All about PROOF OF FUNDS

[LoveUCanada2013]

Hi Everyone,

I'm new in this forum and can't find much posts about proof of fund. I'm planning to apply next year as FSW and wondering if Provident Fund is acceptable as Proof of Fund.

Appreciate all your inputs and advice.

Thanks in advance,
LoveUCanada2013

 

[gudboy]

Hi Everyone,

I'm new in this forum and can't find much posts about proof of fund. I'm planning to apply next year as FSW and wondering if Provident Fund is acceptable as Proof of Fund.

Appreciate all your inputs and advice.

Thanks in advance,
LoveUCanada2013

You can get all the details about Proof Of Funds here:

http://www.canadavisa.com/canada-immigration-discussion-board/-t39318.0.html

 

[Raskin]

Hi Gudboy,

The query LoveUCanada2013 has is about using PF amount(just like 401K in US) for proof of funds.
The link provided describes mostly about proof of funds we should carry during landing. Even i am curious
if VO will consider PF statement for POF.

Raskin

 

[mitali]

Hi Gudboy,

The query LoveUCanada2013 has is about using PF amount(just like 401K in US) for proof of funds.
The link provided describes mostly about proof of funds we should carry during landing. Even i am curious
if VO will consider PF statement for POF.

Raskin

Funds linked with Provident fund is not accepted as POF as the money is not available to the applicant immediately for settlement.

Mitali

 

[hope786]

If your VO will be London VO then u have a opportunity show property as a POF for this purpose Property should be on your name and you have to have Valuation letter form three govt. approved agencies.......it will works for you and London VO is accepted this type of proof...........

 

[Karwa Sach]

Funds linked with Provident fund is not accepted as POF as the money is not available to the applicant immediately for settlement.

Mitali

no, no , it is a fallacious reply,be careful while advising
as per OP6 manual 9.2 settlement funds, Pursuant to R76(1)(b) The funds must be available and transferable;and unencumbered by debts or other obligations. Since it can be withdrawn and transfer from PF, MF, ULIP etc at anytime by request or resign & it will be transferred to your individual account as soon as you leave the organization. Therefore all investment/ savings like MF, ULIP, Cash in Bank account, FD, savings in post, PF, PPF etc are accepted at the initial stage .after medical they may ask you to transfer your assets into a bank account because you are ready to depart now.

LoveUCanada2013 YOU ARE OK TO GREEN WITH PF AS POF AT THIS STAGE
still have a doubt,email to your nearest VO for confirmation

 

[mitali]

no, no , it is a fallacious reply,be careful while advising
as per OP6 manual 9.2 settlement funds, Pursuant to R76(1)(b) The funds must be available and transferable;and unencumbered by debts or other obligations. Since it can be withdrawn and transfer from PF, MF, ULIP etc at anytime by request or resign & it will be transferred to your individual account as soon as you leave the organization. Therefore all investment/ savings like MF, ULIP, Cash in Bank account, FD, savings in post, PF, PPF etc are accepted at the initial stage .after medical they may ask you to transfer your assets into a bank account because you are ready to depart now.

LoveUCanada2013 YOU ARE OK TO GREEN WITH PF AS POF AT THIS STAGE
still have a doubt,email to your nearest VO for confirmation

Hi Karwa Sach,

I don't believe that my response was fallacious ! I was careful while responding to the query - Funds LINKED WITH PF cannot be used for POF.

At any stage of PR processing, its the discretion of the VO to allow such "Options" (POF that is still linked with PF and has not been withdrawn or transferred) for POF. So, one cannot be sure if the docs sent at the initial stages for POF which are still LINKED with PF would be acceptable.


Being an applicant under FSW category the OP is aware of the meaning of " The funds must be available and transferable;and unencumbered by debts or other obligations."

Mitali

 

[scorpion30]

Hi Karwa Sach,

I don't believe that my response was fallacious ! I was careful while responding to the query - Funds LINKED WITH PF cannot be used for POF.

At any stage of PR processing, its the discretion of the VO to allow such "Options" (POF that is still linked with PF and has not been withdrawn or transferred) for POF. So, one cannot be sure if the docs sent at the initial stages for POF which are still LINKED with PF would be acceptable.


Being an applicant under FSW category the OP is aware of the meaning of " The funds must be available and transferable;and unencumbered by debts or other obligations."

Mitali

Amount Linked with PF can be shown as POF...I did it for myself...got the documents attested from Organization and PF office...they readily accepted that...

 

[Karwa Sach]

Amount Linked with PF can be shown as POF...I did it for myself...got the documents attested from Organization and PF office...they readily accepted that...

i 2nd, i did try to point out Mitali abt it but she denied.I did show the PF and property as POF for myself.

 

[Karwa Sach]

Hi Karwa Sach,

I don't believe that my response was fallacious ! I was careful while responding to the query - Funds LINKED WITH PF cannot be used for POF.

no mam .your reply is not in accordance with reality

 

[LoveUCanada2013]

Thank You Karwa Sach.
Now my plan for applying next year has a clearer pciture - your clip of statement below is enlightening.
Have a wonderful Christmas to you and all the followers of this forum ;D ;D

Regars,
LoveUCanada2013

no, no , it is a fallacious reply,be careful while advising
as per OP6 manual 9.2 settlement funds, Pursuant to R76(1)(b) The funds must be available and transferable;and unencumbered by debts or other obligations. Since it can be withdrawn and transfer from PF, MF, ULIP etc at anytime by request or resign & it will be transferred to your individual account as soon as you leave the organization. Therefore all investment/ savings like MF, ULIP, Cash in Bank account, FD, savings in post, PF, PPF etc are accepted at the initial stage .after medical they may ask you to transfer your assets into a bank account because you are ready to depart now.

LoveUCanada2013 YOU ARE OK TO GREEN WITH PF AS POF AT THIS STAGE
still have a doubt,email to your nearest VO for confirmation

 

[Saps]

no, no , it is a fallacious reply,be careful while advising
as per OP6 manual 9.2 settlement funds, Pursuant to R76(1)(b) The funds must be available and transferable;and unencumbered by debts or other obligations. Since it can be withdrawn and transfer from PF, MF, ULIP etc at anytime by request or resign & it will be transferred to your individual account as soon as you leave the organization. Therefore all investment/ savings like MF, ULIP, Cash in Bank account, FD, savings in post, PF, PPF etc are accepted at the initial stage .after medical they may ask you to transfer your assets into a bank account because you are ready to depart now.

LoveUCanada2013 YOU ARE OK TO GREEN WITH PF AS POF AT THIS STAGE
still have a doubt,email to your nearest VO for confirmation

Hi,

I am an applicant for FSW 2014. I have a same question wrt to showing PF's are proof of funds...

As we don't necessarily park money in Savings accounts and have invested in properties, we are now in a dilemma wrt to what to show as proof of funds... We (my husband and I) have substantial amount in our provident funds, for which we are able to download the PF statements. As per the Govt of India EPFO office this fund can be withdrawn on leaving job (which would be the case when u are immigrating) and same would be settled in approximately a month's time without tax deductions as the PF is accumulated on continuous work for more than 5 years.

In that case, doesn't this fall under the category of unencumbered proof of funds?

 

[cutesharma]

Hi Friends,

Below are my financial details :-

1) Savings of $<xx>k SGD in my savings account (sufficient for 3 Members Application)..I can show bank statement of last 2 months
2) Central Provident Fund Balance in 3 accounts to total $<xx>k SGD..I can show CPF Transaction History for last 6 months
3) Mortgage Loan of $<XXX>k SGD
4) Car Loan $<xx>k SGD
5) Current Value of House is around $<XXX> SGD but I don't have evidence to support it
6) Current Value of Car is around $<xx>k SGD but I don't have evidence to support it
7) I have property in India on my name purchased for <xx> lakhs few years back but I don't know its current value

Now can anyone pls guide me what should I write for a) Assets+b) Liabilities+c) Total funds available for settlement in Canada

Thanks in advance for your reply

Regards