Mori 0 Posted October 6, 2020 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? Quote Share this post Link to post Share on other sites
MaryJane 2,816 Posted October 10, 2020 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. Quote Share this post Link to post Share on other sites
ZAtoCD 0 Posted November 5, 2020 (edited) 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 November 5, 2020 by ZAtoCD Quote Share this post Link to post Share on other sites
Reibtseb 156 Posted November 5, 2020 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. Quote Share this post Link to post Share on other sites
Mori 0 Posted November 8, 2020 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 Quote Share this post Link to post Share on other sites
Mori 0 Posted November 8, 2020 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? Quote Share this post Link to post Share on other sites
logan 6 Posted January 12 (edited) 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 January 12 by logan Quote Share this post Link to post Share on other sites
Reibtseb 156 Posted January 12 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.). Quote Share this post Link to post Share on other sites