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| Subject: Shane - Proof of fund |
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Shane:
Cash in bank is not the only form of funds statement. You can show:
1. Real estate value.
2. Car value.
3. Stocks and bonds.
4. Jewellery value
CIC does not expect people to hold funds in excess of CAD 10,000+ in non-interest bearing accounts.
Immigration agents don?t encourage the mix statement as above as it is cumbersome for them and more work to do then their generic format letters they already have.
The idea is that the immigration officer should feel comfortable that you will not be a burden on state after your application. The Canadian immigration system is standardized ? so it does not matter if you applied from say U.S. or some small country in Africa ? you get same points for being a bachelor or masters. However in reality is that fair? No, everyone knows the African education may be dubious. The applicant may not get a job he claimed he can do once he comes to Canada. So who will pay for his stay? The tax payers. Now for reasons of lawsuits etc. the CIC has chosen to keep the standardized system. All they can do is enforce the fund requirement.
The fund requirement is a guidelines to help you settle down - a lot of factors influence the decision. Your age, your qualification, skill set and where you apply, etc.
In my view you should apply and show funds later - at least you application will be in system. Also check with some agents around on this issue - don´t hire them just check with them.
Best of Luck!
[04-07-2006,20:51]
[**.243.235.205]
Peter |
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(in reply to: Shane - Proof of fund)
proof of funds is right on the application checklist. They make it very clear than an incomplete application will be returned. The only vague thing I see is in the OP6 where at IA, if funds are insufficent, the IO has the option to give you time to address the matter. Given the number of people in line for Canadian immigration, don´t you think CIC is looking for any excuse possible to turf an application.
below is the information direct from the CIC website.
note paragraph 3.
Proof of Funds
The Government of Canada does not provide financial support to new skilled worker immigrants.
You must show that you have enough money to support yourself and your dependants after you arrive in Canada. You cannot borrow this money from another person. You must be able to use this money to support your family.
You will need to provide proof of your funds when you submit your application for immigration.
The amount of money that you need to have to support your family is determined by the size of your family.
Number of
Family
Members Funds Required
(in Canadian dollars)
1 $10,168
2 $12,659
3 $15,563
4 $18,895
5 $21,431
6 $24,170
7 or more $26,910
You do not have to show that you have these funds if you have arranged employment in Canada.
How Much Money Should You Bring?
Find out how much it costs to live where you are planning to settle in Canada.
Bring as much money as possible to make moving and finding a home in Canada easier.
Disclosure of funds
If you are carrying more than CDN $10,000, tell a Canadian official when you arrive in Canada. If you do not tell an official, you may be fined or put in prison. These funds could be in the form of:
cash;
securities in bearer form (for example: stocks, bonds, debentures, treasury bills); or
negotiable instruments in bearer form (for example: bankers? drafts, cheques, travellers? cheques, money orders).
[04-07-2006,21:54]
[***.20.170.23]
sharon |
(in reply to: Shane - Proof of fund)
if you want to show equity in a house or car, you would probably need to show an appraisal with a copy of the title which would show any mortgages or loans registered.
obviously, the second section of my last post refers to your actual landing and how you should bring your funds with you.
[04-07-2006,22:07]
[***.20.170.23]
sharon |
(in reply to: Shane - Proof of fund)
Proof of funds is one of pre-requisites - application without it will not be processed. You will be asked to submit proof of funds and informed that application will not be processed until you do so - if you won´t be able to
do it within specified time then application will be refused.
Andrew Miller
Immigration Consultant
Vancouver, British Columbia
[04-07-2006,22:25]
[***.20.170.23]
sharon |
(in reply to: Shane - Proof of fund)
The application also states requirement for PPC and FBI Certificate and proof of English - hardly does anyone submit these and is asked. If you have anyone who has job in Canada, good quality education and experience, the requirement is a mere formaility.
[04-07-2006,22:29]
[**.243.235.205]
Peter |
(in reply to: Shane - Proof of fund)
The fact remains, CIC does not expect a 100% declaration in cash. Do you mean to say that for next 3-4 years one has to keep cash CAD10,000+ in their non-interest bearing accounts? You loose about 7-10% yearly.
You can do the following yourself:
1. Submit a copy of car registration and a copy of book value from http://www.kbb.com
2. Copy of your stock certificates and quote copy of that day. Most online stock brokerages give a end of day portfolio value. You can submit that.
3. Picture of jewellery and appox. vlaue of gold or value that day.
4. Copy of your property paper with appox. price listing from your local property agent.
Cost invloved - almost nothing.
The fact remains over the period of your application especially at the IA stage you need to be worth CAD10,000+
[04-07-2006,22:39]
[**.243.235.205]
Peter |
(in reply to: Shane - Proof of fund)
Sharon-
Let?s keep the consultants off this forum. We are here to help each other independent applicants. Let?s not commercialize this forum.
Moreover, this Andrew Miller is opinionating - he does not have the final say on how CIC operates.
Can he say for 100% that all applications will be denied if not filed with CAD10,000+. For it is not true. I have examples to substantiate.
Thanks.
[04-07-2006,22:43]
[**.243.235.205]
Peter |
(in reply to: Shane - Proof of fund)
I did a cut and paste based on my search because I thought it was relevant to have a reputable 3rd party comment. We have personally been declined for lack of settlement funds on the initial application so in my mind - I have reason to be concerned about your advice.
if our friend wants to chance it - he is free to do so but I feel an obligation to present the facts as I understand them. Your way is a risk. My way is not.
[04-07-2006,23:13]
[***.20.170.23]
sharon |
(in reply to: Shane - Proof of fund)
if our friend is already employed (has a job offer) in Canada (it would also show in his application) he does not require settlement funds at all.
Peter, you are also opinionating. I am quoting CIC, the ops manual as well as the website and checklist.
Please provide contrary evidence so he can decide for himself beyond your own personal recommendation.
we are playing with someone´s future here. Let´s not screw it up.
[04-07-2006,23:17]
[***.20.170.23]
sharon |
(in reply to: Shane - Proof of fund)
Both Peter and Sharon have strong points here man...hmmmm...Sharon, if someone offers me a job in Canada, what´s the minimun amount of money i will need in order to qualify?
Peter, do you know of anyone who has gotten in without having arranged employment and not having assets and cash in total of $10,000?
Just for the record, you two are the ones who are influencing my decision as to whether i should apply now or not. I don´t have assets and funds worth $10,000, The Canadian dollar is worth almost three times our dollar. I just got married 6 months ago and i am just finishing the paying off of some debt. What should i do? Should i apply now so that my application is in the system and work hard to save up some cash later, or should i wait for about 2 years, save some money, then apply? Peter and Sharon, I´m depending on you guys. Thanx guys.
[05-07-2006,10:29]
[**.57.236.129]
Shane |
(in reply to: Shane - Proof of fund)
if you have arranged employment in Canada (not as easy as it first looks) you do not need to show any settlement funds. The job offer must remain with you to the end of your application process. (it is mostly designed for those applicants already in Canada on a work permit)
This is the chance you can take - do not wait until you have the money for settlement, pay your fees and apply. If you are lucky... it will go through as Peter suggests.
If not, one of 2 things will happen.
1)You will get everything back as incomplete and hopefully they will return your application fees along with all your documents. When you re-apply you will need fresh police certificates etc.
2) you will get a letter giving you 90 days to show that you have the required resources. failure to do so at this stage will close your application, and you will lose your application fees.
The reason I have a strong opinion on the subject is because I do not see any basis in the rules to support Peter´s recommendation. If it happens... nobody is talking about it.
Shane, do your own homework. Google ´CIC and settlement funds´ or call the CIC help line, or call an Canadian immigration consultant and ask the same question.
If I am wrong, please let me know
[05-07-2006,12:29]
[***.20.170.23]
sharon |
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