Family Sponsorship and Borrowing abilities

[VancouverGal]

Hello guys

Does anyone know if sponsoring your family will affect your borrowing capacity? My husband and I are planning to sponsor both of my parents, but we are a bit concerned if that will tie us up for good in terms of buying a bigger house in future and borrowing money. Or sponsorship does not affect this?

Thanks a bunch!

 

[Kayaker]

Sponsorship doesn't affect borrowing money from the bank. The bank will not be interested in knowing anything about you sponsoring your parents for PR, and CIC doesn't care if you have a mortgage or loan.

All you cannot do is go on welfare or declare bankruptcy.

 

[VancouverGal]

Sponsorship doesn't affect borrowing money from the bank. The bank will not be interested in knowing anything about you sponsoring your parents for PR, and CIC doesn't care if you have a mortgage or loan.

All you cannot do is go on welfare or declare bankruptcy.

Thank you, Kayaker!

 

[BCKev]

Sponsorship doesn't affect borrowing money from the bank. The bank will not be interested in knowing anything about you sponsoring your parents for PR, and CIC doesn't care if you have a mortgage or loan.

All you cannot do is go on welfare or declare bankruptcy.

Agreed. I have sponsored various people over the years and a bank has never mentioned the subject.

 

[VancouverGal]

Agreed. I have sponsored various people over the years and a bank has never mentioned the subject.

Thank you, BCKev from your past experience and with the new laws now that they are only releasing certain # of applications, was it hard to get into the system? Do you literally need to act the minute they open the program? Also where would you see on their website that the program is re-opened? Thanks a lot!

 

[Rob_TO]

Thank you, BCKev from your past experience and with the new laws now that they are only releasing certain # of applications, was it hard to get into the system? Do you literally need to act the minute they open the program? Also where would you see on their website that the program is re-opened? Thanks a lot!

For January 2014 parents sponsorship program, the quota was reached in about 3 weeks. With many people missing the quota and now waiting to re-apply, and all the added people that now qualify based on 3-years income that didn't qualify last time... i wouldn't be surprised if the 2015 quota fills up in 1 week or so.

Be prepared to apply on January 2nd, 2015. So have all your documents ready to go.

 

[BCKev]

Thank you, BCKev from your past experience and with the new laws now that they are only releasing certain # of applications, was it hard to get into the system? Do you literally need to act the minute they open the program? Also where would you see on their website that the program is re-opened? Thanks a lot!

I couldn't say - I don't have any direct experience with a quota system. Sounds like Rob_TO has some good information on how quickly the quota was filled this year.

I would be prepared and have as many of the necessary documents put together. I am sure it will be a hot topic for discussion on this forum when the quota opens again, presumably in January.

Gotta run now. Lots to do now. Got some great news today: received an email saying that they finished processing my mother in law's application and we need to get her passport to the embassy to have the visa put inside. Five years of waiting, and finally the end is in sight.

 

[VancouverGal]

I couldn't say - I don't have any direct experience with a quota system. Sounds like Rob_TO has some good information on how quickly the quota was filled this year.

I would be prepared and have as many of the necessary documents put together. I am sure it will be a hot topic for discussion on this forum when the quota opens again, presumably in January.

Gotta run now. Lots to do now. Got some great news today: received an email saying that they finished processing my mother in law's application and we need to get her passport to the embassy to have the visa put inside. Five years of waiting, and finally the end is in sight.

Congrats, BCKev!!!! hopefully
I can say same about my parents in a few years

Thank you, Rob_TO!!! ;D

 

[Parisuzy]

Hi all. Can we sponsor parents with mortgage then? Thanks for sharing your expertise

 

[steaky]

Hi all. Can we sponsor parents with mortgage then? Thanks for sharing your expertise

Sure!

 

[Parisuzy]

Sure!

Thanks so much! So mortgage cannot be counted as a loan or social assistance? It is very confusing

 

[YVR123]

Thanks so much! So mortgage cannot be counted as a loan or social assistance? It is very confusing

Mortgage is a loan. I don't think there is any rule about not having any personal loan. If there is a rule that people with mortgage cannot sponsor their parents, most people will disqualify. How would mortgage be counted as social assistnace? You don't get anything from the government with a mortgage. You are paying it off with your own earnings.

Anyway. Yes, mortgage is not social assistnace and you can sponsor your parents if you meet other requirements. (LICO....etc)

 

[Parisuzy]

Mortgage is a loan. I don't think there is any rule about not having any personal loan. If there is a rule that people with mortgage cannot sponsor their parents, most people will disqualify. How would mortgage be counted as social assistnace? You don't get anything from the government with a mortgage. You are paying it off with your own earnings.

Anyway. Yes, mortgage is not social assistnace and you can sponsor your parents if you meet other requirements. (LICO....etc)

Thank you so much for your advice and help, much appreciated!