Hello,
I live in India and was fortunate to get an ITA yesterday. Unfortunately, I was not aware of the proof of funds requirements till today and am now a little worried about the right way to show these.
I don't think I have the required balance currently or a consistent balance for the last 6 months in my bank accounts. But I know I can save up from my salary and other incomes in the next 2-3 months to show the required CAD $15530.
I'm looking for more information on the timeline. According to the website its says "The funds must be available both when you apply and when (if) we issue you a permanent resident visa." Does this refer to filing my application for PR (which I need to do in the next 90 days) or at the time of entering the pool which was in July 2017?
Additionally, what all can I show as proof? The following is what I feel I can use but need confirmation and have a few questions.
1. I have a PPF account for almost 6 years now but I just spoke to my banker and they said I cannot prematurely withdraw the entire amount unless it's for higher education or medical emergency. Can they issue a certificate of some sort to me which I can use in my application towards proof of funds? Or should I withdraw what I can (about 50% they say) and make a fixed deposit for it instead?
2. I have a life insurance policy which has been IN FORCE since 2011. My agent can send me an official status and a surrender value. Is that enough to be shown for proof of funds? My wife has an LIC policy too. Can her policies surrender value be used as well?
3. My wife and I run a business and have a current account with some money in it. Can we use this too? I don't have any debts or salaries to pay so this is actually our money (without outstanding debt). Do I need a letter from a banker for this stating the current balance and balance for last 6 months? Anything else required?
4. I was living and working in the US since 2015 and still hold a US bank account which has some money in it. Can I use this to show proof of funds as well? I'm not sure if I can get a letter from the US bank account.
5. I have a property in my name but it's under construction. I have an active home loan that I pay every month for this. How can I use this towards proof of funds? I don't have posession of this property yet. The loan is going to continue for the next 10 years. Do I need to disclose this?
6. My wife has a property in her name and possession. Can this be used? Will I need to liquidate it? If not, what documentation can I obtain to show this as an asset which can be used towards proof of funds?
7. I have a few fixed deposit accounts. How can I show these as proof of funds?
8. The savings bank account is where I get my salary. This is also the account from which I created my fixed deposits. This is also the account where I pay my home loan from. What kind of documentation do I need to accurately use this account for proof of funds?
9. I can save 30-40% of the funds required as proof and create more fixed deposits from my salary in the next 2-3 months. Will this work? I am not sure because I'm confused about the time period as stated above.
10. If I still need some money, will a gift deed or affidavit work if I get that prepared now considering I already have my ITA?
I know that's a lot of questions but I'm super nervous right now. Don't want to make any wrong moves! In fact, I'm considering hiring an immigration counsellor to make sure I don't make a mistake but that will take away from my proof of funds
Cheers!
Sameer
I live in India and was fortunate to get an ITA yesterday. Unfortunately, I was not aware of the proof of funds requirements till today and am now a little worried about the right way to show these.
I don't think I have the required balance currently or a consistent balance for the last 6 months in my bank accounts. But I know I can save up from my salary and other incomes in the next 2-3 months to show the required CAD $15530.
I'm looking for more information on the timeline. According to the website its says "The funds must be available both when you apply and when (if) we issue you a permanent resident visa." Does this refer to filing my application for PR (which I need to do in the next 90 days) or at the time of entering the pool which was in July 2017?
Additionally, what all can I show as proof? The following is what I feel I can use but need confirmation and have a few questions.
1. I have a PPF account for almost 6 years now but I just spoke to my banker and they said I cannot prematurely withdraw the entire amount unless it's for higher education or medical emergency. Can they issue a certificate of some sort to me which I can use in my application towards proof of funds? Or should I withdraw what I can (about 50% they say) and make a fixed deposit for it instead?
2. I have a life insurance policy which has been IN FORCE since 2011. My agent can send me an official status and a surrender value. Is that enough to be shown for proof of funds? My wife has an LIC policy too. Can her policies surrender value be used as well?
3. My wife and I run a business and have a current account with some money in it. Can we use this too? I don't have any debts or salaries to pay so this is actually our money (without outstanding debt). Do I need a letter from a banker for this stating the current balance and balance for last 6 months? Anything else required?
4. I was living and working in the US since 2015 and still hold a US bank account which has some money in it. Can I use this to show proof of funds as well? I'm not sure if I can get a letter from the US bank account.
5. I have a property in my name but it's under construction. I have an active home loan that I pay every month for this. How can I use this towards proof of funds? I don't have posession of this property yet. The loan is going to continue for the next 10 years. Do I need to disclose this?
6. My wife has a property in her name and possession. Can this be used? Will I need to liquidate it? If not, what documentation can I obtain to show this as an asset which can be used towards proof of funds?
7. I have a few fixed deposit accounts. How can I show these as proof of funds?
8. The savings bank account is where I get my salary. This is also the account from which I created my fixed deposits. This is also the account where I pay my home loan from. What kind of documentation do I need to accurately use this account for proof of funds?
9. I can save 30-40% of the funds required as proof and create more fixed deposits from my salary in the next 2-3 months. Will this work? I am not sure because I'm confused about the time period as stated above.
10. If I still need some money, will a gift deed or affidavit work if I get that prepared now considering I already have my ITA?
I know that's a lot of questions but I'm super nervous right now. Don't want to make any wrong moves! In fact, I'm considering hiring an immigration counsellor to make sure I don't make a mistake but that will take away from my proof of funds
Cheers!
Sameer