Proof of Funds

Old Nov 1st 2007, 11:24 pm
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Question Proof of Funds

Hi all,

I have a few questions about the proof of funds required for the Skilled Worker Permanent Residence application. I'd be very grateful if someone could advise me!

The description states "You must prove that you have enough money unencumbered by debts or obligations to support yourself and your family members after you arrive in Canada." and it asks you in the form for the "Amount of unencumbered transferable and available funds you have in Canadian dollars."

1) My husband and I would require ~$12500 CDN for our application. We're planning on selling up our house and moving over with everything we have, which would give us more than enough. However, most of our money is tied up currently in our house/mortgage. Do we still put this money down on the form, or does it count as encumbered?

2) Assuming we can't put that money down, in that case do we then need to scrape together ~$12500 CDN and leave it sitting in a bank account somewhere accessable for the whole five years or so our application is going to take to process?

3) Assuming the above answer is yes, how accessable would it have to be? Does it need to be a debit/current account, or can we stick it in a high interest account somewhere, even if it has a 60 day wait or so on getting the money out?

4) When things are finally sorted, my husband has a HSBC account that he would be transferring over to Canada prior to our moving (To hopefully keep some of his credit history!), and that would contain the bulk of our money. I would be getting a new account with a Canadian bank upon arrival. My husband's account will likely contain the necessary ~$12500 CDN that we need to show within 30 days of arrival. Will they notice this money if it comes across ahead of us, or do we need to then withdraw the money and put it into my more obvious account?

5) If it does have to go into my account, would it make a difference if I wasn't the principle applicant?

Hmmm... I think that's everything for now. Just trying to get my head around this whole process! Thanks in advance for any assistance!
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Old Nov 1st 2007, 11:36 pm
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Default Re: Proof of Funds

Hi, We had just received some money from an inheritance when we applied so just sent a notarised copy of our, joint, bank statement. Obviously we then spent the money so when they asked for updated proof of funds we didn't have a bean
We got a mortgage statement and sent it off with an estate agents valuation to prove we had equity and also put a letter with it stating we would be selling up before moving. I think it is only London that accepts this.
Is your husbands HSBC account a premier account? If not they will charge you the earth to transfer it. We gave up and are waiting until we get there.
Hope this helps
Angela
Originally Posted by Spirael
Hi all,

I have a few questions about the proof of funds required for the Skilled Worker Permanent Residence application. I'd be very grateful if someone could advise me!

The description states "You must prove that you have enough money unencumbered by debts or obligations to support yourself and your family members after you arrive in Canada." and it asks you in the form for the "Amount of unencumbered transferable and available funds you have in Canadian dollars."

1) My husband and I would require ~$12500 CDN for our application. We're planning on selling up our house and moving over with everything we have, which would give us more than enough. However, most of our money is tied up currently in our house/mortgage. Do we still put this money down on the form, or does it count as encumbered?

2) Assuming we can't put that money down, in that case do we then need to scrape together ~$12500 CDN and leave it sitting in a bank account somewhere accessable for the whole five years or so our application is going to take to process?

3) Assuming the above answer is yes, how accessable would it have to be? Does it need to be a debit/current account, or can we stick it in a high interest account somewhere, even if it has a 60 day wait or so on getting the money out?

4) When things are finally sorted, my husband has a HSBC account that he would be transferring over to Canada prior to our moving (To hopefully keep some of his credit history!), and that would contain the bulk of our money. I would be getting a new account with a Canadian bank upon arrival. My husband's account will likely contain the necessary ~$12500 CDN that we need to show within 30 days of arrival. Will they notice this money if it comes across ahead of us, or do we need to then withdraw the money and put it into my more obvious account?

5) If it does have to go into my account, would it make a difference if I wasn't the principle applicant?

Hmmm... I think that's everything for now. Just trying to get my head around this whole process! Thanks in advance for any assistance!
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Old Nov 2nd 2007, 10:07 am
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Default Re: Proof of Funds

Ah ok, it'd be good if we can get away with just showing evidence that we own a huge chunk of house. Because if I have the £6000 or so, I'm going to want to spend it!

And it's not currently a Premier account (though has been before), but he checked with the bank and they were quoting £100 to transfer all his accounts over, which didn't seem too bad to us...
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Old Nov 3rd 2007, 8:44 pm
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Default Re: Proof of Funds

Hi Spiral

My husband & I were in the same situation when we first applied. We did not submit any proof of funds when we first applied.

Our representative told us that it would be fine to provide proof after we had received our 90 day letter so giving us the time to put together a mini isa each.

We applied Mid 2005 and only provided proof of funds earlier this year and it has been no problem.

Kelly
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Old Nov 3rd 2007, 9:32 pm
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Default Re: Proof of Funds

Ok, cool. That makes things a lot easier! ^_^

What did you write down on the form, where it asks you how much you're going to be bringing over? Just the amount required?
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Old Nov 4th 2007, 4:58 am
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Default Re: Proof of Funds

CHC in London will accept a mortgage statement and house valuation for initial proof of funds, but some visa offices won't. Also, they were happy with much of my cash being in 90-day savings accounts (actually, at the time I applied a big chunk was in a one-year fixed account).
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Old Nov 4th 2007, 10:40 pm
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Default Re: Proof of Funds

Excellent! So if I apply through London (which I will be doing) then I can just leave the money in my mortgage and send off a statement showing how much money I have tied up that will be released once I sell up and move.

Could someone please advise me on the value that needs to be put down in the simplified application form for funds? Do I put down just the required ~$12500 CDN, or do I put down the full amount of money I would be bringing across once selling my house?
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Old Nov 4th 2007, 10:55 pm
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Default Re: Proof of Funds

Originally Posted by Spirael
Excellent! So if I apply through London (which I will be doing) then I can just leave the money in my mortgage and send off a statement showing how much money I have tied up that will be released once I sell up and move.

Could someone please advise me on the value that needs to be put down in the simplified application form for funds? Do I put down just the required ~$12500 CDN, or do I put down the full amount of money I would be bringing across once selling my house?
I put down the full amount but I doubt if it makes any difference, as long as it covers the minimum amount required.

Angela
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