Proof of fund and payment inquiry

[natoskiii]

Hi all,

I have 2 inquiries here
1) Proof of funds
Can it be of any currency given that it's equivalent to the amount in CAD?
I had the needed amount of money till September, and I'm submitting my documents in December. will it be acceptable?
If not, can I attach my father's bank statement or does he need to transfer this money to my account?

2) Payment method
My country banks have different limitations in issuing a certified cheque. Some can't issue to Canada and others can't issue in CAD.
Is there any other way to overcome this?!
Can they just provide us with a bank account where we can transfer the money to

 

[joelmath]

Hi all,

I have 2 inquiries here
1) Proof of funds
Can it be of any currency given that it's equivalent to the amount in CAD? yes
I had the needed amount of money till September, and I'm submitting my documents in December. will it be acceptable? Not recommended, it sends out a signal that the money is not "savings". You need to convince the VO that you will be bringing this savings to Canada and use it for settlement.
If not, can I attach my father's bank statement or does he need to transfer this money to my account? Settlement funds have to be shown by principal applicant. Father's bank statements will not help. Get them transferred to your account and show them as gift from parents.

2) Payment method
My country banks have different limitations in issuing a certified cheque. Some can't issue to Canada and others can't issue in CAD.
Is there any other way to overcome this?!
Can they just provide us with a bank account where we can transfer the money to . Not sure if certified cheque is a requirement for any provincial scheme. For express entry both cost recovery fee and upfront Right of permanent residence fee have to paid through credit cards.

 

[natoskiii]

Not recommended, it sends out a signal that the money is not "savings". You need to convince the VO that you will be bringing this savings to Canada and use it for settlement.

Thanks joelmath, can I attach an asset ownership (such as a car) that fulfills the same amount of money. will it be acceptable?
To prove that I have the needed amount of money but as an asset

 

[manpreetdhindsa15]

Thanks joelmath, can I attach an asset ownership (such as a car) that fulfills the same amount of money. will it be acceptable?
To prove that I have the needed amount of money but as an asset

Hi Natoskii,

Please check if the following info helps you.

Hi All,

I just got reply from CIC New Delhi for Proof of Funds Requirement,

Kindly have a look.



Dear Sir/Madam,

This is in response to your recent email enquiry to the Immigration Section of the Canadian High Commission in New Delhi.


The amount of funds you need to have in order to settle in Canada depends on the size of your family. The funds must be available to you and transferable to Canada. They must be unencumbered by debts or other obligations.



Number of family members
Funds required

1
$11,086

2
$13,801

3
$16,967

4
$20,599

5
$23,364

6
$26,350

7 or more
$29,337








Acceptable proof of funds are:

-bank accounts in your name or the name of your accompanying spouse/common-law partner;

-cashable investments in your name or the name of your accompanying spouse/common-law partner;

-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.



Not acceptable are:

-bank accounts in someone else's name;

-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);

-bank accounts in the name of your spouse who is not accompanying you to Canada ;

-property valuations;

-vehicle valuations;

-jewellery valuations.



You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.



A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependants.



If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of indeterminate employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC). In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards.


We trust that this information will be of assistance.

You can read the full story here
http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-funds-requirements-explained-t45043.0.html