Proof of Funds
Mar 17th 2018, 11:55 am
#16
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Re: Proof of Funds
Hi all, sorry for shameless bump, but didn't want to open a new thread when it carried on with this one technically. We are now at the stage where we have 469 points and can enter the pool, but wanted to clarify on areas prior to starting/delaying a month or 2.
So regarding proof of funds, I've noticed that it appears to only ask about the PA, and (as Aviator wrote before), doesn't accept funds in my account as evidence unless we can prove she would have unfiltered access to them.
Does that mean in general, they will not want to see my own funds since I am not the PA, and only want the accounts of my partner? If that is the case, that makes things a lot easier.
So regarding proof of funds, I've noticed that it appears to only ask about the PA, and (as Aviator wrote before), doesn't accept funds in my account as evidence unless we can prove she would have unfiltered access to them.
Does that mean in general, they will not want to see my own funds since I am not the PA, and only want the accounts of my partner? If that is the case, that makes things a lot easier.
Last edited by jimmynoshoes; Mar 17th 2018 at 12:03 pm.
Mar 17th 2018, 12:02 pm
#17
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Re: Proof of Funds
Only the principle applicant has to show proof of funds.
HTH.
HTH.
Mar 30th 2018, 8:59 pm
#18
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Re: Proof of Funds
Again, apologies for the bump, but another question related.
We now have the £8,500 required as proof of funds, and would like to enter the pool in the hopes of an ITA within the next month or 3. My query is:
If we got picked in the next draw (unlikely but you never know), we'd not have the 8500 as we'd have used some to do the application fees. However at the end of April we would then have the funds again plus more. Would they take that into account, knowing that at the end of the month we'd have more than the required amount again. I assume they wouldn't.
At what stage do they ask for the proof, is it at soon as you accept the ITA, or more towards the end to show that you still have money after all the expenses? Far as I'm aware we have 60?? days to accept an ITA, so we could simply wait a month then accept, then show proof etc.
Hope this makes sense.
We now have the £8,500 required as proof of funds, and would like to enter the pool in the hopes of an ITA within the next month or 3. My query is:
If we got picked in the next draw (unlikely but you never know), we'd not have the 8500 as we'd have used some to do the application fees. However at the end of April we would then have the funds again plus more. Would they take that into account, knowing that at the end of the month we'd have more than the required amount again. I assume they wouldn't.
At what stage do they ask for the proof, is it at soon as you accept the ITA, or more towards the end to show that you still have money after all the expenses? Far as I'm aware we have 60?? days to accept an ITA, so we could simply wait a month then accept, then show proof etc.
Hope this makes sense.
Last edited by jimmynoshoes; Mar 30th 2018 at 9:21 pm.
Mar 31st 2018, 1:45 pm
#19
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Re: Proof of Funds
Again, apologies for the bump, but another question related.
We now have the £8,500 required as proof of funds, and would like to enter the pool in the hopes of an ITA within the next month or 3. My query is:
If we got picked in the next draw (unlikely but you never know), we'd not have the 8500 as we'd have used some to do the application fees. However at the end of April we would then have the funds again plus more. Would they take that into account, knowing that at the end of the month we'd have more than the required amount again. I assume they wouldn't.
At what stage do they ask for the proof, is it at soon as you accept the ITA, or more towards the end to show that you still have money after all the expenses? Far as I'm aware we have 60?? days to accept an ITA, so we could simply wait a month then accept, then show proof etc.
Hope this makes sense.
We now have the £8,500 required as proof of funds, and would like to enter the pool in the hopes of an ITA within the next month or 3. My query is:
If we got picked in the next draw (unlikely but you never know), we'd not have the 8500 as we'd have used some to do the application fees. However at the end of April we would then have the funds again plus more. Would they take that into account, knowing that at the end of the month we'd have more than the required amount again. I assume they wouldn't.
At what stage do they ask for the proof, is it at soon as you accept the ITA, or more towards the end to show that you still have money after all the expenses? Far as I'm aware we have 60?? days to accept an ITA, so we could simply wait a month then accept, then show proof etc.
Hope this makes sense.
The proof of funds needs to be provided whenever you apply for PR. If you got an ITA straight away (which if you're still scoring 469 then you should do), then it usually takes a while to gather all the paperwork anyway, and you get 90 days iirc. So you've got enough time to make up for the funds lost by the application fees (although of course, you don't have to pay those fees until you actually submit an application for PR, there's no fee to just enter the EE pool).
One thing that I would say is that if you are going to be tight on funds, you might want to delay your move. Most consider the proof of funds amount to be ludicrously low and nowhere near enough to move to Canada. So you could apply now, but would be better off saving up more if you can before you actually go.
Good luck.
Mar 31st 2018, 3:13 pm
#20
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Re: Proof of Funds
Thank you for confirming the above 
When I looked on the CIC website, it said you pay application fees (presumably once you get an ITA) and then the PR fees you can pay at the same time, or later on further down the line. That is what confused me as to what stage they actually ask for stuff. So if we were to enter now, and get picked in 2 weeks time, we can simply not accept/supply anything until end of April, at which point we'll have the required amount again after any fees are taken.
We'd like to enter sooner rather than later and get the ball rolling since the process takes a long time.
I get what you are saying about delaying the move. We don't plan to move as soon as the process is finished, so we'll be saving throughout and for a while after this is all done. In theory, we don't plan to move over permanently until we have around 25k GBP saved, which would be in approx 18 months if finances continue as they are now. I think that should be enough to fund ourselves for a while.
When I looked on the CIC website, it said you pay application fees (presumably once you get an ITA) and then the PR fees you can pay at the same time, or later on further down the line. That is what confused me as to what stage they actually ask for stuff. So if we were to enter now, and get picked in 2 weeks time, we can simply not accept/supply anything until end of April, at which point we'll have the required amount again after any fees are taken.
We'd like to enter sooner rather than later and get the ball rolling since the process takes a long time.
I get what you are saying about delaying the move. We don't plan to move as soon as the process is finished, so we'll be saving throughout and for a while after this is all done. In theory, we don't plan to move over permanently until we have around 25k GBP saved, which would be in approx 18 months if finances continue as they are now. I think that should be enough to fund ourselves for a while.
Last edited by jimmynoshoes; Mar 31st 2018 at 3:17 pm.
Mar 31st 2018, 4:07 pm
#21
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Re: Proof of Funds
Thank you for confirming the above
When I looked on the CIC website, it said you pay application fees (presumably once you get an ITA) and then the PR fees you can pay at the same time, or later on further down the line. That is what confused me as to what stage they actually ask for stuff. So if we were to enter now, and get picked in 2 weeks time, we can simply not accept/supply anything until end of April, at which point we'll have the required amount again after any fees are taken.
When I looked on the CIC website, it said you pay application fees (presumably once you get an ITA) and then the PR fees you can pay at the same time, or later on further down the line. That is what confused me as to what stage they actually ask for stuff. So if we were to enter now, and get picked in 2 weeks time, we can simply not accept/supply anything until end of April, at which point we'll have the required amount again after any fees are taken.
I get what you are saying about delaying the move. We don't plan to move as soon as the process is finished, so we'll be saving throughout and for a while after this is all done. In theory, we don't plan to move over permanently until we have around 25k GBP saved, which would be in approx 18 months if finances continue as they are now. I think that should be enough to fund ourselves for a while.
Best of luck, hope you get an ITA soon.
