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Mori

Can you move proof of funds after you receive COPR?

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Mori

Proof of funds need to be in your bank account for 6 months before application. So say you do that and you receive your COPR - can you now move the money as you wish or must it stay in account until you convert it to notes or transfer it to a canadian bank account? 

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MaryJane

As far as I know you can move the monies.

But I know that when you land, you are required to bring along proof of having the settlement funds - be it you come with the notes with you or you have an updated bank statement showing you have these funds.

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ZAtoCD
On 10/10/2020 at 4:24 AM, MaryJane said:

As far as I know you can move the monies.

But I know that when you land, you are required to bring along proof of having the settlement funds - be it you come with the notes with you or you have an updated bank statement showing you have these funds.

Awesome. I got my ITA with funds in a 60-day notice account, and I now want to make them completely available to convert to CAD soon by moving them to a transactional (no notice) account with the same bank. So, you're saying there'd be no issue doing that?

Edited by ZAtoCD

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Reibtseb

You can move money, I transferred mine to a Canadian account after I got my COPR, just bring proof of that when you land. Although, I was never asked for it, and I know of a couple others that weren't asked either.

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Mori
On 11/5/2020 at 7:11 PM, Reibtseb said:

You can move money, I transferred mine to a Canadian account after I got my COPR, just bring proof of that when you land. Although, I was never asked for it, and I know of a couple others that weren't asked either.

do you know if you can move it to an account that is not liquid? I plan to move $6000 of the minimum $13000 for one person into a brokerage account and buy shares

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Mori
On 11/5/2020 at 1:20 PM, ZAtoCD said:

Awesome. I got my ITA with funds in a 60-day notice account, and I now want to make them completely available to convert to CAD soon by moving them to a transactional (no notice) account with the same bank. So, you're saying there'd be no issue doing that?

So they accepted the funds in a 60 day notice account? you didn't have to keep them in a transactional account? And did you keep it there for at least 6 months?

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logan
On 11/8/2020 at 9:13 AM, Mori said:

do you know if you can move it to an account that is not liquid? I plan to move $6000 of the minimum $13000 for one person into a brokerage account and buy shares

The golden rule is always: proof that you have unencumbered funds. Having your funds in shares means that it is $6000 today, and perhaps $4000 tomorrow. I've read so many different ways people stowed their funds -- and most of the time when you get to the border agent, they are friendly and no-where near interested in looking at your proof of funds. In the end, it is about managing the risk. We're risk averse, so we kept our funds in a cheque account for 6 months, landed, and then moved it around. This provided us with the comfort of complying with the recommendations, and reducing our anxiety in an already stressful time.

By-and-large though, I suspect, unless you do something really silly with the funds, you won't have any trouble -- just manage the risk.

Cheerio!

Edited by logan

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Reibtseb
On 11/8/2020 at 7:13 AM, Mori said:

do you know if you can move it to an account that is not liquid? I plan to move $6000 of the minimum $13000 for one person into a brokerage account and buy shares

See this thread I made during my application. I moved my funds around a LOT and got PR no problem. Just explain what you did in a letter attached to your application. My letter had three or four paragraphs re my finances, since I sold a car, shares, and moved money to a USD account up until a month before my application was submitted. I was also selling my house (it was in the market at the time, also listed expected profit from that etc.).

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