Is the car an asset to be stated?

[albabeu]

Hello,
 
“Schedule 3: Economic Classes” form, section 10: can I indicate my car as an asset and enter the amount of money it costs?

Thanx,

albabeu

[devilhimselff]

Hello,
 
“Schedule 3: Economic Classes” form, section 10: can I indicate my car as an asset and enter the amount of money it costs?

Thanx,

albabeu

Nope...Car no good.

[JUNER2011]

A BIG NOOOOO
cars and jewellery do not qualify towards assets..

[Ismael5]

no no no no no and no for Immigration purpose   

Ismael

[ceccanada]

Hello everyone,
 
“Schedule 3: Economic Classes” form, section 10: can I indicate an unpaid debt of 5000 dollars from a credit card company that i have made a settlement with and im paying them back now on a monthly basis?
thanks

[ceccanada]

anyone please

[omm]

If you own 1car or many, that will not count as asset for canada immigration.
Even same apply for jwellery and gold/silver/pletinum  bars/coins also will not count as asset.
You can sell and deposite money and submit that balance as POF.

OMM

[DONEDEAL]

CAPITAL NO. You can dispose the car and bank the money so that you can present bank statement AS POF.

[Pippin]

As the money must be unencumbered, I wonder if the $5,000 would come OFF the balance of savings? 

[ceccanada]

Hi pippin,thanks for the quick reply
what do you mean by( I wonder if the $5,000 would come OFF the balance of savings?) please explain.
note that i have proof of funds for settlemet required by CIC.so im just wondering if i should indicate my debt on the application or not,if yes then will it create an issue for my application?

seniors and others please share your experiences.

[Pippin]

I am not an expert by any stretch, but I would think any debt would come off whatever savings you have in order to arrive at the actual amount of UNENCUMBERED FUNDS you have for migration.  For example, if you have $20,000 for settlement funds and owe $5,000, that leaves you with $15,000, right?  I have not looked at the sheet you mention about liabilities, but that is what the $5,000 is.  You can indicate the payment plan you have and the date on which you will be clear of the debt.  Please ask someone like Leon or Qorax or Wayne, and there are many others who have first hand experience with this, as I do not.

[ceccanada]

thanks alot pippin,appreciate your help

[hamid22]

Dear forum members,
Reading your comments, a question raised in my mind about the bank statement. if some one has assets like car and jewellery, than for proof of fund he sells that assets and deposit cash in bank within one week, will it be acceptable as proof of fund. in brief I mean how old will be the bank statement which is acceptable.

Best

[Pippin]

Providing a receipt showing WHERE the money came from will prevent questions about non-salary sums in your account.  I don't know anyone who routinely keeps such large amounts of money in a savings account, so it is reasonable to see it building.