Proof of funds requirements - Explained

[kaemeemanalo]

This term "POF" is really confusing. I am trying to get answer in simple and straight forward words, but not getting from anywhere. OK, Here is the text which I read on CIC

How much money should you bring?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison. These funds could be in the form of:

cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or

documents that guarantee payment of a set amount of money, which are payable to you (such as bankers' drafts, cheques, travellers' cheques or money orders).


What I want to know is:

1- When an applicant applies for PR visa, can he show his property(plot or home on his name) documents as a POF? (If NO then why CiC says documents that show property, and the point to be noted is that they have mentioned it in the BRING MONEY TO CANADA section, means after visa approval/landing stage, where we must show liquid available cash)

2- I have around 4k CAD$ in bank account and a plot in my name which is valued at around 30K CAD$, can I use that bank statement and valuation and ownership documents of property as POF? (obviously when they CiC will grant visa or at later stage they ask for bank statement, I will show bank statement of available cash)

3- What do I need to do if the plot was transferred to me by my father as a gift?

If anyone has used property documents as POF then please let others know as it will help a lot of people who don't have cash available in bank and they are using the amount for investment purpose like in real estate (plots, homes).

Seniors please help!

CIC only needs to know if you have enough cash to support your self or your dependents when you move in to Canada. regardless the value of your property in the Country you are in, you need to show liquid assets or readily transferable to cash when you land in Canada. the "PLOT" you are saying valued as 30kCAD is assessed value, you cannot readily transfer its value in Canada you need to find a seller and come to terms of the payment amounting 30kCAD for you to spend in Canadian soil.

 

[Mrvka]

Dear all,

I have just two questions.

I am currently filling in the forms: study permit for myself, study permit for a minor and open work for my spouse. In both study permit forms there is required field for the fund available for the stay in Canada. Should I write all fund available only in my study permit form, split the funds or repeat the same amount of funds in both forms?

Also, I have received an offer for RA position with the faculty member, in which the fee is stated on the year basis, should I include that funds and should it be only for first year?

Thanks!

 

[Mrvka]

Is it possible that nobody knows answers for the above mention technical questions?

 

[fsqsunshine]

what does "arranged employment in Canada" mean? I got a postdoc fellow position for two years (LMIA Exempt) and will start from June. Does that help my settlement funds evidence?

 

[koushikjis]

This is a long thread and admittedly, I haven't gone through all of the pages. I have few confusions regarding this proof of fund -

1. If I get my money from my father, what document should I need to proof them that this is my legacy property and I don't have to repay it?
2. I understand that during the application I have to show the POF, but I will not relocate to Canada without a job offer. So, when I will meet a port of entry officer in Canada, will I be need to show the POF (by then, I must be carrying a valid job offer)?

Thanks in advance.
-
Koushik.

 

[Subash]

Hi,
Please help me to know the procedure of carrying funds in Canada.
Can I prepare bank drafts? how can I deposit money into canadian bank from my home country?

 

[sharat_joshi77]

This is a long thread and admittedly, I haven't gone through all of the pages. I have few confusions regarding this proof of fund -

1. If I get my money from my father, what document should I need to proof them that this is my legacy property and I don't have to repay it?
2. I understand that during the application I have to show the POF, but I will not relocate to Canada without a job offer. So, when I will meet a port of entry officer in Canada, will I be need to show the POF (by then, I must be carrying a valid job offer)?

Thanks in advance.
-
Koushik.

Hi,
Proof of funds are needed at 2 times. First when you apply for PR and second when you land in Canada.
At the time of application, you just need to have the required amount in your bank statement.

When you land in Canada, you need to show the required amount is following forms to the officer:
1. cash
2. documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
3. documents that guarantee payment of a set amount of money, which are payable to you (such as bankers' drafts, cheques, travellers' cheques or money orders).

If you have a job offer letter before you land in Canada, you dont have to show this proof of funds at the landing time. This is exempted.
Hope that helped to answer your questions

 

[sharat_joshi77]

what does "arranged employment in Canada" mean? I got a postdoc fellow position for two years (LMIA Exempt) and will start from June. Does that help my settlement funds evidence?

"arranged employment in Canada" means that you have a job offer letter from a Canadian employer who will be paying you the salary when you start working in Canada.
If you have this, you are exempted from showing the proof of funds at the port of entry.

 

[karatepu]

Hi everyone,

just a question I will be the principal applicant for EE programme. My spouse and I have two personal and different bank accounts, can I show in my application two bank statements or all the money has to be in just one bank account?

Thank you!

 

[xylene]

Hi everyone,

just a question I will be the principal applicant for EE programme. My spouse and I have two personal and different bank accounts, can I show in my application two bank statements or all the money has to be in just one bank account?

Thank you!

You can show two account statements (or all statements of the applicants)

 

[Madhushika]

Hi ! My husband and I have planned to fly to Canada.
I apply for a study permit and my husband applies for an open work permit.
What would be the proof of funds requirements for both of us?

 

[Carmageddon]

Very nice thread, thanks!

But this is unclear what is the status of:

• Pension Funds
• Study Funds

The first one is composed of Compensation component, and Pension component.
In my case, the Compensation is already "released" from last work (about 18K CAD, in current rates), and Pension component can be withdrawn after paying about 30-35% tax to the country (about the same, before tax).

My Study fund is tax free, but only if I cash it once in 6 years (it opens in 2017, currently has similar amounts), otherwise I have to pay 35% tax on it as well.

Also CIC states that all POF certificates should have last 6 months average balance on them.. But I dont think those Pension funds institutions give average balance on their quarterly/yearly reports..


So, what do you say? Are those funds acceptable? Is the Average critical? or Not Applicable in the case of Pension Funds?

PS: I have 4 persons family, so around 22K CAD needed.

 

[ramepetla]

Hi,
Recently I have taken Loan amount of 9 L and deposited in other bank. Can I use this amount as Proof of Funds when going to canada (PR) ?

 

[DOTA 2 PRO]

can i use Indian savings bank account statement as POF while landing at POE?

 

[xylene]

can i use Indian savings bank account statement as POF while landing at POE?

already answered in this thread.