@CanOl
True that no proof is required for assets & liabilities but
Property mortages have to be declared as per following statement in USER guide. The reason is that Property may be highly illiquid and u may be required to use ur settlement funds for repaying remaining installment when moving to Cananda. Further, estimates can be made at VO level if required. I agree no need to mention car & car loan as car loan is backed by liquid asset and due to high EMI% loan is far less than car value, in most cases.
a) Assets
Indicate the total amount (in Canadian dollars) of fixed deposits, savings accounts, pensions, etc.
b) Liabilities
Indicate the total amount (in Canadian dollars) of real property mortgages and any other personal debts.
c) Total funds available for settlement in Canada
With consideration to your total assets and liabilities, indicate the total amount (in Canadian dollars) of unencumbered, transferable and available funds that you have for settlement in Canada.
True that no proof is required for assets & liabilities but
Property mortages have to be declared as per following statement in USER guide. The reason is that Property may be highly illiquid and u may be required to use ur settlement funds for repaying remaining installment when moving to Cananda. Further, estimates can be made at VO level if required. I agree no need to mention car & car loan as car loan is backed by liquid asset and due to high EMI% loan is far less than car value, in most cases.
a) Assets
Indicate the total amount (in Canadian dollars) of fixed deposits, savings accounts, pensions, etc.
b) Liabilities
Indicate the total amount (in Canadian dollars) of real property mortgages and any other personal debts.
c) Total funds available for settlement in Canada
With consideration to your total assets and liabilities, indicate the total amount (in Canadian dollars) of unencumbered, transferable and available funds that you have for settlement in Canada.
CanOl said:Absolutely Right Oscar (as always)..moreover no need to write car loans / home loans in liabilities as no funds are encumbered against these loans. It is the car or Home that is encumbered and mortgaged. Mention only loans where your funds are liened under liabilities.
Also do not mention car value and home value in assets.
Worry only about the unencumbered assets (settlement funds) available in cash, PF, FDs, etc.