Doubts about proof of fund

[Neo0506]

Hi All,

I am applying under FSWP 2013 and have few questions on Proof of Funds.

1. If I am showing cash in Savings account, how long (in months) the balance should have been maintained.
2. If I understand correctly, the savings account need must be in only my name (I am applying as a single without spouse) and can not be in joint name
3. Can I show the balance in Public Provident Fund (PPF) as proof of fund?
4. Can I show the balance in Fixed Deposite (in my name alone) as proof of fund?
5. Can Savings account, PPF and Fixed deposite all three be combined to reach the required limit?

Thanks,
Neo

 

[coolguy2010]

1. If I am showing cash in Savings account, how long (in months) the balance should have been maintained. - IT IS BETTER TO KEEP IT FOR LONG TERM SAY 2 TO 3 YEARS
2. If I understand correctly, the savings account need must be in only my name (I am applying as a single without spouse) and can not be in joint name - YES
3. Can I show the balance in Public Provident Fund (PPF) as proof of fund? - YES
4. Can I show the balance in Fixed Deposite (in my name alone) as proof of fund? - YES
5. Can Savings account, PPF and Fixed deposite all three be combined to reach the required limit? - YES

 

[Neo0506]

thanks coolguy for the reply. I was reading some other threads on this forum. in one of them it was mentioned that we can replace acct statement with certificate from manager. this doesn't call for min holding period. So, I will probably go for that.

For FD and PPF, what should be submitted as proof? is it the self attested photocopies of FD receipt and PPF acct stmt or anything else? does FD need to be min x months old?

thanks,
neo

 

[coolguy2010]

Only copies will do, no attestation require.
Pls check the checkist of CIC which needs to be attach

thanks coolguy for the reply. I was reading some other threads on this forum. in one of them it was mentioned that we can replace acct statement with certificate from manager. this doesn't call for min holding period. So, I will probably go for that.

For FD and PPF, what should be submitted as proof? is it the self attested photocopies of FD receipt and PPF acct stmt or anything else? does FD need to be min x months old?

thanks,
neo

 

[Neo0506]

Thanks coolguy!!

 

[explorer]

Hello Coolguy,
How much fund I have to carry while landing? If I carry some in Travellers cheque, some in Travel currency Debit card will they accept that as POF? Kindly provide your valuable tips as I will be traveling shortly from now.

Regards
explorer

1. If I am showing cash in Savings account, how long (in months) the balance should have been maintained. - IT IS BETTER TO KEEP IT FOR LONG TERM SAY 2 TO 3 YEARS
2. If I understand correctly, the savings account need must be in only my name (I am applying as a single without spouse) and can not be in joint name - YES
3. Can I show the balance in Public Provident Fund (PPF) as proof of fund? - YES
4. Can I show the balance in Fixed Deposite (in my name alone) as proof of fund? - YES
5. Can Savings account, PPF and Fixed deposite all three be combined to reach the required limit? - YES

 

[coolguy2010]

Hi Explorer,

The funds depend upon the family members.

Number of Family Members Funds Required
(in Canadian dollars)
1 $11,115
2 $13,837
3 $17,011
4 $20,654
5 $23,425
6 $26,419
7 or more $29,414

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

You can carry DD, TC or Cash. I am not very sure about Debit Card .....

Hello Coolguy,
How much fund I have to carry while landing? If I carry some in Travellers cheque, some in Travel currency Debit card will they accept that as POF? Kindly provide your valuable tips as I will be traveling shortly from now.

Regards
explorer

 

[explorer]

Thanks Coolguy,
Are u sure I have to carry C$11,115 at landing. It is huge money. As I discussed with the banks, TC in CAD is not available regularly. Secondly extra charges involved in TC are more than Travel Currency Debit card. Banks are assuring to provide signed & stamped statement of the card which is not usuable at India. Moreover I have to declare that I am carrying fund more than CAD 10000 at POE. The link you send tells about the POF required for inintial application.

Regards,
explorer

 

[coolguy2010]

100% sure, you need to carry funds at the time of landing

If you don't have funds at ur hand, how u will survive in Canada for initial months......Even if you are going temporary and coming back, you need to carry funds at first landing...........

Thanks Coolguy,
Are u sure I have to carry C$11,115 at landing. It is huge money. As I discussed with the banks, TC in CAD is not available regularly. Secondly extra charges involved in TC are more than Travel Currency Debit card. Banks are assuring to provide signed & stamped statement of the card which is not usuable at India. Moreover I have to declare that I am carrying fund more than CAD 10000 at POE. The link you send tells about the POF required for inintial application.

Regards,
explorer

 

[etha4u]

Only copies will do, no attestation require.
Pls check the checkist of CIC which needs to be attach

but need to notaries

 

[coolguy2010]

Notarization required only for non-english documents which needs to be translated

Pls read CIC checklist carefully


http://www.cic.gc.ca/english/information/applications/skilled.asp

but need to notaries

 

[Cappuccino]

thanks coolguy for the reply. I was reading some other threads on this forum. in one of them it was mentioned that we can replace acct statement with certificate from manager. this doesn't call for min holding period. So, I will probably go for that.

For FD and PPF, what should be submitted as proof? is it the self attested photocopies of FD receipt and PPF acct stmt or anything else? does FD need to be min x months old?

thanks,
neo

Actually there is no official length of time the funds have to have been held for prior to application. However, the visa officer when performing the eligibility review, and also at various points throughout the application process, will want to be convince themselves that the money belongs to the applicant.

This is why submitting at least 6 months statements with your application is a good idea, so they can see this money has been maintained for a good long time and is unlikely to have been borrowed (which is not allowed). If they just get a bank certificate or only statements for a short period of time, they are likely to want to investigate this further during processing.

As Coolguy says you do 100% have to bring proof of funding with your when you land. However, this can be in the form of bank statements etc and does not have to be in cash/traveller's cheques (it is actually highly inadvisable to carry such a large amount of cash with you anyway!). But this must either be in CAD, or in a readily transferable currency such as Euro, GBP or USD.

A good idea if you can is to transfer this to a Canadian bank account and then take that Canadian bank account statement with you.

Wayne.

 

[coolguy2010]

Hi Cappuccino,

If I bring US$ instead of CA$, do I need to show more value of US$ (equivalent to CA$)

Say I need to bring 22K CA$, how much US$ I need to bring at the time of landing. The reason behind this is to avoid exchange loss.

Do the officer convert US$ to CA$ and goes for detail calculation.

Actually there is no official length of time the funds have to have been held for prior to application. However, the visa officer when performing the eligibility review, and also at various points throughout the application process, will want to be convince themselves that the money belongs to the applicant.

This is why submitting at least 6 months statements with your application is a good idea, so they can see this money has been maintained for a good long time and is unlikely to have been borrowed (which is not allowed). If they just get a bank certificate or only statements for a short period of time, they are likely to want to investigate this further during processing.

As Coolguy says you do 100% have to bring proof of funding with your when you land. However, this can be in the form of bank statements etc and does not have to be in cash/traveller's cheques (it is actually highly inadvisable to carry such a large amount of cash with you anyway!). But this must either be in CAD, or in a readily transferable currency such as Euro, GBP or USD.

A good idea if you can is to transfer this to a Canadian bank account and then take that Canadian bank account statement with you.

Wayne.

 

[Cappuccino]

Hi Cappuccino,

If I bring US$ instead of CA$, do I need to show more value of US$ (equivalent to CA$)

Say I need to bring 22K CA$, how much US$ I need to bring at the time of landing. The reason behind this is to avoid exchange loss.

Do the officer convert US$ to CA$ and goes for detail calculation.

My understanding is that the officer will do the conversion (since GBP and Euro are also acceptable).

More often than not, the officer on landing will not even asked to see proof of funds at all. This is done on a spotcheck basis to act as a deterrent. We, for example, were not asked to provide proof of funds - but we had our Canadian bank statements to hand with us in case we were.

The danger with being "on the line" if you are not taking Canadian dollars is that the exchange rate could suddenly go against you, and if you are taking USD and have borderline funds it would be a shame for you to be turned away because the exchange rate the officer uses puts your funds just under.

So IMO take a bit extra to cover fluctuation, or play it safe and take CAD (then the exchange rate won't matter).

Wayne.

 

[coolguy2010]

Thx cappuccino, if I carry 10k US$, what will be approx value of CA$?

My understanding is that the officer will do the conversion (since GBP and Euro are also acceptable).

More often than not, the officer on landing will not even asked to see proof of funds at all. This is done on a spotcheck basis to act as a deterrent. We, for example, were not asked to provide proof of funds - but we had our Canadian bank statements to hand with us in case we were.

The danger with being "on the line" if you are not taking Canadian dollars is that the exchange rate could suddenly go against you, and if you are taking USD and have borderline funds it would be a shame for you to be turned away because the exchange rate the officer uses puts your funds just under.

So IMO take a bit extra to cover fluctuation, or play it safe and take CAD (then the exchange rate won't matter).

Wayne.