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Real Estate as Proof of Fund

T

TajNovice

Newbie
Feb 14, 2017
9
0
Hello Friends,

Can I show my appartment instead of Proof of Funds since its market price is greater then wgat CIC requires ( (in my case for 4 members).

Thank you and appreciate any thoughts on this.
 
CanadaWeCome

CanadaWeCome

Champion Member
Oct 1, 2015
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TajNovice said:
Hello Friends,

Can I show my appartment instead of Proof of Funds since its market price is greater then wgat CIC requires ( (in my case for 4 members).

Thank you and appreciate any thoughts on this.
Click to expand...
No, As per IRCC requirement, the funds must be unencumbered.
 
S

sushsmart15

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Jul 25, 2015
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Only liquid assets can be shown in POF.
 
Stanlee

Stanlee

VIP Member
Jan 29, 2016
4,100
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TajNovice said:
Hello Friends,

Can I show my appartment instead of Proof of Funds since its market price is greater then wgat CIC requires ( (in my case for 4 members).

Thank you and appreciate any thoughts on this.
Click to expand...
As per the requirement, the funds should be unencumbered and readily transferable. The proof of owning a house is not accepted as POF by CIC. However, at any points of time, you plan to sell the house, the proceeds from the sale can be submitted as POF.
 
xpressentry

xpressentry

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Nov 27, 2016
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It needs to be hard cash in your name.
 
goyal.maninder

goyal.maninder

Full Member
Feb 13, 2017
36
0
If I have a house loan, can I provide house current valuation certificate as well to show net asset instead of liability?

I am concerned that including only Loan (liability) and not House (asset) will distort my financial profile.

I can provide a declaration that I am intending to sell the house when leaving this country.

Please advise?

Thanks in advance!
MP
 
Stanlee

Stanlee

VIP Member
Jan 29, 2016
4,100
595
goyal.maninder said:
If I have a house loan, can I provide house current valuation certificate as well to show net asset instead of liability?

I am concerned that including only Loan (liability) and not House (asset) will distort my financial profile.

I can provide a declaration that I am intending to sell the house when leaving this country.

Please advise?

Thanks in advance!
MP
Click to expand...
No, asset valuations will not be accepted as POF.
 
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