When it comes to PoF, there is a lot of views floating around the forum on what to do and what not to. So lets get to the bottom of this and start from the law that applies to PoF.
The PoF is not a requirement in the Immigration and Refugee Protection Act or the regulations. However, the ministerial instructions mandate that every applicant demonstrate that they have adequate funds to establish themselves in Canada. For this purpose they have made a minimum requirement which is revised periodically.
The IRCC requires applicants to disclose all their accounts, debts, loans, credit card etc. The bottom line is that IRCC wants to ensure that you have funds, and the funds you are demonstrating are not borrowed. Unless, you are in a partner country, IRCC has no means to find out your financial situation, however they can speculate from your education and salary. You need not disclose loans and debts, if they are not from the same financial institution where you have your bank account.
To sum it up:
1. If you have a credit card debt, which you pay every cycle, no need to disclose. If you are repaying a previous debt, and paying interest in it, you will need to disclose it.
2. Minor loans like a car loan, if not from the same back from which you are providing a PoF need not be disclosed. If they are from the same bank, you should.
The list can go on. The bottom line is that you should be on the verge of bankruptcy. Further, IRCC has no means to find your loans, especially from non partner countries (partner countries are US, UK, Australia and NZ). If the loans and debts are minor, it will be fine, big loans such as house loan should be disclosed.
However, always remember giving true information is you responsibility. Even after your application is approved, and you become a PR, your status can be struck off and you can be deported if IRCC finds that you lied and misrepresented.
... too bad our ages are calculated based on date of birth rather than how old we act and feel ...
