**URGENT- Lack of Funds - Please help!!

[nyxcupido]

Hello friends,

I had filed for Express Entry FSW program in Sep 2015. Couple of days ago, I received a letter from CIC stating that since I am unemployed now, I need to show a minimum of $11931 in my account to be able to survive in Canada.

But I do not have the amount with me currently. However, I do have some options with me, but not sure whether to proceed with it. They have given me 15 days to get back to them with proof of funds.

1. I do have some money in my RRSP savings account. Does this count as liquid assets? If not, I can transfer this to my Chequing account.

2. I am going to get some amount of funds transferred from my parents back home. Do I need any other information or documents from their side, like their bank statements, letter from the bank, etc. ??

3. Once I have the required funds in my account, do I only have to submit my Total Assets balance sheet from the bank, since I have already provided them with majority of financial documents while filing for Express Entry?

I called CIC call centre to clear these doubts but they said hiring a lawyer is the only option. Also, the letter from CIC does not specifically mention what all things they require apart from the proof of funds.

Please help folks as I am very near to getting my residency but do not want to commit any silly mistake this time.

Thanks and Regards,
N.

 

[JoacRy]

Hello friends,

I had filed for Express Entry FSW program in Sep 2015. Couple of days ago, I received a letter from CIC stating that since I am unemployed now, I need to show a minimum of $11931 in my account to be able to survive in Canada.

But I do not have the amount with me currently. However, I do have some options with me, but not sure whether to proceed with it. They have given me 15 days to get back to them with proof of funds.

1. I do have some money in my RRSP savings account. Does this count as liquid assets? If not, I can transfer this to my Chequing account.
Check the terms with your bank for withdrawal. Normally these funds are for the purpose of building up a retirement savings balance.

2. I am going to get some amount of funds transferred from my parents back home. Do I need any other information or documents from their side, like their bank statements, letter from the bank, etc. ??
A 'Gift Deed' stating that the Donors (your parents) are transferring funds to you (the Donee) and they absolve you of any future liabilities in light of the transfer.

3. Once I have the required funds in my account, do I only have to submit my Total Assets balance sheet from the bank, since I have already provided them with majority of financial documents while filing for Express Entry?
Total Assets and Total Liabilities are required to determine your 'Net Assets'.

I called CIC call centre to clear these doubts but they said hiring a lawyer is the only option. Also, the letter from CIC does not specifically mention what all things they require apart from the proof of funds.
No need to hire a lawyer. This can be done yourself.

Please help folks as I am very near to getting my residency but do not want to commit any silly mistake this time.

Thanks and Regards,
N.

 

[expressentryqueen]

How did CIC find out you were now unemployed? Did you send a CSE when you stopped working?

I think you should contact your bank to find out about RRSP withdrawals. Most banks will liquidate the funds for you but such income will be subject to taxes. So you would not be getting the full amount you have saved up as they will withold the taxes. You need to confirm how much that would be.

You can also get a gift Deed from your father to explain the source of funds. But seeing you have 15 days to respond, you need to act fast.

 

[nyxcupido]

Thank you so much folks your answers gave me some clarity on this. For now, best option with me is to liquidate my RRSP funds minus the taxes and get a gift deed from my father with a letter explaining the purpose and source of transfer.

And then submit the letter along with my total assets and liabilities balance sheet provided from the bank.

I am hoping this should suffice for CIC. If you think there's more to add or submit, kindly advise me.

Again, thanks for all your help. Much appreciated.

 

[Pippin]

I think it is 20% that the bank holds back for taxes