Proof of Funds for PNP Ontario

[gulhayo_a]

Dear Applicants and whoever who can help/advice,

I applied via Express Entry to Canada's FSW program. within 3-4 days I received a Letter of interest for Provincial/Territorial Nomination from Ontario. I am in the process of applying but have some issues with the Proof of Funds Section.

I honestly do not have 20,000 USD of hard cash in my bank. It is uncommon for us to keep our cash in banks here in my country. Thus we either save up or buy something which we can liquidate in times of need. Can I show bank statements of my Husbands income (ALTHOUGH I am the main Applicant), and could I also show my Husband's property and asset as a proof of Fund? Explaining that we can sell these assets prior moving to Canada???

I would appreciate any kind of advice!

Sincerely! :-*

 

[Asivad Anac]

1. POF has to be in a bank account bearing the Principal Applicant's name. The only alternative allowed is a joint account with the spouse.


2. Hard assets are not acceptable to most LVOs. Check with your local embassy if they allow it. If they don't l, that rules out land or other assets.

3. You can definitely sell those assets and show the proceeds as POF. Make sure all the sale documentation is legally done keep it for records because CIC might want to look at it to verify source of funds.

 

[bellaluna]

Someone here from Ukraine had a similar issue (perhaps you are from the same country) and it was suggested to write a letter explaining the economic situation in the country. PoF in cash will be hard to prove without bank documentation, but checking with your local embassy or consulate as Asivad Anac suggested is also a good idea.

 

[gulhayo_a]

1. POF has to be in a bank account bearing the Principal Applicant's name. The only alternative allowed is a joint account with the spouse.


2. Hard assets are not acceptable to most LVOs. Check with your local embassy if they allow it. If they don't l, that rules out land or other assets.

3. You can definitely sell those assets and show the proceeds as POF. Make sure all the sale documentation is legally done keep it for records because CIC might want to look at it to verify source of funds.

I was wondering if it would be possible to show the evaluation of the assets, i cannot sell them- i wont have no where else to live ;D
Maybe if i get them evaluated and write a letter of explanation- stating I intend on selling those assets (ie. Car & Property)? Would that be ok? Thanks a lot for your reply btw!

 

[gulhayo_a]

Someone here from Ukraine had a similar issue (perhaps you are from the same country) and it was suggested to write a letter explaining the economic situation in the country. PoF in cash will be hard to prove without bank documentation, but checking with your local embassy or consulate as Asivad Anac suggested is also a good idea.

Its Uzbekistan actually, and we usually keep the money in hard cash rather than banks. We dont have a Canadian embassy, but we have a consulate, I will check up with them!

Thanks a lot!

 

[Asivad Anac]

I was wondering if it would be possible to show the evaluation of the assets, i cannot sell them- i wont have no where else to live ;D
Maybe if i get them evaluated and write a letter of explanation- stating I intend on selling those assets (ie. Car & Property)? Would that be ok? Thanks a lot for your reply btw!

You can try speaking with your consulate and let's see what they have to say on this.

But I imagine that this won't be acceptable to CIC because they would want to be convinced that you have enough liquidity and won't be convinced with an asset evaluation report.

 

[gulhayo_a]

You can try speaking with your consulate and let's see what they have to say on this.

But I imagine that this won't be acceptable to CIC because they would want to be convinced that you have enough liquidity and won't be convinced with an asset evaluation report.

I dont understand then. Because as far as I know many applicants put temporarily put money in banks and withdraw it (thus it is borrowed money). Isnt this illegal? Im sure not many people even those are working in good jobs in developing countries have 20k$ saved up in banks.. If an opportunity arises they sell everything and migrate

 

[Asivad Anac]

I dont understand then. Because as far as I know many applicants put temporarily put money in banks and withdraw it (thus it is borrowed money). Isnt this illegal? Im sure not many people even those are working in good jobs in developing countries have 20k$ saved up in banks.. If an opportunity arises they sell everything and migrate

Borrowing money to show POF is misrepresentation.

If caught (and that's the catch), CIC won't let you in for 5 years. People try to squeeze through the gaps that are inherent in any large scale process. But it isn't recommended or advisable to do that.

 

[gulhayo_a]

Borrowing money to show POF is misrepresentation.

If caught (and that's the catch), CIC won't let you in for 5 years. People try to squeeze through the gaps that are inherent in any large scale process. But it isn't recommended or advisable to do that.

Thanks a lot. thats exactly my point. Thats why Im a bit confused as to what I should do. I will try to contact the consulate soon. Thats why I thought I would write a letter of explanation and show my assets.

 

[DSCanada]

Hi guys..I have some funds as gold. I'm planning to pledge my gold in a bank and borrow cash. is this acceptable?

Apart from this I have funds in a different bank account in the name of my father and planning to transfer it to my account. anyhow my 6 month transaction history will show that I have deposited the amount very recently..will it be a problem??

Kindly advise

 

[gulhayo_a]

Hi guys..I have some funds as gold. I'm planning to pledge my gold in a bank and borrow cash. is this acceptable?

Apart from this I have funds in a different bank account in the name of my father and planning to transfer it to my account. anyhow my 6 month transaction history will show that I have deposited the amount very recently..will it be a problem??

Kindly advise

Thats the problem I am having. I could also show funds- which are gifted from parents, but the recent transaction maybe of issue and they may require you to prove this money is yours and if so How did you place it.

I was considering that also..

 

[Asivad Anac]

Hi guys..I have some funds as gold. I'm planning to pledge my gold in a bank and borrow cash. is this acceptable?

Apart from this I have funds in a different bank account in the name of my father and planning to transfer it to my account. anyhow my 6 month transaction history will show that I have deposited the amount very recently..will it be a problem??

Kindly advise

Pledging gold and borrowing money is still borrowed money - CIC won't accept that most likely. If they question you on the source of funds, the story might unravel rather quickly.

Getting money from your father is fine. Get a signed declaration from him that this is intended to be a gift which is aimed at helping you with settlement funds and that this is not a loan which needs to be returned. That should take care of this end.

All the best!

 

[Asivad Anac]

Thats the problem I am having. I could also show funds- which are gifted from parents, but the recent transaction maybe of issue and they may require you to prove this money is yours and if so How did you place it.

I was considering that also..

Recency of transactions is not a problem as long as you submit a signed declaration from your parents (along with the POF) that it is a gift and not a loan.

 

[gulhayo_a]

Recency of transactions is not a problem as long as you submit a signed declaration from your parents (along with the POF) that it is a gift and not a loan.

Thanks a lot! This just made my foggy head become clear again and re-gained my hope in my application! Thanks a lot!

 

[lovesumi]

Hi Asivad Anac,

Does this signed declaration from the parents need to be a affidavit or just a plain letter with signature work.
Also can show a statement from my stock company (e.g. etrade) and show the amount of sellable shares i have.
Can i show my provident fund a PoF too?
I have a loan too. Will it create a problem?

Sumita