proof of funds

[arya]

please guide me wheather prepaid forex cards issued by axis bank can be used as proof of fund by new immigrants while landing canada

 

[asyousuf]

please guide me wheather prepaid forex cards issued by axis bank can be used as proof of fund by new immigrants while landing canada

No. My answer is based on the form of proof and not on the substance. Either you produce bank statement (bank based in Canada) where you already have an account or Demand draft or TT which is mostly the acceptable form for IO.

Senior pls correct, if wrong

asyousuf

 

[echoes1978]

What about question number 10 in Schedule 3 form? If I have 80 000 CAD of mortgage on my apartment and I have 700 CAD to pay every month, but I have 20 000 CAD in cash on my bank account as a proof of funds, what should I say about available funds for immigration? Should we sell our apartment before applying or we have to prove CIC that we will sell it before landing?

 

[devilhimselff]

please guide me wheather prepaid forex cards issued by axis bank can be used as proof of fund by new immigrants while landing canada

IF these cards are like Traveller cheques and can be redeemed at Banks in Canada, they should be fine. But I have not heard of it before. Why not go with the Traveller's Cheques / DD etc? For keeping things simpler.

 

[asyousuf]

What about question number 10 in Schedule 3 form? If I have 80 000 CAD of mortgage on my apartment and I have 700 CAD to pay every month, but I have 20 000 CAD in cash on my bank account as a proof of funds, what should I say about available funds for immigration? Should we sell our apartment before applying or we have to prove CIC that we will sell it before landing?

During the course of application processing...say initial time, u can do the same as mentioned in your post but if you are requested again for proof of funds just before PPR, u may need to prove pure / liquid cash in hand instead of assets only and not sold yet. Objective is to assure that you have cash in hand to immediately move to Canada.

asyousuf

 

[echoes1978]

During the course of application processing...say initial time, u can do the same as mentioned in your post but if you are requested again for proof of funds just before PPR, u may need to prove pure / liquid cash in hand instead of assets only and not sold yet. Objective is to assure that you have cash in hand to immediately move to Canada.

asyousuf

thanks

yes I have enough cash, but I also have mortgage. 80 000 CAD of unpaid amount, which I have to pay to the bank in the next 25 years.

If I want to continue to pay this mortgage from Canada through internet banking, why should I sell anything? I want to keep my apartment for a few more years. You never know what life brings.

 

[JUNER2011]

thanks

yes I have enough cash, but I also have mortgage. 80 000 CAD of unpaid amount, which I have to pay to the bank in the next 25 years.

If I want to continue to pay this mortgage from Canada through internet banking, why should I sell anything? I want to keep my apartment for a few more years. You never know what life brings.

I dont think so that you should be selling your property just because u have a mortgage of 80000 CAD
CIC should not be bothered about our mortgages, and in your case the liability per month is just a few hundred CAD, CIC never mentions that you should clear all ur debts before relocating to canada....all they want is that we should have minimum funds specified by the Ministerial Instructions and that should be our own fund and not borrowed from any one...and yess...it should be un-encumbered and also readily available for transfer to Canada..
If you can show liquid funds for eg. 20000 CAD bank statement for last 6 months and then maintain this balance throughout till the end (till u get immigrant visa) and then are able to carry this 20k CAD to Canada at the time of landing in form of Canadian bank balance or DD or TC, then i suppose there isnt any problem anywhere
Best wishes,
JUNER 2011

 

[echoes1978]

ok , thanks Juner2011

basically what you say is, that I have to get proof of fund certificate from the bank in which I have the money for immigration (I have that) , and 80000 CAD of mortgage in other bank I do not mention on immigration forms?

 

[JUNER2011]

ok , thanks Juner2011

basically what you say is, that I have to get proof of fund certificate from the bank in which I have the money for immigration (I have that) , and 80000 CAD of mortgage in other bank I do not mention on immigration forms?

It is not advisable and will be unwise to conceal information. If at all this information is asked for in the forms...then mention it otherwise, if there is a column and u write nothing/say false, then can be adverse for your case..
Hope that helps
Regards,
JUNER 2011

 

[echoes1978]

It is not advisable and will be unwise to conceal information. If at all this information is asked for in the forms...then mention it otherwise, if there is a column and u write nothing/say false, then can be adverse for your case..
Hope that helps
Regards,
JUNER 2011

of course, thank you once more

good luck

 

[JUNER2011]

ahh...one more thing...i saw a forum member posting that they calculate your net funds by substracting the available funds from the liabilities (i dont know how far it is true)
Example quoted in the other thread was...if some one has 20k funds in the bank and a loan of $5k then his effective net funds value would be considered as $15 k only..
Pls discuss with some other expert member...i am not sure about this..

Regards,
JUNER 2011

 

[asyousuf]

Dear..as a thumb rule, if liability is to be settled immediately, will be considered for adjustment from available funds. If the liability is long run say 10 years from now obviously there will be inflow during those 10 years which may not be measured now.

What i meant to say that do inform about your liabilities which is long term in nature, there may not be adjustment from your current / available funds hence your status will remain positive.

Seniors pls correct
asyousuf

 

[JUNER2011]

i agree with you asyousuf, but how will he produce a documentary evidence of the liability repayment extending uptill the next 10 years?? its just a column in the form he has to fill in about the liability.
??
regards,
JUNER 2011

 

[asyousuf]

i agree with you asyousuf, but how will he produce a documentary evidence of the liability repayment extending uptill the next 10 years?? its just a column in the form he has to fill in about the liability.
??
regards,
JUNER 2011

Explanation letter...with full details. Thats the only way out along with agreement for mortgage that will substantiate the status. This is only if person really wish to share liability status. If not, CHC may or may not find out

 

[JUNER2011]

Yess, i agree and it seems logical also !

Regards,
JUNER 2011