Items included in outstanding debt while calculating funds

[b4jatin]

Hello all,

If I have an ongoing home loan, do I need to show funds over and above the total outstanding?

I will have to bring $18000 to Canada, and I have some loans to repay in my home country.

Do I need show $18000 above the outstanding loan or that is not considered as debt??
Thanks

 

[Asivad Anac]

Do not factor in your liabilities because you aren't counting those assets.

Just provide conclusive evidence that you have unfettered access to unencumbered funds in the bank as required in your particular situation.

 

[bhushans]

Thank you for bringing up this query

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Now, if I may extend it a little:

I will have to show 14.9K CAD (family of 2), as PoF.

I have like around 12K CAD (Liquid assets) as of now.


We have a car, which I have to & plan on selling before I get to move to Canada.

The car is currently conservatively valued at 14.5K CAD
It has a loan outstanding of 3K CAD
--------------------------------------------
If I sell the car, I will have net 11K CAD, which when added to the available Liquid assets of 12K will definitely show good PoF almost 23K CAD.

So, how do I go about this?

Note: I will NOT be selling the car, before getting the ITA.

Thanks in advance,

bhushan.

 

[Asivad Anac]

CIC won't deal in hypothetical calculations or valuations. You'll have to sell your car, get the monies in your bank, prove ownership of the asset and show evidences of sale receipts as well.

 

[bhushans]

CIC won't deal in hypothetical calculations or valuations. You'll have to sell your car, get the monies in your bank, prove ownership of the asset and show evidences of sale receipts as well.

Thank you, Asivad!

Just to clarify a little more.


I have to declare the Funds (while creating EE profile) -- at this point, I don't need any proof of funds.
I have to show the funds, with proof (on landing only(?))

Per my plan, I am definitely going to sell the car before landing.
So, with above understanding, I should be okay.

Do, I need to have all the 'monies' in the bank even when I create the EE profile?
^ In that case.. *yikes*

Thanks a lot for the super-quick help!

Cheers,

bhushan.

 

[Michal]

Are we supposed to show the POF when landing also? Can we use the funds we showed proof for post-ITA?

 

[Asivad Anac]

Proof of Funds have to be submitted along with post ITA documents. You'll have to keep those funds untouched preferably till you land.

 

[deyka]

Proof of Funds have to be submitted along with post ITA documents. You'll have to keep those funds untouched preferably till you land.

Hi All,

Have a quick query on POF.

I have more then sufficient fund required as POF in my current account - which is in UK.

I have an indian mortgage - for it I have got the valuation report & purchase agreement in my name the asset value is 45,00000 INR and the loan is around 20,00000. I am renting out the property so currently i am paying around 11,000 INR from my pocket.

The confusion is around should I show the mortgage & asset valuation and unnecesssary complicate the file or just stick to showing the POF in UK.

I am getting conflicting response from my friends who already have PR , some are saying show it as the libality is secured with the property and not tagged to your liquid cash while few others are saying don't show as it unnecessary complicates things.

Response will be highly appreciated.

Thanks,

 

[Asivad Anac]

Hi All,

Have a quick query on POF.

I have more then sufficient fund required as POF in my current account - which is in UK.

I have an indian mortgage - for it I have got the valuation report & purchase agreement in my name the asset value is 45,00000 INR and the loan is around 20,00000. I am renting out the property so currently i am paying around 11,000 INR from my pocket.

The confusion is around should I show the mortgage & asset valuation and unnecesssary complicate the file or just stick to showing the POF in UK.

I am getting conflicting response from my friends who already have PR , some are saying show it as the libality is secured with the property and not tagged to your liquid cash while few others are saying don't show as it unnecessary complicates things.

Response will be highly appreciated.

Thanks,

I'm fairly certain that a lot of us have assets (encumbered or otherwise) but what matters is what CIC allows you to showcase as POF in your PR application. And CIC explicitly asks for monies in the bank. Property valuations cannot be included as POF.

 

[b4jatin]

I'm fairly certain that a lot of us have assets (encumbered or otherwise) but what matters is what CIC allows you to showcase as POF in your PR application. And CIC explicitly asks for monies in the bank. Property valuations cannot be included as POF.

Neither should the liability or mortgage brother CIC, am I right??

 

[Asivad Anac]

Neither should the liability or mortgage brother CIC, am I right??

As you're not including assets, keep the corresponding liabilities/mortgages out of your PR application as well.

 

[b4jatin]

As you're not including assets, keep the corresponding liabilities/mortgages out of your PR application as well.

Thank you for to the point response..

 

[deyka]

As you're not including assets, keep the corresponding liabilities/mortgages out of your PR application as well.

Thanks..

 

[Michal]

Proof of Funds have to be submitted along with post ITA documents. You'll have to keep those funds untouched preferably till you land.

Yes, POF has to be submitted with post-ITA docs, and this is the money we should have to land. What I mean is, can we use the funds afterwards yet still keep the average balance the same as in POF, and have the money when landing. I am spending and earning - I might sell a car, I might buy one, I might get a new Macbook and a phone, and then have the salary cover that expenses. I don't keep the cash on FD, rather on a regular account, and there is an obvious fluctuation of cashflow.

 

[Asivad Anac]

Yes, POF has to be submitted with post-ITA docs, and this is the money we should have to land. What I mean is, can we use the funds afterwards yet still keep the average balance the same as in POF, and have the money when landing. I am spending and earning - I might sell a car, I might buy one, I might get a new Macbook and a phone, and then have the salary cover that expenses. I don't keep the cash on FD, rather on a regular account, and there is an obvious fluctuation of cashflow.

Fluctuations are fine but try and keep the funds close to POF requirements as far as possible - not a hard requirement at all but you never know with CIC.