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Proof of Fund at landing (Bank Certificate)

Proof of Fund at landing (Bank Certificate)

Old Sep 25th 2004, 12:34 pm
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Question Proof of Fund at landing (Bank Certificate)

I'm a Provincial Nominee and a relative has opened a bank account for me in Canada as proof of funds. Is it ok to show this at my port of entry as proof of funds or do I need to convert it to cash, traveler's check etc?
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Old Sep 25th 2004, 12:40 pm
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Default Re: Proof of Fund at landing (Bank Certificate)

Hi

Originally Posted by critome
I'm a Provincial Nominee and a relative has opened a bank account for me in Canada as proof of funds. Is it ok to show this at my port of entry as proof of funds or do I need to convert it to cash, traveler's check etc?
Are the funds in your name? If so then it would be sufficient.

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Old Sep 25th 2004, 12:43 pm
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Smile Re: Proof of Fund at landing (Bank Certificate)

Yes thank you. This site is so cool.
Originally Posted by PMM
Hi



Are the funds in your name? If so then it would be sufficient.

PMM
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Old Sep 26th 2004, 2:55 pm
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Default Re: Proof of Fund at landing (Bank Certificate)

Originally Posted by PMM
Hi



Are the funds in your name? If so then it would be sufficient.

PMM
Sir, I have a follow-up question. What if it is not in his name, but IN TRUST FOR him? Will that do? Thanks in advance.
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Old Sep 26th 2004, 3:11 pm
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Default Re: Proof of Fund at landing (Bank Certificate)

Hi

Originally Posted by lancesan
Sir, I have a follow-up question. What if it is not in his name, but IN TRUST FOR him? Will that do? Thanks in advance.
Nope, probably won't work.

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Old Sep 26th 2004, 4:04 pm
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Default Re: Proof of Fund at landing (Bank Certificate)

just an irrelavent question. If somebody (a PR) opens a check-in (in some countries known as current account) account in Canada and leaves some wealth there and stays outside the country for an year or so. Would Canadian Govt require him to pay tax ?? I know in US there is nothing like that. As long as its not a saving account you wont be asked to pay any tax but just want to know if same is the case for Canada.
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Old Sep 27th 2004, 4:33 am
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Default Re: Proof of Fund at landing (Bank Certificate)

Hi Orazone

Originally Posted by orazone
just an irrelavent question. If somebody (a PR) opens a check-in (in some countries known as current account) account in Canada and leaves some wealth there and stays outside the country for an year or so. Would Canadian Govt require him to pay tax ?? I know in US there is nothing like that. As long as its not a saving account you wont be asked to pay any tax but just want to know if same is the case for Canada.
Tax on any interest earned.

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Old Sep 27th 2004, 4:39 am
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Default Re: Proof of Fund at landing (Bank Certificate)

As long as deposit is on interest bearing account then such interest must be reported on your tax return - same rules are in US. But you may opt for non-interest account and thus there will be nothing to report.

Originally Posted by orazone
just an irrelavent question. If somebody (a PR) opens a check-in (in some countries known as current account) account in Canada and leaves some wealth there and stays outside the country for an year or so. Would Canadian Govt require him to pay tax ?? I know in US there is nothing like that. As long as its not a saving account you wont be asked to pay any tax but just want to know if same is the case for Canada.
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