settlement funds

[sjckpt]

hi tis is chandru.. i m from india.. i ve query about settlement funds..

when we ve to show the settlement fund to canadian govt?

if its fixed deposit how old it should be? like 3months or 6months?

forum says we have to show while submiting final documents to canadian high commission.. but how long it takes from visa application to submiting final documents?

How long we ve to retain that fund in our account? like from visa application to the date till we reach canada? or 6months or 1year like that?

Please send me details about this.. hope this will be useful for most of the people planning to apply visa on May 2013..
thanking you..

Chandru

 

[coolguy2010]

3 to 6 months old FD or statement @ the time of application will work

They may ask POF @ later stage (after 1 year or 2 year) depend on ur case processing

If you keep the fund till that time, you are safe side

 

[CuriousGuy]

Six months is preferable.

 

[praveencv1979]

Dear Friends,
I have a small doubt. I am confused, when the Proof of Fund must be shown and for how long?
I got my IELTS results, and currently waiting for WES assessment.
After that the next process is Application submission, i am confused that while submitting the application, do i need to show the proof of settlement funds together.
Or later the application got approved. Also how long i have to keep this amount in my account? Since i am borrowing from my friends to show the fund, i have give them an approximate time for returning.
Will the fixed deposit letter equivalent to the required CAD dollar from Indian Banks like Federal Bank or State Bank of Travancore will wok.
Please guide me to sort-out these issues.

Your Support and co-operation is highly appreciated.

Cheers
Praveen

 

[scylla]

Or later the application got approved. Also how long i have to keep this amount in my account? Since i am borrowing from my friends to show the fund, i have give them an approximate time for returning.

You must show proof of funds when you apply. It is a bad idea to borrow the money from friends. At any time during the application process, CIC can ask you to prove that you have sufficient funds again and also ask you to provide several months of bank statements to show that the funds are really yours. If you cannot prove that you have the funds and that the funds are yours, your file will be refused.

Also, you will need this money to establish yourself in Canada. If you do not actually have this money, you will find it very difficult to survive in Canada when you first arrived.

 

[Cappuccino]

... Also how long i have to keep this amount in my account? Since i am borrowing from my friends to show the fund, i have give them an approximate time for returning....

It's not merely a "bad idea" to show borrowed funds for immigration. It's illegal and it is immigration fraud.

If you don't have the appropriate funding level, you are simply not eligible to apply at this time.

Sorry if I sound like a broken record with this but it never ceases to amaze me the number of people believing the "You cannot borrow this money" part of the rules does not apply to them.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

"You must show that you have enough money to support yourself and your family after you get to Canada. You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you)."


If you try to apply with borrowed funds, and are caught, not only will your application be rejected, but they may also ban you for applying for a number of years.

So my best advice is to either wait until your have saved the appropriate funding level, OR you might consider first securing a job offer from a Canadian employer, in which case proof of funding is not required.

Wayne.

 

[kmkm]

no .... i do not think that it matters that you are not showing your own money.
Dear in my case.... i have borrowed the totall amount from my friend coz i was not willing to sell my property in the beginning of the process as you do not know how much time they take...
so the point is i borrowed the amount added to my account only for one day.... then i got the bank statement of that very day.. after that one day i returned the totall amount to my friend.
thats all.... nothing they asked about.
No wwhen i will leave for canada i will have that money of my own to show to the visa officer.

 

[Cappuccino]

no .... i do not think that it matters that you are not showing your own money.
Dear in my case.... i have borrowed the totall amount from my friend coz i was not willing to sell my property in the beginning of the process as you do not know how much time they take...
so the point is i borrowed the amount added to my account only for one day.... then i got the bank statement of that very day.. after that one day i returned the totall amount to my friend.
thats all.... nothing they asked about.
No wwhen i will leave for canada i will have that money of my own to show to the visa officer.

Well kmkm your attitude kinda sums up the reason there is so much immigration fraud and why CIC are going to measures to clamp down on fraud in every area of this process.

Just because you personally justified it to yourself that it's morally OK to break this rule, doesn't mean you haven't broken the rule and does not make it any less illegal.

You LIED to the Canadian government, whichever way you slice it.

It is not just a question of legality. There is a total cap of 5000 applications for the May 2013 intake. This will almost certainly be filled. Therefore every applicant who fraudulently applies showing borrowed funds is stealing a visa from a genuine applicant who will now not be able to go to Canada this year because of people like you.

It DOES matter, and it IS illegal.

Wayne.

 

[Anyi Nature]

I think some forum members are being too personal and bitter on this issue. I submitted a statement that has my personal funds in it.
However, let me state that an applicant who perhaps does not have the required amount of fund can either borrow from his spouse, family members or friends, I don't think it is illegal.
What is important is that the money is in the applicant's name. For those that think someone who borrows money is taking some other person's chance, it is a complete rubbish, everyone to his or her fate,
even if you have CAD1million and you are found wanting in another aspect of the FSW application, your application will still be turned down.

A lot of people who had made it to Canada via FSWP borrowed money from all and sundry to beef up their accounts not just for Canada immigration, U K and even USA as well.

People can only lend someone money if they trust him or her. Therefore forum members, beef up your account and apply and wait and see.

 

[coolguy2010]

Agree to certain level

Initially u borrow funds and gradually u need to have ur savings (6 to 12 months). Your saving will compensate ur liability which was raised at initial stage. The whole process also take 1 year nearly till visa stamping.

But if u just borrow without any plan ahead, and if u r asked details of statements, then u r gone for toss, as all money might be withdrawn at later stage

Not all people have 100% fund readily available and many of them do this way i.e savings later on

I think some forum members are being too personal and bitter on this issue. I submitted a statement that has my personal funds in it.
However, let me state that an applicant who perhaps does not have the required amount of fund can either borrow from his spouse, family members or friends, I don't think it is illegal.
What is important is that the money is in the applicant's name. For those that think someone who borrows money is taking some other person's chance, it is a complete rubbish, everyone to his or her fate,
even if you have CAD1million and you are found wanting in another aspect of the FSW application, your application will still be turned down.

A lot of people who had made it to Canada via FSWP borrowed money from all and sundry to beef up their accounts not just for Canada immigration, U K and even USA as well.

People can only lend someone money if they trust him or her. Therefore forum members, beef up your account and apply and wait and see.

 

[Cappuccino]

I think some forum members are being too personal and bitter on this issue. I submitted a statement that has my personal funds in it.
However, let me state that an applicant who perhaps does not have the required amount of fund can either borrow from his spouse, family members or friends, I don't think it is illegal.
What is important is that the money is in the applicant's name. For those that think someone who borrows money is taking some other person's chance, it is a complete rubbish, everyone to his or her fate,
even if you have CAD1million and you are found wanting in another aspect of the FSW application, your application will still be turned down.

A lot of people who had made it to Canada via FSWP borrowed money from all and sundry to beef up their accounts not just for Canada immigration, U K and even USA as well.

People can only lend someone money if they trust him or her. Therefore forum members, beef up your account and apply and wait and see.

You are wrong. What is not important is that the money is "in the applicant's name".

What is important is that the applicant is sufficiently financially stable to support themselves in Canada whilst they find a job and settle. CIC have defined that level and have VERY clearly stated that the money may not be borrowed.

You note they say "You cannot borrow this money". You note they do not say "You cannot borrow this money unless you feel the rules don't apply to you, then you can do what the hell you like".

A lot of people may have made it to Canada, FRAUDULENTLY, with borrowed money from all and sundry. They are ALL guilty of immigration fraud and for stealing visas from genuine, honest applicants. CIC implement this rule for a very good reason. They do not want immigrants coming into Canada with insufficient funding and then have to rely on the welfare system.

As a Canadian tax payer, I would be personally paying to support such people, so please don't pretend it's not my concern.

It is far from complete rubbish when there is a cap on the visas, in a very real sense it is stealing visas from honest people. Some people applying fraudulently with borrowed funds get a visa, person 5001 through the door with genuine funds will be turned away.

I have a bee in my bonet about every angle of immigration fraud, and it's not just limited to fraudlent proof of funds. We've had people on this forum admit to getting other people to take IELTS tests for them, and forging documents claiming relatives they don't have.

But settlement fund fraud does seem to be the most common.

Wayne.

 

[Cappuccino]

Agree to certain level

Initially u borrow funds and gradually u need to have ur savings (6 to 12 months). Your saving will compensate ur liability which was raised at initial stage. The whole process also take 1 year nearly till visa stamping.

But if u just borrow without any plan ahead, and if u r asked details of statements, then u r gone for toss, as all money might be withdrawn at later stage

Not all people have 100% fund readily available and many of them do this way i.e savings later on

Coolguy I ordinarily really respect your posts. However, in this instance are you actually condoning people borrowing money and then pretending to CIC that the money belongs to them?

What if they apply initially with borrowed funds, and then are unable to save the funds? Judging by the number of posts on this forum (and PMs I get) of people about to land and admitting that they do not have the funds available, I'd say a large % of people who apply with borrowed funds at the application stage still do not have sufficient funds on landing.

There is a very good reason CIC implement such rules. The funding level needs to be there at the application stage and it needs to belong to the applicant. NOT BORROWED.

I am disappointed that you seem to be condoning immigration fraud.

Wayne.

 

[coolguy2010]

Cappuccino,u still didn't get my point

What exactly "fraud" mean in terms of CIC ?.

Is it only restricted to only funds (where the person wants to come up in life and arranging it temporary). Note the person has good income and there is time difference for avaiability of funds to be presented to CIC. For me its not a fraud.

Person taking finance for business purpose, does he inform to its customers or suppliers that he has taken finance.....answer is no. He want to run his business more efficiently and want to grow.

Same way if he is taking finance (that also temporary strictly) for immigration, then it is fraud ?

For me fraud means manipulation of documents, personal information and identity itself. That is purely called fraud which is not acceptable at all. Still people have settled in canada doing one of this.

I m not encouraging anyone to do this, but really understand the situation of those people who have to manage for short time(capable of having more funds than required) and cannot afford to loose this oppurtunity just due to funds.

I will not support people who just take loans and later on also manipulate documents to show funds. At the end of the day, they need hard cash for survival which is not possible

Coolguy I ordinarily really respect your posts. However, in this instance are you actually condoning people borrowing money and then pretending to CIC that the money belongs to them?

What if they apply initially with borrowed funds, and then are unable to save the funds? Judging by the number of posts on this forum (and PMs I get) of people about to land and admitting that they do not have the funds available, I'd say a large % of people who apply with borrowed funds at the application stage still do not have sufficient funds on landing.

There is a very good reason CIC implement such rules. The funding level needs to be there at the application stage and it needs to belong to the applicant. NOT BORROWED.

I am disappointed that you seem to be condoning immigration fraud.

Wayne.

 

[wolfpack27616]

>>I think some forum members are being too personal and bitter on this issue. I submitted a statement that has my personal funds in it.
However, let me state that an applicant who perhaps does not have the required amount of fund can either borrow from his spouse, family members or friends, I don't think it is illegal.<<

Equating spouse money with friends and other family, pretty much skews the post right from the outset. Your spouse's money is considered towards POF (if he/she is included in the application), while friend's and other family money is not considered. So yes, it is legally/morally wrong to lie about POF.

I totally agree with what Wayne and Scyllia have written about being honest in your application, and not succumb to short-cuts. Just because it ad worked for others does not guarantee it would work for you. What if your Visa officer ends up asking 1 year Bank statement if he/she is not convinced. How would you ever explain the large deposit and immediate withdrawal (when you pay back your friend).

Also, if POF is not ready,(or rather if you don't have funds)- life upon arrival (which I would expect to be anyway challenging), would be downright impossible to handle. (To pay the deposit for rental lease, settling cost etc). And then blaming Canada for not being the dream destination is what I usually read about.

I am not implying that anyone in this thread fall in the above category, but shortage of funds is like shooting yourself in the leg to have a successful application and thereafter a smooth beginning in Canada.

Good luck to the orginal poster and hope you show your actual money as POF.

 

[wolfpack27616]

Cappuccino,u still didn't get my point

What exactly "fraud" mean in terms of CIC ?.

Is it only restricted to only funds (where the person wants to come up in life and arranging it temporary). Note the person has good income and there is time difference for avaiability of funds to be presented to CIC. For me its not a fraud.

Person taking finance for business purpose, does he inform to its customers or suppliers that he has taken finance.....answer is no. He want to run his business more efficiently and want to grow.

Same way if he is taking finance (that also temporary strictly) for immigration, then it is fraud ?

For me fraud means manipulation of documents, personal information and identity itself. That is purely called fraud which is not acceptable at all. Still people have settled in canada doing one of this.

I m not encouraging anyone to do this, but really understand the situation of those people who have to manage for short time(capable of having more funds than required) and cannot afford to loose this oppurtunity just due to funds.

I will not support people who just take loans and later on also manipulate documents to show funds. At the end of the day, they need hard cash for survival which is not possible

Coolguy- Immigration application and Business are too entirely different streams and there can be no comparisons/analogies. Any manipulation (whether documents or funds) is still misrepresentation and considered immigration fraud.

People in the forum look up to champion members and take your word blindly. For you- you might be thinking that everyone will be using the same discretion as you would, but that's not always the case. Also, you have absolutely no way to ascertain how many people would use your advice to commit willful fraud (in your words, take loan and manipulate documents later)- when you put it up on a public forum for all to read.

For all you know, things might not be that smooth for everyone, and perhaps they might be asked for 1 year bank statement if the case officer finds something amiss. I bet then the same guys who took your advice would blame you for it.

It is always better to use your experience and caution the new members on what all could go wrong and could get their case declined rather than give shortcuts or hope that they would get away with it.

Anyways, I do understand that our opinion could always differ- but when others are asking for advice, it is better to actually point out the correct way to go about things and not the easy way.