Proof of funds FSW 2014

[breeza]

Hie all,
I need advice and your views on my situation. Over the years I have invested my money (Savings) in buying properties (houses) and other assets in my home country. Is it possible to show the net value of my assets as proof of funds (maybe use 3 evaluations) from accredited realtors. I also have cash savings of about $8000 and I need to show at least $25000 for a family of 4. I do not want to sell my properties without any assurance, but I am prepared to dispose of at least one if I get PR. Please advise.

 

[akbardxb]

Hie all,
I need advice and your views on my situation. Over the years I have invested my money (Savings) in buying properties (houses) and other assets in my home country. Is it possible to show the net value of my assets as proof of funds (maybe use 3 evaluations) from accredited realtors. I also have cash savings of about $8000 and I need to show at least $25000 for a family of 4. I do not want to sell my properties without any assurance, but I am prepared to dispose of at least one if I get PR. Please advise.

At the time of application, this will be ok. It worked for me.

At the time of landing, only liquid cash will be required.

 

[breeza]

@akbardxb
Thanx a lot for the reply. Can u please elaborate on what exactly you did, in terms of the property valuations, paperwork shown at the time of application etc. I know this will benefit a lot a people on this forum.

As soon as the PR goes through I will liquidate most of my assets because I will need the money in CA to establish my family and also go back to school just to comply (My profession: Engineer)...

 

[dr_ziad80]

im also in same situation

 

[akbardxb]

@ akbardxb
Thanx a lot for the reply. Can u please elaborate on what exactly you did, in terms of the property valuations, paperwork shown at the time of application etc. I know this will benefit a lot a people on this forum.

As soon as the PR goes through I will liquidate most of my assets because I will need the money in CA to establish my family and also go back to school just to comply (My profession: Engineer)...

Here's what I did :

In the assets side, listed everything I own in my or wife's name with proof; bank statement as on date, current value of shares & mutual funds, property, fixed deposits. The property valuation was an estimate of current market price and a copy of the title deed in my name was attached as proof.

On the liabilities side, my home mortgage, car loan and a personal loan from the bank. All these were supported by documents which were duly attested.

 

[veb4u19812]

It is good to show liabilities?

 

[breeza]

Here's what I did :

In the assets side, listed everything I own in my or wife's name with proof; bank statement as on date, current value of shares & mutual funds, property, fixed deposits. The property valuation was an estimate of current market price and a copy of the title deed in my name was attached as proof.

On the liabilities side, my home mortgage, car loan and a personal loan from the bank. All these were supported by documents which were duly attested.

How many valuations of your property did you submit, i.e. did u submit valuation reports from one realtor or 2?
How did you show the current market value of you car, how and who valuated it.

 

[aq_blues]

Hi akbardxb,
Would really appreciate if you can reply here. Were your bank statements more than the settlement funds ?
I have a property asset + some cash in bank. Cash in bank is not enough for settlement funds, but together they suffice. Can i show them both in 'Assets' and in 'Settlement funds' on the application. Would it suffice for the application stage ? Cause in few months time, ill be able to liquidate some funds and have enough cash in the bank. Just worried if ill be able to get through the initial screening.

Have you gotten your PR with that ? I would really appreciate your reply.
Thanks,
AQ

 

[NIKONIKO]

Hie all,
I need advice and your views on my situation. Over the years I have invested my money (Savings) in buying properties (houses) and other assets in my home country. Is it possible to show the net value of my assets as proof of funds (maybe use 3 evaluations) from accredited realtors. I also have cash savings of about $8000 and I need to show at least $25000 for a family of 4. I do not want to sell my properties without any assurance, but I am prepared to dispose of at least one if I get PR. Please advise.

I have heard real state is not acceptable anymore as proof of founds. You better double check.

"Provide proof of unencumbered and readily transferable funds in a convertible currency available for settlement in Canada:
• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements."

 

[Valewel]

I have a question, I do have the cash, but not in the bank, is there any way I can have a notarize letter saying how much I have in cash. I can not put the money in the bank, Argentina is having an economic period of time. And its not safe to have money in the bank. please advice

Thanks!

 

[s3bielt]

Hi All,

From all the previous threads , i had got lot of useful information related to CIC fswp 2014.
Here i like to know about proof of funds which is mostly in my case is fixed deposits in Bank and covering most of funds.
However, the concern here is some FD are in spouse name , some are jointly with me and spouse , some are jointly with my parents (father and mother) and some are in my name.

Spouse will be also accompany me for migration.Is that any declaration has to given by all in any affidavit , that this funds can be used by him(i.e by me) , as on when required, if yes what is the full process please.

or
I can use the FD as such, as my name is indicated there in most of the FD as a joint owner AND i can send the photocopy of all fixed deposits(FD).

Looking forward for all the kind help in the form of suggestion.

FD abbrev :- Fixed deposit with bank

With Regards ,

s3bielt

 

[Sushma1976]

i have the same situation.

question is just copies of FD is sufficient or any letter from the bank is required?

 

[alif82]

I'm from Argentina, what i did it travel twice to Canada to open a bank account and deposit money there. The other option I had was to go to Uruguay and open a bank account there for proof of money.

 

[pr4rajesh]

only bank deposits is acceptable. Properties and physical assests cannot be shown. plese better cross check

 

[Pipis Husband]

Hey guys, NIKONIKO has said it all, because this is what the Document checklist says;
Provide proof of unencumbered and readily transferable funds in a convertible currency available for settlement in Canada:
• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements.

So value of houses, jewelry and such assets will not count no matter how many valuation documents you submit for them. They will only get your application returned to you. Please convert some of your assets into cash and place in a bank account or deposit.

For those who have raw cash, I suggest you cross the border to a stable neighboring country and open and account there. I wish you all the best