Timed deposits and certificate of deposit

[Wolverine17]

Are these accepted pof sources am talking about 3,6 and 12 months timed deposits and 3 years certificate of deposits

 

[Wolverine17]

Anyone please

 

[Lailina]

I was told by one of my acquaintance who got PPR that she submitted Certificate of deposit for 3 months. I am doing the same. But it is not a new FD account, I just froze the money I had on my saving account

 

[BC4life]

Are these accepted pof sources am talking about 3,6 and 12 months timed deposits and 3 years certificate of deposits

3 months should be fine but 3 years is certainly stretching the rules as the POF is supposed to be amounts that are readily available for you to use as you settle in Canada. If you are not able to access these funds for 3 years then how can you use them to settle?

This is the same reason why real estate and pension funds that cannot be withdrawn are not acceptable as proof of funds.

 

[cavemen]

On the grounds of this I too have a query :

I have a tax saver FD that freezes funds till maturity, however it matures in the month of Sep will this amount be taken into consideration by CIC ?

 

[xpressentry]

Fixed funds can always be redeemed before the maturity date after paying some penalty. No financial institution will keep your funds against your will. You can use fixed funds for PoF.

 

[Wolverine17]

Fixed funds can always be redeemed before the maturity date after paying some penalty. No financial institution will keep your funds against your will. You can use fixed funds for PoF.

Regardless of their time,months or years??

 

[xpressentry]

Regardless of their time,months or years??

yes.

 

[Wolverine17]

yes.

What if the bank will not be able to write the point saying that i can withdraw the money anytime?is it ok?also most banks wont write opening date as well

 

[kryt0n]

What if the bank will not be able to write the point saying that i can withdraw the money anytime?is it ok?also most banks wont write opening date as well

Is there any online instructions you could print off that explains you could show?

 

[xpressentry]

What if the bank will not be able to write the point saying that i can withdraw the money anytime?is it ok?also most banks wont write opening date as well

When you fixed money in an account, they tell you the term of the deposit and how much interest you will earn on that deposit. The contract also state what will happen if you need to withdraw that money earlier than the maturity date. If you withdraw the money early, there will be a penalty payment.

If you do not know the Ts and Cs of your investment, you can ask them for it. If your financial institution has not informed you about the Ts and Cs before making the investment or are holding your money at ransom against your will without giving you the option for an early withdrawal, it sounds like you have chosen a very dodgy financial institution.

 

[Wolverine17]

When you fixed money in an account, they tell you the term of the deposit and how much interest you will earn on that deposit. The contract also state what will happen if you need to withdraw that money earlier than the maturity date. If you withdraw the money early, there will be a penalty payment.

If you do not know the Ts and Cs of your investment, you can ask them for it. If your financial institution has not informed you about the Ts and Cs before making the investment or are holding your money at ransom against your will without giving you the option for an early withdrawal, it sounds like you have chosen a very dodgy financial institution.

My situation is that i have the money in a post office account and looking to move them to a bank so my concern is not knowing the details but is showing cic that i can withdraw the money anytime

 

[bestofluck]

What if the bank will not be able to write the point saying that i can withdraw the money anytime?is it ok?also most banks wont write opening date as well

you dont need anything written by bank. Just FD recpt and bank statement of 6 months is all you need. ( FD must be 6 months old at least)

 

[Wolverine17]

you dont need anything written by bank. Just FD recpt and bank statement of 6 months is all you need. ( FD must be 6 months old at least)

It wont be in the account for 6 months,what can i do?i have a one year old bank statetment from the post office where i will move my money from

 

[kryt0n]

It wont be in the account for 6 months,what can i do?i have a one year old bank statetment from the post office where i will move my money from

If it won't be in the account for more than 6 months you'll need to demonstrate where the money came from