Personal Networth Statement??

[Jeeyan]

So my wife just finished her interview abroad, I attended.. At the end of it the I.O said he will contact me by mail.
Now I receive a mail stating that I need to submit additional information. They are asking for bank statements, RCMP police check and also a Personal Net worth Statement.

Now for my understanding, I do not have to make a certain amount of income in order to sponsor my spouse also I do not need a certain amount of money in my bank account.. I have some debt, mortgage and credit but also have a stable income and money in the bank.

Is it strange for them to ask a sponsor for this information??

Or do they want my spouses information. The letter only has my name on it, but states "this refers to your application for permanent residence"

[toby]

So my wife just finished her interview abroad, I attended.. At the end of it the I.O said he will contact me by mail.
Now I receive a mail stating that I need to submit additional information. They are asking for bank statements, RCMP police check and also a Personal Net worth Statement.

Now for my understanding, I do not have to make a certain amount of income in order to sponsor my spouse also I do not need a certain amount of money in my bank account.. I have some debt, mortgage and credit but also have a stable income and money in the bank.

You are correct, and yet at the end of my wife's interview recently the VO asked me what was my annual income. I guess they just want to be assured that the sponsor has the money to make good on his/her commitment to support the PR for three years minimum. If the sponsor cannot demonstrate that ability, then that would be grounds for a visa rejection.  However, I don't know what minimum income/assets CIC has in mind here.


Is it strange for them to ask a sponsor for this information??
Evidently not.  I've read other posts where the VO asked the sponsor for financial information.  The net worth statement need be nothing more elaborate than a simple Excel spreadsheet showing income and expenses, and on a separate sheet assets and liabilities. If they wanted this certified by an accountant, I assume CIC would have specified so.  But it's best to support the spreadsheet with the most recent Assessment Notice from CRA (for income), and a mortgage statement and credit-card statement from your bank (to show debt).

It's curious that CIC is asking for this financial information from you at this stage; presumably you submitted it with your application to sponsor your wife.

I don't know why they are asking for an RCMP report since they did not when they reviewed you as a sponsor.

 

Or do they want my spouses information. The letter only has my name on it, but states "this refers to your application for permanent residence"

[Jeeyan]

Anyone else help? Do I need a certain amount of income to sponsor my wife? I have a job and do have a steady income, but like everyone else I have a mortgage and credit card debt.

[steaky]

show the visa office the income from all sources you have.  they probably want to see if you can really support your wife up to 3 years.

[canadianwoman]

Anyone else help? Do I need a certain amount of income to sponsor my wife? I have a job and do have a steady income, but like everyone else I have a mortgage and credit card debt.

You don't need any income or any money to sponsor a spouse or partner - these sponsors are exempt from the "Low Income Cut-Off" guidelines.
But - if the visa officer does not believe you and your spouse/partner will be able to support yourselves in Canada, they can deny the visa. So it is always best to show you have a job and savings and a place to live. In the application, you should discuss you and your partner's future plans - this shows you have a plan for your future together, which is evidence the relationship is genuine.
It sounds like in your case the VO thinks your wife will not be able to get a job in Canada, so you will actually have to support her. So the VO wants proof you can. Showing you have a steady job and a home will probably be enough, so just send them what they asked for. Having a mortgage is not bad - paying it every month shows you are responsible, have an income, and have a home.

There was one case I read recently where the sponsor was a recent immigrant who had a minimum-wage job, and his wife was a teacher in China. The VO didn't think she would be able to find work in Canada, and since the husband had no savings and would not be able to support both of them on his wages, the PR visa was refused.

[steaky]

Showing you have a steady job and a home will probably be enough, so just send them what they asked for. Having a mortgage is not bad - paying it every month shows you are responsible, have an income, and have a home.

Are you aware that having a mortgage especially for the home eats up much of the disposable income of many families in Canada?  Many of them have insufficient money to buy food and need to rely on subsidies from local food bank.

[toby]

Are you aware that having a mortgage especially for the home eats up much of the disposable income of many families in Canada?  Many of them have insufficient money to buy food and need to rely on subsidies from local food bank.

This paints a quite-different picture of Canadians than the one I have, Steaky.  For sure there are poor Canadians who rely on food banks, but they are not the majority.

[steaky]

Toby, things are changing.  I used to think only poor Canadians rely on food banks, but now I heard that a growing middle class rely on food banks too due to rising housing prices and mortgage payments.

[canadianwoman]

Are you aware that having a mortgage especially for the home eats up much of the disposable income of many families in Canada?  Many of them have insufficient money to buy food and need to rely on subsidies from local food bank.

Yes, but having a mortgage is not going to be considered a minus by the visa officer when assessing the finances of the couple. Huge credit card debts might well be, on the other hand.

[toby]

Toby, things are changing.  I used to think only poor Canadians rely on food banks, but now I heard that a growing middle class rely on food banks too due to rising housing prices and mortgage payments.

Geez .... really?  Maybe i should reassess my decision to return to Canada!?

But really, I can buy a nice condo in White Rock for about $250K, with property taxes of about $2000 or less each year.  Less in less-desired areas. That's not too bad. 

Food (when I was there in October) was about (maybe) $350 per person, including good cheese and wine each meal.  A new mid-size car can be had for about $25,000. 

Now, restaurant meals, massages, and house cleaners are out of reason!! 

But in general, the cost of living seems reasonable for anyone earning $50,000 or more, which is definitely a middle-class income.  Where am I going wrong with these calculations?

 

[brin]

Toby, things are changing.  I used to think only poor Canadians rely on food banks, but now I heard that a growing middle class rely on food banks too due to rising housing prices and mortgage payments.

Seriously...ur making it sound like the Canadians are poor even though they have homes and cars....I'm sorry, whatever you heard isn't correct. Yes, the government do give you money if you have a large family to support (ofcourse they first assess if you need extra money based on your household income). But remember, we pay a lot of taxes!!!! besides....they are not going to give you money to buy you food, when you can own a home!!!! if you apply for food stamps...they'll simply tell u to find an affordable housing!

[steaky]

Seriously...ur making it sound like the Canadians are poor even though they have homes and cars....I'm sorry, whatever you heard isn't correct. Yes, the government do give you money if you have a large family to support (ofcourse they first assess if you need extra money based on your household income). But remember, we pay a lot of taxes!!!! besides....they are not going to give you money to buy you food, when you can own a home!!!! if you apply for food stamps...they'll simply tell u to find an affordable housing!

Sorry, I never heard of food stamps? Is this a US gov't funded welfare programme?

[steaky]

Geez .... really?  Maybe i should reassess my decision to return to Canada!?

But really, I can buy a nice condo in White Rock for about $250K, with property taxes of about $2000 or less each year.  Less in less-desired areas. That's not too bad.  

But in general, the cost of living seems reasonable for anyone earning $50,000 or more, which is definitely a middle-class income.  Where am I going wrong with these calculations?

  Sure, I can buy older detached homes in many parts in the country for less than $200K.  In general, less in small cities.  That's not too bad.  But I still hear many people complains about housing prices in large cities such as Vancouver and Toronto (especially those within city limits), rising auto insurance costs and rising credit card interest.  Really credit card interest in Canada is not that bad compare to many places in the world.  

It would be harder to find 2 bedrooms at 250K within city limits of Vancouver!

[toby]

Sure, I can buy older detached homes in many parts in the country for less than $200K.  In general, less in small cities.  That's not too bad.  But I still hear many people complains about housing prices in large cities such as Vancouver and Toronto (especially those within city limits),

[We always complained about Toronto and Vancouver prices; that has not changed.  But I took you to mean that things are getting worse, not staying the same (i.e. getting relatvely more expensive in the major cities).]

rising auto insurance costs and rising credit card interest.  Really credit card interest in Canada is not that bad compare to many places in the world.  
[Don't know about insurance; I'll accept your view. Regarding interest, it shouldn't matter to a prudent budgeter; I don't use a credit card unless I have the money to pay off the balance right away.  No money = no purchase.]


It would be harder to find 2 bedrooms at 250K within city limits of Vancouver!  [ I absolutely agree -- although you can get some "affordable" housing on certain streets in the East end, I hear. And you don't need to pay for cable TV; there is plenty of action to watch in the streets. :-)

[steaky]

But I took you to mean that things are getting worse, not staying the same (i.e. getting relatvely more expensive in the major cities).]

I don't use a credit card unless I have the money to pay off the balance right away.  No money = no purchase.]

don't need to pay for cable TV

Housing prices is still rising.  I got a friend who recently bought a new townhome in South Surrey.  She said the developer is now selling second phase of the same development and the price went up by $15K.

Sure... although I lived in China before I moved here, I don't used to carrying so much cash for shopping.  Now I can bring minimal amount cash and one credit card even for grocery shopping.  Carrying credit cards does have other benefits, such as rewards program and some with privilege for using airport lounges for free.

Yes, but you going to miss out the excitement of canucks hockey games unless you watch them in your local pub!