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ClaudiN

Proof of Funds - Selling a business

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ClaudiN

Hi everyone,

New to the forum, 

We received our ITA on the 11th of January and we are in the process of getting all of the relevant information together,

We have a question regarding submission of POF,

We will be selling our business to cover the minimum amount needed, but after consultation with Canada Abroad it seems that this process may not play into our favour, 

We have been in contact with our accountants to start evaluating our business to enable us to see what it's worth as we will be putting it on the market before we leave anyways, but it seems submitting this as POF is not going to be adequate, further to that, it seems the application process may be delayed if we should submit an evaluation to CIC, and not have the minimum funds required still showing in a bank account somewhere,

I know that the rules have changed and that you may use property to provide proof of funds, but no one seems to be in favour of this idea?

Has anyone been able to provide funds by property or a business?

Thanks in advance,

Claudi

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Merida

Not sure exactly how it works in South Africa but can't you request a property appraisal from the bank where you have your home bond (mortgage) and have them provide you an official letter that states your outstanding balance on your bond (mortgage) as well as the latest property appraisal.  The difference between these would be your equity which is hopefully more than the minimum you need.  

As I emigrated to Canada many years ago I'm not sure whether it is acceptable to CIC.

When my immigration application was being processed, the first thing I received was a letter basically stating that it wasn't guaranteed at that point that my application would be successful therefore not to give up my job, sell home etc.  Of course, the process is quite different nowadays, by the time you have received an ITA you are definitely eligible for immigration to Canada.  There are mainly two things that could affect your admissibility to Canada, either medical inadmissibility (http://www.cic.gc.ca/english/resources/tools/medic/admiss/index.asp) or background issue such as criminal history.  Of course, misrepresentation or incomplete application would be a problem too.  I assume that that would definitely not apply to you though.  

So if you are confident that they should not find you or any one else included in your application inadmissible due to medical or background reasons then maybe you need to consider selling either your home or business asap. Of course time is tight, therefore maybe even put them both on the market and see which sells first.  I assume they have given you the exact date that your application needs to submitted.  Even though the sale might not be totally finalized, surely having the official sale contract should be proof that you will be getting the necessary funds.

 

This might be helpful (just note that there is an error in the initial posting, i.e. you can not borrow money for your proof of funds)

 

Edited by Merida
POF - Tips & Tricks

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