# fswp funds requirement



## rochanab (Aug 5, 2014)

Hi,

Does anyone know for how many months I have to show funds in my bank account? 
I think for the main applicant and dependent it's around 14500 canadian dollars right? 

Can thse funds be proven in terms of fixed assets? For example I have a car which is worth more than 30000 canadian dollars. If I get an estimate for this can this be used as proof of funds. I saw something like this can be done in one of the forums. 

Can these funds be proven in terms of fixed deposits rather than savings. My wife is the main applicant but she cannot deposit funds other than salary in bank since she is working in a bank and regulations doesn't allow her to do that. If I deposit funds in my account will that be alright?


----------



## Auld Yin (Mar 10, 2009)

You cannot use a car as evidence of liquid assets. The funds should be in name so principal applicant.


----------



## EVHB (Feb 11, 2008)

rochanab said:


> I think for the main applicant and dependent it's around 14500 canadian dollars right?


It's a little bit more: Proof of funds – Federal skilled workers

The funds can be on your name, as long as it is a shared account with your wife's name on it. 
Can't you open a shared account with another bank? Or have your wife open an account on her name with another bank?

If you sell your car (or your house), you can count that amount as funds. A car on your name isn't even your wife's 'fund' as you own the car and she's not allowed to sell it.
We were advised to have the funds in the name of the main applicant for at least 6 months. No idea what the official requirement was, didn't look into that much because the main applicant had the funds is his name for much longer than that.


----------



## colchar (Oct 25, 2011)

rochanab said:


> For example I have a car which is worth more than 30000 canadian dollars.



What a car is worth new and what it is worth on the used market are very very different so, even if you could use your car as evidence of assets, you cannot say that you own a car worth $30,000.


----------



## rochanab (Aug 5, 2014)

Hi,

Used value of my car would exceed beyond 15000 canadian dollars without doubt. When we are migrating anyway we would sell the car. Is there a procedure to value my car under cic. I can transfer the vehicle to my wife's name if that helps.

I also can get Money from my wife's parents to be under her name as a Fixed deposit. I can prove the history of funds as to how they acquired these money. Would I need to show that her parents have other sources of income if I show this money in her account? 

At what stage do I need to show this money. Is it at the stage of submitting documents to CIC or after that? If it's at the migration stage I can show without an issue since I can sell the car. Also I would receive money from the current employer as gratuity and provident fund. Please advise how to proceed.

Thanks in advance.


----------



## Auld Yin (Mar 10, 2009)

The value of your car is irrelevant unless it's been sold and you have the cash in your hands to declare. No doubt you also have furniture, kitchen appliances and gadgets, computer(s) etc, etc, etc. Same story. Unless their value is in cash then they do not enhance your application.


----------



## EVHB (Feb 11, 2008)

Also be aware that you really need these funds (and preferably even more!) to get started in Canada. Unless you have a decent paying job lined up.


----------



## WestCoastCanadianGirl (Mar 17, 2012)

rochanab said:


> Hi,
> 
> Used value of my car would exceed beyond 15000 canadian dollars without doubt. When we are migrating anyway we would sell the car. Is there a procedure to value my car under cic. I can transfer the vehicle to my wife's name if that helps.
> 
> ...


Wow, that must be a _very_ expensive car, if you can get CAD $15k for it. My Dad had a Honda Pilot (an expensive SUV) that he sold and got over $20k for, but if I were to have sold my Nissan Versa (an economy car), I think I would be lucky to get $7500 - $10000 for it... I paid $18k for the car in 2007.

Funds in the bank should ideally be in a cash account, meaning that the balance can be accessed upon demand.

If your wife's parents are going to give you the money, they should provide you with a paper trail (bank statements etc) showing the source of the funds and proving that they're legitimately theirs. The funds _should not_ be financed by a bank loan or similar.

You need to show the availability of the money at the time you submit all of your documents tot CIC and should be available to be shown at all times, including to the Immigration Officer who processes you upon arrival in Canada.


----------



## rochanab (Aug 5, 2014)

Hi,

Well..I live in Sri Lanka and the vehicle values are very high due to taxes.

My wife's parents received this money at the time of retirement as a lump sum . It has been in their account for a few months now. Do I need to prove the history of funds at the application stage or can I show the history at the final stages when the visa officer requests for such documentation. 

Primary source of income for her parents is the interest received from these funds deposited in a fixed deposit. Our plan is to deposit the funds as a FD and give the interest to her parents. She can get a balance statement for the FD. Will this work. Would CIC dig in to understand how her parents would survive without this money.

When I get a confirmation to migrate I can sell my car and also I can get Money in form of provident fund and gratuity from my employer. I have no problem in showing funds when I reach there. You think this will work?


----------



## WestCoastCanadianGirl (Mar 17, 2012)

I would advise that you should expect to be required to prove the history of the funds _from the beginning of the application process_. You never know if and when the CIC agent processing your claim may want to ask for your proof of funds, so it's best to have it already in place.

I would expect that the CIC would expect the money to be in a current account whereby the funds can be accessed on demand... Fixed Deposits do not qualify in this regard, as the money is tied up with the bank for a specified amount of time.

As specified before, _you must prove that you have the necessary funds in place *before* a visa is issued to you_... this means that when you apply, you should have the required amount already in the bank and not after you apply. If you don't have the necessary amount of money in cash in the bank right now, then I would advise you _not_ to apply.

There is no guarantee that you will receive _x_ amount of money for your car until it is sold, and since pension funds can fluctuate in value, they don't count that until you have cashed them out completely and place the money into a bank account.


----------



## colchar (Oct 25, 2011)

rochanab said:


> Hi,
> 
> Used value of my car would exceed beyond 15000 canadian dollars without doubt.



Just what kind of car is this? 





> When we are migrating anyway we would sell the car. Is there a procedure to value my car under cic. I can transfer the vehicle to my wife's name if that helps.



The Canadian government won't care about the car or its perceived value.


----------



## colchar (Oct 25, 2011)

rochanab said:


> Hi,
> 
> Well..I live in Sri Lanka and the vehicle values are very high due to taxes.



At today's exchange rate you would need to get 1792187.51 Sri Lankan Rupees to equal $15,000CND.





> Primary source of income for her parents is the interest received from these funds deposited in a fixed deposit. Our plan is to deposit the funds as a FD and give the interest to her parents. She can get a balance statement for the FD. Will this work. Would CIC dig in to understand how her parents would survive without this money.



So are they going to let you keep that money permanently? If not, you would be being dishonest with the Canadian government by claiming it is yours.


----------



## rochanab (Aug 5, 2014)

Hi all,


Thanks for your valuable contributions in terms of replies for this topic...In economic classes form should I only submit the asset and liability value pertaining to my wife since she's the principal applicant or should it be the assets and liabilities of both of us


----------



## xxxxxxxxxxxxxsssagi (May 21, 2013)

rochanab said:


> Hi all,
> 
> 
> Thanks for your valuable contributions in terms of replies for this topic...In economic classes form should I only submit the asset and liability value pertaining to my wife since she's the principal applicant or should it be the assets and liabilities of both of us


Mention the values for both of you together since you too are the secondary applicant and part of one application. On similar lines, you can mention the settlement funds in your/spouse/joint names.


----------



## Karthik1990 (Sep 7, 2014)

Hi Friends, 
I am in process applying for Canada PR FSW. Could someone explain how show my wife's jewel as a proof of fund ? Thanks in advance. 

Regards, 
Karthik


----------



## colchar (Oct 25, 2011)

Karthik1990 said:


> Hi Friends,
> I am in process applying for Canada PR FSW. Could someone explain how show my wife's jewel as a proof of fund ? Thanks in advance.
> 
> Regards,
> Karthik



Jewels aren't funds.


----------



## Karthik1990 (Sep 7, 2014)

colchar said:


> Jewels aren't funds.


Hi , 
Can't I get the Jewel loan from bank and show as proof of fund? 

Regards,
Karthik


----------



## EVHB (Feb 11, 2008)

Things like cars and houses and jewelry do not count towards available funds, as they are not available to you at that time and the real value (correction: worth!) of it, is only sure once it is sold.

I don't know what a jewel loan is. You give the jewels to your bank and they give you money in return? Probably not, because than it's not a loan...


----------



## Karthik1990 (Sep 7, 2014)

EVHB said:


> Things like cars and houses and jewelry do not count towards available funds, as they are not available to you at that time and the real value (correction: worth!) of it, is only sure once it is sold.
> 
> I don't know what a jewel loan is. You give the jewels to your bank and they give you money in return? Probably not, because than it's not a loan...


Thanks for your information. 
Jewel loan in the sense we can get cash money from bank for the worth of our jewels. 
We can get back them whenever we want by repaying the amount with defined interest. If not bank can sell our Jewel after notifying us. 
In addition, I have been working in Singapore for the past three years and I have been sending money to my India account every month for the past three years. But we have taken that amount to buy some jewels and other family expenses etc... So, if I get money from bank for my wife's jewel and deposit that amount in my India account . Will it be accepted as proof of fund. I can show the source of fund as jewel deposit in bank for the jewel bought from my earnings and also the three years banks statement of both my singapore and India account. However I can show required fund in Singapore account in next 4 - 5 month by stop transferring money to my India Account. Will this idea is accepted ? Because by problem is I don't have required fund in my account at present but I can show them in next 4-5 month from salary credit. Kindly help me with good ideas to log my application since I have all the required documents ready except proof of fund. 

Regards,
Karthik


----------



## WestCoastCanadianGirl (Mar 17, 2012)

Karthik1990 said:


> Thanks for your information.
> Jewel loan in the sense we can get cash money from bank for the worth of our jewels.
> We can get back them whenever we want by repaying the amount with defined interest. If not bank can sell our Jewel after notifying us.
> In addition, I have been working in Singapore for the past three years and I have been sending money to my India account every month for the past three years. But we have taken that amount to buy some jewels and other family expenses etc... So, if I get money from bank for my wife's jewel and deposit that amount in my India account . Will it be accepted as proof of fund. I can show the source of fund as jewel deposit in bank for the jewel bought from my earnings and also the three years banks statement of both my singapore and India account. However I can show required fund in Singapore account in next 4 - 5 month by stop transferring money to my India Account. Will this idea is accepted ? Because by problem is I don't have required fund in my account at present but I can show them in next 4-5 month from salary credit. Kindly help me with good ideas to log my application since I have all the required documents ready except proof of fund.
> ...


Money obtained against a jewel loan is still considered a loan that must be paid back and the money borrowed _will *not*_ be counted towards liquid assets but rather a liability. 

The CIC will consider the jewels to be collateral against the loan, thus the money will be a liability against you. 

You will have to _*sell* your wife's jewelry outright_ and put the funds from the sale into the bank in order for the money to count.


----------



## Karthik1990 (Sep 7, 2014)

WestCoastCanadianGirl said:


> Money obtained against a jewel loan is still considered a loan that must be paid back and the money borrowed _will *not*_ be counted towards liquid assets but rather a liability.
> 
> The CIC will consider the jewels to be collateral against the loan, thus the money will be a liability against you.
> 
> You will have to _*sell* your wife's jewelry outright_ and put the funds from the sale into the bank in order for the money to count.


Oh ok fine. I have heards from one of the agent that taking balance transfer through bank credit card is accepted since we have a liquid cash and also the source of the fund. Is that true ?


----------



## WestCoastCanadianGirl (Mar 17, 2012)

Do you mean a cash advance from your credit card where the credit card company gives you money and you pay them back? If so, that's still a loan and would be considered to be a liability against you.


----------



## EVHB (Feb 11, 2008)

You can show proof of funds by showing more than 1 account! So if you add up the money on your Indian account plus the money on your Singapore account and the total is equal or more than what CIC needs, you are fine! Just show statements from both banks. (As long as the main applicant has access to both accounts, and it's not a jewel loan)


----------



## Karthik1990 (Sep 7, 2014)

EVHB said:


> You can show proof of funds by showing more than 1 account! So if you add up the money on your Indian account plus the money on your Singapore account and the total is equal or more than what CIC needs, you are fine! Just show statements from both banks. (As long as the main applicant has access to both accounts, and it's not a jewel loan)


Hi , 
Thanks for your reply. I got one more idea. Please let me know whether it is fine or not. 
I am planning to close my and my wife's mutual fund policy to with draw the amount in our respective accounts and in addition we have our my wife 's Provident fund & gratuity settlement amount in her account from her employment in India 2 years before. Can I make use of all these fund to show as proof of fund? Since these are all liquid cash amount in our accounts and can take at any time and also bank statement has the source of income as well. One more doubt, can I keep my wife's money in her account or do I need to transfer it to my account? While showing proof . 
Kindly clarify . Thanks 

Regards, 
Karthik


----------



## EVHB (Feb 11, 2008)

The money has to be in the name of the main applicant. It can be on a shared account (if that exists in your country), as long as the main applicant can do with the money what he/she wants.


----------



## goyal_aqua (Nov 8, 2014)

FDs are tied for a fixed time with bank but these are liquid as you can get the principal amount at any time even before the time... So these are to be considered


----------

