I hope someone could give an advise on my inquiry. I was able to meet the criteria for both FSW and CEC and got an ITA, but my ITA indicates that I have been invited under FSW. I put in 12,000 as available funds, but I spent a lot on shopping this holiday season so I don't have 12,000 anymore and this makes me ineligible for FSW. Should I continue with my application, and just change the amount of funds on my application, or should I decline the ITA, update my profile with my current funds, and wait for ITA again? Thanks in advance for your help.
if you don't have the money then you're ineligible for FSW. You need to maintain the fund requirement throughout the process and have it at the point you complete your landing.
You can't switch to a CEC ITA yourself by changing the funds in your application.
can you get back to $12,000 by the time you'd be submitting? If not then best to decline and get invited under CEC.
Thanks for the reply, purplesnow! I'm afraid, I cannot get back to $12,000 before my 60 days is up, but I do have both RRSP and stocks. Can both be considered as funds? I didn't realize that I will be considered for FSW even though I am eligible for CEC.
Thanks for the reply, purplesnow! I'm afraid, I cannot get back to $12,000 before my 60 days is up, but I do have both RRSP and stocks. Can both be considered as funds? I didn't realize that I will be considered for FSW even though I am eligible for CEC.
It's so hard to have control on Boxing Day! ;D Anyways, I'll just decline the ITA and update my funds. Thanks for the advice, everyone. Good luck to all of us.
Find out how much of your RRSP would be withheld at source for taxes if you cashed it in (approx 20%, I think). TFSA is tax free on growth within the funds, so that can be calculated at full value.
It's so hard to have control on Boxing Day! ;D Anyways, I'll just decline the ITA and update my funds. Thanks for the advice, everyone. Good luck to all of us.
Believe me, I actually thought about that. I've been waiting for a year to get an ITA (not years, EE has only been a year). I've spent my whole day yesterday and today thinking about whether to push through or not. And up to this moment, I haven't fully decided. But I'm leaning more on the pushing through because I think I have sufficient funds, they're just not all in the same place. Anyways, thanks for the reply.
Hi I have some bond funds (mutual funds) and some exchange traded funds (equity)as my savings.
Are they valid funds to apply. If not what are the major form of savings considered as valid proof of funds
