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Ray of hope - FSW - 1

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akh136

Star Member
Apr 18, 2019
116
34
You need to send IRCC all your bank account letters, and those need to include any money that is owed by you (like your loan). They want to see your assets and liabilities in total, so that they can be sure you have enough for the proof of funds requirement.
So does it mean I need to show 13000 CAD over and above my outstanding loan ? Thats the main point of contention here , I am afraid I that amount of money as of now.
 

Sydneyaccountant

Star Member
Nov 21, 2020
105
30
So does it mean I need to show 13000 CAD over and above my outstanding loan ? Thats the main point of contention here , I am afraid I that amount of money as of now.
I dont think they are looking for your net worth. As long as you can show you have readily available funds (either in cash or shares), it should be sufficient.
 
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ZAtoCD

Champion Member
Nov 3, 2019
1,133
1,329
South Africa
Category........
FSW
Visa Office......
Ottawa
NOC Code......
1123
So does it mean I need to show 13000 CAD over and above my outstanding loan ? Thats the main point of contention here , I am afraid I that amount of money as of now.
The part of this page that talks about loans may help you: http://askkubeir.com/proof-of-funds-canada-express-entry/.

It suggests that loans against assets should be fine (because those can be sold to pay off the loan). But that other kinds of loans could be interpreted either way by IRCC, and that it's advisable to show you have more than the POF (so as to cover that). So, it may depend on what kind of debt you have.
 

13nitinsharma

Champion Member
Apr 17, 2012
2,568
3,163
Canada
Hey guys.. ! My CRS is 466. Do you think I stand a chance in the upcoming Draws? I am maxed out on my IELTS and WES has given me Double bachelors for my MBA so trying to get the masters equivalency from IQAS but not able to create my profile on IQAS. Not sure if 466 is good enough or I should work on increasing it.
My profile expires in march.
@13nitinsharma what do you suggest?
Please help!
You should target Masters equivalency from CES/ICAS/IQAS.
 

akh136

Star Member
Apr 18, 2019
116
34
The part of this page that talks about loans may help you: http://askkubeir.com/proof-of-funds-canada-express-entry/.

It suggests that loans against assets should be fine (because those can be sold to pay off the loan). But that other kinds of loans could be interpreted either way by IRCC, and that it's advisable to show you have more than the POF (so as to cover that). So, it may depend on what kind of debt you have.
Its an education loan and there is really no consensus about what should be done with it. In case anyone here has successfully dealt with such a situation, please guide
 

abnan

Member
Jul 17, 2019
19
17
Hey guys.. ! My CRS is 466. Do you think I stand a chance in the upcoming Draws? I am maxed out on my IELTS and WES has given me Double bachelors for my MBA so trying to get the masters equivalency from IQAS but not able to create my profile on IQAS. Not sure if 466 is good enough or I should work on increasing it.
My profile expires in march.
@13nitinsharma what do you suggest?
Please help!
No one can predict the next draw. Logically, if the same number of applicants are invited and the draw happens on 6th Jan. the score should come down because between the 23rd Dec and the 6th Jan draw, most IELTS, ECA and PNPs would not come due to holidays. But historically, it has been observed that the scores have increased in the first draw of a year for some strangely unknown reasons.. But a lot of people are predicting 2021 to be a good year for sub 450 and 460 scores due to US immigration opening up and a lot of techies/IT professionals choosing US over Canada for obvious reasons.
 

huyypeter

Star Member
Aug 14, 2019
101
54
No one can predict the next draw. Logically, if the same number of applicants are invited and the draw happens on 6th Jan. the score should come down because between the 23rd Dec and the 6th Jan draw, most IELTS, ECA and PNPs would not come due to holidays. But historically, it has been observed that the scores have increased in the first draw of a year for some strangely unknown reasons.. But a lot of people are predicting 2021 to be a good year for sub 450 and 460 scores due to US immigration opening up and a lot of techies/IT professionals choosing US over Canada for obvious reasons.
In history, there were bigger gaps between the last and the first of the following year, which increased the crs. But this year is exact 2 weeks if conducted on the 6th. But I dont think it will drop to 466 yet, there will be roughly 1000 ppl in each score in the 461-470
 

sun2088

Star Member
Nov 13, 2020
168
170
No one can predict the next draw. Logically, if the same number of applicants are invited and the draw happens on 6th Jan. the score should come down because between the 23rd Dec and the 6th Jan draw, most IELTS, ECA and PNPs would not come due to holidays. But historically, it has been observed that the scores have increased in the first draw of a year for some strangely unknown reasons.. But a lot of people are predicting 2021 to be a good year for sub 450 and 460 scores due to US immigration opening up and a lot of techies/IT professionals choosing US over Canada for obvious reasons.
Look at the CRS history of the last draw of 2016 and the first draw of 2017. We seem to be following that same pattern for 2020/2021 which might result in the CRS going lower > between the 23rd and January 6th we've had the public holidays and so it is reasonable to expect that there won't be as many people joining the EE pool. Plus, if they invite another 5K people; the score will drop.
 
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aonanuga002

Star Member
Nov 22, 2019
119
48
Its an education loan and there is really no consensus about what should be done with it. In case anyone here has successfully dealt with such a situation, please guide

In my opinion don't go complicating your application.

If you have enough funds in a bank with whom you don't have a loan. Submit the bank letter and statements from that bank only.

IRCC doesn't go about checking if you a loan with other banks.
 

ZAtoCD

Champion Member
Nov 3, 2019
1,133
1,329
South Africa
Category........
FSW
Visa Office......
Ottawa
NOC Code......
1123
In my opinion don't go complicating your application.

If you have enough funds in a bank with whom you don't have a loan. Submit the bank letter and statements from that bank only.

IRCC doesn't go about checking if you a loan with other banks.
Below is a quote from the IRCC page about proof of funds.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must
  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • current balance of each account
    • average balance for the past 6 months
I would not go around interpreting that because it seems quite clear to me. Submit letters from all banks you bank with, and include all debts you have.
 

Finding_Hope

Member
Jul 9, 2020
13
6
35
Mumbai
Hey guys.. ! My CRS is 466. Do you think I stand a chance in the upcoming Draws? I am maxed out on my IELTS and WES has given me Double bachelors for my MBA so trying to get the masters equivalency from IQAS but not able to create my profile on IQAS. Not sure if 466 is good enough or I should work on increasing it.
My profile expires in march.
@13nitinsharma what do you suggest?
Please help!
Hey, I understand. I was in a similar situation. I was able to create profile only when I tried late night around 3:00am. Try both safai and chrome. You should be able to create it. Else ICES is also good option and they are fast( 6 weeks max; not considering it this holiday season)
 

aonanuga002

Star Member
Nov 22, 2019
119
48
Below is a quote from the IRCC page about proof of funds.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must
  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • current balance of each account
    • average balance for the past 6 months
I would not go around interpreting that because it seems quite clear to me. Submit letters from all banks you bank with, and include all debts you have.
Over syllabus is doing you.
 
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