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Proof of Funds - Tips and Tricks

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Nelline

I believe it can be in either the principal applicant or the spouse's name.

Hi

I would just like to ask whether the proof of funds have to be in the principal applicant's name (that would be me) or is it OK if it's in the spouse's name?

(my husband has an overseas account shared with his dad & this may just have enough to be eligible for the "minimum" requirement for us - 2 adults, 1 kid)

I would still have to sell the house/resign to put my very non-liquid assets in a bank statement format.... :unsure:

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Guest

Hi

I would just like to ask whether the proof of funds have to be in the principal applicant's name (that would be me) or is it OK if it's in the spouse's name?

(my husband has an overseas account shared with his dad & this may just have enough to be eligible for the "minimum" requirement for us - 2 adults, 1 kid)

I would still have to sell the house/resign to put my very non-liquid assets in a bank statement format.... :unsure:

It can be in the main applicant or the spouse's names, as long as it is freely available.

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jazzy111

Thanks very much guys for the feedback! :ilikeit:

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MitchD

Hi everybody.

Quick question.

As i have only decided to start this process fairly recently and only realised the proof of funds requirement now, if i move the funds into a call account to show as proof of funds and only have the month of Octobers bank statement on date of application what happens?

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Guest

Hi Mitch.

It shouldn't be a problem. Are you transferring the funds from another account that belongs to you into the call account? If so, you might just want to submit bank statements for both accounts and not only the call account. If this is the case, why move the funds at all into the call account? Can't you just submit bank statements for the account where the money currently resides?

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MitchD

A portion of the funds are my girlfriends and are in her account as well as money gifted by her parents. I thought it would be a good idea to consolidate the funds, but then i saw the statement requirements.

Are the proof of funds required to be submitted at the same time as the application?

Sorry if these questions have been asked before.

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Nelline

Funds can be in both principle applicant as well as spouse / significant other's name, so just submit statements for all accounts. The only issue I can see would be if the "gifted funds" were recently added.

A portion of the funds are my girlfriends and are in her account as well as money gifted by her parents. I thought it would be a good idea to consolidate the funds, but then i saw the statement requirements.

Are the proof of funds required to be submitted at the same time as the application?

Sorry if these questions have been asked before.

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M-N

A portion of the funds are my girlfriends and are in her account as well as money gifted by her parents. I thought it would be a good idea to consolidate the funds, but then i saw the statement requirements.

Are the proof of funds required to be submitted at the same time as the application?

Sorry if these questions have been asked before.

Well once you receive an invitation to apply you'll need to show your proof of funds. When you complete your profile for EE you only complete what you have.

We did it from Canada but still and to show proof. We got a letter from the bank indicating the balances to date in our saving, cheque and credit card card accounts. I don't see how moving it into a call account won't work. As long as you have immediate (or short term) access to the money.

That's my view anyway. The majority of our money was in a savings account too.

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Dixie

Thank you AshB! Incredibly helpful post. Much appreciated!

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Guest

Glad it was helpful ;)

Thank you AshB! Incredibly helpful post. Much appreciated!

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ilette

Hi

Thanks for your post - it helps a lot!

Just one question for clarity:

CIC mentions that you do not need proof of funds if you

  • have a valid offer of arranged employment AND
  • you are currently working or are authorised to work in Canada

We were under the impression that we do not need proof of funds if you have a job offer. We are still in SA with a job offer pending.........but we do not have visas or work permit in place.Do you hae to comply with both? Seems like it if I read the CIC script, but a lot of people were telling us a job offer is enough

Will we have to provide proof of funds??

Regards

ilette

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Guest

Hi Ilette,

As per CIC you need to have both in order for you not to provide proof of funds. If you do not have a work permit and have a job offer, you cannot work in Canada. You would need to apply for a work permit using the official job offer as supporting evidence for the work permit.

I would recommend that you rather have proof of funds available either way especially if you intend on applying for Permanent Residence. Also the longer the funds are in the savings / money market account the better for you in the long run when you finally make the move across. You have to think long term with regards to money when you immigrate to any country.

Also remember that CIC requests 3-6 months bank statements (I can't remember the exact time period right now) so having your money in say a Money Market Account for 3+ months is a bonus towards your application.

Hi

Thanks for your post - it helps a lot!

Just one question for clarity:

CIC mentions that you do not need proof of funds if you

  • have a valid offer of arranged employment AND
  • you are currently working or are authorised to work in Canada

We were under the impression that we do not need proof of funds if you have a job offer. We are still in SA with a job offer pending.........but we do not have visas or work permit in place.Do you hae to comply with both? Seems like it if I read the CIC script, but a lot of people were telling us a job offer is enough

Will we have to provide proof of funds??

Regards

ilette

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Ydean Hartzenberg

Hi all.

Need some advice regarding proof of funds and retirement annuities. Would CIC accept a letter from organizations such as Momentum / Sanlam stating that I have annuities with them which will pay out when I can provide evidence that I am immigrating? I would think it is acceptable.

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Guest

Nope that won't be acceptable. The rules clearly states that the funds must be unencumbered, therfore it must be freely available and not have conditions attached.

I was even advised that my work retirement fund which paid out when I left my south African employer was not sufficient.

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Raquel

What about Unit trust investments Wern? These are available within a few days of request... should be acceptable, right?

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ChrisG

It all depends on whether there will be tax payable on the money if withdrawn I would think. That is the reason why retirement funds are usually a no go.

I think the word unencumbered is very important.

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Guest

Unit trusts are fine.

Retirement annuities is regulated and have rules attached to them, for instance they are normally only available from age 55. Therefore they are not considered unencumbered. Unit trusts on the other hand is available quickly, so unit trusts are 100% safe to use as proof of funds.

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Ydean Hartzenberg

Thank you for the responses.

I spoke to the Momentum. They said they will be able to release my funds as soon as I can provide proof of immigration. I hope this would suffice.

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Nelline

As Werner said, yes you do need both a job offer AND an LMIA as well as work permits in place to forgo the proof of funds.

We applied via EE under the CEC class, and even what with working here on valid work permits (with LMIA), the list of documents to upload STILL included a request for proof of funds... in this case I just uploaded a copy of my husband's current work offer, the LMIA and a copy of the actual work permit. Therefore we did not provide proof of funds due to complying to the two points below.

Hi

Thanks for your post - it helps a lot!

Just one question for clarity:

CIC mentions that you do not need proof of funds if you

  • have a valid offer of arranged employment AND
  • you are currently working or are authorised to work in Canada

We were under the impression that we do not need proof of funds if you have a job offer. We are still in SA with a job offer pending.........but we do not have visas or work permit in place.Do you hae to comply with both? Seems like it if I read the CIC script, but a lot of people were telling us a job offer is enough

Will we have to provide proof of funds??

Regards

ilette

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Guest

Thank you for the responses.

I spoke to the Momentum. They said they will be able to release my funds as soon as I can provide proof of immigration. I hope this would suffice.

Careful here, cause this creates a chicken and egg situation.

You won't be able to get PR because your funds are not considered available, and you won't get the funds cause you don't have PR. So it's a catch 22 situation.

And to my knowledge you have to financially immigrate from SA in order for retirement annuities to be paid out. So it's easy to say yes they will pay you out, but the reality is that it's not just that simple.

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Guest

Hi all.

Need some advice regarding proof of funds and retirement annuities. Would CIC accept a letter from organizations such as Momentum / Sanlam stating that I have annuities with them which will pay out when I can provide evidence that I am immigrating? I would think it is acceptable.

Nope that won't be acceptable. The rules clearly states that the funds must be unencumbered, therfore it must be freely available and not have conditions attached.

I was even advised that my work retirement fund which paid out when I left my south African employer was not sufficient.

Thank you for the responses.

I spoke to the Momentum. They said they will be able to release my funds as soon as I can provide proof of immigration. I hope this would suffice.

Hi Ydean,

It does no matter what Momentum says, it is still a pension / retirement fund which is tied up and subject to many things before it becomes readily available. I would recommend you make a withdrawal for he amount that you require for proof of funds and put it into an interest bearing account that way its totally unencumbered. As mentioned by ChrisG they key word is unencumbered!

Pension / Retirement Annuities / Provident funds all have deductibles (taxes) before receiving your final amount of cash...there is no telling how long this process will take and you have to resign in order to access those funds or actually retire - therefore this is not unencumbered.

Based on the legal advice we received from our Immigration attorney at the time, the pension fund / retirement fund route was rejected because the facts above.

Just to ensure that everyone understands what unencumbered means, here is a short definition:

un·en·cum·bered
ˌənenˈkəmbərd/
adjective
  1. not having any burden or impediment.
    "he needed to travel light and unencumbered"
    • free of debt or other financial liability.
Edited by AshB

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Guest

To add, you must show momentum that you have immigrated, which will mean an activated COPR document and PR card, which you only get once in Canada.

So the reality is that momentum will only release the money months if not years after you have arrived in Canada. For this reason the funds are considered encumbered and will not be considered during your PR application.

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Ydean Hartzenberg

Wow, thank you everyone. Valuable information, which indicates that I'm kind of screwed.

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Timmie23

This is very strange.

We were told by Deanne that you CAN use your pension as proof of funds.

The pension that both myself and my partner have, can be cashed out when you resign.

I already received quotes from ABSA, as that is where the pension is, regarding the amount after taxes, that will be paid out.

Is it maybe different because this is pension that is provided by my employer?

Edited by Timmie23

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robert

I think that pension payouts can be used as proof of funds, provided there is an indication as to the value of the funds after allowance is made for tax.

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