Would housing loan affect proof of funds?

[narayanf1]

Here's my case:
CAD $6000 in Provident Fund (similar to 401k in the US)
I plan to show the PF statements (notarized) and acknowledgement by the previous employer that the funds are in the process of withdrawal
CAD $6000 in Fixed Deposits and Recurring Deposits
The attested statements by the bank will be shown

Here's my dilemma:
Part of the fixed deposits is made just today. So, as a rule I got to show the bank statement for the past 6 months. However, the statement would show huge deposits of money which is mortgage disbursement.

My questions:
1. Would Ontario/CIC ask for mortgage documents? If yes, what kind of documents?
2. The house under construction is in my mother's name and the loan is being repaid by me. In this case what do I need to do?
3. Do I need to get a certified letter by the bank showing a Canadian equivalent of the funds I have?

 

[Asivad Anac]

Here's my case:
CAD $6000 in Provident Fund (similar to 401k in the US)
I plan to show the PF statements (notarized) and acknowledgement by the previous employer that the funds are in the process of withdrawal
CAD $6000 in Fixed Deposits and Recurring Deposits
The attested statements by the bank will be shown

Here's my dilemma:
Part of the fixed deposits is made just today. So, as a rule I got to show the bank statement for the past 6 months. However, the statement would show huge deposits of money which is mortgage disbursement.

That is incorrect. CIC wants 6 months average balance. And the reason behind asking that is that CIC wants to be assured that you haven't borrowed monies for POF purposes. You'll have to provide source of funds for 12000 CAD to convincingly prove to CIC that the monies belong to you.

My questions:
1. Would Ontario/CIC ask for mortgage documents? If yes, what kind of documents?

CIC/Ontario won't care about the mortgage disbursement. All you need to convincingly prove is that you have unfettered access to at least 12000 CAD.

2. The house under construction is in my mother's name and the loan is being repaid by me. In this case what do I need to do?

Nothing. This need not be disclosed in your PR application. CIC doesn't care about your personal financial situation beyond requiring you to have unfettered access to 12000 CAD which aren't borrowed from anywhere.

3. Do I need to get a certified letter by the bank showing a Canadian equivalent of the funds I have?

Not essential. Letter stating the amount in local currency will suffice. If your bank can show Canadian equivalent on their letter by employing that date's currency conversion rate, no harm done.

 

[narayanf1]

Thank you Asivad for the crisp response and the correction of incorrect statement. I will go ahead with the formalities.
Also, congratulations on turning into a Canadian Permanent Resident.

For others who may have similar query or who expect further detail on this query:
I will get the six months of statements attested by the banks (I hold two accounts in different banks which have transactions between them)
I am going to produce FD and RD statements attested by the bank
I am going to show notarized PF statment and acknowledgement by my ex-employer on the withdrawal status
Since the FDs are renewed every 30 days, I will be showing each electronic statement I received for the same FD.
If the fee is nominal, I will get the bank provide a letter stating the Canadian dollar equivalent of the funds I hold.

 

[Patrickmonteiro]

Hi Asivad,
same question repeated as im not sure if there is any change since 2016. I have an education loan since 2013 which I have been religiously repaying and have paid back 50% of the loan. Will I need to declare this along with my POF as both are linked to the same account. POF is no problem for me. Will the loan have a negative impact on my application is what I ask. As of now i can show POF for 17,000 CAD (one person only) and my loan amounts to 20,000 CAD. Thats why the worry.

Cheers
Ankit

 

[tvishas]

Hi Asivad,
same question repeated as im not sure if there is any change since 2016. I have an education loan since 2013 which I have been religiously repaying and have paid back 50% of the loan. Will I need to declare this along with my POF as both are linked to the same account. POF is no problem for me. Will the loan have a negative impact on my application is what I ask. As of now i can show POF for 17,000 CAD (one person only) and my loan amounts to 20,000 CAD. Thats why the worry.

Cheers
Ankit

Hi Ankit,
I also have a similar query like you.
How did you go about submitting your application? Did you show your educational loan for the same?