Assets,Liabilities and Settlement Fund Questions

[MKesh]

Hi Guys,

Taking below scenario as a example(using main applicant and spouse figures) please provide guidance if possible to below questions.

Assets:
House 1: $200,000(Using Online Valuation)(Main applicant property).
House 2: $210,000(Using Online Valuation)(Spouse property).
Car: $500.
Bank Savings:$50,000

Liabilities:
House 1 Mortgage: $100,000
House 2 Mortgage: $120,000
Student Loan: $15,000

Settlement Funds:
Bank Savings:$50,000

Question 1: Should I show the value of house in Assets as value minus liability(i.e 200,00-100,00 = House 1 asset: 100,000), or leave it as market value(200,000)?

Question 2: I don't want to sell the property but want to rent it out, is this going to cause issue or do I need to clear all liabilities?

Question 3: Do I need to send independent valuations by estate agents to prove my property value or will bank statement be sufficient as I have enough savings for settlement funds?

Question 4: Do I need to send mortgage statements?

Thanks in advance

 

[future_canadian]

Hi Guys,

Taking below scenario as a example(using main applicant and spouse figures) please provide guidance if possible to below questions.

Assets:
House 1: $200,000(Using Online Valuation)(Main applicant property).
House 2: $210,000(Using Online Valuation)(Spouse property).
Car: $500.
Bank Savings:$50,000

Liabilities:
House 1 Mortgage: $100,000
House 2 Mortgage: $120,000
Student Loan: $15,000

Settlement Funds:
Bank Savings:$50,000

Question 1: Should I show the value of house in Assets as value minus liability(i.e 200,00-100,00 = House 1 asset: 100,000), or leave it as market value(200,000)?

Question 2: I don't want to sell the property but want to rent it out, is this going to cause issue or do I need to clear all liabilities?

Question 3: Do I need to send independent valuations by estate agents to prove my property value or will bank statement be sufficient as I have enough savings for settlement funds?

Question 4: Do I need to send mortgage statements?

Thanks in advance

1. No, you should show the value of the house in assets and the mortgage amount in liabilities.
2. No need, you are fine keeping it and renting it out.
3. Not at the application stage, but CIC may ask for more details after the application has passed to the local VO.
4. Same as #3.

Good luck.