Proof of Fund

[mustafa shah]

Can anybody comment on proof of fund?

If i borrow the money, issue a bank statement, and then attach a bank certificate to it, showing my worth of fund, then after i have done it return the money, till i need to present it, lets say to the VO.

Is it credible. As a bank manager told me, they want to check your liquidity in cash, and the money need not to be present for the whole length of processing time.

 

[fariza]

Better beware of. I will suggest you not to have second thought of it.... POF and its source has been often challenged... and it can't be borrowed...Now a days 1 year bank statements are asked for... You have to specify and provide evidence of the source of POF and it meant to be your own money... You can think of selling some of your property in your or your spouse name (However some CHC might accept property evaluation)... and show the liquid cash with the valid source (sales contract)....

 

[mustafa shah]

Fariza but there is not mentioned any statement one year or six month

 

[Roger55]

Mustafa,

You provide the exact documents visa office asks for, no more , no less. They usually check P.O.F. at initial stage and at the last stage of process. But they can and have sometimes asked for P.O.F. at any time during the processing of application. If they re-check and you dont have the funds(you must have at least 75% of them at least), you will be rejected. You must also show P.O.F. when entering Canada (if you get visa) and obviously need the money to survive there.

 

[mustafa shah]

Roger

from yr reply i got the impression, that there is no concept of statement, and the money have to be there whenever they ask for at different stages. like for instance, if i am in business, then i can liquidate my money every time they ask for?

 

[canadaforall]

Fariza but there is not mentioned any statement one year or six month

Yes, it is not mentioned , but they require it. In my caips notes they mentioned they want a recent statement for 6 months , even though i have not been requested yet, still waiting. So it is a possibility.

So be prepared.

 

[mustafa shah]

THE CIC did not have such information of a duration of statement. further comments will be appreciated.

 

[Roger55]

You have to send visa office "only" exactly what is asked for in visa office checklist, or CIC checklist. If it does not ask specifically for "6 months" statement, then you are not required to send one. They may however ask for 6 month statement later on if they wish to or maybe not.

 

[Cappuccino]

Can anybody comment on proof of fund?

If i borrow the money, issue a bank statement, and then attach a bank certificate to it, showing my worth of fund, then after i have done it return the money, till i need to present it, lets say to the VO.

Is it credible. As a bank manager told me, they want to check your liquidity in cash, and the money need not to be present for the whole length of processing time.

You cannot do this, because CIC explicitly state "This money must belong to you and cannot be borrowed".

By borrowing money and claiming it as your own you will be defrauding CIC, and probably breaking the law. If you do not have the required settlement funds then you should not be applying.

In any case, a simple bank certificate will not be sufficient for most visa offices, they will want to see 3 to 6 months bank statements to show that the funds have been there for a while, to convince themselves that you are not just borrowing the money.

If you do not have the funds available in the bank nor in property etc then I would suggest you save up money and apply once you have adequate funding.

Wayne.

 

[satnak]

Mustafa,

You provide the exact documents visa office asks for, no more , no less. They usually check P.O.F. at initial stage and at the last stage of process. But they can and have sometimes asked for P.O.F. at any time during the processing of application. If they re-check and you dont have the funds(you must have at least 75% of them at least), you will be rejected. You must also show P.O.F. when entering Canada (if you get visa) and obviously need the money to survive there.

Hi,

Where can we find any CIC document where it says we can have atleast 75% of required FUNDS at all times during this whole process of PR. Actually. my spouse do transact some amount from the bank account we have kept our POF. Out of total we need to show, 2/3 is in the form of Fixed Deposit (for 6 months) and rest (1/3) is in saving account from which my husband do business.

Thanks

Satnam

 

[victor.shareen]

Can anybody comment on proof of fund?

If i borrow the money, issue a bank statement, and then attach a bank certificate to it, showing my worth of fund, then after i have done it return the money, till i need to present it, lets say to the VO.

Is it credible. As a bank manager told me, they want to check your liquidity in cash, and the money need not to be present for the whole length of processing time.

my consultant had told us that POF can be asked at any given point of time during processing....n they make sure they ask for minimum 6 months bank statement...and there is a 50-50 chance the immigration officer might ask u at the time u r entering canada....so better be careful....u never wanna be on the wrong side of the law...

 

[Roger55]

This was reccomended by Qorax in one of his replies. He states that is is obvious people needed to use some of the money in the account and there would be no truoble as long as at least 75% of total P.O.F. where always kept there. At the final stage of processing, full amount should be deposited in case they ask for new P.O.F.

Hi,

Where can we find any CIC document where it says we can have atleast 75% of required FUNDS at all times during this whole process of PR. Actually. my spouse do transact some amount from the bank account we have kept our POF. Out of total we need to show, 2/3 is in the form of Fixed Deposit (for 6 months) and rest (1/3) is in saving account from which my husband do business.

Thanks

Satnam

 

[Pippin]

Try doing a search on the forum for "refusal POF" or things like that and you will have a better understanding of the issues others have faced with the same question you are posing. If the VO has any feeling that something is not right they can/will ask for verification and proof of bank statements for up to a year. Cappuccino gave you sound guidance. Good Luck with your decision.

 

[mustafa shah]

According to CIC application guide
the money may be the one which is transferable. unencumbered, or the amount of any property. other than jewelry car or other personnel asset etc.

I have a plot that worth a million rupee, can i claim that by presenting the documents.

 

[Roger55]

Ckeck your visa office checklist. Some allow property as P.O.F. others do not.

According to CIC application guide
the money may be the one which is transferable. unencumbered, or the amount of any property. other than jewelry car or other personnel asset etc.

I have a plot that worth a million rupee, can i claim that by presenting the documents.