Proof of 'Landing Funds" >>>

[qorax]

Dear All,
I have a question to ask.Last summer I mortgaged a house in Oakville, Ontario, with a 35% downpayment. I rented it out this April. Is that counted as part of POF? Should I inform the London visa office?
Beckett

While applying - YES.
While 'landing' - NO.

Qorax
Ps.: Wayne has opined correctly.

 

[beckett]

Thanks Wayne,
Yes, I just went 'In Process', the dubious one with RBVO details.
Could you just clarify a couple of other points?
1- Does money in my spouse's account count as far as pof is concerned? If so, I have no issues of liquid funds.
2- If I shift a major sum from one account into another one of mine (which was also mentioned in the initial application) is that ok?

Beckett

Quorax, can you comment on this?
Thanks,
Beckett

 

[Cappuccino]

Thanks Wayne,
Yes, I just went 'In Process', the dubious one with RBVO details.
Could you just clarify a couple of other points?
1- Does money in my spouse's account count as far as pof is concerned? If so, I have no issues of liquid funds.
2- If I shift a major sum from one account into another one of mine (which was also mentioned in the initial application) is that ok?

Beckett

Hi Beckett

1) Yes, as long as your spouse is accompanying you in your move to Canada - POF can be in the name of principal applicant, or accompanying spouse, or both.

2) It's fine - if CHC ask for statements you may have to show the statements for both accounts to explain where the large transfer came from. We recently sent additional proof of funds to CHC and the savings account was opened in our joint names, from an account originally in my own name - so we sent statements for both to explain where the initial amount came from. (We sent 3 valuations + mortgage statement with initial application, but have since saved up adequate liquid funds to complete record of landing without first having to sell the house so we figured it wouldn't hurt to send those extra proof of funds since they are liquid).

As a rule of thumb, any amounts over about £1000 they will be looking for an explanation as to where the funds came from. Their main concern is that this is your money and that it has not been borrowed.

Best of luck,
Wayne.

 

[qorax]

Thanks Wayne,
Yes, I just went 'In Process', the dubious one with RBVO details.
Could you just clarify a couple of other points?
1- Does money in my spouse's account count as far as pof is concerned? If so, I have no issues of liquid funds.
2- If I shift a major sum from one account into another one of mine (which was also mentioned in the initial application) is that ok?

Beckett

1. Yes, if she is party to your application.
2. Not a problem, as long as the funds r there somewhere.

Qorax

 

[beckett]

Hi Beckett

1) Yes, as long as your spouse is accompanying you in your move to Canada - POF can be in the name of principal applicant, or accompanying spouse, or both.

2) It's fine - if CHC ask for statements you may have to show the statements for both accounts to explain where the large transfer came from. We recently sent additional proof of funds to CHC and the savings account was opened in our joint names, from an account originally in my own name - so we sent statements for both to explain where the initial amount came from. (We sent 3 valuations + mortgage statement with initial application, but have since saved up adequate liquid funds to complete record of landing without first having to sell the house so we figured it wouldn't hurt to send those extra proof of funds since they are liquid).

As a rule of thumb, any amounts over about £1000 they will be looking for an explanation as to where the funds came from. Their main concern is that this is your money and that it has not been borrowed.

Best of luck,
Wayne.

Wayne, thanks. This covers everything.
S Beckett

 

[beckett]

1. Yes, if she is party to your application.
2. Not a problem, as long as the funds r there somewhere.

Qorax

Thank you Quorax for answering. I like your precise answers.
Beckett

 

[Kiking]

Hello Qorax,

My POF should be $11,115. Is it okay to bring half in cash CA$ and half is in my international atm card (BPI)? To prove that I have the other half in my Philippine peso account, I will bring together with my atm card my bank certificate showing the balance equivalent to the other half of my settlement funds. Please advice. Many thanks.

 

[qorax]

Hello Qorax,

My POF should be $11,115. Is it okay to bring half in cash CA$ and half is in my international atm card (BPI)? To prove that I have the other half in my Philippine peso account, I will bring together with my atm card my bank certificate showing the balance equivalent to the other half of my settlement funds. Please advice. Many thanks.

Not OK -- u r bound to get into trouble@the POE.
Qorax

 

[Kiking]

thanks for the advice qorax. will just bring traveler's check then. God bless you!

 

[Cappuccino]

Not OK -- u r bound to get into trouble @ the POE.
Qorax

Qorax - can I please ask. Our funds are currently in a UK joint bank account in GBP sterling. We will also have additional funds from selling our house, but we are planning to land and validate our visas prior to selling the house (unless we get a very quick sale).

Because of the currently poor exchange rate we'd prefer not to change all of our UK sterling into CAD unless we have to.

But I also heard you advise against bringing UK bank statements.

Can you advise of any way to show POF in Sterling in POE without having to get it changed into CAD (traveller's cheque, CAD bank account etc)?

Thanks,
Wayne.

 

[jadwig]

Qorax - can I please ask. Our funds are currently in a UK joint bank account in GBP sterling. We will also have additional funds from selling our house, but we are planning to land and validate our visas prior to selling the house (unless we get a very quick sale).

Because of the currently poor exchange rate we'd prefer not to change all of our UK sterling into CAD unless we have to.

But I also heard you advise against bringing UK bank statements.

Can you advise of any way to show POF in Sterling in POE without having to get it changed into CAD (traveller's cheque, CAD bank account etc)?

Thanks,
Wayne.

I landed Calgary in March. For this very reason of unfavourable exchange rates, I did not convert all my funds and used my Barclay bank statements as POF without problems. You can read my experience at http://www.canadavisa.com/canada-immigration-discussion-board/landing-experience-t66963.0.html;msg662702#msg662702. Hope this helps. Wish you all the best.

 

[Cappuccino]

I landed Calgary in March. For this very reason of unfavourable exchange rates, I did not convert all my funds and used my Barclay bank statements as POF without problems. You can read my experience at http://www.canadavisa.com/canada-immigration-discussion-board/landing-experience-t66963.0.html;msg662702#msg662702. Hope this helps. Wish you all the best.

+1 for you, very helpful

Currently the plan is that when we land (hoping end of August) my wife will stay over in Canada looking for a job whilst I return to the UK to complete our house sale and tie up ends over here. Then once she has a job and our house is sold I will quit my job and then fly over.

So in the interim period we only want to take a small amount of our funds - maybe 30% or so - with us in Canadian dollars. It's just that Qorax and some other people advised against bank statements, but I can't see any other way of prooving currency without converting it to CAD (i.e. traveller's cheques etc).

Wayne.

 

[qorax]

Qorax - can I please ask. Our funds are currently in a UK joint bank account in GBP sterling. We will also have additional funds from selling our house, but we are planning to land and validate our visas prior to selling the house (unless we get a very quick sale).

Because of the currently poor exchange rate we'd prefer not to change all of our UK sterling into CAD unless we have to.

But I also heard you advise against bringing UK bank statements.

Can you advise of any way to show POF in Sterling in POE without having to get it changed into CAD (traveller's cheque, CAD bank account etc)?

Thanks,
Wayne.

Bank statements r a big no-no for the settlement funds... the sole reason being the 'certainty' of those funds being 'actually' there in the a/c after the issuance of that statement.

Notwithstanding the above, it's known to have many landings, with that, w/out a prob... in fact my own friend did it too with a Stanchart statement... however, as it's not an accepted norm, what if? And if one BSO puts a spoke, what do we do? After that long flight do we go into the hassle of running pillar-to-post further? We might be let free by 'higher-ups', but what if we aren't? And the CBSA, under the IRPA, have full jurisdiction to 'deny' our entry due to shortage of funds! Read the ENF4 [Port of Entry Manual].

Thus, it's all about taking chances... some do, while some r averse to it!
I wouldn't.

I would rather bring in a Draft of the funds, take-it back with me, if I have to, and cancel it@my homeland... w/out actually depositing it anywhere.

By the way, CAD is unlikely to fall against other currencies in the near future. It has been steadily going-up since 2007, and moreso since 2009 w/out a decline!

Qorax

 

[Pk09]

Bank statements r a big no-no for the settlement funds... the sole reason being the 'certainty' of those funds being 'actually' there in the a/c after the issuance of that statement.

Notwithstanding the above, it's known to have many landings, with that, w/out a prob... in fact my own friend did it too with a Stanchart statement... however, as it's not an accepted norm, what if? And if one BSO puts a spoke, what do we do? After that long flight do we go into the hassle of running pillar-to-post further? We might be let free by 'higher-ups', but what if we aren't? And the CBSA, under the IRPA, have full jurisdiction to 'deny' our entry due to shortage of funds! Read the ENF4 [Port of Entry Manual].

Thus, it's all about taking chances... some do, while some r averse to it!
I wouldn't.

I would rather bring in a Draft of the funds, take-it back with me, if I have to, and cancel it @ my homeland... w/out actually depositing it anywhere.

By the way, CAD is unlikely to fall against other currencies in the near future. It has been steadily going-up since 2007, and moreso since 2009 w/out a decline!

Qorax

Nicely placed, tkx

 

[Spree]

Hi all, I sent POF together with my application. However, I have a relative who is ill and wants me to lend him some money. For the amount he wants I'll have to dip into these funds. Would I be asked to re-submit a bank statement before my visa is issued? I am sure that I will have the stated amount by the time I would have to land. My only fear is that should I lend him the money and a further statement is requested that my account may show I don't have the required funds. Also, if I only intend to land but move later to Canada, can I just have a bank draft to show at the airport then return home with it? Do I have to deposit it right away in a Canadian bank?

Thanks