kswoosh

I have just started my application now that I've got my ITA.

I've had loads of questions/thoughts since starting, and don't want to keep starting threads for each and every question, when most of them can be answered fairly quickly.

I suspect I'm not the only person who has questions, so I thought it might be good if we got everything all in one thread. There are so many people on here who have knowledge to share (myself included) but of course everyone has gaps in their knowledge.

Hopefully this can be a good place to keep all the knowledge sharing in one place and can be a good place for people to start their search for any questions they have about EE.

*If any of the admin have the option to merge threads - feel free to add my other thread about Housing History into this one.*

I'll get the ball rolling...

I've been looking at the FSW Checklist that was kindly posted by someone in another thread.

When it comes to PROOF OF MEANS OF FINANCIAL SUPPORT (REQUIRED): is this where they check if you have the ~$11,000 CAD (can't remember the exact figure) that is required to enter as a PR without an LMIA? Or is it just to check you are 'solvent', not up to your eyeballs in debt, and have a good history of financial standing?

I don't have the $11k yet, but I will do by the time I enter Canada. I don't plan on entering until the new year, so have plenty of time to save. Do I need to wait until I have the $11k before submitting the financial information?

I have access to some money which is in Premium Bonds (although in my Dad's name), but obviously that's not in my account right now. I don't want to dump 10-15k in my account, just to satisfy the criteria, only for them to then think that it's a bit suspicious that I've all of a sudden had a large sum of money randomly deposited. I would think that would seem like I was trying to 'trick' the system.

Former Lancastrian

So if you had just sold a house or had an heirloom worth a bit of money that was sold do you think CIC would find that suspicious?
From the FSW checklist
You will need to show proof to the Canadian visa office in your home country that you have enough money when you apply to immigrate.
You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).
The amount for one person is $11,931
Proof of funds – Skilled immigrants (Express Entry)

christmasoompa

Yes. The proof of funds is a requirement of the visa, and if you don't meet that criteria at the time of applying then you're not eligible. It's not supposed to be just for when you 'land'.

HTH.

kswoosh

Valid point.

How can this be proven/disproven? If I deposit my inheritance money, it is likely to come via my parents' bank account. That's just going to look like they're subbing me the money, even though they're not.

Tirytory

The checklist also says you need to show SIX months worth of statements of proof of funds so I suspect you need to release that money into your own name and show statements from the trust fund in your dad's name and an explanatory letter stating it is your money....maybe it should include a letter from your father too.

I might be overthinking it but that's how I would have tackled that one. As Chrisoompa says they will want to see the proof of funds when your application goes in not when you land...

kswoosh

Arrghh this is so frustrating. I literally paid a load of money out of my account last week to pay credit card debts that didn't even need to be paid off yet. That would have seen me over the threshold and I wouldn't have had to worry. Obviously then I didn't know I'd be getting an ITA that weekend.

I wonder if having Premium Bonds in my name (i.e. if I get them switched over to my name) would suffice. I'm reluctant to take them out (because of the nature of the Premium Bond prize draws). Presumably I can provide information about Premium Bond accounts the same as I can a current/savings account? I guess it's not really up to CIC where I keep my money, they just want to see that I have it.

Also, the six month thing... presumably that means you need to have had the $11,931 in your account for at least six months? Which means you need to have had the savings in place before the whole thing started, rather than, like me, be saving up as you go along. Seems a bit silly. But I guess it's to stop people from 'borrowing' the money.

Tirytory

Well it's not silly because you need a whole heap of money to immigrate. The idea of a successful immigrant from Canada's point of view is one who can successfully contribute to their economy and won't become a drain. If you arrive with no job, don't get one quickly and running through your money fast- which is a pretty insubstantial amount to immigrate anyway, then that's not very successful and shows bad financial planning imo.

A FSW visa has always been three months proof of funds on application, the only difference is it's now six months. It's not a new thing.

kswoosh

All true. You're right, it's not silly. Makes perfect sense.

So just to clarify, you need to have had the money for the entirety of the past 6 months?

I just mapped my account, and although I have spent time over the required amount, I've spent more time below it. I'm guessing that means they would reject my application.

For some stupid reason I just thought it would be like the IEC where you just had to prove you had the funds at the time, rather than have had the amount in your account for the past 6 months.

This makes me feel slightly better about having had the funds last week, though. Whether I have them at the time of application or not, without including the money I have in Premium Bonds (in my Dad's name) it wouldn't have been approved anyway.

Oh well, will just have to submit proof of the Premium Bonds, transfer it to my name, and leave it in the hands of CIC. At least the PB account will put me way above the required amount.

Just an afterthought... does the amount I put on the 'amount you plan on bringing to Canada' have to match my combined savings at the time I apply? Or is it just an estimate? I always thought it could just be a rough amount. I.E. How much I will be bringing at the time of entry, not the amount that I have at the time of application.

Tirytory

When we applied they didn't ask for an amount, I assumed this was because we were here on a twp but am not sure of that one anymore. We chose after research the FSW amount for 5 people. We could prove that we had that for six months so that's what we did. Not sure if that helps or not!

kswoosh

Hmm. I may have to see if I can get some free legal advice on this one. It's not clear if the six month thing is to prove you've had the money for six months, or just to prove you're 'solvent'.

If I have the money, then I'm not sure why it matters whether I've had it for six months. Also, does it say anywhere other than on the checklist about the six month thing? I always thought that the 'public knowledge' stuff just says you need the $11,931, but doesn't say how long you have to have had it for. The idea of holding the amount for longer than six months is new to me. I'm not sure if that's just because I haven't read enough (and I don't mean on here, I mean the info on the CIC page) or if it's not that well publicised.

If it isn't well publicised, then it sort of seems a bit harsh to all of a sudden say that yeah, you need the money, which you have, but you don't pass because of the secret rule that you have to have held it for six months. Because for some people that would be something they had to prepare for.

Myself, for example, I could have deposited the money in January, had I known, and just let it sit there.

I kind of feel a bit 'stung' by this. But like I say, maybe this is just one piece of info that slipped through my research net.

bc2015

I believe if have an LMIA that this exempts you from the funds required under FSW.

plasticcanuck

I believe you're correct but i think if you wish to "convert" the LMIA to a PR status you will need to have/prove the required settlement funds

Tirytory

Nope it doesn't... We have the old LMO and temp work permit- theoretically working in Canada should have exempted us but the application still required proof of funds.

quiltman

There was another thread recently regarding Premium bonds being part of the required funds. The persons application was refused as Premium Bonds are not instantly accessible. They had to be encashed and put into a normal savings account IIRC. The 6 months holding of the required amount is also part of the UK immigration requirements, but it is certainly clearly laid out , and in what form the funds must be.
You can certainly get funds from ,say a parent, but i understand they have to give you a letter saying it is a gift and not a loan - to avoid just the scenario you describe.Still need to have the requisite amount available for 6 months prior to the application.

kswoosh

Where's the info where it clearly lays out what form they must be in?

I wonder if, having held the PB for longer than 6mo, but now having cashed them and have them in my account, would count.

Assuming it doesn't, I'm basically up the creek. Damn.

Just found this: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Doesn't say anything about having to have held it for six months (doesn't even mention that at all, but then why would they ask for six months if it's not to prove you've held it for six months?) and it also says the funds can be in cash, or in bonds.

I wonder how many people not using this/other forums would have read that page, proceeded, only to be stung by the six month rule later.