For how many months before applying, I need to have money in my account as POF?

[Ordinary]

For how many months before applying, I need to have money in my account as POF?

 

[dobes]

For how many months before applying, I need to have money in my account as POF?

For zero months. You will have to provide financial documents for 6 months (if you apply as FSW or FST) but you only need to have the money at the time of application. If you have only recently acquired the money, you will also need proof of where it came from, and that it is not a loan or anything you will have to give back to anyone.

 

[Ordinary]

For zero months. You will have to provide financial documents for 6 months (if you apply as FSW or FST) but you only need to have the money at the time of application. If you have only recently acquired the money, you will also need proof of where it came from, and that it is not a loan or anything you will have to give back to anyone.

"dobes" Thanks for the reply. I have few questions
1. Do you mean that I need to have whole money 6 months before in my account as you mentioned I need to provide financial documents for 6 months?
2. or Do you mean that I can build funds over six months by depositing periodically and having required amount by the time I apply?

 

[dobes]

"dobes" Thanks for the reply. I have few questions
1. Do you mean that I need to have whole money 6 months before in my account as you mentioned I need to provide financial documents for 6 months?
2. or Do you mean that I can build funds over six months by depositing periodically and having required amount by the time I apply?

1. No, no, and no. I mean exactly the opposite. Zero months. You can deposit the funds the day before you apply, if you can prove that they are yours, and they are not a loan.

2. If you build the funds over 6 months or more before applying, you may not have to prove where they came from. That's all.


The only requirement is that you have the money when you apply, and when you land in Canada. In those moments, you must be able to show you have the money. If your financial statements show that you saved it gradually from your earnings, that's enough. If you got it suddenly, you also have to show where you got it from, and prove that it is not a loan that you will have to pay back.

So -- Do not take out a loan for these funds. If you get them suddenly, be able to prove where you got them (gift, sale of land, inheritance, lottery win, etc.)

 

[alexfaraon]

Hello dobes. Thanks for answering my question in the next topic, but here I have the same doubts as the author of this topic. What do you mean "you have to prove if you have money suddenly"? I have an apartment, but I don't have $15 000 with cash. And I can't sell my apartment just to prove that I have money (even though the fact that it costs much more than 15 000). So in this case the only way for me is a loan. But in this case I can't prove it, that the money is mine. And if I can't, do you think an application will be refused? Or what are the ways to prove that it's not a loan?

Thanks.

 

[dobes]

Hello dobes. Thanks for answering my question in the next topic, but here I have the same doubts as the author of this topic. What do you mean "you have to prove if you have money suddenly"? I have an apartment, but I don't have $15 000 with cash. And I can't sell my apartment just to prove that I have money (even though the fact that it costs much more than 15 000). So in this case the only way for me is a loan. But in this case I can't prove it, that the money is mine. And if I can't, do you think an application will be refused? Or what are the ways to prove that it's not a loan?

Thanks.

If you are in a category that needs to show proof of funds, then those funds have to be in a form that is available for you to use to support yourself when you first come to Canada, until you are able to find a job. There are lots of settlement costs, from getting an apartment to buying food to transportation to good winter clothing for you and your family. You will not be able to use ownership of an apartment for those things. CIC doesn't want you to have a loan, either, because you will have to pay it back, meaning that you will have a double burden when you finally get a job - supporting yourself AND paying back money you borrowed.

If the only way for you to get that money is in fact a loan, then yes, your application will be refused if CIC is aware that the money you have is from a loan.

 

[alexfaraon]

If you are in a category that needs to show proof of funds, then those funds have to be in a form that is available for you to use to support yourself when you first come to Canada, until you are able to find a job. There are lots of settlement costs, from getting an apartment to buying food to transportation to good winter clothing for you and your family. You will not be able to use ownership of an apartment for those things. CIC doesn't want you to have a loan, either, because you will have to pay it back, meaning that you will have a double burden when you finally get a job - supporting yourself AND paying back money you borrowed.

If the only way for you to get that money is in fact a loan, then yes, your application will be refused if CIC is aware that the money you have is from a loan.

I have no idea how they can be aware that it's a loan. If only they have an access to the banking system and they can see my credit story in my country. But I don't know anything about that.

 

[dobes]

I have no idea how they can be aware that it's a loan. If only they have an access to the banking system and they can see my credit story in my country. But I don't know anything about that.

They can't see that it's a loan. They can ask you to prove that it is not.

 

[Chethan_blr]

I think in this situation we take a loan and open an Fixed Deposit. FD statement can be shown as POF.

 

[Asivad Anac]

I think in this situation we take a loan and open an Fixed Deposit. FD statement can be shown as POF.

Yes. And CIC can ask you to show source of funds for the FD. And then you will have to tell them that it was a loan. And your file will be cancelled.

Don't think of borrowing funds for POF. Period.