Coming up with the money for Canada immigration POF can become a tough endeavor for many individuals and families. As far as I am concerned, many families seeking to immigrate to Canada won’t even consider immigration in the first place if they had that money. Many persons and families seeking to immigrate to Canada are looking for a better life where they can make more money and take care of their families.
If you don’t know what POF is, it stands for Proof of Funds. It is proof that you have sufficient funds to take care of yourself in Canada. You need to show the IRCC. If you are still having challenges comprehending this, you should check the details of the Canadian Express Entry in this post. Of all the requirements such as language proficiency, education and proof of funds, the last is usually the hardest to meet. So, how do they get this kind of money?
How to get Proof of Fund (POF) for Canada Immigration
If you don’t have enough savings in your bank account to show for Canada immigration, you have a number of options. These are legitimate options that do not involve sources that the Canadian authorities frown at. These means are legal and you can use them.
Option of Selling a Property
You can sell a property like a piece of land, house, expensive car and so on. There was a time it was possible to use documents of properties such as land and house as proofs of fund. That is no longer possible, therefore, you have to find the money.
When you get invitation to apply (ITA) for immigration to Canada and you have all the other documents required, this is a viable option. Many people are scared of what their situation would be if they sell their property and don’t get Permanent Residency (PR). However, if you don’t do anything questionable in your application, you should have no problem.
Use an Investment Account
If you have an investment account with proof that you have access to it, you can use it as proof of fund (POF). If you ask your banker, they will give you the details of this. If you don’t have the money for POF, you probably won’t have money for the investment account.
This means is for those who already have an investment account but didn’t know that they can use it as POF. The statement of this account is acceptable as POF. For those who have the money, they can also open the investment account and collect significant interest monthly.
Since you would want to leave the amount in the account until you get to Canada, it is advisable to open an investment account that will grow your money.
Borrow the Money for POF
Note that it is not advisable to borrow such money but people do borrow it. In fact, IRCC states on their website that you cannot borrow money for POF. But what if you have a friend or relative who is willing to lend you this money for a long period?
A long period is required because the IRCC can ask for an up-to-date copy of your bank statement at any time. Hence, you need to keep the money in your account even when you are in Canada. You need the money to settle down. So, when you are looking for someone to borrow this money from, get someone who can leave their money for a long time. You should make an agreement to pay back in bits to make the re-payment easier.
Your Spouse’s Money Works
If you have gotten an ITA but do not have the money for POF, you can also use your spouse’s money. Your wife or husband’s money can count towards your total POF. However, you must be able to demonstrate that you have access to the funds.
The money must be in your account when you are applying and when you arrive in Canada.
These are some of the ways by which you can get money to present for POF for immigration to Canada. Nothing here is illegal, so you have no fear of being disqualified.