Proof of Funds -

[Davo007]

How and when is the proof of funds verified.

If you meet the requirement at the time of applying, and you spend the money subsequently due to the long lag time between application and successful completion of the application, how much much troubles can this be for the application and what constitute a successful remediation.

If you have evidence of ownership of real estate, can this qualify for proof of funds?

 

[namaste]

You can be asked to present the proof of funds at any time until the application process is over. Upon request, you will have to present them proof of settlement funds, usually bank statement for a few months preceeding the request. If you cannot show sufficient funds at that time, or show funds that has been recently added to your account without a reasonable explanation, your application will be rejected. So it is best to leave at least the minimum amount of funds available at all times.

 

[aq_blues]

Hi namaste,
Can i ask you a question. If I have borrowed money from someone last month (May'14), i would not be able to share with them last months statement. But going forward from now till end of application, ill be able to maintain the amount in the account.
Would you think they would ask for history from point of application ?

 

[avk3884]

They are asking for 6 month account statement, I suppose. I have the same problem, my acccount statement is not going to be promising for the last 5 months. Then suddenly, this much there will be a spike. I can maintain it till the end of the process, though.
Will that be a problem, as they see a increase in balance all of a sudden? If so, how to tackle it?

Also, anyone has experience with getting the savings letter from ICICI bank?

 

[namaste]

Borrowing money from others to show for settlement funds is a fraud and CIC does not tolerate this practice. Also keep in mind that you will also need to show the proof of required funds (in liquid assets) when you enter Canada with a PR. I understand it is tempting to just get the PR ASAP, but you might only be inviting more problems by not being genuine.

And yes, a sudden surge of money will definitely be a problem unless you can show there is a valid reason for that. For example if you sold your car, you can show the papers for the sale.

 

[Davo007]

Thanks Namaste, please I need 2 further clarifications
1. Can value of real estate be used as proxy at any point?
2. Can you the fund be guaranteed by another person who can readily show that he or she has the amount?

 

[namaste]

Thanks Namaste, please I need 2 further clarifications
1. Can value of real estate be used as proxy at any point?

That will not be acceptable during the initial process. It can be included as assets, but not as "settlement funds." They might be acceptable when you 'land' in Canada. You can also include the value of stocks, bonds and the likes as settlement funds if you have them.

2. Can you the fund be guaranteed by another person who can readily show that he or she has the amount?

No, the fund has to be in the names of the principal applicant and/or the spouse.