Proof of funds - RRSP?

[ViswaManickam]

Can we show RRSP funds as part of proof of funds?

 

[doobie.doobie]

RRSP is a plan dedicated for long term savings. As the name says Pensions.
However, the govt of Canada allows people to take money out when they are First time home buyers or going to school. This money has to be payed back in 15 years.
I assume you have money in the RRSP which you can withdraw, but you have to claim in your taxes next year unless you put it back before Mar 2,2016.
Which mean you can use that money and there will be a definite source of funds also availaible.

 

[Pippin]

I wonder if You might also have to calculate how much of the money will be owed in taxes. For example, if you had $12,000 this would not be enough to qualify for POF total, once the taxable amount was deducted.

 

[mf4361]

POF accepts stocks, bonds, GICs, mutual funds etc. So yes.

You can withdraw money from RRSP anytime you want. But when you do, you will be taxed at your current marginal tax rate.

 

[doobie.doobie]

there is table provided by your banking institution at which they deduct money first hand; then you claim it back when you file your taxes.
I believe, its like:
$1-$5000=10%
$5001-$1000=15%
$1001 and over=25%
If you are residing in Quebec, its relatively more.

 

[ViswaManickam]

Thank you for the details.

 

[gashkova]

Can we show RRSP funds as part of proof of funds?

for sure because it is your money.....it is a kind of investment.....

 

[Newkid]

Hi,

I have purchased a house in my house town. In which 30% amount of house is my money and rest 70% is home loan.

Can I show this house in Proof of fund?

 

[mf4361]

No, house cannot be a proof

 

[Rahul_S]

Hi If I have a PPF account , can I use that in my proof of funds requirement ??

& can i showmutiple accounts for example

if I need to show 7 lac, can I show, 3 in PPF, 3 in mutual funds , 1 cash ????

 

[mf4361]

Hi If I have a PPF account , can I use that in my proof of funds requirement ??

& can i showmutiple accounts for example

if I need to show 7 lac, can I show, 3 in PPF, 3 in mutual funds , 1 cash ????

Yes you can combine accounts to make the req'd amount.

 

[Rahul_S]

Thanks for such a quick response.
Just wanted to confirm that - can PPF be included in proof of funds (PPF- public provident Fund)
it is solely in my name

 

[Seby25]

Thanks for such a quick response.
Just wanted to confirm that - can PPF be included in proof of funds (PPF- public provident Fund)
it is solely in my name

Rahul you need to prove on a statement from financial institution that you have that much cash.. Extract from CIC website -
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp#document_checklist

"The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months"

Variable deposits like Mutual fund / Gold / property etc are doubtful.. People give different opinions about these..CIC states that the fund that should be readily available. Best is provide bank statement or FD. I am not sure about PPF since it is maintained by Banks and have a lock in period of 15 Years.

PF end VPF should work. You can generate your e-passbook and provide that as a proof. E-Passbook can be generated from - http://uanmembers.epfoservices.in/home.php

The steps to register/ generate can be found here - http://www.onemint.com/2012/10/15/epf-e-passbook-check-your-employees-provident-fund-balance-online/

Regards,
Seby

 

[rish6]

I wonder if You might also have to calculate how much of the money will be owed in taxes. For example, if you had $12,000 this would not be enough to qualify for POF total, once the taxable amount was deducted.

Hi there .
Sir do we need 13kcad while filing EE. Or we can have it less than 13k while filing?

 

[Joyce Onyema]

Rahul you need to prove on a statement from financial institution that you have that much cash.. Extract from CIC website -
http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp#document_checklist

"The letter(s) must be printed on the letterhead of the financial institution and must include applicant’s name, the contact information of the financial institution (address, telephone number and e-mail address), the account numbers, dates of when each account was opened and the current balance of each account as well as the average balance in the past six months"

Variable deposits like Mutual fund / Gold / property etc are doubtful.. People give different opinions about these..CIC states that the fund that should be readily available. Best is provide bank statement or FD. I am not sure about PPF since it is maintained by Banks and have a lock in period of 15 Years.

PF end VPF should work. You can generate your e-passbook and provide that as a proof. E-Passbook can be generated from - http://uanmembers.epfoservices.in/home.php

The steps to register/ generate can be found here - http://www.onemint.com/2012/10/15/epf-e-passbook-check-your-employees-provident-fund-balance-online/

Regards,
Seby

Good day,

REGARDING USE OF BANK DEPOSITS (OR FIXED DEPOSITS) AS PROOF OF FUNDS.

Thanks a lot for your clarification.

It is stated on IRCC website that bank deposits can be used as proof of funds, but other specific details concerning that were not clearly stated.

I would realy like to know:

Is the money to be fixed required to have been in my account for a certain period of time before I make the fixed deposit?

Is there a mininum specific tenor (for the fixed deposit) that would be considered as acceptable by the IRCC?

I would really appreciate any helpful information on this. Thanks a lot.