Landing vs. proof of funds

Old Nov 15th 2007, 2:34 pm
  #1  
pop
Forum Regular
Thread Starter
 
Joined: May 2006
Posts: 94
pop is an unknown quantity at this point
Default Landing vs. proof of funds

If the cash based funds are inadequate by such as 10,000 at the time of landing, is it possible for the CIC accept other source such as a payoff house to meet the funds requirements? Do they really check and only accept the cash based funds in processing landing? Have you ever been experienced in it?
pop is offline  
Old Nov 15th 2007, 2:53 pm
  #2  
 
Joined: Feb 2007
Posts: 3,020
bazzz is an unknown quantity at this point
Default Re: Landing vs. proof of funds

No, property equity does not count. People have been asked to prove their funds by producing a bank statement, or in some cases, by obtaining a balance statement from an ATM machine in the airport. The money needs to be in a form where you can easily transfer it to Canada.
bazzz is offline  
Old Nov 21st 2007, 8:18 pm
  #3  
Just Joined
 
Joined: Nov 2007
Posts: 6
NJNavarra is an unknown quantity at this point
Default Re: Landing vs. proof of funds

Are you applying for the Permanent Residency visa? If so, if you look at the guide on the following link: -

http://www.cic.gc.ca/english/pdf/kits/guides/EG7.pdf

under section Economic Classes - Skilled Workers on page 21 it says
"Funds refers to money in Canadian dollars, and includes the value of any property you own."
NJNavarra is offline  
Old Nov 21st 2007, 9:13 pm
  #4  
PMM
Lost in BE Cyberspace
 
PMM's Avatar
 
Joined: May 2004
Posts: 9,708
PMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond reputePMM has a reputation beyond repute
Default Re: Landing vs. proof of funds

Hi

Originally Posted by NJNavarra
Are you applying for the Permanent Residency visa? If so, if you look at the guide on the following link: -

http://www.cic.gc.ca/english/pdf/kits/guides/EG7.pdf

under section Economic Classes - Skilled Workers on page 21 it says
"Funds refers to money in Canadian dollars, and includes the value of any property you own."
Suggest you go back and read page 5.
PMM is offline  
Old Nov 21st 2007, 9:21 pm
  #5  
Just Joined
 
Joined: Nov 2007
Posts: 6
NJNavarra is an unknown quantity at this point
Default Re: Landing vs. proof of funds

I have read page 5 and believe property can still be included. There will be people who don't have property that want to bring the required amount into the country with them. If this isn't the case, I don't understand why they mention what I quoted in the guide. Please can someone clarify this?
NJNavarra is offline  
Old Nov 21st 2007, 10:49 pm
  #6  
 
Joined: May 2004
Posts: 8,984
Andrew Miller is an unknown quantity at this point
Default Re: Landing vs. proof of funds

Originally Posted by NJNavarra
Are you applying for the Permanent Residency visa? If so, if you look at the guide on the following link: -

http://www.cic.gc.ca/english/pdf/kits/guides/EG7.pdf

under section Economic Classes - Skilled Workers on page 21 it says
"Funds refers to money in Canadian dollars, and includes the value of any property you own."
Question (as well as subject line of this thread) is about funds required to show during landing process, not what may be included with initial application and only with some visa posts. Read the question before providing answer please. What you believe doesn't count - what counts is what the law says:

http://www.canlii.org/ca/regu/sor2002-227/sec76.html

R76(1)(b) the skilled worker must

(i) have in the form of transferable and available funds, unencumbered by debts or other obligations, an amount equal to half the minimum necessary income applicable in respect of the group of persons consisting of the skilled worker and their family members, or

(ii) be awarded the number of points referred to in subsection 82(2) for arranged employment in Canada within the meaning of subsection 82(1).


Equity in the property is neither transferable nor available until property is sold.
Andrew Miller is offline  
Old Nov 21st 2007, 11:02 pm
  #7  
Just Joined
 
Joined: Nov 2007
Posts: 6
NJNavarra is an unknown quantity at this point
Default Re: Landing vs. proof of funds

Thanks for clarifying that. Please can you tell me what the "Funds refers to money in Canadian dollars, and includes the value of any property you own." refers to?
NJNavarra is offline  
Old Nov 21st 2007, 11:28 pm
  #8  
 
Joined: May 2004
Posts: 8,984
Andrew Miller is an unknown quantity at this point
Default Re: Landing vs. proof of funds

Originally Posted by NJNavarra
Thanks for clarifying that. Please can you tell me what the "Funds refers to money in Canadian dollars, and includes the value of any property you own." refers to?
It doesn't matter what it refers to as it is not a legal document - whatever it says has is not a legal advice.

Please read the disclosure at the bottom of page 2 of the guide you refer to. It states clearly as follows:

------------------------------
This is not a legal document. For legal information, refer to the Immigration and Refugee Protection Act and Regulations or the Citizenship Act and Regulations, as applicable.
------------------------------

Last edited by Andrew Miller; Nov 21st 2007 at 11:32 pm.
Andrew Miller is offline  
Old Nov 21st 2007, 11:37 pm
  #9  
Just Joined
 
Joined: Nov 2007
Posts: 6
NJNavarra is an unknown quantity at this point
Default Re: Landing vs. proof of funds

ok. So, if its not a legal document but people are being directed to this on the CIC website it shows conflicting information.
NJNavarra is offline  
Old Nov 22nd 2007, 12:37 am
  #10  
BE Forum Addict
 
MarkG's Avatar
 
Joined: Apr 2005
Location: Saskatoon, Saskatchewan
Posts: 4,104
MarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond repute
Default Re: Landing vs. proof of funds

Originally Posted by NJNavarra
ok. So, if its not a legal document but people are being directed to this on the CIC website it shows conflicting information.
They're not, because that document refers to the application process, not to landing.
MarkG is offline  
Old Nov 22nd 2007, 1:22 am
  #11  
 
Joined: May 2004
Posts: 8,984
Andrew Miller is an unknown quantity at this point
Default Re: Landing vs. proof of funds

Originally Posted by NJNavarra
ok. So, if its not a legal document but people are being directed to this on the CIC website it shows conflicting information.
And guide clearly directs you to IRPA and it's Regulations for legal information.

Application guides as well as CIC website often use the language and/or sentences/phrases that are or may be misinterpreted by many - this is why both, CIC website and application guides always direct you to the law for exact legal information.

It gets even more complicated than that - there are procedures and policies that are often changed and you need to be really up to date with all of that (published and not) to be able to make a solid application package. Simply following application guide in many cases will not be enough - you need to know and understand the law, follow up to date immigration manual, operational memoranda as well as IRB and federal court's decisions.

As for the funds at the time of application - only few visa posts accept equity in real estate as proof of funds at the time of application and all of them ask for updated proof showing transferable and readily available funds before visa is issued.

But again, as MarkG pointed out, the original question is about proof of funds at the time of landing - thus it has nothing to do with guide you refer to anyway.
Andrew Miller is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.