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Proof of funds requirements - Explained

S

shibuya

Guest
Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.

You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada
 

TJ2010

Hero Member
Jun 5, 2010
220
2
Do you really mean that the whole money should have been completed in the acount for three month before sending statement. What of if some is there before 3month like 300CAD then 500 is added about one and a half month then 900 enters about a month befor sending statement. Is okay like this. If I provide my pay slip and my account also show have been earning salary constantly with my annual pay of 10,000 canadian dollar. Hope I will not be rejected. I have met the 67, i got 69. I have 75 day to submit to VO.
Please help.
 

prsh_patel

Hero Member
Feb 9, 2010
779
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Hi Shibuya,

appreciate your information about POF, i also observed, time to time you post good informative articles which are useful to overall community.

About POF, i come across below URL from cic mentioning about what could be shown as a POF, they have mentioned that Securities can be considered as one of the valid POF, below is the link to verify the details

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Please let us know your source of information as well so that we have authenticity of information which can be useful to Canada aspirants.

Thanks in anticipation
 

shreya99

Hero Member
Jun 3, 2010
204
19
Canada
Hi All,

I just got reply from CIC New Delhi for Proof of Funds Requirement,

Kindly have a look.



Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.


The amount of funds you need to have in order to settle in Canada depends on the size of your family. The funds must be available to you and transferable to Canada. They must be unencumbered by debts or other obligations.



Number of family members
Funds required

1
$11,086

2
$13,801

3
$16,967

4
$20,599

5
$23,364

6
$26,350

7 or more
$29,337








Acceptable proof of funds are:

-bank accounts in your name or the name of your accompanying spouse/common-law partner;

-cashable investments in your name or the name of your accompanying spouse/common-law partner;

-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.



Not acceptable are:

-bank accounts in someone else's name;

-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);

-bank accounts in the name of your spouse who is not accompanying you to Canada ;

-property valuations;

-vehicle valuations;

-jewellery valuations.



You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.



A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants.



If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of indeterminate employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC). In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards.


We trust that this information will be of assistance.
 

saki

VIP Member
Apr 7, 2010
3,395
352
Job Offer........
Pre-Assessed..
shreya99 said:
Hi All,

I just got reply from CIC New Delhi for Proof of Funds Requirement,

Kindly have a look.



Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.


The amount of funds you need to have in order to settle in Canada depends on the size of your family. The funds must be available to you and transferable to Canada. They must be unencumbered by debts or other obligations.



Number of family members
Funds required

1
$11,086

2
$13,801

3
$16,967

4
$20,599

5
$23,364

6
$26,350

7 or more
$29,337








Acceptable proof of funds are:

-bank accounts in your name or the name of your accompanying spouse/common-law partner;

-cashable investments in your name or the name of your accompanying spouse/common-law partner;

-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.



Not acceptable are:

-bank accounts in someone else's name;

-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);

-bank accounts in the name of your spouse who is not accompanying you to Canada ;

-property valuations;

-vehicle valuations;

-jewellery valuations.



You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.



A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants.



If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of indeterminate employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC). In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards.


We trust that this information will be of assistance.

**
Immigration Section / Section de l'immigration
Canadian High Commission / Haut-Commissariat du Canada
7/8 Shantipath, Chanakyapuri
New Delhi
India / Inde
Hi Shreya remove the Initials of the visa officer from you message immediately. Its not safe.

Cheers
Saki
 
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prsh_patel

Hero Member
Feb 9, 2010
779
23
Vadodara
Category........
Visa Office......
New Delhi
NOC Code......
0213
Job Offer........
Pre-Assessed..
App. Filed.......
30-11-2009
Doc's Request.
30-01-2010
AOR Received.
30-03-2010
IELTS Request
7.0
File Transfer...
3rd Feb 2010
Med's Request
08-07-2010
Med's Done....
13-07-2010
Interview........
Waived
Passport Req..
08-07-2010
VISA ISSUED...
25-10-2010
LANDED..........
Jan 2011
Shreya,

thanks for sharing the info
 

sandy78

Star Member
Sep 10, 2008
81
3
Category........
Visa Office......
Manila
Job Offer........
Pre-Assessed..
App. Filed.......
Jan 28, 2010-to Manila
AOR Received.
Feb 4, 2010
Med's Request
Feb. 4, 2010
Med's Done....
March 16, 2010
Passport Req..
May13,2010
LANDED..........
aug 21, 2010
shreya99 said:
Hi All,

I just got reply from CIC New Delhi for Proof of Funds Requirement,

Kindly have a look.



Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.


The amount of funds you need to have in order to settle in Canada depends on the size of your family. The funds must be available to you and transferable to Canada. They must be unencumbered by debts or other obligations.



Number of family members
Funds required

1
$11,086

2
$13,801

3
$16,967

4
$20,599

5
$23,364

6
$26,350

7 or more
$29,337








Acceptable proof of funds are:

-bank accounts in your name or the name of your accompanying spouse/common-law partner;

-cashable investments in your name or the name of your accompanying spouse/common-law partner;

-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.



Not acceptable are:

-bank accounts in someone else's name;

-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);

-bank accounts in the name of your spouse who is not accompanying you to Canada ;

-property valuations;

-vehicle valuations;

-jewellery valuations.



You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.



A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants.



If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of indeterminate employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC). In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards.


We trust that this information will be of assistance.
Shreya99,

I'm getting worried about this letter, one of my documents as evidence for the proof of funds is a joint bank certificate in my name and my aunt. I'm under family support Manitoba Provincial Nominee, had finished my medical , payment fees and is currently waiting for my passport and visa to arrive.
 

namasteindia

Star Member
Apr 9, 2010
125
3
india
Category........
Visa Office......
INDIA
NOC Code......
0213
Job Offer........
Pre-Assessed..
App. Filed.......
13-05-2010
Doc's Request.
WAITING
i am planning to mortgage my jewellery with HDFC bank and take up a loan. Then will show this amount as POF's once my husband migrates to canada and finds the job we can repay HDFC the full amount.
This way i wont have to sell my gold and will get loan for longtime..although the rate of interest is very high.
 

rahul_canada

Full Member
May 15, 2010
31
1
shreya99 said:
Hi All,

I just got reply from CIC New Delhi for Proof of Funds Requirement,

Kindly have a look.



Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.


The amount of funds you need to have in order to settle in Canada depends on the size of your family. The funds must be available to you and transferable to Canada. They must be unencumbered by debts or other obligations.



Number of family members
Funds required

1
$11,086

2
$13,801

3
$16,967

4
$20,599

5
$23,364

6
$26,350

7 or more
$29,337








Acceptable proof of funds are:

-bank accounts in your name or the name of your accompanying spouse/common-law partner;

-cashable investments in your name or the name of your accompanying spouse/common-law partner;

-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.



Not acceptable are:

-bank accounts in someone else's name;

-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);

-bank accounts in the name of your spouse who is not accompanying you to Canada ;

-property valuations;

-vehicle valuations;

-jewellery valuations.



You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.



A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants.



If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of indeterminate employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC). In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards.


We trust that this information will be of assistance.

Excellent information Shreya, that means we can show stocks/mutual funds as proof of fund to New Delhi visa office.
 
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chatfriend

Full Member
Mar 1, 2010
29
1
123
India
Visa Office......
ND
Job Offer........
Pre-Assessed..
Excellent work by Shibuya...

As remarked by prsh_patel, the stocks could be shown as proof of funds while applying (I am not sure about its validity at the port of entry while you land). I have shown it at the time of application and later at the time of file updation. (the application was accepted and got PR)

thanks Shibuya for sharing info.
 

mrshah30

Star Member
May 25, 2010
194
4
HI forum members..i need ur assisstance..for the following..

my father needs to give me money for the bank statement..after selling some agricultural stuff he does..
how can i make bank statement..if put money in the bank stment.at the time of application then will it matter and should the money be remained in the bank until the decision from CIO..


i hope you would suggest best..

cheers
mrshah
 

chef

Star Member
Mar 10, 2010
64
1
Category........
Job Offer........
Pre-Assessed..
Hi guys

Can i show my LIC insurance worth 10 k as my POF to CHC ND\\

Pls let me know guys
 

Ahmad06

Star Member
Mar 31, 2010
95
2
Shibuya you said property considered proof of funds while sherya says property valuation is nt acceptable..confusing
 

shreya99

Hero Member
Jun 3, 2010
204
19
Canada
Ahmad06 said:
Shibuya you said property considered proof of funds while sherya says property valuation is nt acceptable..confusing
Dear Friend,

The Article which i have quoted is exactly word to word reply from CHC New Delhi, as i have mentioned above in my letter.

I was having same confusion but this reply from CHC by mail solved it all. Still if you have any doubt you can also mail on below email address and confirm the same.

re-delhi-im-enquiry@international.gc.ca

Shreya
 
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