of bank statements covering a period of time instead of a certificate if you want to decrease the chance that further proof would be requested.

 

[Cappuccino]

Am starting to feel a bit like The Two Ronnies, Wayne! ...

Four Candles?

 

[moyrzg]

I was wondering if someone could help me clear up some questions about the issue of proof of funds. I've sent in my application (skilled worker class) and received AOR last year. My application included my proof of funds in the form of a bank statement. I was under the impression that the only other time I need to show proof of funds is to a customs officer if and when I finally land in Canada. But I've read on this board that some people were contacted by CIC and asked to produce bank statements for the previous 12 months. So my question is: is everyone required to do this, and if so, at what point? Does it depend on where you applied? Do you only have to show proof of funds if you're called in for an interview? Or do they ask for it again as a condition of your approval?

Any insight would be much appreciated.
Thanks!

Skilled workers and professionals: Who can apply—Proof of funds

The Government of Canada does not provide financial support to new skilled worker immigrants.

You must show that you have enough money to support yourself and your dependants after you arrive in Canada. You cannot borrow this money from another person. You must be able to use this money to support the costs of living for your family.

You will need to provide proof of your funds to the Canadian visa office in your home country when you submit your application for immigration.

The amount of money you need to support your family is determined by the size of your family. These amounts are updated every year.

Number of
Family Members Funds Required
(in Canadian dollars)
1 $11,115
2 $13,837
3 $17,011
4 $20,654
5 $23,425
6 $26,419
7 or more $29,414
You do not have to show that you have these funds if you have arranged employment in Canada.

How much money should you bring?

Find out how much it costs to live where you are planning to settle in Canada.

Bring as much money as possible to make moving and finding a home in Canada easier.

Disclosure of funds

If you are carrying more than C$10,000, tell a Canadian official when you arrive in Canada. If you do not tell an official, you may be fined or put in prison. These funds could be in the form of:

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).

 

[Yaserali]

I have been asked again to provide proof of funds. i had provided bank statement with application. nw i am sending again but there is fluctuation in my bank account as i invested some money in a friends business. but no paper record of it.

Is it fine as this is my own money? Please reply urgently.

 

[maplebabe]

hey guys,

I am Sri and new to the forum.read few other posts on different topics related to the CA immigration and its really worth it to be a member of this forum.
I also readily found this thread to put across my query.
all seniors & every one on the thread/ off, would really appreciate your reply /suggestions on this .

well, I am a CA immigration applicant under FSW ,filed my application in feb 2010.after all the delay ,today we received a request from the Paris VO for an updated proof of funds.

my concern is :

I have initially provided a FD letter for the required funds.i.e., Funds Required(in Canadian dollars) for 2 of us :$13,837.however, due to the currency exchange may be my funds have fallen short by some CAD$300 and may be the request for an updated one?? not sure as none of the persons who filed the application in 2010 received it except for me as I don4t see in any of the threads/discussions.

anyways, now I have the FD in different bank since we moved to India (from France),I have withdrawn the amount to invest in gold.but then again, we had to move from India (to France)and again I have deposited a FD in 2 different banks ..FD equivalent to CAD $14000 in one bank and another FD equivalent to CAD $4500.Also, I can provide bank statements to show the monthly net pay equivalent to CAD $4500 ( but no savings ) ...so can I submit the 2 FD which sums up to $18500 from different banks and provide bank statements of the salary account.

please let me know if this will be sufficient .we planned to withdraw the amount from FD once we get our visa before we move to Canada.

any replies would be highly appreciated and very helpful.

Thanks,

maple babe

 

[devilhimselff]

I have been asked again to provide proof of funds. i had provided bank statement with application. nw i am sending again but there is fluctuation in my bank account as i invested some money in a friends business. but no paper record of it.

Is it fine as this is my own money? Please reply urgently.

If there is large sum going in and out, they will ask for the reason. If they are not satisfied, they will refuse the PR application. Reason, like Cappuccino said above, it has to be proved that its your money.

 

[JAVILAN82]

Dear all:

I have searched carefully in this forum every topic concerning proof of funds, but still I have some doubts and I would appreciate if anyone can help me clear them up.

My wife and I were granted permanent residence (skilled workers) in Nov. 2011 and we are moving to CAN at the end of this month to validate our visas. We are to stay in CAN for a week and then we will come back home. We wont definitely settle down in CAN until 2013 for job reasons.

During the permanent residence application process we sent a bank certificate stating that we had the money required in a standard bank account (one page document with a bank stamp) as proof of funds, but it looks like we also need to proof funds at the port of entry (10.000 CAN plus 2.000 for each accompanying member.

And the options are cash, money orders and travellers cheques (that's what the letter acompanying permanent residence states).

My questions are:

1) Will a bank certificate similar to the one we sent in our application be enough proof of funds at the port of entry? Particularly if at this moment we just want to validate our visas but not settle down in CAN yet?

2) Will pose any problem that part of the money we have belongs to me iNStead of my wife who is the first applicant?

Thanks in advance for your helpful advise

 

[mute_man]

hey guys,

I am Sri and new to the forum.read
I have deposited a FD in 2 different banks ..FD equivalent to CAD $14000 in one bank and another FD equivalent to CAD $4500.Also, I can provide bank statements to show the monthly net pay equivalent to CAD $4500 ( but no savings ) ...so can I submit the 2 FD which sums up to $18500 from different banks and provide bank statements of the salary account.

please let me know if this will be sufficient .we planned to withdraw the amount from FD once we get our visa before we move to Canada.
any replies would be highly appreciated and very helpful.
Thanks,
maple babe

in my opinion, u should have no problem at all.