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MelanievR

Proof of funds

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MelanievR

Good  day everyone

I'm not sure if this has been asked and answered, but Can you use credit cards as part of proof of funds? 

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PhilipCX

I don’t think they’ll allow that as I believe your funds need to be unencumbered.

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logan

It is worth reading the thread below. However, the main points to remember is that they want to see:

1) That you have enough money,

2) That the money is entirely yours and you have easy access to it.

(1) is easy enough,

(2) means that you must be able to show that this is not a loan, or money that will disappear once you land. If you received large amounts of money in the last 6 months, it raises a flag, unless you can provide proof that the money is gifted to you without any encumbrance. It also means you must show that you can access it easily, thus in most cases fixed/movable assets are not accepted (it has to be sold first) -- safest to work with liquid assets only. Pension funds are disputed on this forum (if you read the thread), so it is probably safest to assume they are not accepted (in my opinion it fails the ease-of-access test since the disbursement  time is an unknown; the taxation could also be a problem for an IRCC agent who may not understand RSA tax laws -- although there is proof of applicants who've provided the calculation on provident funds which was accepted).

If you have excess funds on the Credit Card account, it is best to rather shift it to a savings account -- it fits the pattern of most applications and makes the agent's job easier.

All the best with your application!
 

 

 

Edited by logan

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