# Assets classes that can show as proof of funds



## deeps.vaishu (Jul 8, 2014)

Hi,
I live in India, planning to file for Canadian PR. I would like to have clarification about proof of funds.

When it comes to proof of funds, what are the assets that can be produced as a support?
I have my ancestral property still in the name of my mother, yet to be registered in my name. Can I show the valuation of that property as a proof of fund?
I have gold ornaments. Can that be used to support this fund? If Yes, in India, how do I get it evaluated?
Can I use my Provident fund, Fixed deposit, or any other modes of investment that I have made to justify this fund?
Also, please let me know other classes of assets that I would be interested to know about.

Do I need these proof both the times, initially while filing for PR and during my first entry?

Thanks for your time and consideration.

Thanks,
Deeps


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## WestCoastCanadianGirl (Mar 17, 2012)

Google is your friend... a simple search brought up this:



> As part of the permanent resident application process you will need to prove to the Canadian government that you have enough monitory funds to support yourself and any accompanying family members when you arrive in Canada. This is because the government *[/I]will not*_ provide any financial support for new immigrants and therefore they need to be sure that you arrive with enough money to establish yourself in Canada.
> 
> Citizenship and Immigration Canada (CIC) set guidelines as to the required funds they consider you need as a minimum in order to establish yourself in Canada. The amount required depends on the size of your family. These amounts can vary from time to time, so you should check these figures at the point you need to use them.
> 
> ...




I would also think that you would need to have proof of these funds upon arrival to Canada... if the Immigration Officer suspects anything about your case smells fishy (or they receive advance intelligence) and you don't have water tight proof, you could be detained and questioned and made to show proof that the details that you've supplied are in fact genuine.


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## deeps.vaishu (Jul 8, 2014)

Hi, 
Thank you very much for your response. I have gold ornaments to meet my required amount. Can I pledge it in a bank and use that proceed to show proof of funds? I can very well produce the receipt for justifying the source of funds. Will this workout?
Thanks,
Deeps.


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## WestCoastCanadianGirl (Mar 17, 2012)

deeps.vaishu said:


> Hi,
> Thank you very much for your response. I have gold ornaments to meet my required amount. Can I pledge it in a bank and use that proceed to show proof of funds? I can very well produce the receipt for justifying the source of funds. Will this workout?
> Thanks,
> Deeps.


No. 

Re-read the section called "Posessions"



> *Possessions:* Again this is _*not acceptable by CIC*_ you will need to liquidate the assets and deposit the money in a suitable account. This also applies to vehicles.


The CIC considers possessions (like gold and vehicles) to be items with a volatile value to them... they might be worth CAD $_x_ one day and then the next they could be workt CAD $_y_, a value that is significantly lower than the day before.

In order to ensure that you have the cash value that you need, you *must*_ sell_ the gold ornaments that you intend to use as your proof of funds and place the money that you get from the sale into a suitable bank account.

Just having them appraised and putting them into the bank for safe keeping _*will not*_ ensure their appraised value.... the items _must_ be sold.


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## piyush1132003 (Oct 5, 2013)

WestCoastCanadianGirl said:


> No.
> 
> Re-read the section called "Posessions"
> 
> ...


Who always have that cash value in back account, I will prefer to have loan against my home as one of my investment property. ..
Do u know at what stage we need to show that amount ?


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## WestCoastCanadianGirl (Mar 17, 2012)

piyush1132003 said:


> Who always have that cash value in back account,


The CIC says that you must have the necessary $$$ in an appropriate account in a bank.

Just imagine that CIC is God, and whatever they say is the law. If you don't follow the letter of the law, then they will refuse your application over and over again until you comply with the law.



piyush1132003 said:


> I will prefer to have loan against my home as one of my investment property. ..
> Do u know at what stage we need to show that amount ?


You have to show proof of funds _from the very beginning of the application process_.

If you do not, then your application will be refused... the CIC doesn't want to be bothered with applicants who don't supply _all_ of the necessary documentation or only supply documentation at their convenience.... it's a waste of their time and resources to do so.

You cannot use a loan against the value of your investment property to show proof of funds.

*However*

_You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property._* You should then get your property valued by* three *independent companies.* These can be real estate agents, property valuation companies, your mortgage lender etc. _*Make sure you get the valuation on letter headed paper and signed.*

If you send both the mortgage details and the valuations the CIC can see how much equity you have available._


_You_ do not decide what the equity value of your investment properties is... the CIC does that, and if they decide that there is not enough equity in your property (i.e. you have too big of a mortgage compared to the value of the property), your application will be refused.


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## colchar (Oct 25, 2011)

deeps.vaishu said:


> Hi,
> Thank you very much for your response. I have gold ornaments to meet my required amount. Can I pledge it in a bank and use that proceed to show proof of funds? I can very well produce the receipt for justifying the source of funds. Will this workout?
> Thanks,
> Deeps.



What did the info posted above say about this?


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## colchar (Oct 25, 2011)

piyush1132003 said:


> Who always have that cash value in back account



Lots of people.


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## xxxxxxxxxxxxxsssagi (May 21, 2013)

deeps.vaishu said:


> Hi,
> I live in India, planning to file for Canadian PR. I would like to have clarification about proof of funds.
> 
> When it comes to proof of funds, what are the assets that can be produced as a support?
> ...


Pls find inline.


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