How much to have in bank account while having outstanding debt

[travellingcoder]

Hello,

Thank you in advance for the advice, I think this is a weird and question.
I have lived in the US for the past 7ish years, and I have bank accounts there. Currently, I have a checking account, but also credit cards with debt (they are all in accounts with 0% apr until mid-late 2018). Net that puts those accounts at around $-5000 USD

However, in my home country I have a bank account with my savings which are just over $13000 Canadian Dollars. However, I am afraid the debt I have on those credit cards will make the Canadian Gov deny me the residency, for which my family has told me they could help me with the rest.

My question is, will my application be denied or do I still have a chance? I didn't consider the debt an issue since I have a checking account that is currently paying for such debt, and I am not using credit cards anymore. If I still have a chance, how much money would I need in my account for the Canadian government to accept my request.

Thank you again..

 

[picklee]

Hello,

Thank you in advance for the advice, I think this is a weird and question.
I have lived in the US for the past 7ish years, and I have bank accounts there. Currently, I have a checking account, but also credit cards with debt (they are all in accounts with 0% apr until mid-late 2018). Net that puts those accounts at around $-5000 USD

However, in my home country I have a bank account with my savings which are just over $13000 Canadian Dollars. However, I am afraid the debt I have on those credit cards will make the Canadian Gov deny me the residency, for which my family has told me they could help me with the rest.

My question is, will my application be denied or do I still have a chance? I didn't consider the debt an issue since I have a checking account that is currently paying for such debt, and I am not using credit cards anymore. If I still have a chance, how much money would I need in my account for the Canadian government to accept my request.

Thank you again..

Debt obligations have no weight on you PR application. They are not interested in your net worth, they are interested whether you can financially support yourself over the next months when you come to Canada. This is why you need to show money in an account and not other assets like property, retirement, investments.

 

[jackdawn]

Hello,

Thank you in advance for the advice, I think this is a weird and question.
I have lived in the US for the past 7ish years, and I have bank accounts there. Currently, I have a checking account, but also credit cards with debt (they are all in accounts with 0% apr until mid-late 2018). Net that puts those accounts at around $-5000 USD

However, in my home country I have a bank account with my savings which are just over $13000 Canadian Dollars. However, I am afraid the debt I have on those credit cards will make the Canadian Gov deny me the residency, for which my family has told me they could help me with the rest.

My question is, will my application be denied or do I still have a chance? I didn't consider the debt an issue since I have a checking account that is currently paying for such debt, and I am not using credit cards anymore. If I still have a chance, how much money would I need in my account for the Canadian government to accept my request.

Thank you again..

Yes u only need to show if u have sufficient funds

 

[travellingcoder]

Debt obligations have no weight on you PR application. They are not interested in your net worth, they are interested whether you can financially support yourself over the next months when you come to Canada. This is why you need to show money in an account and not other assets like property, retirement, investments.

I see, thank you very much! I have an additional question. Does the currency of the money matter? I have two accounts in the same bank. One with about $8k in dollars and another account with the rest of money in the Peruvian currency. Should I convert everything to dollars?

 

[crescent_jam]

I see, thank you very much! I have an additional question. Does the currency of the money matter? I have two accounts in the same bank. One with about $8k in dollars and another account with the rest of money in the Peruvian currency. Should I convert everything to dollars?

I don't think the type of currency matters; just as long as the funds you're claiming for settlement purposes are available to you and, can be transferred to and used in Canada when the times comes (which probably will entail being able to convert said currency to Canadian dollars)...

 

[travellingcoder]

Yes u only need to show if u have sufficient funds

Hi Jackdawn, thanks for the reply! Do you know the currency of the money matter? As I wrote to user/Picklee, I have two accounts in the same bank. One with about $8k in dollars and another account with the rest of money in the Peruvian currency. Should I convert everything to dollars?

 

[picklee]

Hi Jackdawn, thanks for the reply! Do you know the currency of the money matter? As I wrote to user/Picklee, I have two accounts in the same bank. One with about $8k in dollars and another account with the rest of money in the Peruvian currency. Should I convert everything to dollars?

The currency is important, as you need to show that the funds in the other currency meet the minimum required for POF, which is in Canadian dollars.

 

[travellingcoder]

The currency is important, as you need to show that the funds in the other currency meet the minimum required for POF, which is in Canadian dollars.

Thanks again Picklee, so does this mean I should convert everything to USD or Canadian Dollars?

Because I have part in USD, and the rest in peruvian currency. The total of those accounts at the current exchange rate becomes a bit over 14k Canadian Dollars. Do I still need to convert it to Canadian Dollars? Would it be ok if I convert everything to USD, I am not sure my bank allows accounts in Canadian dollars..

 

[DelPiero07]

No, you do not need to convert anything - as long as the sum is above the minimum required funds you'll be fine.

 

[travellingcoder]

No, you do not need to convert anything - as long as the sum is above the minimum required funds you'll be fine.

Great, I was really hoping for this. Thank you and everyone else for being so helpful! I am really grateful for this website and the community.
Thanks!