CREDIT CARD Dues!!

[kryt0n]

Did you send CIC the email I wrote for you?

 

[andycan]

Did you send CIC the email I wrote for you?

yes i did that... but till now i dint get any reply frm CIC

Though it is sunday today expecting a reply on monday...

 

[kryt0n]

You've learnt patience and done something for yourself! Well done.

 

[futurecanadiannew123456]

You've learnt patience and done something for yourself! Well done.

+1 for you for learning to be patient!!!


+1 for you for already being so patient with andycan!

 

[Pippin]

As per OP6 manual 9.2 settlement funds, Pursuant to R76(1)(b) The funds must be available and transferable;and unencumbered by debts or other obligations.

 

[futurecanadiannew123456]

As per OP6 manual 9.2 settlement funds, Pursuant to R76(1)(b) The funds must be available and transferable;and unencumbered by debts or other obligations.

what does that mean???


if you have a loan of 10000$ and you have liquid cash of 12000$ in your account you would be in eligible???

so basically you are saying we shall have no debts and just +12000$ for single applicant?

 

[kryt0n]

Yea, pretty much.

Net funds should be plus ~$12,000

 

[futurecanadiannew123456]

Yea, pretty much.

Net funds should be plus ~$12,000

damn that sucks .. what about people who have mortages?
its crazy!!

oh well have to start working on something

thanks guys!!

 

[abhicool]

If any one have multiple Credit Card Dues then what to do??

 

[bairn7]

Yea, pretty much.

Net funds should be plus ~$12,000

Sorry Kryt0n, I reallly don't think this is the case. The SPECIFIC liquid cash should not be encumbered by any debts. That means that you can't take out a loan or credit card in order to have specific funds in your account. The liquid funds cannot be repayable on demand.

There is no way that non-related debts are taken into this. How many of us would have no loans or mortgages? And what about student loans?

I've looked into this an a great detail because it is the only thing now stopping me from applying (and I'll have 465 points which sucks! - I'd be getting an ITA but I don't have the funds yet). You must show that you have the minimum funds and that these funds were not derived from a loan or other encumbered source. Separate debts are NOT factored into the calculation (although you do have to disclose them at ITA - but they are not taken into account for funds purposes).

HTH

 

[kryt0n]

Ah.... ok, my apologies. I'm scared to take risks with these people, though.

 

[bairn7]

No worries, I know what you mean!

The problem is there's just not enough detailed information to help applicants which is causing the confusion. When I finally submit my EE application I'll probably give CIC a call to clarify some points. I'm going to suggest starting a shared document (like with the pool) for people to post information that has been confirmed by CIC, like when they've had a query and spoken with CIC, they can post in the document so we have one point for official information.

 

[hossamo33]

Hi bairn7,

Sounds like you know what you are saying. I need your advice on my case. I have two accounts, account A and account B. Account A has more than enough funds to meet the minimum requirement. Both accounts A and B are under my name. The thing is, my father's salary is deposited directly to Account A. My salary is deposited to Account B and then I transfer it to Account A. So basically, both my salary and my father's salary are in account A. Account B is empty. I plan to use Account A to demonstrate that I meet the minimum requirement since it is under my name (it is not a joint account, and only I have full access to this account).

Will this be an issue?

 

[bairn7]

Hi bairn7,

Sounds like you know what you are saying. I need your advice on my case. I have two accounts, account A and account B. Account A has more than enough funds to meet the minimum requirement. Both accounts A and B are under my name. The thing is, my father's salary is deposited directly to Account A. My salary is deposited to Account B and then I transfer it to Account A. So basically, both my salary and my father's salary are in account A. Account B is empty. I plan to use Account A to demonstrate that I meet the minimum requirement since it is under my name (it is not a joint account, and only I have full access to this account).

Will this be an issue?

Is your father's salary a gift to you?

It will be an issue because CIC will see a salary from a job that you have not stated in your application. You will need to explain why you are entitled to this money. And you will need to prove that your father is not just loaning you the money to meet the funds requirements. This is a grey area. I have no experience in this but I would think that it is perfectly legitimate for family members to give monetary gifts. CIC will likely look at whether the gift is reasonable (is a gift of a full salary reasonable? probably not). Some kind of letter from your father stating that this is a gift and other evidence proving that your father doesn't need this money (i.e. he is living from other money) would help.

 

[hossamo33]

Thank you for your reply!

It is a gift. I also have my brother in Canada who is a Canadian citizen, and I will try to demonstrate that he will also be supporting me financially (which he will).

Another question though, what if I decide to just open a new account, and transfer all my money there! Then have my father write a letter confirming that it is a gift. Do you think that would be safer? I have read elsewhere that lump sum transfers are not acceptable. Is this true? What about the 6 month history rule?

I'm getting frustrated because I actually have much more than the needed funds (not to mention my brother who is a medical doctor in Canada), I genuinely do! I just don't know how to prove it without causing any confusions!!