Hello there. I would really appreciate if somebody could clear some issues regarding the question 10 (Assets, liabilities & settlement funds) in form IMM008 Schedule 3. I read a lot of posts and I am not sure yet If my funds would qualify.
Lets say I have $51k cash in the bank. I also have a credit card debt of $15k (making monthly payments) and a mortgage (26 years left) under water for approx $25k (Mortgage is $115k and value is approx $90k). We are a family of four and the required settlement funds according to the CIC website is around $21k.
I read in one of the posts that if I could show that the cash money in the bank is equal or more than the settlement funds we will be good but I read somewhere else that I would need to show that my "settlement funds > assets- liabilities". The thing is I have to make a decision where to grab some of our bank money to pay for my education (only 1 year left) or should I instead try to increase my funds working. Any comments would be greatly appreciated. Thanks to all.
Lets say I have $51k cash in the bank. I also have a credit card debt of $15k (making monthly payments) and a mortgage (26 years left) under water for approx $25k (Mortgage is $115k and value is approx $90k). We are a family of four and the required settlement funds according to the CIC website is around $21k.
I read in one of the posts that if I could show that the cash money in the bank is equal or more than the settlement funds we will be good but I read somewhere else that I would need to show that my "settlement funds > assets- liabilities". The thing is I have to make a decision where to grab some of our bank money to pay for my education (only 1 year left) or should I instead try to increase my funds working. Any comments would be greatly appreciated. Thanks to all.
