ZAtoCD

Proof of Funds: Notice and Timing?

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ZAtoCD

Hi all!

Two quick questions about the proof of funds letter I'm going to ask my bank for.

Can I get it before I receive my ITA? I want to be as prepared as possible. Will they accept one dated before receiving an ITA?

Secondly, is a 60-day notice deposit liquid enough? It's cash, but I don't have immediate access to it. But I assume that's fine for immediacy? My understanding is that they're against assets, like houses, counting as proof of funds.

Thanks!

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MaryJane

I'm sure they'll accept one dated before receiving the ITA, but it all depends how far apart the dates are. They may ask for an updated version if they deem it outdated.

I think notice deposits of 60 days (or 2 months) can hardly be classified as encumbered funds. My understanding is similar to yours that assets like real estate being used as proof of funds are frowned upon as it is not easy to turn this kind of asset into cash (dependent on buyer, house market, etc.)

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ZAtoCD
On 3/18/2020 at 1:51 AM, MaryJane said:

I'm sure they'll accept one dated before receiving the ITA, but it all depends how far apart the dates are. They may ask for an updated version if they deem it outdated.

I think notice deposits of 60 days (or 2 months) can hardly be classified as encumbered funds. My understanding is similar to yours that assets like real estate being used as proof of funds are frowned upon as it is not easy to turn this kind of asset into cash (dependent on buyer, house market, etc.)

Thanks so much @MaryJane! The country's going into lock-down, and I wanted to see if I could get my docs in advance of receiving an ITA. But was worried about the dates on them.

If I'm expecting to be drawn in early April, you think it's alright if I get my proof of work experience letter from my current HR Manager, as well as my proof of funds letter from my bank, now? Then they'll be dated about 2 weeks before ITA, I expect. Just hoping IRCC won't mind that? 🙂

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