IMM0008 Schedule 3, EConomic Classes form

[irfanyusuf]

Schedule 3 Economic classes form Question 10. What to enter in Assets, Liabilities and Settlement funds. Following questions:

1- Does Asset mean the liquid and non-liquid asset? – should we include land , other property, \vehicles tec in our name along with cash and other liquid assets? What proof do we need to provide for assets like land and property – value etc ?
2- Liabilities – Does credit card limit comes under this?
3- Settlement funds – Dies this include only the total liquid assets? Or the total Assets minus liabilities ?

Example I have following

1-Assets: liquid assets of USD 17,000 (cash and securities) and non-liquid assets of USD 30,000 (home, land plus car etc). So total assets are USD 47,000.
2-Liabilities – Credit cards worth USD 5,000
3-Settlement funds – should I enter USD 42,000 or USD 12,000 ?


Regards

Irfan

 

[jaggy999]

1. Assets should definitely include ur liquid and non liquid assets......I totalled my property and cash assets nd mentioned the figure in CAD.
2. I guess it should be included.
3. Settlement funds should include liquid assets of 17000 CAD......(cash and securities)

 

[irfanyusuf]

Thanks Jagy

However I am still confused if the settlement funds is Assets minus liabilities ? or simply liquid assets ? as i read somewhere that settle finds to be entered considering Assets and Liabilities. That means liabilities have a role to play in settlement funds.

However iof you mean credit card is not a liability ? yes then your sugegstion is logiocal that USD 17,000 should be included.

 

[jaggy999]

Thanks Jagy

However I am still confused if the settlement funds is Assets minus liabilities ? or simply liquid assets ? as i read somewhere that settle finds to be entered considering Assets and Liabilities. That means liabilities have a role to play in settlement funds.

However iof you mean credit card is not a liability ? yes then your sugegstion is logiocal that USD 17,000 should be included.

any payment you need to make towards credit card is liabilty and CAD 5000 is a big amount and can be considered liability.

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.

Hence....I guess the above statement from CIC website clearly indicates that liquid assets-liabilties= settlements funds.

I would ask you to wait for an expert opinion in this case.

I had no liabilities and hence did not face any dilemma while filling up the form

 

[jaggy999]

I'm just posting whats the real meaning of Assets, Liabilities and Settlement funds in formIMM0008 Economic class form

a) Assets
Indicate the total amount (in Canadian dollars) of unencumbered, transferable and available funds in your bank 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.

 

[irfanyusuf]

Thanks again Jaggy.

I apprecioate yoru valued response. You are right that I must wait for some expert's opinion on this.

Meanwhile for the credit card, I just mentioned the total value of Credit limit as USD 5,000 (not the value to be paid) assigned to me as total on my 3 credit cards. The total liability of the amount to be paid on these credit cards as of today is around USD 400. This creats another qustion should i put USD 400 or USD 5,000 as liability ?

 

[jaggy999]

Thanks again Jaggy.

I apprecioate yoru valued response. You are right that I must wait for some expert's opinion on this.

Meanwhile for the credit card, I just mentioned the total value of Credit limit as USD 5,000 (not the value to be paid) assigned to me as total on my 3 credit cards. The total liability of the amount to be paid on these credit cards as of today is around USD 400. This creats another qustion should i put USD 400 or USD 5,000 as liability ?

credit limit can't be counted as liability.....the amount you need to pay on ur card, is ur liability....there is no harm if you mention ur liability as usd 400.....its a straightforward case......accrdn to me, ur liabilty if u say so is almost nil

nw ur settlement funds would be CAD 17000 - cad400= CAD 16600

If u are applyn alone then settlement fund u need to show is $11115

if u showin anythin above than that than no need to worry.

Also do u have an AEO, it would completely negate the settlement funds part frm ur appln

 

[irfanyusuf]

Many thanks.

No i donot have Arranged employment. So need to show the funds. I believe I need to attach the bank statement and employment certifcate as proof. Hope it should work.

 

[jaggy999]

Many thanks.

No i donot have Arranged employment. So need to show the funds. I believe I need to attach the bank statement and employment certifcate as proof. Hope it should work.

Irfan I would advice u 2 get a Current bank certification letter......it would be more helpful in provin that u have reqd funds

 

[irfanyusuf]

Right you are thnaks, I got it