They will accept 401k funds since those are in your name and you can technically cash them out at any time. From what I've seen, what they don't consider is the tax penalty for early withdrawals (around 20+% of the funds in the account), or the vesting amount. So you can say you have 20,000$ in the account, and only have 10,000$ vested, cash it out and only receive (example) 4000$, but CIC will only recognize the 20,000$ initially listed.
Are you sure? Do you know someone who has used their 401K ending balance as proof of funds?
My question- Do we indicate the ending balance or vested interest for the amount of money that we would bring in to Canada? Also, my wife will be accompanying me, so can I use her bank statements as well?
Hey, its good to know they considered 401K. Did they consider the ending balance or vested amount? Also, did you show 401K and Roth accounts as POF at the time of landing too?
Anymore update on this? I just submitted my OINP with 401K and savings as proof of funds but majority is from 401K. Please, if someone is successful with it, would like to hear first hand experience. Thanks!
Are you sure? Do you know someone who has used their 401K ending balance as proof of funds?
My question- Do we indicate the ending balance or vested interest for the amount of money that we would bring in to Canada? Also, my wife will be accompanying me, so can I use her bank statements as well?
Ok thanks! Kindly update us. I've applied OINP using 401k. Fingers crossed. I just used the quarterly statement and printed out my current vested balance online. Do you think that will suffice?
Thanks for your response! Yay! I'm so happy. I just provided the statement and current vested balance. Do you think that's enough? Do they only consider your current balance or after tax? Thanks!
Thanks for your response! Yay! I'm so happy. I just provided the statement and current vested balance. Do you think that's enough? Do they only consider your current balance or after tax? Thanks!
I've provided savings and 401K to OINP and they've accepted it. I plan to do the same for PR. I will also show my checking account. Will you show checking and credit cards?
After reading here and other places, I plan to submit my 401(k) as my sole POF. From what others have said, they didn't seem to differentiate between vested and non-vested amounts, but I think this could be subjective if someone decided to do a little research. They also don't seem to take out tax or penalty from the amount. To be on the safe side, I'd make sure that the vested amount minus about 30% was able to meet the POF requirement, but it seems from past applicants that just the total in the account is what they looked at.
