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ash21

Full Member
Oct 18, 2020
22
12
Hello Everyone,

I am currently showing a bank balance of 19K CAD all from my paychecks. However I do have an outstanding credit card bills of 10K USD and personal loans of 10K USD. Does showing these outstanding balances effect the decision made for PR ? Any information regarding this is truly appreciated.

Thanks.
 
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​
Official info: https://www.canada.ca/en/immigratio...nada/express-entry/documents/proof-funds.html
 
Thanks for the reply. I'm aware that I need to show my loans and credit card debts but will the CIC take the loans, debts into consideration against the Proof of funds. I am currently showing a bank balance of 19K CAD all from my paychecks for Proof of funds. However I do have an outstanding credit card bills of 10K USD and personal loans of 10K USD. Does showing these outstanding balances effect the decision made for PR ? do they calculate like (POF - Credit card debts - loans) ?
 
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Thanks for the reply. I'm aware that I need to show my loans and credit card debts but will the CIC take the loans, debts into consideration against the Proof of funds. I am currently showing a bank balance of 19K CAD all from my paychecks for Proof of funds. However I do have an outstanding credit card bills of 10K USD and personal loans of 10K USD. Does showing these outstanding balances effect the decision made for PR ? do they calculate like (POF - Credit card debts - loans) ?
Yes, they do consider your debts against your assets. That's why they're not only asking your assets but debts as well.

Also watch this from 12:40
 
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So, just to clarify, in the OP's situation, would she be considered to not have adequate funds for PR or would they take into account that she is making monthly payments on her debts and has the necessary liquid cash saved up for relocation?
 
So, just to clarify, in the OP's situation, would she be considered to not have adequate funds for PR or would they take into account that she is making monthly payments on her debts and has the necessary liquid cash saved up for relocation?
Interesting question. I wish somebody can clarify this as well.
 
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According to their language, if the credit card is with an institution where you are not keeping money, it would not need to be reported.