Proof of funds - quick question

Old Mar 30th 2010, 1:00 pm
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Default Re: Proof of funds - quick question

Originally Posted by christmasoompa
London certainly do allow equity in property for the initital stages (they are the only visa office that do). You'll need to provide a mortgage statement plus at least two estate agents valuations to prove the equity, but it must be cash when you land.

Hope that helps.
Thanks bud, just as I thought. Dont suppose you want to complete the forms for me too do you?... (Ive almost done it thank god!)
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Old Mar 31st 2010, 9:03 am
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Default Re: Proof of funds - quick question

Originally Posted by christmasoompa
London certainly do allow equity in property for the initital stages (they are the only visa office that do). You'll need to provide a mortgage statement plus at least two estate agents valuations to prove the equity, but it must be cash when you land.

Hope that helps.
we provided a mortgage statement and ONE valuation and that was fine - expecting our stamped passports back this week
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Old Mar 31st 2010, 8:52 pm
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Default Re: Proof of funds - quick question

Originally Posted by Lyn_and_John
we provided a mortgage statement and ONE valuation and that was fine - expecting our stamped passports back this week
I'm guessing you applied before the house prices dived though, 2009 or earlier? Things are a bit different now, so more than one valuation is required.
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Old Mar 31st 2010, 9:18 pm
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Default Re: Proof of funds - quick question

Originally Posted by christmasoompa
I'm guessing you applied before the house prices dived though, 2009 or earlier? Things are a bit different now, so more than one valuation is required.
we applied july 2009
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Old Mar 31st 2010, 9:31 pm
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Default Re: Proof of funds - quick question

Originally Posted by Lyn_and_John
we applied july 2009
That's encouraging news for those of us planning to use equity in the next few months, thanks for posting the info.
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Old Apr 1st 2010, 4:50 pm
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Default Re: Proof of funds - quick question

thanks for all your replies. It's a minefield!
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Old Apr 12th 2010, 4:33 pm
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Default Re: Proof of funds - quick question

Originally Posted by princess caribou
thanks for all your replies. It's a minefield!
another piece of info i was given today regarding proof of funds. We received an email (form our agents) congratulating us on receiving our visas this weekend - hurrah! The email contained various bits of information but one in particular stood out - it said:

**Important** When you arrive in Canada to validate your permanent residency visa(s) you must have the following with you:

• Up-to-date proof of settlement funds. This can be in the form of recent bank statements (issued in the previous month), house valuation and mortgage statement, etc. You will need to satisfy the CBSA Officer at the Port of Entry that you have enough money to support yourself and your family members upon arrival. As a family of 4, you will need to demonstrate a minimum of CDN$ 20,599.**



And of course i queried this - house valuations and mortgage statements as acceptable proof of funds when landing? I knew it was acceptable on application but thought this had to be converted to liquid assets (i.e. house sold) before you could officially land. Anyway i queried this and got the reply:

***The officer will accept a property valuation and mortgage statements although if you do have the funds available please provide a recent bank statement showing that you have the liquid funds available.**

So basically if you dont have the full amount available in cash you can wave your house evaluation and mortgage statement at them - you learn something every day! Not much good when you need ready cash for setting up again in Canada but could be very useful if you manage to line yourself up with a job and your house is taking some time to sell thanks to the property market at the moment.

Certainly thought it was info worth sharing as in all the time i have been scouring forums for information during our application process i have never ever come across that information.
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Old Apr 12th 2010, 5:10 pm
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Default Re: Proof of funds - quick question

Originally Posted by Lyn_and_John
another piece of info i was given today regarding proof of funds. We received an email (form our agents) congratulating us on receiving our visas this weekend - hurrah! The email contained various bits of information but one in particular stood out - it said:

**Important** When you arrive in Canada to validate your permanent residency visa(s) you must have the following with you:

• Up-to-date proof of settlement funds. This can be in the form of recent bank statements (issued in the previous month), house valuation and mortgage statement, etc. You will need to satisfy the CBSA Officer at the Port of Entry that you have enough money to support yourself and your family members upon arrival. As a family of 4, you will need to demonstrate a minimum of CDN$ 20,599.**

Thanks for the info.

When do you plan to land. we are in the same situation. House is up for sale but we need the funds to buy another house and when we initially land it will just be for a visit. Has anyone used a house valuation and mortgage statement for landing and then returned to the UK to sell?



And of course i queried this - house valuations and mortgage statements as acceptable proof of funds when landing? I knew it was acceptable on application but thought this had to be converted to liquid assets (i.e. house sold) before you could officially land. Anyway i queried this and got the reply:

***The officer will accept a property valuation and mortgage statements although if you do have the funds available please provide a recent bank statement showing that you have the liquid funds available.**

So basically if you dont have the full amount available in cash you can wave your house evaluation and mortgage statement at them - you learn something every day! Not much good when you need ready cash for setting up again in Canada but could be very useful if you manage to line yourself up with a job and your house is taking some time to sell thanks to the property market at the moment.

Certainly thought it was info worth sharing as in all the time i have been scouring forums for information during our application process i have never ever come across that information.
Thanks for the info.

When do you plan to land. we are in the same situation. House is up for sale but we need the funds to buy another house and when we initially land it will just be for a visit. Has anyone used a house valuation and mortgage statement for landing and then returned to the UK to sell?
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Old Apr 12th 2010, 5:27 pm
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Default Re: Proof of funds - quick question

Sorry, just to quickly hijack this thread to ask a quick question... It is still right isn't it that if you have an AEO under fsw you don't need to provide proof of unencumbered funds on landing?
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Old Apr 12th 2010, 6:57 pm
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Default Re: Proof of funds - quick question

Hi

Originally Posted by mikkim
Thanks for the info.

When do you plan to land. we are in the same situation. House is up for sale but we need the funds to buy another house and when we initially land it will just be for a visit. Has anyone used a house valuation and mortgage statement for landing and then returned to the UK to sell?

No way, at landing you need proof of funds to support yourself for 6 months, you can't eat a house. A valuation will NOT be accepted as proof of funds.
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Old Apr 12th 2010, 7:00 pm
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Default Re: Proof of funds - quick question

Originally Posted by PMM
Hi




No way, at landing you need proof of funds to support yourself for 6 months, you can't eat a house. A valuation will NOT be accepted as proof of funds.
thats certainly what i thought but they seem quite certain?
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Old Apr 12th 2010, 7:15 pm
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Default Re: Proof of funds - quick question

Hi

Originally Posted by Lyn_and_John
thats certainly what i thought but they seem quite certain?
Maybe they should read the Immigration Regulations?

76. (1) For the purpose of determining whether a skilled worker, as a member of the federal skilled worker class, will be able to become economically established in Canada, they must be assessed on the basis of the following criteria:

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
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Old Apr 12th 2010, 7:18 pm
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Default Re: Proof of funds - quick question

Originally Posted by PMM
Hi



Maybe they should read the Immigration Regulations?

76. (1) For the purpose of determining whether a skilled worker, as a member of the federal skilled worker class, will be able to become economically established in Canada, they must be assessed on the basis of the following criteria:

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
i agree entirely and that is always the way i understood it - which is why i put todays post on - i had never seen anything before that said otherwise - and to be honest im not going to believe it
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Old Apr 12th 2010, 8:07 pm
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Default Re: Proof of funds - quick question

Originally Posted by PMM
Hi




No way, at landing you need proof of funds to support yourself for 6 months, you can't eat a house. A valuation will NOT be accepted as proof of funds.
"You can't eat a house", Love it!
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