Proof of Means of Financial Support for ITA with credit card debt

[javisam376]

Hi,

I have received an ITA a couple of weeks ago, I am trying to gather al the required documents for the application, however I have a doubt about my financial documents.

In my country we have a bank account which is kind of an unemployment insurance. Every year our employer has to deposit the equivalent of a mont's salary, however we cannot withdraw that money unless we become unemployed (either by being fired or quitting). Besides that I have a regular savings account and a credit card. the summary of my accounts is the following:

- In the account where I cannot withdraw unless I become unemployed, I have 14K CAD.
- I have a credit card debt of about 13K CAD.
- In my saving account I have about 13K CAD.

My question would be, the 14K I have in the unemployment account are valid to be used as proof of funds? If not, would I be OK showing an account with 13K with a credit card debt for the same amount? Should I cancel my credit card debt and show the unemployment account funds with a debt of 0 dollars?

What do you recommend in my case?


Thanks.

 

[karthik2479]

Hi,

I have received an ITA a couple of weeks ago, I am trying to gather al the required documents for the application, however I have a doubt about my financial documents.

In my country we have a bank account which is kind of an unemployment insurance. Every year our employer has to deposit the equivalent of a mont's salary, however we cannot withdraw that money unless we become unemployed (either by being fired or quitting). Besides that I have a regular savings account and a credit card. the summary of my accounts is the following:

- In the account where I cannot withdraw unless I become unemployed, I have 14K CAD.
- I have a credit card debt of about 13K CAD.
- In my saving account I have about 13K CAD.

My question would be, the 14K I have in the unemployment account are valid to be used as proof of funds? If not, would I be OK showing an account with 13K with a credit card debt for the same amount? Should I cancel my credit card debt and show the unemployment account funds with a debt of 0 dollars?

What do you recommend in my case?


Thanks.

My 2 cents - for the unemployment account funds, I do not think you should show it since you don't have access to that money in any case. If you should a savings account and an equal amount of credit card debit, it would definitely pose an issue and raise concerns. I would suggest either clear off that credit card debt completely or bring it down to a signifcantly smaller level so that the visa officer would not have any doubts that you truly can support yourself in Canada and will not run into a debt situation there either. Another scenario is not to show the credit card at all, but it will be misrepresentation and especially if they are provided by the same bank where you have a savings account, then it will indeed show up when they provide you complete account profile as required by CIC.

I have always had this view - whether we really need to disclose all credit cards and/or loans?

Let the experts also chime in with their view points.

 

[javisam376]

My 2 cents - for the unemployment account funds, I do not think you should show it since you don't have access to that money in any case. If you should a savings account and an equal amount of credit card debit, it would definitely pose an issue and raise concerns. I would suggest either clear off that credit card debt completely or bring it down to a signifcantly smaller level so that the visa officer would not have any doubts that you truly can support yourself in Canada and will not run into a debt situation there either. Another scenario is not to show the credit card at all, but it will be misrepresentation and especially if they are provided by the same bank where you have a savings account, then it will indeed show up when they provide you complete account profile as required by CIC.

I have always had this view - whether we really need to disclose all credit cards and/or loans?

Let the experts also chime in with their view points.

Thanks. The thing is that I will have access to that money once I quit my job over here before moving ito Canada. So it was kind of a gray area if that money was ok to use.