proof of funds

[enf]

I am working here in UAE for the past 10 years in only one company and if I leave the company I will get a gratuity enough for the required funds of 5 people. My question is can I use this as my proof of funds. I can only collect it if I leave my company. Please help. I need confirmation.

 

[next2015]

Yes you can. What matters is 1. you have the funds and 2. you acquired them legally.

 

[enf]

thank u so much

 

[alok4best]

Yes you can. What matters is 1. you have the funds and 2. you acquired them legally.

This is a misleading answer. No, you cannot use the potential gratuity money towards proof of funds. As you already know, this fund is not available to you at this time. This is a potential future payment, something which does not exist at this time. Ask yourself, can someone use a future inheritance they will get from parents towards proof of funds. No, right?

 

[next2015]

This is a misleading answer. No, you cannot use the potential gratuity money towards proof of funds. As you already know, this fund is not available to you at this time. This is a potential future payment, something which does not exist at this time. Ask yourself, can someone use a future inheritance they will get from parents towards proof of funds. No, right?

If he/she has the funds in their possession at the time of landing, why wouldn't they? They mention they get the funds after they leave their company. Your point is right, if the OP intends to use the POF at the application stage. Perhaps the OP should clarify at what stage of the game they're at - just applying or planning their landing?

 

[BC4life]

If he/she has the funds in their possession at the time of landing, why wouldn't they? They mention they get the funds after they leave their company. Your point is right, if the OP intends to use the POF at the application stage. Perhaps the OP should clarify at what stage of the game they're at - just applying or planning their landing?

OP said "if I leave the company I will get a gratuity enough for the required funds of 5 people" so it is safe to assume at current time and time of application (unless they want to leave the company before applying for immigration which would be foolish considering the time it takes and the fact that there is zero uncertainty the application would be successful) they will not have access to those funds. At time of application the funds must be readily available for use.

If the CIC does not accept even self-owned property as proof of funds it would certainly not accept a future gratuity which the OP is expecting to receive.

 

[enf]

Thank you for all the information you are sharing to me and to others as well

I am still working here in UAE. The gratuity ("end of service gratuity") I am referring to is a UAE law which is given to all UAE employees once they leave/resigned/terminated their Company.

I did not apply yet, I am just preparing all the necessary documents required so that I can upload in one time.

I will resign if my application will be successful, but now you are telling me that I cannot use it as my POF.

Does the CIC here in UAE have a say on the assessment of the application or it will be the CIC in Canada?

Is there an issue or will it be a plus factor if I have a valid visitor visa until year 2022?

I really appreciate your expert opinions.

 

[alok4best]

Thank you for all the information you are sharing to me and to others as well

I am still working here in UAE. The gratuity ("end of service gratuity") I am referring to is a UAE law which is given to all UAE employees once they leave/resigned/terminated their Company.

I did not apply yet, I am just preparing all the necessary documents required so that I can upload in one time.

I will resign if my application will be successful, but now you are telling me that I cannot use it as my POF.

Does the CIC here in UAE have a say on the assessment of the application or it will be the CIC in Canada?

Is there an issue or will it be a plus factor if I have a valid visitor visa until year 2022?

I really appreciate your expert opinions.

No, you cannot use the potential gratuity as proof of funds. There is no doubt or confusion about it. You can only use funds which are at your disposal RIGHT NOW. This can be money in your chequing or savings account, fixed deposits, mutual funds, stock market, SIP/ULIP etc, or a gift from family with a proper gift deed.
Also having a Visitor visa is neither an advantage nor a disadvantage as far as your PR application is concerned.

 

[alok4best]

If he/she has the funds in their possession at the time of landing, why wouldn't they? They mention they get the funds after they leave their company. Your point is right, if the OP intends to use the POF at the application stage. Perhaps the OP should clarify at what stage of the game they're at - just applying or planning their landing?

Immigration agents usually do not even bother about POF when landing. The OP is still in application stage. So my answer was within that context. And in fact my point is valid even for landing. If OP has quit and got his gratuity by then, then it won't be a POTENTIAL fund anymore. If will be an actual fund available at OP's disposal.