Proof of Financial Support - Available Funds Form 1294 - RRSP Statements

[marie0707]

For the proof of financial support can RRSP Statements be used for available funds? Or does all the money have to be readily available in a bank account?
Also for the form 1294 when you put in Available Funds can you use your RRSP balances for that? Or again should that just be money available in a bank account?
I'm thinking you should have enough money available in a bank account for the first year at least and then the RRSP can be used as a backing as well?
Thanks

 

[scylla]

RRSP funds cannot be used. The funds have to be available. RRSP funds are locked in.

 

[marie0707]

No mine are not locked in I can withdraw them any time

 

[scylla]

No mine are not locked in I can withdraw them any time

Sorry - I meant that they are registered. Sure - you can withdraw them at any time. However as I'm sure you know, you will pay a penalty on any funds withdrawn. For this reason CIC doesn't regard RRSP funds as available funds. You need to show funds or stocks that are outside of a registered plan.

 

[marie0707]

Yes of course I know that but after the penalty I still have the cash and I can withdraw any time. I could withdraw it now and show the cash in a bank account but would rather wait until I absolutely need to. So if I show the RRSP funds will that be adequate at the time of application. It won't be all my funds just some of it.