Proof of Funds (again and again)

Old Jul 16th 2005, 6:06 am
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ABW
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Question Proof of Funds (again and again)

Fellow experts:
I have a question about the required fund to settle in Canada. The number of family member will be one (I, me, and myself).
I’ve heard CIC will verify that I have the money from time to time (ie. Verifying monthly bank statement for a six-month duration, etc.).
When I submitted my application in November 2004, I showed the balance ($12,516 USD) in my saving account with Wells Fargo.
However, in some states where state and federal income taxes are applicable, saving accounts are subjected to taxation. In some instances, the tax imposed can mount to $427 USD/year depending on how much people have in their saving accounts. :scared:
Therefore, I moved some of my funds to my Federal Employees Retirement System (FERS) and Roth IRA to earn interest and tax shelter as well.
When CIC/RPC Buffalo asks for proof of funds in the future, can I show my Federal retirement statement, Roth IRA, and saving account combined or does it have to be in one lump-sum bank statement?
If I add all funds (including the fully vested retirement), I have at least $42,000 USD.
Thank You
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Old Jul 16th 2005, 3:32 pm
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Default Re: Proof of Funds (again and again)

Originally Posted by ABW
Fellow experts:
I have a question about the required fund to settle in Canada. The number of family member will be one (I, me, and myself).
I’ve heard CIC will verify that I have the money from time to time (ie. Verifying monthly bank statement for a six-month duration, etc.).
When I submitted my application in November 2004, I showed the balance ($12,516 USD) in my saving account with Wells Fargo.
However, in some states where state and federal income taxes are applicable, saving accounts are subjected to taxation. In some instances, the tax imposed can mount to $427 USD/year depending on how much people have in their saving accounts. :scared:
Therefore, I moved some of my funds to my Federal Employees Retirement System (FERS) and Roth IRA to earn interest and tax shelter as well.
When CIC/RPC Buffalo asks for proof of funds in the future, can I show my Federal retirement statement, Roth IRA, and saving account combined or does it have to be in one lump-sum bank statement?
If I add all funds (including the fully vested retirement), I have at least $42,000 USD.
Thank You
The Government of Canada does not provide financial support to new skilled worker immigrants.

You must show that you have enough money to support yourself and your dependants after you arrive in Canada. You cannot borrow this money from another person. You must be able to use this money to support your family.

You will need to provide proof of your funds when you submit your application for immigration.

The amount of money that you need to have to support your family is determined by the size of your family.

Number of Family Members 1 (yourself
Funds Required
(in Canadian dollars) $9,897

If you are carrying more than CDN $10,000, tell a Canadian official when you arrive in Canada. If you do not tell an official you may be fined or put in prison. These funds could be in the form of:

cash;
securities in bearer form (for example: stocks, bonds, debentures, treasury bills); or
negotiable instruments in bearer form (for example: bankers’ drafts, cheques, travellers’ cheques, money orders.)

I hope you might be satisfied with the answer.

Bhagwan Ahuja
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