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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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