Proof of funds requirements - Explained

[samgkkcanada]

hi,

I have funds in USD AND GBP in India .

Is this ok to prove OR How can I show them in CAD ?\


Thanks
Sam

 

[sheikh958]

hi,

I have funds in USD AND GBP in India .

Is this ok to prove OR How can I show them in CAD ?\


Thanks
Sam

It is ok. They can convert it in CAD. Just make sure that yo u have the equivalent amount of USD and GBP.

 

[Floxzy]

hi,

I have funds in USD AND GBP in India .

Is this ok to prove OR How can I show them in CAD ?\


Thanks
Sam

Hello everyone and thanks for keeping this forum active. I have a question and its goes thus: Since CIC is asking us to show Proof of fund again during Medicals, is it wise to assume they are not relying on the POF we submited along with our documents to Sydney Nova Scotia? Or they consider those ones expired hence unverifiable. Thanks

 

[msaeed]

hi,

I have funds in USD AND GBP in India .

Is this ok to prove OR How can I show them in CAD ?\


Thanks
Sam

Sir

Okay , mail them bank statements

 

[rajesh_arr]

Hi Friend,

Will the bank statements and certificate from ICICI bank in India will be acceptable as POF. Please share your experience.

 

[katester]

Hi there, I was just asked to provide proof of funds. I read all of these posts and saw the cic website showing how much funds for size of family. I have no children, my husband is sponsoring only me. So are we on the "family of 1"? If so, our total savings is about $900 shy of the needed amount. If I give them proof of my pay tubs here in the US and show that I plan to work in the US for 3 more months even if approve. Will this be good enough to prove when I actually land we will not only have the needed amount, but more. Will bank statements, pay statements and a signed statement from me be good enough? Or do I need the exact amount in hand today in order to be approved?

As a side note, the reason I will work longer even if approved is because my Canadian husband is in the military. We won't be able to even live together until that time. So I might as well work. Please advise!

 

[msaeed]

Hi there, I was just asked to provide proof of funds. I read all of these posts and saw the cic website showing how much funds for size of family. I have no children, my husband is sponsoring only me. So are we on the "family of 1"? If so, our total savings is about $900 shy of the needed amount. If I give them proof of my pay tubs here in the US and show that I plan to work in the US for 3 more months even if approve. Will this be good enough to prove when I actually land we will not only have the needed amount, but more. Will bank statements, pay statements and a signed statement from me be good enough? Or do I need the exact amount in hand today in order to be approved?

As a side note, the reason I will work longer even if approved is because my Canadian husband is in the military. We won't be able to even live together until that time. So I might as well work. Please advise!

Dear Madam

I believe its responsibility of sponsor to provide this document in your stream.
Please confirm this from Visa Office

Stay Blessed

 

[much_mann]

@katester

1. Which ever way look at it whether you are the PA or dependent your application falls under the family size of two - PA + 1 dependant
2. You will need to show funds to cover for a family size of 2
3. No future earning can not be considered as the funds should be "available and transfereable". What happens if your work stops tomorrow?
4. Having fund to the amount for your family size is an important part of your criteria, I will advise you play safe and take a loan from a friend or sell something to cover the shortfall, be prepared also with a good explanation for how such a lump sum to get you to that limit suddenly hits your account as that is a red flag that you are trying to play the system

Good luck.

Hi there, I was just asked to provide proof of funds. I read all of these posts and saw the cic website showing how much funds for size of family. I have no children, my husband is sponsoring only me. So are we on the "family of 1"? If so, our total savings is about $900 shy of the needed amount. If I give them proof of my pay tubs here in the US and show that I plan to work in the US for 3 more months even if approve. Will this be good enough to prove when I actually land we will not only have the needed amount, but more. Will bank statements, pay statements and a signed statement from me be good enough? Or do I need the exact amount in hand today in order to be approved?

As a side note, the reason I will work longer even if approved is because my Canadian husband is in the military. We won't be able to even live together until that time. So I might as well work. Please advise!

 

[gurjeet kaur]

hi

m govt employee
can i show emplyees' provident fund as proof of funds??? since i dnt ve d minimum balance in my savings account which s reqd to be shown..
bt i ve stable income....can i borrow money from my mother at dis point of time and show it anyways??

please advice and thanx

 

[Floxzy]

Please I need clarification here. When i applied for FSW last year I showed a Bank deposit as proof of fund. That bank document expired a long time now. Will CIC still use that document or they will ask for a fresh Proof of Fund? I just want to prepare myself.

 

[naresh82]

Canadian immigration, proof of funds requirements


As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government will not provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.

Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.

At the time of your application you must show that you have at least the required amount in order for your application to be processed. The money has to belong to you and cannot be borrowed from another person. The money must be readily available in transferable currency for settlement in Canada.
Obviously you can take any amount above the required funds with you to Canada. There is no upper limit, although there are restrictions on how much cash you can physically take with you at the time of landing.

You may be wondering what type of funds you can use and what type of proof is required. Well, there are several things to consider:

Savings: If you have savings which match or exceed the required amount then you can simply supply a copy of your bank statement showing the funds in your account. You should be able to show the funds in your account for a minimum of three months and if the funds have recently been transferred you will need to show where they came from.

You will also need to show that you are not just sending a statement just after being paid and that all the funds will disappear from the account the following week. If your money is split between several accounts, you will need to provide details of each up to the amount required.

Shares, Bonds etc: This type of investment is not acceptable for CIC purposes as these are volatile accounts and you could still loose your money. If you want to use this type of funding, you will need to cash-in the money from the shares etc and deposit them in a suitable bank account and send the statements as above.

Possessions: Again this is not acceptable by CIC. you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.

Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.

You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.

If you send both the mortgage details and the valuations the CIC can see how much equity you have available.



N.B. You do not have to show that you have these funds if you have arranged employment in Canada

Hi Shibuya,
I am planning to apply to the FSW . I am quoting this line from one of your emails in this thread.
"Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.

This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this."

Can you please let me know if Real Estate can be shown as Proof of Funds? Because in the same thread one member responded that this is not acceptable as POF. Can you please let me know if you can confirm this or let me know how can I get a confirmation on this?

Regards,
Naresh

 

[nivin]

Hi everyone,

For settlement funds, I have provided a bank certification letter detailing fixed deposits held jointly by my spouse and her father. Is this accepted by CIC? Will they need proof of funds held only by myself or my spouse?

Thanks.

 

[ishan.chanda]

Hi Guys,

All my bank accounts are joined with my mother or father. I am single and the only child of my parents. As I am going alone and the sole applicant I need to show close to 7.9 lacs for the immigration. Few of the accounts is having my name as the 1st account holder (close to 4-5 lacs) and in other I am the 2nd account holder. As I am the only son, all my FDs or bank accounts are kept joined with my parents. Kindly advice if I can show these bank statements or FDs as a proof of fund for Canadian Immigration?

 

[petereshiett2K1]

Hi there, I was just asked to provide proof of funds. I read all of these posts and saw the cic website showing how much funds for size of family. I have no children, my husband is sponsoring only me. So are we on the "family of 1"? If so, our total savings is about $900 shy of the needed amount. If I give them proof of my pay tubs here in the US and show that I plan to work in the US for 3 more months even if approve. Will this be good enough to prove when I actually land we will not only have the needed amount, but more. Will bank statements, pay statements and a signed statement from me be good enough? Or do I need the exact amount in hand today in order to be approved?

As a side note, the reason I will work longer even if approved is because my Canadian husband is in the military. We won't be able to even live together until that time. So I might as well work. Please advise!

Our family size is two. So get the latest from the site for size 2 family .

 

[petereshiett2K1]

Please I need clarification here. When i applied for FSW last year I showed a Bank deposit as proof of fund. That bank document expired a long time now. Will CIC still use that document or they will ask for a fresh Proof of Fund? I just want to prepare myself.

They will ask for another during request for medicals