Proof of 'Landing Funds" >>>

[teleporter]

I have everything else prepared but I have one big concern regarding my proof of funds because mu eligibility depends on this. I am scared to send my application because I'm not sure about funds.

On the new form there are three questions about funds a)Assets b)Liabilities and c)Settlement funds. I understood that a) - b) = c)

I need 20654 CAD for 4 persons, and I have 21000 CAD on my bank account, so there is no problem.

My problem is that I have a housing loan worth 20000 CAD, and I do not have additional cash against this liability.
Would they accept if I send one report from appraiser to prove that my house is worth 50000. Can this be used instead additional cash on bank account?
Also, I am co-owner with 42% share in the company worth around 80000 CAD (80000 x 42% = 33000). I know that those assets are not readily disposable but it is worth at least something, so I thought to send some proof of those assets as well.

Please give me your advise.

 

[Cappuccino]

I have everything else prepared but I have one big concern regarding my proof of funds because mu eligibility depends on this. I am scared to send my application because I'm not sure about funds.

On the new form there are three questions about funds a)Assets b)Liabilities and c)Settlement funds. I understood that a) - b) = c)

I need 20654 CAD for 4 persons, and I have 21000 CAD on my bank account, so there is no problem.

My problem is that I have a housing loan worth 20000 CAD, and I do not have additional cash against this liability.
Would they accept if I send one report from appraiser to prove that my house is worth 50000. Can this be used instead additional cash on bank account?
Also, I am co-owner with 42% share in the company worth around 80000 CAD (80000 x 42% = 33000). I know that those assets are not readily disposable but it is worth at least something, so I thought to send some proof of those assets as well.

Please give me your advise.

Hi as I understand matters, you need to show the following

1) That assets + cast minus liabilities = at least minimum settlement funds

2) That minimum settlement funds will be readily available when you move to Canada

Basically I would get 3 property valuations and take the average estimate for the "assets", and then get a mortgage letter to show the remaining money you owe on the mortgage as a liability.

I think as long as your net assets are greater than the minimum settlement funds, and within that you have the bank funds readily available to take to Canada with you, then there should be no problem.

Best of luck,
Wayne.

 

[teleporter]

Basically I would get 3 property valuations

Valuation from authorized appraiser can be quite expensive. Do you think that valuations from real estate agencies would serve the purpose?

 

[Cappuccino]

Valuation from authorized appraiser can be quite expensive. Do you think that valuations from real estate agencies would serve the purpose?
[/quote

Well we actually used property as our proof of funds at the application stage - we sent 3 estate agent valuations and 1 mortgage letter showing how much equity we held in the property, and this was accepted.

During the application process we also saved up bank funds which we later sent proof of to the visa office as additional proof of funding.

Wayne.

 

[teleporter]

Wayne.

Thank you Wayne !
Now I know what to do regarding my house and the loan.

Do you think that I should also claim some assets regarding my share in a company?

 

[slavasz]

We used property evaluation too.

 

[montu]

DEAR SENIORS,

I HAVE TRANSFERED 21,000CAD (FOR 4 MEMBER FAMILY) IN MY SCOTIA BANK ACCOUNT FROM INDIA. WILL IT BE FINE TO SHOW THE BANK STATEMENT/TRANSFER DETAILS AT THE POE??

PLS ADVISE!

 

[slavasz]

Providing you can use this money, sure, will be fine.
(try to learn typing without ALL CAPS )

 

[wowCanada]

Hi,
I am currently working in New York,USA. I had applied for Canadian immigration and got the immigrant visa stamped on passport on 23-Sept-2011. The visa is valid till 15-Dec-2011. I am planning to complete the landing process during last week of Oct '11 (in next 2 weeks). I am little confused and have some open questions. If anyone could clarify that will be very helpful. My questions are:

1. I am planning to be there for 3-4 days to complete the landing process and apply for SIN and the come back to US. What are the precautions I need to take care with the immigration officer while completing the landing? Will ii be a problem if I mention that I will be going back in 3-4 days and then after finding a job in Canada will migrate permanently?

2. Can I travel in my own car to Toronto and complete the landing process? Or should I use a rental car? The question is, the same car I plan to import later when I move permanently.

3. Regarding proof of funds:
a/ Is is mandatory that I have to carry proof of funds as traveller's cheque or Cashier's cheque or bank Draft etc? Or the Bank reference letter (from my US Bank) would be enough? What is the best mode to carry this fund?
b/ Since we have 4 members in the family, I am required to show the proof of fund for $20,654. According to the Bank reference letter, the current balance of both my Current and Savings A/c is more than $30,000. But the average balance mentioned in the reference letter shows less than $10,000. Will that be a problem? (this happened because I recently got some funds transferred to my a/c from friends - just for my landing purpose)
c/ If I am required to carry Cashier's cheque, I am thinking of carrying a cashier's cheque of $22000 + $3000 in cash. Since it is more than $10K, I will have to declare it at the Canadian customs. But my questions is, since I need to bring this funds back to US (I need to give it back to my friends), will there be a problem at US customs when I enter back? What are the options available for me to get this money back in US without making any conversion losses? is it an advisable option to destroy the cashier's cheque after the landing process and then come back to US and cancel it?

 

[jiteng02]

Dear Qorax,

Can I open a Scotia Bank account from India. Please write me the whole procedure, I shall be highly grateful.

Thanks

Jitender Verma
India

 

[mrprice]

Pof is not required at the POE.

Check the website, with respect to Mr Qorax, this info is not correct.

Take care.

 

[oluism]

Hi House,

Been a follower of this blog for a while, I was in Accra last week Monday to pick my visa and that of my wife. We should be landing sometimes in December. Anybody with useful information on the following

1. Cheap short stay accommodation In Calgary and Ontario e.g website

2. what is the required Proof of funds for two people at the entry point.


If you are on the waiting list, please hang in there it takes a a while, ours took two years, we started our application September 2009.

 

[qorax]

Hi House,

Been a follower of this blog for a while, I was in Accra last week Monday to pick my visa and that of my wife. We should be landing sometimes in December. Anybody with useful information on the following

1. Cheap short stay accommodation In Calgary and Ontario e.g website
2. what is the required Proof of funds for two people at the entry point.

If you are on the waiting list, please hang in there it takes a a while, ours took two years, we started our application September 2009.

Hi,

Congrats for the PRVs.

1. Calgary has limited choices, besides the various hotels/motels. However, in Toronto u could hit for SafeHomeStay, Motel6 &/or Studio6 -- they r your best bets.

2. U r required to demonstrate that u possess the requisite settlement funds while entering Canada [it's part of the BSO's checks; pls read ENF-4, the POE manual]. The amount/s r given in the OP of this thread. However, it is wise to carry as much as u can, 'coz living in a new country could be expensive, especially for a newcomer; and your first job could take a while. That CIC dictated s/funds could hold good only for 4-5 odd months under the most modest terms [else it'd be good for 3 months max!].

All the best!

Qorax

 

[mrprice]

According to ENF-4, category : Examining foreign nationals seeking to become permanent residents at ports of entry are not required to hold pof.

Thanks.

 

[Pompy]

Dear Qorax,
Do it need to show & Carry 'POF", if you are on PR with approved AEO?

Please give your expert advice on the same.

Regards,
Pompy