Implications of Withdrawing Funds You Showed as Proof of Funds for Canadian PR

When applying for Canadian Permanent Residence (PR) through the Express Entry system, demonstrating sufficient funds to support yourself and your dependents upon arrival in Canada is a crucial requirement. However, withdrawing the funds after submission but before receiving your PR can lead to significant challenges. This article explores the potential implications and provides guidance on maintaining your financial standing during the application process.

Proof of Funds Requirement

During the application process, you must provide proof of funds. This typically consists of bank statements or financial documents that demonstrate your ability to cover living expenses while in Canada. The funds should be readily available and accessible, meaning they are not tied up in real property equity.

Impact of Withdrawal

Application Validity

If you withdraw the funds after submitting your application but before receiving your PR, it could result in complications. Authorities may question your financial stability and ability to support yourself upon arrival in Canada. This scrutiny could potentially lead to a delay or denial of your application.

Potential for Application Denial

Withdrawal of funds that fall below the required threshold could lead to your application being denied or delayed. The immigration authorities are likely to view such actions unfavorably, as they indicate a lack of financial security and readiness to support oneself in Canada.

After Receiving PR

If you withdraw the funds after receiving your PR, there are typically no direct repercussions on your permanent resident status. However, maintaining sufficient funds is still advisable for your initial settlement in Canada. It is crucial to have updated documentation that reflects your financial situation.

Documentation and Transparency

It is essential to keep all documentation related to your financial situation up to date and be transparent in your application process. Here are the specific requirements for the official letters from financial institutions:

Letters must be printed on the financial institution’s letterhead. Include their contact information, address, telephone number, and email address. Include your name. List any outstanding debts, such as credit card debts and loans. Include details for each current bank and investment account: account numbers, the date each account was opened, the current balance of each account, and the average balance for the past six months.

Failure to meet these requirements can result in your application being rejected. Additionally, the immigration officer will ensure that the funds are accessible and legally usable when you arrive in Canada.

Rules for Proof of Funds

Here are the rules regarding acceptable proof of funds:

Funds must be readily available and not tied up in real property equity. Funds must be available both when you apply and when the permanent resident visa is issued. You must provide official letters from banks or financial institutions that prove your financial standing and legal access to the funds.

Failure to have updated proof of funds when you arrive in Canada will result in denial of entry. It is crucial to have the necessary documentation readily available, as having a sufficient amount of proof of funds is critical for a smooth application process.

In summary, it is best to maintain the funds as proof until your application is fully processed and you have received your PR. If changes occur, it is advisable to consult with an immigration professional for tailored advice and guidance.