Proof of Funds: 6 months?

[Meighen2]

Hi everyone,

I have a question re proof of funding. I am from a country where it is not customary to hold money in bank accounts; rather the money are generally saved in cash form at home.

1) If I maintained the funds in my bank account for < 6 months (e.g., 3-4 months) prior to sending application for PR — Will my application be automatically rejected because I haven’t met the 6-month requirement? Anyone had any positive experience with it?

2) If the answer to (1) is no (i.e., it won’t necessarily be rejected), then if the money were given to me by my parents, is it an absolute necessity to execute a deed of gift? I mean, how would the immigration officer know whether the money were given by my parents and not saved by me in cash form?

 

[Meighen2]

Hey, nobody had any experience with it?

 

[tapioca]

Hello Meighen,
The main issue at hand is how do you prove you have the money yourself? Using third parties to provide proof, such as a bank or other financial institution in your case, since they put their responsibility in play through a declaration by attesting the money they hold is linked to your person.
The money has to stay somewhere visible and verifiable and in the claimed amount for 6 months at least.

 

[Meighen2]

Hi tapioca, that makes sense, I guess I just have to be a little bit patient to ensure that the money are in my account for at least 6 months.
Thank you!

 

[tapioca]

Another neat perk to keeping part of your personal assets at a bank will be a simpler exchange process for your currency against Canadian dollars in case your bank account is not already in Canadian Dollars.

 

[Meighen2]

I keep my bank account in USD, good point, thanks!