Posted on: 16-04-09 09:21:44
Hello friends,
I will be soon applying through CHC Islamabad with my wife and three children as accompanying dependents. I have the following questions about proof of funds.
1. My wife has a specific amount in Pakistani rupees fixed depositted in a bank in Karachi. Can I show my wife's bank certificates for fixed depositted amount as proof of funds? The certificates are on my wife's name.
2. I have heard that we can't show jewellery and car as proof of funds. But if I sell off my car or my wife's jewellery to make up to the required funds, do you think this will be acceptable? Because after all I will not be taking this money from anyone else. It's my and my wife's personal property that we will sell off to make up to the required funds.
3. Can I submit all the three things together to show the proof of total funds i.e. 1) my bank statement, 2) my wife's bank certificates for the fixed deposit amounts, 3) another bank statement after depositing into my account the amount that we collect after selling off some of our property (car or jewellery)?
4. Is this OK to show the amount that is on my wife's name and not mine? I mean, the bank certificates for fixed depositted amount and jewellery? Because the bank certificates are on my wife's name and the jewellery also belongs to my wife (which she is willing to sell off a part of it if the need arises).
Please advise.
Most CHC offices will not deny your application simply because the funds are not in your name.
You could call CHC Islamabad and ask them the question directly.
It is rather rare for a consulate to insist that all funds be in the name of the primary applicant, if all other aspects of the case are satisfactory.
The visa office specific instructions for CHC Islamabad does not say anything like this.
Refer -
http://www.cic.gc.ca/english/pdf/kits/guides/E37020.pdf
Scroll down to para 11.
Regarding jewellery, you will need to first sell them, acquire the cash and then show that cash as proof of funds.
You cannot provide a valuation of an asset as proof of funds with the assumption that the asset will be sold before landing.
The above document is pretty clear on this aspect, quote -
Provide proof of unencumbered and readily transferable funds in a convertible currency available for settlement in Canada (for you and your family members):
• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements.
The same would apply for the car as well.
Hope this helps.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
JA77 .. I would strongly suggest you to think and evaluate Canada for yourself b4 selling your or spouse PROPERTY .
Good luck ..
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Growing Old Is Mandatory ..Growing UP is Optional
AshwaniG, thanks for your sincere suggestion 
. I'll definitely do that before taking any step. Right now, I am only trying to explore different options.
Pratickm, thanks for your comments. If I sell off this property (car or jewellery), deposit the amount in my account, and ask the bank to issue a bank statement, don't you think CHC will take note on where did all this deposit come from into my account in a bulk?
What do you think is the best approach for me in such a scenario?
Do you think instead of giving them a bank statement, should I give them a bank certification letter displaying the total amount in my account?
By the way, what do most of CHC prefer? Bank statements or Bank Certification Letter?
regards.
I think another very proper solution is to make a statement of assets and liabilities and get it certified by a chartered accountant.
That way you jewellery, property etc are reflected in your true networth.
In this you can also include your liquid assets. When I was immigrating from India 4 years ago, we had included as liquid assest the equivalent amount of $ 10 k for myself and $ 2 k for spouse and $ 2 k for my child- That is what was expected to be carried to Canada when we landed. So the immigratiion expert said if I showed that amount as liquid funds, I would be good to go and sure enough I got the interview waiver .
This is my experience I can share.
Regards
RJ
Quote:CHC doesn't care how you got the money, as long as it's not borrowed.
Originally posted by ja77
Pratickm, thanks for your comments. If I sell off this property (car or jewellery), deposit the amount in my account, and ask the bank to issue a bank statement, don't you think CHC will take note on where did all this deposit come from into my account in a bulk?
In case they do ask, you have a perfectly valid explanation that you sold personal jewellery to get this money.
I can't speak to any tax implications though since I have no idea about your local tax laws.
Quote:Yeah the bank certification letter stating the total balance in the account should also work.
Do you think instead of giving them a bank statement, should I give them a bank certification letter displaying the total amount in my account?
The CHC Islamabad instructions in the link I posted states that bank certification letter is acceptable.
Quote:Depends on post by post, which is why it is important to read post specific instructions.
By the way, what do most of CHC prefer? Bank statements or Bank Certification Letter?
In your case, it states that certification letter is acceptable.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
yes u can show your FD.
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dharmesh
