proof of funds vs. mortgage and credit line

[Yojimbo]

You have to show proof of funds at the border when you immigrate, right? It's not my turn yet but...

I have an apartment in Canada, and of course a mortgage too. Because I do my banking in Canada, I've been able to move around that mortgage to lower my interest rates. One of the moves included opening a credit line to pay a part of a mortgage...

It didn't make sense to me to have $10,000 in my chequings account. while at the same time having a $20,000 debt on credit lines and credit cards. So I use those funds against the debt. Now I can say I have and apartment, but no savings, and a 10,000 debt.

Let's say I'm able to pay out $5,000 in the next few months before going to Canada... still, I can only show I have -$5,000.

What can I show the officer who asks me for proof of funds?

thx

 

[thaiguy]

You need to show the funds.

Real estate is illiquid and doesn't count.

 

[Yojimbo]

Do they go into detail with the funds, or you just show the traveller's cheques, and that's it?

 

[thaiguy]

I suppose it depends how convincing you are and/or look. When I arrived in Vancouver, I told the immi officer I had $20,000 and she said "ok" and wrote it down. She didn't ask to see it. I was prepared to show it to her, of course.

Cash and traveler's checks would be ok. According to PMM you could also show an ATM balance receipt from that day.

 

[PaulIII]

Are there any ATMs at the port of entry?

 

[Topsyjoe]

Hi guys,

Am impressed wtih the details of these discussions.

Please somebody should let me know when the proof of fund will be required ? is it at the point of entry or during the processing of my application?

tanx.

 

[thaiguy]

Are there any ATMs at the port of entry?

Depends where you enter. I would say if you fly to Canada, have an ATM slip from the day of departure. You can surely get at the airport. If you drive into Canada, have an ATM slip from the same day.

 

[thaiguy]

Hi guys,

Am impressed wtih the details of these discussions.

Please somebody should let me know when the proof of fund will be required ? is it at the point of entry or during the processing of my application?

tanx.

Both.

 

[Eduardo Picazo]

Do they go into detail with the funds, or you just show the traveller's cheques, and that's it?

They will ask how much you bring with you, they could ask you to show the money(cheques...) or not. in my case I was not asked to show the money, I just declared the amount..., they just trusted in my word.

regards
Eduardo