Hi Century and all other friends0..
I have a query related to proof of funds....
I am living in a house which is on my own name and I have a outstanding home loan running on this house.. which is relatively lesser (approx 1/3rd) of the actual market price of this house...
so can I show the valuation report of this house as a proof of funds with an affidavit that I will be liquidating this asset upon getting Visa and thus I can prove that I am having settlement funds of CAD 14600 for me and my spouse..
will CIC and visa officer consider it as proof of funds??
Or I need to have this funds in my bank account or in the form of Fixed Deposits only..
Can not I show the assets such as gold jewellery and car I own which I need to sell once I get the PR visa for canada..
pls help to solve this query
thanks in advance
Quote from: Century on July 05, 2014, 10:47:39 am
No, there is no link which showd who are the applicable owner. it is basically from past experiences and from the defination of settlement fund.
According to OP6 (http://www.cic.gc.ca/english/resources/manuals/op/op06c-eng.pdf )
"The funds must be:
available and transferable; and
unencumbered by debts or other obligations.
Officers must be satisfied that the applicant has at their disposal, with sufficient liquidity, and with the ability to transfer those assets, the necessary threshold of funds to support their establishment in Canada on arrival."
If you go strictly with the defination/explanation of OP6, it must be at the disposal of (means owned by) applicant. And applicant usually means principal applicant and spouse (remember, IMM5406, spouse is applicant). So, settlement fund also can be owned by spouse (the applicant).
If it has share by parents, it become encumbered; what if the parents say he won't agree to transfer any money for his son/daughter;
For child, it is basically, in strictly legal term, trustee relationship; here parent is the trustee and child is owner. So, it is also legally encumbered.
I hope the above explanation clear your confusion. Smiley Smiley Smiley