Hi all,
Just a warning that we are going through quite a bit of global economic uncertainty, and your country's exchange rates may have moved quickly, devaluing your Canadian Proof of Funds. (The South African Rand has significantly devalued lately, taking my PoF from CAD$20 000 to CAD $17 800 in 3 months.)
I would periodically check your PoF balances in Canadian Dollars to ensure you don't dip below the value by the time IRCC needs to evaluate your PoF. Google Sheets offers built-in functionality to look up exchange rates so I've built a simple spreadsheet to calculate by value and graph it over time.
Question tho: Anyone know if IRCC uses Spot rates to calculate your foreign savings into CAD?
Just a warning that we are going through quite a bit of global economic uncertainty, and your country's exchange rates may have moved quickly, devaluing your Canadian Proof of Funds. (The South African Rand has significantly devalued lately, taking my PoF from CAD$20 000 to CAD $17 800 in 3 months.)
I would periodically check your PoF balances in Canadian Dollars to ensure you don't dip below the value by the time IRCC needs to evaluate your PoF. Google Sheets offers built-in functionality to look up exchange rates so I've built a simple spreadsheet to calculate by value and graph it over time.
Question tho: Anyone know if IRCC uses Spot rates to calculate your foreign savings into CAD?