fund requirement

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manhar - 27 Jun 2006 19:33 GMT

Hi guys,
We have planned to land in Canada in Sep and return after getting the
PR status as we have some committments back home. For a family of 3, we
need to show a minimum funds of 15K+ but I've just 6K cash and
remaining in company ESOPs. The value of stocks is around US$ 15K as of
today. I don't want to sell my ESOPs as I expect a good returns in
future. Hence the question: Does Canadian Immigration consider stock
options as proof of funds?
Also, in order to save the conversion charges of currencies, I want to
show the funds in my local currency(Rupees), will that be accepted?
Thanks in advance,
harish

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PMM - 27 Jun 2006 19:50 GMT

> Hi guys,
> We have planned to land in Canada in Sep and return after getting the
[quoted text clipped - 8 lines]
> Thanks in advance,
> harish

1. No shares cannot be used for settlement funds.
2. Rupees are not considered a convertible currency and again cannot be
used.

PMM

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S P Arif Sahari Wibowo - 27 Jun 2006 20:00 GMT

> 1. No shares cannot be used for settlement funds.

Ooops, my bad. So in the page
http://www.cic.gc.ca/english/skilled/qual-4.html
"stocks" doesn't mean shares?

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(Stephan Paul) Arif Sahari Wibowo
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Disclaimer: IANAL, IANALP, IANAMD, IANAMP, IANAAP
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S P Arif Sahari Wibowo - 27 Jun 2006 19:58 GMT

> Hence the question: Does Canadian Immigration consider stock
> options as proof of funds?

Read in this webpage, near the bottom of page:
http://www.cic.gc.ca/english/skilled/qual-4.html

So apparently stocks can be used. But I have no idea how CIC
determine their value. CIC not necesarily go with market price.
Also, it have the same limitation as below.

> Also, in order to save the conversion charges of currencies, I
> want to show the funds in my local currency(Rupees), will that
> be accepted?

THe fund need not to be in CAD, but it have to be in convertible
currency (currency that can be freely traded with any other
currency, without limitation and without any need of permission
from anyone). Unfortunately, I have just been told that it is
not the case with Indian Rupee.

Also, I think you will be expected to bring some CAD for your
personal need while in Canada.

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Immigration Forum / Canada / June 2006

fund requirement