funds

Hi,
i'm currently in Canada and applying for P.R - federal skilled worker from Buffalo. I want to know that :

1. How to show settlement funds in Canadian Dollars ?

2. How many months of bank statement do I have to show ?

3. Do I have to keep this money for the entire application period ?

Please help me on this
Thank you

Hi,

1. How to show settlement funds in Canadian Dollars ?

Settlement funds can be shown in various forms:

- 3-6 months bank statement with a bank in CND or anywhere in the world as long as it meets the target amount for the number of people migrating
- Paystubs/pay slips from present employer and also current renumeration package won't hurt
- Properties eg. Houses/ranches/land etc but you need an official valuation of this to show the current value when the asset is disposed off
- Any gold/dimond/silver (or mineral) deposits you hold with any bank I believe
- Stocks/bonds/shares/annuties etc
- ETC

In short, POF is evidence that you have the required funds available when migrating to CND so that you do not rely on the govt for assistance.

2. How many months of bank statement do I have to show ?

Refer to Q1 above. In my case I did show 3 months and there was no questions asked but I had other docs in addition (payslips/shares etc)

3. Do I have to keep this money for the entire application period ?

Yes/No!

Yes because depending on your visa post and the timelines, you can be called to show POF during your IA (initial Assessment) or at any stage in the process and you will need to show this. I have read many instances where people have been asked to show this over and over again. This seems to be the trend these days. I myself was asked to provide this recently after two years when my application was almost complete. This is to ascertain whether your circumstances haven't changed since you presented your application earlier.

NB: This would not be necessary if you apply after September 01, 2006 since they will ask only once when your file comes up for review.

No because depending on your timeline, if you have to invest the money or use it for something, you do not have to make it sit there forever whilst it can be used meaningfully. But bear in mind that, when it is requested later on, you need to provide enough evidence for the source of the money. Many people just borrow money and dump it in their accounts and sometimes, CIC can make your life miserable by asking you to prove the source of the money.

Take care.

No need to show statement of A/C. Just get the balance certificate from bank. Bank will give you certificate where the total funds till date has mentioned. in this way you can arrange funds and put in you account in current dates. And then get the certificate from bank.

itahead wrote:No need to show statement of A/C. Just get the balance certificate from bank. Bank will give you certificate where the total funds till date has mentioned. in this way you can arrange funds and put in you account in current dates. And then get the certificate from bank.

I beg to differ. The relevant visa post will want to see a history of funds hence why a statement covering a distinct time period is required. This ensures the funds genuinely belong to the applicant....its easy to borrow money deposit such and get an 'on the day' bank balance printout/ certificate that does not reflect in any way your 'true financial' position. The visa post will take into consideration lump sums from a sale of assets e.g. a property that clearly show the source of liquid funds where this is a recent and/or sizeable credit into your bank account that would otherwise be difficult to establish as to the source.