POF : 6 months average balance requirement

[vipulgoyal88]

How much money should you bring?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison. These funds could be in the form of:

cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers' drafts, cheques, travellers' cheques or money orders).

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

last point, doesnt PF fall in that in sense its a guaranteed payment?

 

[affan_123]

asivad, the reason i thought PF might be acceptable is because CIC says bank and investment accounts, right? PF is essentially an investment account with a fixed rate of return payable when you quit the job. Cant it be considered an investment account?

Absolutely not. This is so not true that your pf is an investment account. You dont get return, pf is an incentive and a plan of a company to save money on your behalf. Although, your pf is invested by a company to gain interest collectively But for you its just an incentive. Pf is part of your salary which results in deduction every month and same amount added by the company and HR manages your portfolio. And its not, your salary increases your pf increases and contribution of a company increases simultaneously.

You wont leave a job once you will get ita, you will leave after receiving pr. Pof you need to provide after ita, so you want to resign after ita? Not sure about that

Don't ruin your case by making silly mistakes.

 

[affan_123]

How much money should you bring?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison. These funds could be in the form of:

cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers' drafts, cheques, travellers' cheques or money orders).

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

last point, doesnt PF fall in that in sense its a guaranteed payment?

Will your company draft a letter on letter head stamped by stating the absolute amount belongs only to xxx? We are liable to pay a sum to xxx on a particular day and will be transferred in xxx account?

Get a letter man, you need to strengthen your statement by saying guaranteed payment. Payment will not be made by you but your company will made it. The only way of convincing cic is get a letter from your company.

 

[affan_123]

Adding to your knowledge vipul. 8% of Your basic salary is your pf. So you aren't investing but only saving (accrual basis). Will be realized once it will be transferred in your account (cash basis).

 

[inder2513]

Is this applicable for people applying under CEC??

 

[alee667]

Can i transfer money to my other account or family member account after submitting POF?

 

[Canada Dreams]

Pf is not investment account.. bit PPF - public provident fund should be considered investment account because it is in ur hands to withdraw the money. It is more liquid than PF. That's my submission.

But friends.. will it harm the case.. if I have already shown amounta just equal to minimum required funds in saving accounts- and still I mention and show my PPF and EPF accounts just to show additional worth.

Plz Confirm.

 

[kateg]

1. Does the 6 month average balance requirement non negotiable even in the case of receiving a gift (as I would not fulfill this if I take the money now)?

It's not a hard requirement. You are required to show that you have sufficient funds to support yourself, as determined by the officer. It must exceed the threshold value.

The funds must be unencumbered (free of debt). A gift qualifies. A loan does not.

2. If the answer to above question is yes, does it make sense to decline ITA and wait for 6 months condition to be fulfilled before applying?

This is where gambling comes in. If money suddenly comes into your account without an explanation, it might be a loan, and the officer may deny you. If you have an explanation (such as a gift), then the officer may consider you to have met the burden of proof. On the other hand ... the officer might think that it's really a loan you have to pay back, and that the letter is false. If that's the case, you get denied.

3. Can anyone share the content/format of the LOE which states what all is absolutely required to tell CIC regarding the gift received?

Technically, nothing is required. Pragmatically, you should make it clear that this is a gift. Circumstances which are appropriate for a gift will be less sketchy than ones that are unusual.

Two examples:

Bad letter:

[Date] This is to certify that $15,000 is a gift from me to name.

Better letter:

Dear Sir or Madam,

I am writing this letter in regard to a gift I have made to my son, [name] on [date].

I have given the sum of $15,000 to my son to help him establish himself and his family in Canada. I know how hard it can be to start out in a new country, and it is my hope that this money will help him to settle successfully. It is a gift, given freely, with repayment neither expected nor permitted.

I have made this gift from my personal savings, and though it comes at a cost to myself, it will not adversely affect my personal financial situation.

Thank you for your time, and your understanding. If you have any questions about the gift, feel free to contact me. My contact information is below.

Sincerely,

[Parent Name]

 

[affan_123]

Can i transfer money to my other account or family member account after submitting POF?

Recommended is to wait until you receive PR.

 

[affan_123]

Pf is not investment account.. bit PPF - public provident fund should be considered investment account because it is in ur hands to withdraw the money. It is more liquid than PF. That's my submission.

But friends.. will it harm the case.. if I have already shown amounta just equal to minimum required funds in saving accounts- and still I mention and show my PPF and EPF accounts just to show additional worth.

Plz Confirm.

You do not need to meet minimum threshold only but average six months monthly balance too.

 

[Marooned]

You do not need to meet minimum threshold only but average six months monthly balance too.

Does it need to meet the minimum threshold after every single transaction?

 

[Asivad Anac]

Does it need to meet the minimum threshold after every single transaction?

Preferable but not mandatory. Recommend that you keep POF funds untouched till you get PR, limit transactions on that account to the very minimum.

 

[sumairak]

ok guys i have got a very bad situation. my husband and I have a joint account and we have kept the money in account for the last 5 months successfully. i have got an AOR from OINP and within next 3 months i will get a nomination. right now due to some serious financial problem i have to take out some amount from that bank account. but i will try to re-deposit the amount within 1 or 2 months. please tell me will it be acceptable to CIC or there is a chance of rejection?

 

[Asivad Anac]

ok guys i have got a very bad situation. my husband and I have a joint account and we have kept the money in account for the last 5 months successfully. i have got an AOR from OINP and within next 3 months i will get a nomination. right now due to some serious financial problem i have to take out some amount from that bank account. but i will try to re-deposit the amount within 1 or 2 months. please tell me will it be acceptable to CIC or there is a chance of rejection?

This is not advisable but there is no mandate from CIC that you can't use your own monies for emergencies. If they ask you to explain, provide evidence at that point in time.

 

[sumairak]

This is not advisable but there is no mandate from CIC that you can't use your own monies for emergencies. If they ask you to explain, provide evidence at that point in time.

thanks Asivad for the reply.
I really dont want to take out the money but the situation is very critical. I hope CIC accept my explanation and POF.