ppmom said:
Hi Century,
do you have a link where CIC mentioned that settlement fund should be under the applicant or joint applicant and spouses and can't be joint with let's say parents or child? Thanks!
No, there is no link which showd who are the applicable owner. it is basically from past experiences and from the defination of settlement fund.
According to OP6 (http://www.cic.gc.ca/english/resources/manuals/op/op06c-eng.pdf )
"The funds must be:
available and transferable; and
unencumbered by debts or other obligations.
Officers must be satisfied that the applicant has at their disposal, with sufficient liquidity, and with the ability to transfer those assets, the necessary threshold of funds to support their establishment in Canada on arrival."
If you go strictly with the defination/explanation of OP6, it must be at the disposal of (means owned by)
applicant. And applicant usually means
principal applicant and spouse (remember, IMM5406,
spouse is applicant). So, settlement fund also can be owned by spouse (
the applicant).
If it has share by parents, it become
encumbered; what if the parents say he won't agree to transfer any money for his son/daughter;
For child, it is basically, in strictly legal term, trustee relationship; here parent is the trustee and child is owner. So, it is also legally
encumbered.
I hope the above explanation clear your confusion.
