US IRA/401k as proof of funds?

[abt81]

Hello everyone,

Just had a quick question. Is it ok to show IRA/401k/other retirement account(s) to satisfy the proof of funds requirement?

Thanks in advance.

 

[abt81]

Anyone?

 

[ash5ash]

It depends, can you liquidate those accounts when you move to Canada (or at the time of landing).
The main objective for POF is to make sure you bring enough funds with you to support yourself when you move to Canada.

 

[abt81]

Hmmm...I guess liquidating might be the best option... Thanks for replying!

 

[tomneversfield]

I'm a US applicant and I did include it in my net worth... but because I wasn't clear as to whether it will be accepted or not, I made sure that my net worth before 401K already exceeded the minimum requirement... I'm planning to request my GCMS notes in 3-4 weeks.. I'll let you know what they thought of it. Best of luck!

 

[abt81]

Very helpful! Thanks for your reply. All the best to you too!

 

[tenkrun10]

I'm a US applicant, the only POF i showed was my 401K and Roth Accounts, PPR - Oct 20th

 

[abt81]

Cool! Best wishes.

 

[tomneversfield]

I'm a US applicant, the only POF i showed was my 401K and Roth Accounts, PPR - Oct 20th

That's relieving for me. Thanks for your input

 

[thisworks]

I'm a US applicant and I did include it in my net worth... but because I wasn't clear as to whether it will be accepted or not, I made sure that my net worth before 401K already exceeded the minimum requirement... I'm planning to request my GCMS notes in 3-4 weeks.. I'll let you know what they thought of it. Best of luck!

tomneversfield, what did IRCC think about your 401(k) ? did they accept that number or did they requested additional proof?

 

[tomneversfield]

tomneversfield, what did IRCC think about your 401(k) ? did they accept that number or did they requested additional proof?

They accepted it.. but then again my net worth before 401(k) was already passing the minimum, I can't tell you for sure if it was taken into account or not. What I can tell you for sure is that they never asked for additional documents or anything.

My 2 cents: I think your 401k should be fine.. however it's always safer to use your 401k as an 'additional' thing, not the main thing.

Best of luck!

 

[thisworks]

They accepted it.. but then again my net worth before 401(k) was already passing the minimum, I can't tell you for sure if it was taken into account or not. What I can tell you for sure is that they never asked for additional documents or anything.

My 2 cents: I think your 401k should be fine.. however it's always safer to use your 401k as an 'additional' thing, not the main thing.

Best of luck!

Thanks for the quick reply tomneversfield! I have sufficient funds in my non-401(k) stocks as well, but I have read on this forum that stocks might not be considered eligible as proof of funds. I am reluctant to liquidate my stocks only on rumors, so most likely will just send these ar proof of funds and then hope for the best!

 

[DEEPCUR]

If one shows 401k account, how can they find out how much out of our balance is unvested?

 

[thisworks]

Just checked my 401 report, it doesnt have a column for vesting! but then I am 100% vested, so maybe that's the reason.

 

[mgnlky]

They will accept 401k funds since those are in your name and you can technically cash them out at any time. From what I've seen, what they don't consider is the tax penalty for early withdrawals (around 20+% of the funds in the account), or the vesting amount. So you can say you have 20,000$ in the account, and only have 10,000$ vested, cash it out and only receive (example) 4000$, but CIC will only recognize the 20,000$ initially listed.