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Proof of Funds - Tips and Tricks

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AdeleDBN

Hi, I have a question regarding proof of funds.  We are planning on using my Provident Fund as proof of funds.  There are more than enough in there to cover what is needed for my family.  I have shown the tax deduction and conversion rate on it. 

My question is do I still need to show all our other bank accounts? Has anyone just submitted their Provident Fund as proof and were it okay?

As it stand right now we own both our cars, we have two saving accounts, two current accounts and a credit card, the only real debt we have is our bond and we will be selling our house which will cover that and then some. 

Is it really necessary to proof all of this, as our assets far out-ways our liability, but to get all the documents from the bank is proofing more trouble than I think it is worth...

We are going for our medical today and was hoping to submit by this evening.

Any advise would be appreciated

Thank you

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JeLiJa

Hi Everyone. 

We sold our house in January. The deal is pretty solid so now we just waiting for the normal things before they can register probably in May. When it comes to proof of funds, could an attorney's letter be sufficient to prove that they are currently holding the money for us/? We got our provincial nomination so we should get our ITA in the next draw so I'm just hoping timing is on our side.

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Qrios1
On 2/27/2017 at 9:49 AM, AdeleDBN said:

Hi, I have a question regarding proof of funds.  We are planning on using my Provident Fund as proof of funds.  There are more than enough in there to cover what is needed for my family.  I have shown the tax deduction and conversion rate on it. 

My question is do I still need to show all our other bank accounts? Has anyone just submitted their Provident Fund as proof and were it okay?

As it stand right now we own both our cars, we have two saving accounts, two current accounts and a credit card, the only real debt we have is our bond and we will be selling our house which will cover that and then some. 

Is it really necessary to proof all of this, as our assets far out-ways our liability, but to get all the documents from the bank is proofing more trouble than I think it is worth...

We are going for our medical today and was hoping to submit by this evening.

Any advise would be appreciated

Thank you

Hi Adele. We did it like this and we were approved. Had both my wife (PA) and my pension statements attached on a working spreadsheet. Did the tax calculation and attached the SARS website with the tax schedule for pension withdrawals. Did a CAD rate conversion and once again attached in one of the excel tabs the site I used to do the conversion.  We had no other bank statements attached

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Nala

Hi All!

Perhaps to fall in on this conversation I have a similar problem. Proof of funds is turning out to be a minor headache when it comes to a asset/liability schedule. My bank refused my request for a letter with my entire financial profile but did provide a general letter stating that I was in good standing etc.

For those of you that applied before selling your property - how did you obtain a asset value for the property? The bank could only help me with the initial valuation when I bought the place 3 years ago.

At the moment the easiest would be to only submit 6 months statements of my savings account. Would this be accepted or do I really have to find a asset value for the property? The only liability I have is simply the mortgage bond.

Any advice would be appreciated. I will eventually sell the property - just not within the next few days before submission. lol

Thank you!!

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MaryJane
4 hours ago, JeLiJa said:

Hi Everyone. 

We sold our house in January. The deal is pretty solid so now we just waiting for the normal things before they can register probably in May. When it comes to proof of funds, could an attorney's letter be sufficient to prove that they are currently holding the money for us/? We got our provincial nomination so we should get our ITA in the next draw so I'm just hoping timing is on our side.

Attorney's letter could be good enough. Do you perhaps have the deed of sale? That could also add assistance.

Good luck on the next draw!

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MaryJane
1 hour ago, Nala said:

For those of you that applied before selling your property - how did you obtain a asset value for the property? The bank could only help me with the initial valuation when I bought the place 3 years ago.

Realtor's assessment?

I did mine quite a while back but I had my property assessed by a real estate agent and I used his valuation letter as the property value.

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AdeleDBN

Thank you so much @Qrios1.  I am feeling a bit more relaxed about it now.

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Arya

Hi all,

I've finally received an ITA under the Federal Skilled Worker program, and am now in the processes of preparing my application.  I'm am worried about proof of funds though...

On the CIC's checklist is says that they need a letter from your financial institution stating ALL of the accounts that you have with them, the balance and 6-months average balance of each account, and the bank's contact details.  My question is this:

I have several accounts with FNB - a current account with a small overdraft, a savings account with enough money for my CIC application, a revolving loan, and a credit card.  If all of the balances are added up, I do not have the amount that I need for immigration.  But I do have enough in the savings account, and we plan to sell the house and car once we get PR and use that money to settle the outstanding debts.

Do I ask FNB to just give me the balances on my current and savings accounts?  Technically payment on the other debts aren't due yet so they'd count as long term liabilities?  Or do I get them to put all accounts on their letter and take the chance that the CIC will only consider the savings account (seems like a gamble to me).  And do I include valuations of our home in my application to show the market value vs. the outstanding loan amount?  I don't see any official CIC communication saying that they will consider fixed assets - in fact, I see a lot of evidence to the contrary.

Any advise would be greatly appreciated.

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JCD

My situation is very similar to Arya. I have mulitple FNB accounts, and I planned for my accompanying spouse's funds to be part of our POF. I tried uploading 6-months bank statements for all my accounts but I can't get it to under 4mb, which is the file-size requirement.

Should I consolidate my accounts as much as possible and ask my spouse to transfer her part of the funds for POF into my account so that I can get the document to under 4mb? Should I also have her sign an affidavit that states that the money she gave me is a gift?

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MaryJane
1 hour ago, JCD said:

Should I consolidate my accounts as much as possible and ask my spouse to transfer her part of the funds for POF into my account so that I can get the document to under 4mb? Should I also have her sign an affidavit that states that the money she gave me is a gift?

No offence, but it seems more complicated to do it this way for me.

Here's some tips that CIC suggested to reduce file size to 4MB. If none of these tips work, then maybe try the transfer, affidavit, explaining the gift.

http://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1213&top=23

58d7ed1339cdd_ScreenShot2017-03-26at12_31_58PM.png.fea471d2163cc2104f1663441b8fa4ad.png

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K&U

@JCD - compress your files using www.smallpdf.com (or similar), maybe that solves your problem?

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K&U

HI all, I have a question regarding the proof of funds:

For the conversion to Canadian Dollars, do we calculate the current funds available for the final amount i.e. on the date the statements were drawn? Or does it have to be for the average? (and if so, how to do that?)

Over the last few months we have had a bit of movement on our accounts moved money to another savings account, movement between our savings and investment accounts, and other investments (paid in and paid out of our accounts), etc. So there was a lot of fluctuation. But taking all of our accounts and looking at the minimum we had at any stage, we do have more than enough as proof of funds. But how to simplify it for the authorities checking through our paperwork? Is it worth adding a narrative of what happened when and why?

Any advice?

For those that have already been approved, what did you submit?

 

 

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SunshineGirl

@Arya, any chance that you would share how you resolved your query around proof of funds & property?  We have a situation where the bulk of our funds rest in our 2 properties.  I declared an amount quite a bit over the minimum settlement funds required, but thought it quite conservative at the time as the amount I declared is about half of what we intend to bring across.  The issue is that the money sits invested in our 2 properties.  I can prove their worth with property valuations & deduct the small bond amount from the amount to show the net value, but will this be acceptable to CIC??  Please help!!  We're wanting to take up our ONIO that we received last Friday.

 

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FaithFUL
1 hour ago, SunshineGirl said:

@Arya, any chance that you would share how you resolved your query around proof of funds & property?  We have a situation where the bulk of our funds rest in our 2 properties.  I declared an amount quite a bit over the minimum settlement funds required, but thought it quite conservative at the time as the amount I declared is about half of what we intend to bring across.  The issue is that the money sits invested in our 2 properties.  I can prove their worth with property valuations & deduct the small bond amount from the amount to show the net value, but will this be acceptable to CIC??  Please help!!  We're wanting to take up our ONIO that we received last Friday.

 

Hi @SunshineGirl. If you scroll to the very first post of this thread you'll see some ways to get around the property situation. First prize would be a sale agreement though...

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Marcola

Hi all

So for proof of funds:

I have a Standard Bank cheque account with the required funds. Every month i get my salary into this account and pay our rent as well as car payments from here. It does not affect the balance...just adds to it a bit every month. I can get a bank letter here, but would they need to mention any payments? Or simply that this is the total amount which is easily accessible?

I then have a Discovery credit card (from my olllld medical aid - which is essentially a FNB credit card - minimal debt)

And then finally a pension fund.

How will I show this all as proof of funds vs debt? Do i need to include the credit card statement from the separate bank? 

If anyone can please share a format that they used? 

Also how do i go about completing a gift deed for some of the funds?

Thanks

M

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Canada Hopeful

 

On ‎26‎/‎02‎/‎2017 at 3:25 PM, Ribsy said:

Hi @Ydean Hartzenberg,

Your car debt may be irrelevant if you are able to demonstrate other liquid funds which are greater than the minimum requirement.  You may include it as part of an Asset / Liability analysis should you wish to add additional information. Hope this helps...

Hi @Ribsy and @Ydean Hartzenberg

I am about to submit my online application on Saturday having received an EE ITA - I am very anxious about it! 

I have a similar situation to the query above, I have a book value of R78k on car but owe R62k to car financier.  I plan to sell my car to my sister when I leave.  I have sufficient proof of funds for unencumbered assets (i.e. investment account and pension fund benefit minus estimated tax).

I plan to disclose car debt in a schedule of assets and liabilities (my car is my only liability and I don't own property) with supporting statement from the vehicle financier and book value from the dealer.  I plan to do this with a separate table of Settlement Funds - at the risk of confusing matters and potentially the immigration officer.  If the car debt is irrelevant for purposes of settlement funds, do I even have to disclose it?

Has anyone had this situation before? If so, what was disclosed in your application and did you receive any queries or rejections of applications received?

I also want to know, whether once I submit my online application, I must also submit a hard copy to the Canadian embassy in Pretoria?

I would really appreciate your help!

 

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Ydean Hartzenberg

@Canada Hopeful, apologies for only replying now.  Hope I'm not too late.

We disclosed car debt and didn't get any query from RCIC.  Keep it simple though.  I compiled a little spreadsheet showing all the + and - items and then the balance at the end.  Obviously you'll need to be able to prove whatever it is you're claiming.  This would imply you obtaining documents from the various institutions, such as banks, policies etc...  KEY is, keep it simple.

Regarding your second question; you only submit the online application as you'll be uploading all the documents and don't need to submit anything to Pretoria, unless, I suppose, they request it like that.

 

Hope it helps.

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VVV

Hi all!

Please can someone assist. In terms of proof of funds, I am getting a certain amount from my parents as a gift and the rest of the amount I am received from the sale of my car. 

Due to the large amounts of money coming into my account, I need to show that the funds are infact a donation from my parents and the sale of my car, and not a loan or anything of that sort.

I need advice with the following:

a) For the deed of donation, would a notarized letter from an attorney, with the relevant signatures (i.e my parents and mines) suffice, or would I need to get an apostille certificate? 

B) Do I need an affidavit from the buyer of the car to say that he has in fact bought the car from me and has transferred the money into my account, or do I need another notarized letter from an attorney.

Thank you in advance for responding.

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MaryJane

@VVV

For the choice of either a notarised letter vs apostille certificate, I think you can do with just the notarised letter. Canada is not part of the Hague Convention and so they do not do apostille certificates here. I think your letter should be accompanied by copies of the bank statements showing the transfer from your parents' account to yours or some kind of proof like that. You'll need to convince the immigration agent with regards the source of the fund (that this monies did indeed come from your parents) and that it is unencumbered (that you do not need to pay this back and it is easily accessible to you as and when you need it). I think the additional document will carry more weight.

For the sale of the car, surely you and the buyer have a sale agreement or receipt or any type of document that has the buyer's name and details and your details and the vehicle information. Add this with a copy of the bank statement where it shows the transaction (the deposit with the sale amount of the car going into your bank account), I think that should be okay.

These are just my opinion though.

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VVV
On 8/26/2017 at 0:44 AM, MaryJane said:

@VVV

For the choice of either a notarised letter vs apostille certificate, I think you can do with just the notarised letter. Canada is not part of the Hague Convention and so they do not do apostille certificates here. I think your letter should be accompanied by copies of the bank statements showing the transfer from your parents' account to yours or some kind of proof like that. You'll need to convince the immigration agent with regards the source of the fund (that this monies did indeed come from your parents) and that it is unencumbered (that you do not need to pay this back and it is easily accessible to you as and when you need it). I think the additional document will carry more weight.

For the sale of the car, surely you and the buyer have a sale agreement or receipt or any type of document that has the buyer's name and details and your details and the vehicle information. Add this with a copy of the bank statement where it shows the transaction (the deposit with the sale amount of the car going into your bank account), I think that should be okay.

These are just my opinion though.

thank you!

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wibotha
On 2/27/2017 at 9:49 AM, AdeleDBN said:

Hi, I have a question regarding proof of funds.  We are planning on using my Provident Fund as proof of funds.  There are more than enough in there to cover what is needed for my family.  I have shown the tax deduction and conversion rate on it. 

My question is do I still need to show all our other bank accounts? Has anyone just submitted their Provident Fund as proof and were it okay?

As it stand right now we own both our cars, we have two saving accounts, two current accounts and a credit card, the only real debt we have is our bond and we will be selling our house which will cover that and then some. 

Is it really necessary to proof all of this, as our assets far out-ways our liability, but to get all the documents from the bank is proofing more trouble than I think it is worth...

We are going for our medical today and was hoping to submit by this evening.

Any advise would be appreciated

Thank you

Hi there! 

We are also using my husband's Provident Fund as our proof of funds.  Did you just use your latest statement or did you supply additional documents from the financial institution?  Your help is greatly appreciated!

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AdeleDBN

hi @wibotha, I pulled our certificate showing latest balance of Provident fund.  I added a document that showed the tax calculation and the conversion to CAD.  We had no issues. 

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wibotha
On 9/6/2017 at 3:33 PM, AdeleDBN said:

hi @wibotha, I pulled our certificate showing latest balance of Provident fund.  I added a document that showed the tax calculation and the conversion to CAD.  We had no issues. 

Thank you so much!!!!!  I really appreciate your help  :)

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Nandi

My life partner thinks I am putting the horse before the cart by looking into doing some of the things you mention, glas to see that I am not:D

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Layoung1

Hi All,

I see a lot of talk here about cashing out pension funds but I have been advised this can only be done AFTER emigration.

We were hoping to ash them out to help fund the move.

Please let me know if anyone has been successful with getting their money out before actually moving.

Thanks.

Lauren

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