₦airaland Forum

OK. But for a Non-Bank Financial Institution (i.e. ARM Investment Limited) that manages Mutual Funds. I believe the letter they would issue would have the wordings of a regular bank reference letter and also also the date account was opened and amount of funds one has therein. This is fine right?

ysteph:
Bank reference letter should be used o irrespective of fixed deposit certificate. Statement of account is not necessary.

Just wana be sure that an SOA and BR aren't compulsory if one is submitting POF using fixed deposit or mutual fund.

Cheers

Thanks for the feedback. I want to assume that you submitted an SOA and Bank's reference cos you had funds in them to show and not because you wanted to use them to support the fixed deposit certificate.

Just wana be sure that an SOA and BR aren't compulsory if one is submitting POF using fixed deposit or mutual fund.

Cheers

Favoredme:
Thanks. POF was Fixed deposit certificate, 6 months statement of account, LOE and bank generic reference letter.

Congratulations to you and yours and I tap massively into your swift timeline.

Could you please share what POF did you submit?

Cheers

Favoredme:
It's PPR people!!!

My timeline is:

ITA.....  Jan 10
AOR.... Jan 17
MEP..... Feb 02
IP1 ...... Feb 02
NA2..... Feb 06
IP2 ...... Feb 20
PPR .....Feb 20

When this part 3 was opened, I made a silent declaration that my PPR story will be told here and here it is!

I want to give God the praise because myself and spouse wrote IELTS in August 2017 once using only ieltsbuddy.com and the road to IELTS from BC. Then ASUU or was it NASU strike held back our WES until Nov/Dec 2017. Family size of 5.

We started this process using the CIC website only until I stumbled on this thread (part 2) through Google.
I will encourage newbies to read the CIC website and thoroughly because every needed info is there and seek further guidance or Naija experience from this thread and parts 1 and 2.

Congrats,

I tap into your testimony for a much more better result in Jesus name, Amen.

hayor2014:
Thank God for me and join me in celebrating..
MOD IDP remark came after 10days and writing was increased,new Crs is 449,and I av got my money back....result now is LRSW 8.5, 7,7.5,7.....for people who think IDP is to be avoided.....I think I would rather pay 46K and know my fate than 15K and wait 12weeks...

Lol, mine is even result. Can't wait to have my excellent 9999 so that I can update my profile. Am targeting March 7th's draw for ITA and so shall it be in Jesus name, Amen.

nairalandnewbie:
Ielts abi; some days i wish i chose a closer date sometimes i don't. I have practice so many lessons i'm tired

Just dunno why one week is looking like one year for my eyes. Feb 23, pls come quick jare.

TGIF Peepz

Amen, by His grace.

mcstan18:
Thanks bro. Will be watching out for your testimony come next week. Amen

Baba I join you celebrate o. Congratulations!

Chai, awaiting my result next week Friday ooo, baba God go make me testifying too ooooo, team 9999.

mcstan18:
Dear Brethren,

...for the Egyptians [BC and IELTS] whom ye have seen today, ye shall see them again no more for ever.
The day has come for us to be set free from these Egyptians. They have somehow given me some sort of mixed feelings though. Nevertheless, I am extremely grateful to God that my morale didn't wane down to a nadir.

L - 8
R - 9
W - 7
S - 8.5

I'm considering a remark in the W, I need that 3 points badly. What do you, my e-family think?
On a lighter note, someone here was touched to give me a hug the last time while I was seemingly downcast. Now is the perfect time, with all the RED theme everywhere. Shall we pick a rendezvous already?

A remark will do the magic. Congrats and congrats again for your score would be upgraded after a remark.

canadianxmas:
Guys please see my IELTS result o. for Feb 1st and advice cause am really heart broken now.


L - 9
R -9
W- 6
S- 8

Congratulations. I tap into your testimony.

Claire40:
IELTS is in nairalanders

L - 9
R- 8.5
S -7.5
W-8.5

Running to fill my EE profile. Canny, here I come

@wizean, congrats to you as it has ended in praise.

I tap into your testimony and receive more grace and perfect result than yours come next week Friday in Jesus name, Amen.

Cheers

wizean:
Finally broke loose from the shackles of BC

L: 8
R: 9
S: 7
W:7

CRS=463

Someone please pray for us to get delivered from the shackles of NASU too ooooo

Thanks, peradventure I use FD, I wouldn't wana show SOA cos the funds might be an arranged / lump sum.

blessings2017:
You're not required to but most people prefer to add their reference letter and/or SOA to show flow of money transaction. it all depends on your risk level . Choose what makes you comfortable. Over documentation is not bad but let it be tidy

Yeah, am actually in Lagos. I registered at New Horizon, Surulere Campus. Lecture fee is 59k for weekend classes for 3 months. Exam fee should be less than 100k. If you'd like to join, it's a good time to register as classes would be starting afresh any moment from this Saturday or next.

Cheers.

HTC2017:
Hello DadR,

Where did you register for the Comptia A+ classes and how much is the whole package? I'm guessing you're in Lagos.

Thanks a bunch.

If one submits a certificate of fixed deposit as a POF, is one required to still submit a reference letter from the bank and/or an SOA?

blessings2017:
Anybody can gift you . All you need to submit is the gift deed and receipt of transfer of the funds. Nothing more . There's nothing like investigation of the person's capacity or his/her relationship to you

Top of the morning to you guys.

As I await my excellent IELTS results, am thinking of post ITA related matters already. Hence, I need the below clarification.

Regarding Gift Deed, for instance, if I my sister is gifting me some funds, do I have to submit her bank statement or just the receipt of the transfer of the funds she's giving me? Then, do I have to show that we are siblings (by submitting her Birth Certificate) cos she uses her married name now as against the surname we share?

Also, does IRCC investigate the capacity of the person gifting the funds to confirm if that person has the capacity to do so or not?

Lastly, can anyone other than my family execute a gift deed in my favour. Let's say, colleagues, friends, boss, etc?

Thanks

Lol

IykeD:
Oh my bad..sorry. I guess it's time to get this damn glasses.

This is quite cool. I'm also in the process of moving to Canny. Though my work experience is in banking but I'm interested in switching career to IT. To this effect, I have registered for Comptia A+ classes and will write the exams immediately after lectures.

It will end in praise!

gcmsnote:
Hey, if you are looking at focusing on IT and looking at Help desk specifically, I would suggest you take the Comptia A+ certification. The IT industry here is really big on certifications and that certification will get your foot in the door (It will get you calls from HR). Also, doing the certification also gives you confidence.

Amen and Amen @iyatuntun

Newmum0615:
Here's wishing all IELTS test takers today a successful outing. I pray it will be the last time you enter that exam hall.

Amen ooooo, Konta baba. My 3rd and last attempt in Jesus name, Amen.

Kontagious:
Congrats Tollu, what a journey.

To those taking IELTS today, God's grace with you all. Mcstan18 et al, come 13 days time, we will be celebrating you.

CRS coming down gradually. If I were to have sat for IELTS and gotten 8,8,8,8, my CRS would have increased to 442 and I could have received ITA today. Chai, Baba God helep me this Saturday ooo.

Congrats to those who have just received ITA. God go do our own too o.

Cheer.

GlitteringStar:
Good news!

Number of invitations issued has increased from 2750 to 3000.


Number of invitations issued: 3,000

Date and time of round: February 7, 2018 at 16:55:01 UTC

CRS score of lowest-ranked candidate invited: 442

Tie-breaking rule: May 29, 2017 at 07:01:15 UTC

Yes but you would need a letter of consent from your spouse saying that he/she allows the fund to be used for POF and it's accessible. However, it would be nice and much easier if you can have your spouse transfer the funds into your account.

Cheers.

anaxagoras:
good Day people...

Please can part of POF be in spouse’s account ?

So no draw today or the number of people with high CRS is low in the pool? If it's so glory be to God then. Make I go smash IELTS asap make my score skyrocket.

Good evening famz!

Yes, WES does accept SOR in lieu of a certificate. I used SOA for my ND ECA and a lot of others have used same too on this forum.

Cheers.

CheekyGirl:
Good Evening Everyone.

URGENT: Pls does anyone know if WES will accept a Statement of Result in place of a certificate?? Has anyone successfully tried that?

Thank you!

Thanks for weighing in Baba.

Kontagious:
Apologies for coming late to the Face Value Vs Discounted Value Party .

Let’s see Tbills (and FD) as investment rather than POF.

Tbills is supposed to be I give up N6M in investment, FG gives me 500k (upfront) as interest. This is the accounting activity in some banks (I know FCMB), you’re debited 6M and immediately credited 500k whereas, a bank like GT will just debit you 5.5M.

So, I have an investment (certificate) worth 6M and a closing balance of 500k, the real debate should actually be, can I use my closing balance (SOA) as part of POF since that 500k (in the statement) is the unearned interest you will give part up in the event of liquidation not any amount in the N6M.

If you use discounted value to calculate your POF, you’re simply saying your investment is not worth 6M when in actual sense, you gave up N6M.

For me, I used both N6M and even N500k in my POF calculation .

Another angel to see this… Let’s say I want to use only my Tbills certificate as POF without adding my SOA which is totally allowed. For parties saying use discounted value, that means, I’d be saying my POF is 5.5M? When before the investment I had 6M in my account? Biko, Face Value all the way mehn, no time .

P.S: All figures used are hypothetical.

cc: Guitarlife, DabR, Newmum0615, Happytbaby, GlitteringStar, 40manlappy and all other owambe attendees

I quite understand the angle you are coming from because I purchase and rediscount Tbills for and on behalf of my clients. However @guitarlife is safe using the Face Value. If he uses the DV, he would be short changing himself cos by the time a VO is reviewing his/her file, the value would have increased. Even if he's rediscounting today, he would get more than the DV how much more when the VO would be reviewing his file. Am not sure any VO would sit down and calculate the value of the instrument if it's to be rediscounted as at the date of review to ascertain the exact POF value.

As @Adiabasi has rightly said (senior from the living in Canada thread) she used the Face Value and has gotten PPR.

Having said all this, @guitarlife is at will to choose the way to go.

Cheers

happytbaby:
You have taken the interest upfront but you will not[b] earn[/b] that interest that you have collected fully that until maturity. A discounted fixed income instrument will converge to face value at maturity. In essence you have collected money that you have not earned.

Guitarlife may choose to use face value but I, Happytbaby, will use discounted value.

He wasn't comfortable with my answer cos he feels am not a senior cos I don't PPR yet, lol. Just kidding. Tnx for weighing in.

Adiahabasi:
I used face value and I have my COPR now.
Someone answered you earlier.

Congratulations to you and belated happy birthday to your son. It has ended in praise!

MRSDA:
Hello everyone,

PPR mail received today. Huge relief.

ITA- July 2017
AOR- Sept 6th
ADR - Sept 19th
MEP- Sept 20th
NA2- Sept 20th
FTD to LVO- October 30th
ADR- Feb 1(passport bio data pages, height and eye colour)
PPR- Feb 5th (my son's birthday)

Wishing everyone the best in their Canada journey.

This is quite ok, however, it would be good to know the tenor of the Tbills he purchased. If the Tbills will mature before PPR, he can definitely use the Face Value as POF value.

happytbaby:
@Guitarlife, I suggest you be conservative and use the discounted value. For me, I believe the question ia how much you have at the moment not how much you will have in the future.

Do note that TBs can be sold for cash prior to tenor expiration, it may not be held to maturity. Also, let"s say the TB's tenor is 1year and your PPR is to be issued in 2months, will they use the fave value in 1year's time to calculate how much you will take to Canada in 2month's time? Answer this and then you will have the answer to your question.

You should use the face value to calculate your POF as this is the value you will receive when the Tbills mature.

Guitarlife:
Hello friends. How was our day.
I have a quick question. On the treasury bill certificate we have the face value and discount value.

As we all know the face value is only realised after full maturity of the TB .

Can we still calculate the POF using the face value of it is the discount value that should be used ?

You should use the face value to calculate your POF as this is the value you will receive when the Tbills mature.

Guitarlife:
Hello friends. How was our day.
I have a quick question. On the treasury bill certificate we have the face value and discount value.

As we all know the face value is only realised after full maturity of the TB .

Can we still calculate the POF using the face value of it is the discount value that should be used ?