Proof of funds

[SwaKC]

Hi,
My husband and I are in the pool waiting ITA. A query regarding POF. I intend on showing a major part of my funds as FD created in May 2019 and a smaller part as savings. Do I need to show the source of income for the FD?

 

[canuck78]

Proof of funds must be easily turned into liquid money because you need those funds to settle in Canada.

 

[SwaKC]

Proof of funds must be easily turned into liquid money because you need those funds to settle in Canada.

So the bank mentioning about liquidation will be enough or must I prove the source like a gift deed??

 

[canuck78]

So the bank mentioning about liquidation will be enough or must I prove the source like a gift deed??

Is the money looked in for numerous years? No you don’t have to prove a source as long as the money has been in your account for over 6 months and it makes sense based on your income. The proof of funds is there because relocating to Canada is expensive and you are expected to use these savings to resettle in Canada. It may take numerous months to secure a job so you need to have this money easily available to support your resettlement and not try to access government funds.

 

[SwaKC]

Is the money looked in for numerous years? No you don’t have to prove a source as long as the money has been in your account for over 6 months and it makes sense based on your income. The proof of funds is there because relocating to Canada is expensive and you are expected to use these savings to resettle in Canada. It may take numerous months to secure a job so you need to have this money easily available to support your resettlement and not try to access government funds.

Thank you for your guidance