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Proof of Funds - Tips and Tricks

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FaithFUL
46 minutes ago, QueenOfHeartsZA said:

It actually doesn't need to be a sold property. Two of my friends got their property evaluated and use it as proof of funds. And this year for anyone that feels like trying to say things have changed. 

Didn't know that one could do this. Thanks for the heads up :D Personally I'd be nervous to do this, but that's just me ;)

According this link you cannot use equity on property as POF: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

What we accept as proof

Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access them to use to settle here when you arrive.

 

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poorguy
1 hour ago, QueenOfHeartsZA said:

It actually doesn't need to be a sold property. Two of my friends got their property evaluated and use it as proof of funds. And this year for anyone that feels like trying to say things have changed. 

As far as I know only people from specific countries could do this e.g. England as their PR is processed at the local offices

Maybe things have changed then

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JonnyBlaze

@FaithFUL I also read this on the CIC website hence my question. A lot of immigration websites say differently.

Another blog I read mentioned certain countries are banned from providing this as a form or funds. Perhaps high levels of forgery. India and Phillipines were mentioned. Maybe CIC has that as their standard page info to discourage this. 

Has anybody ever seen an actual list of countries exempt from the ban? 

Think I will email CIC directly to get it from the horses mouth. 

@QueenOfHeartsZA Thanks! If this is the case it will make things much smoother for us :) Would you mind checking with your pals if they needed to provide 3 valuations as most sites indicate, or 1?

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Stefan Muller

Hi Guys

From what I have gathered, debt like credit card, car loan, personal loan etc will be subtracted from whatever gift we "acquire" that we show in a separate account. 

If my wife has less debt, can the proof of funds be done in her name without me having to show my accounts? 

My debt is not major but if I have to settle that first then everything will have to be delayed by another year.

Lastly, at what point is proof of funds needed? Is this a requirement at the ITA stage or only at the point of landing?

Thanks

Stefan

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MaryJane

@Stefan Muller I believe you'll need to input proof of funds amount when you create your EE profile. If you get ITA, you will need to prove that you have said proof of funds when you submit your supporting documents.

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FaithFUL
11 hours ago, Stefan Muller said:

Hi Guys

From what I have gathered, debt like credit card, car loan, personal loan etc will be subtracted from whatever gift we "acquire" that we show in a separate account. 

If my wife has less debt, can the proof of funds be done in her name without me having to show my accounts? 

My debt is not major but if I have to settle that first then everything will have to be delayed by another year.

Lastly, at what point is proof of funds needed? Is this a requirement at the ITA stage or only at the point of landing?

Thanks

Stefan

You can add your bank accounts & debt together. When you submit your EE profile you need to state how much CAD you guess you will have, this is not written in stone when you get your ITA. The figure that you'll show for POF (this could change from the figure you had for EE) must be supported by bank statements or letters from bank/s when you submit you PR application. I have used both mine & hubby's bank account as POF.

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hdub07

Getting the proof of funds letters from the relevant institutions is like pulling teeth.

It took 5 calls to FNB before I could find someone who could actually do anything. Eventually got letters for all my accounts (one has the incorrect opening date so I must fix that).

Sanlam... I thought that they were competent but now I doubt it. They took 10 days to send me a portfolio - which does not meet the requirements laid out. Now they're drowning me in data by sending me 26 page documents on each of my investments/ I'm not sure if I can just use the pages I need from each document as PoF or if I need to spend another day on the phone with them :(

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hdub07

Finally got everything in a usable format... almost two weeks later :rolleyes:

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meg89

I received NOI from Ontario (CRS score 441),  so I am applying for human capital express entry via OINP. Need to submit application by end of next week. For my proof of funds, I have sold my property but haven't yet received the funds. I have a signed offer and the transfer is in progress with the attorneys. Has anyone submitted their property sale agreement as proof of funds and been successful?

Secondly, I know a lot of people have used a Provident Fund as POF. But what about a Retirement Annuity? One can technically only access RA funds on financial emigration, does that still count as "unencumbered"?:unsure:

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Mad Li

Hi,

I’d also like to know, who is supposed to submit Proof of Funds? Is it only the principal applicant?

Thanking you in advance.

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logan

Hi,

With respect to proof of funds, based on my reading of what is accepted are "unencumbered funds" from the principal or the accompanying person. If, however, it is from the accompanying person, the principal must show that they have access to those funds.

Showing that one has access to funds is a bit unclear to me. I've seen mention of a "letter of no objection" in which the accompanying person states that they do not object to the funds being used for settlement. Has anybody done this? I am assuming the letter should provide as much detail about the accounts in which the money is held (money market account, account number, etc), signed by the accompanying person, and notarised.

The only other proof I can think of is a power of attorney confirming that the principal has control over the account.

Any advice would be appreciated.

Cheerio!

 

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Kitcat
2 hours ago, logan said:

Hi,

With respect to proof of funds, based on my reading of what is accepted are "unencumbered funds" from the principal or the accompanying person. If, however, it is from the accompanying person, the principal must show that they have access to those funds.

Showing that one has access to funds is a bit unclear to me. I've seen mention of a "letter of no objection" in which the accompanying person states that they do not object to the funds being used for settlement. Has anybody done this? I am assuming the letter should provide as much detail about the accounts in which the money is held (money market account, account number, etc), signed by the accompanying person, and notarised.

The only other proof I can think of is a power of attorney confirming that the principal has control over the account.

Any advice would be appreciated.

Cheerio!

 

In our case, I’m the primary applicant but our funds are currently all held in my husband’s account. I have full signing power over the account so we got a letter from FNB to confirm all the accounts and explain that I have full access to the accounts.

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logan
5 hours ago, Kitcat said:

In our case, I’m the primary applicant but our funds are currently all held in my husband’s account. I have full signing power over the account so we got a letter from FNB to confirm all the accounts and explain that I have full access to the accounts.

Thanks! Proof of signing power then seems to be the logical choice -- will arrange PoA.

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Kitcat
9 hours ago, logan said:

Thanks! Proof of signing power then seems to be the logical choice -- will arrange PoA.

No problem, @logan. If the funds are in a bank account, you can arrange signing power directly with the bank without PoA - you just go into the branch with your wife and proof of identity. Good luck!

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JustMichelle

I hope someone can provide some insight.

I am the main applicant and our funds are in my husband's account. I cannot get signing power as FNB said I must go in person and I currently reside abroad while my husband is in SA...

My husband said he could just send the money to my account abroad but then my bank statements will obviously have this large cash deposit when providing bank statements. Is this a problem if the money hasn't been in my account for 3-6 months? We have <60 days to submit our PR application.

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MaryJane

@JustMichelle

I am assuming that your husband is included in your application and that he is coming to Canada with you?

If so, your husband should be able to write a declaration/letter that he is a co-applicant (accompanying spouse), that the funds held in his name are to be used for PR proof of funds, and he has no objections to the money being used for this purpose.

Good luck!

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ateotia
6 hours ago, JustMichelle said:

I hope someone can provide some insight.

I am the main applicant and our funds are in my husband's account. I cannot get signing power as FNB said I must go in person and I currently reside abroad while my husband is in SA...

My husband said he could just send the money to my account abroad but then my bank statements will obviously have this large cash deposit when providing bank statements. Is this a problem if the money hasn't been in my account for 3-6 months? We have <60 days to submit our PR application.

you can have it transferred and have your husband sign a notarized document that the amount is as a gift to you and he has no objections you using those funds for immigration purposes. 

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NW18
On 8/28/2018 at 1:00 PM, MaryJane said:

@JustMichelle

I am assuming that your husband is included in your application and that he is coming to Canada with you?

If so, your husband should be able to write a declaration/letter that he is a co-applicant (accompanying spouse), that the funds held in his name are to be used for PR proof of funds, and he has no objections to the money being used for this purpose.

Good luck!

@JustMichelle If your husband is accompanying you then a simple declaration from him preferably notarized will do like @MaryJane mentioned. 

However, as per CIC website this isn’t really required but in my opinion it’s a good to have this attached to your Letter of Explanation.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

D71B9B1C-7CCA-4ED5-831F-876954B5BFEE.jpeg

Edited by NW18

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Liezelleroux

Hi there,

Was wondering if the forum might be able to assist. 

My husband received his severance package from Saudi Arabia and we decided to put the money into his father's FNB USD account with the thought upon returning to Cape Town he could just transfer from his father's USD to his now recently opened FNB USD account. 

After discussions with the bank we were told it could not be done.

Any advice on what we can do as I understand from other threads that one cannot use other accounts apart from the main applicant and spouses as proof of funds eventhough the money is my husband's. 

We really do not want to exchange to ZAR from USD and then back to CAD or keep in ZAR.

Have a nice day.

Thanks

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