Proof of Funds for PR after receiving ITA

[artray]

Hello Seniors,

I have a clarification related to the Proof of Funds required for PR after receiving an ITA. The amount is a little over $12,000 CAD for a single person. Other than bank statements and a letter from the financial institutes stating that you don't have any outstanding loans, could I also use my Life Insurance as one of the documents for POF? Also, one of my bank statements will only add up to the required amount because my salary will be deposited before I send the statement. Is that something I should be concerned about?

Hope someone replies.

Thank you!

Cheers

 

[artray]

Hi All,

I noticed quite a few views to this question I had posted some time back. Since I didn't get a reply here...I did some research and found the following:

• Show statements from all your accounts with funds for the last 4-6 months.
  Get a letter from your bank about your financial profile listing your current amounts available at these banks.
  Show all valuation of bonds, life insurance, etc from the specific institute showing what their current value is if you sell the bond/insurance.

• Make sure your statements are not right after you've been paid a salary (give it a couple of weeks) before attaching it as proof.
  Don't "borrow" money to just meet the funds requirement, because it'll definitely raise a red flag with the officer - so be honest; delay the application and get your funds together in the meantime. You have a better chance of receiving an ITA a second time instead of risking getting caught showing money in your account that is not really yours.

Cheers!

Art

 

[reinaldo.gomes]

If you borrow most of the money to raise your funds, is there an absolutely minimum time between the date you borrowed, and the day you submit it to the program?

 

[artray]

Usually one month is a safe bet, but be careful about borrowing. It will probably raise red flags about your application and you will be asked to show all your financial proofs again before a decision is made. Also, remember that you need to show that you have sufficient funds at the port of entry. I would strongly advise against borrowing.