Daleen Claassen

Proof of funds

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Daleen Claassen

Good day,

Can you use your company retirement fund document as proof of funds?  Or can you only use that after you have left the company?

Kind regards,


Daleen Claassen

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Willem sing

Hi Daleen

Will be interesting to hear other opinions and experiences, but in our case it was accepted as contributing to our proof of funds early 2018 (we must still resign).

There is another post elsewhere of someone reporting it was not accepted in their case. I can't remember the exact details, but remember reading it and thinking I would also not accept it in their case. Something about going over on a study visa and it was not clear they would immigrate and if they resigned from their jobs and would gain access to their retirement moneys.

Our experience was a lot more positive. Presume it can reasonably be expected that you will use your retirement moneys to keep yourself alive.

My advice however is  that you package your proof properly. We included an index and then a nice cover letter with a succinct overview of all our funds with a short balance statement showing we have more than the required amount (in Rand and CAN $) . Then different sections with each a cover page with a breakdown of what is to follow. Re the retirement fund (both on cover letter and again later in retirement fund section) I made it clear we are going to cash it in and the value post tax will be x amount.

Make it very easy for CIC to see you will have access to enough funds to not be a burden on the government. The moment someone must go through your documents to try and make sense of what you have dumped on them, it will probably become more challenging. Be positive and let it shine in your application.

(For me the biggest challenge was to scan and combine our 146 pages (banking and credit card statements, retirement fund proof etc etc) in a legible format in under the max allowed 4 Megs!)

Doubt it will be accepted if this is your only funds though? You in any case do need a lot of money the week you arrive and it takes time (usually two months) for retirement fund to reach your banking account. Otherwise just resign early enough!

Good luck!

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Daleen Claassen

Thank you so much for the information Willem.  I will definitely make the index and attach the documents as you have suggested.  

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