Do I need to declare my outstanding debts?

[dpaloma]

I'm applying through Express Entry and one of the required documents is a Proof of Means of Financial Support. One of the instructions given is to "List all outstanding debts, such as credit cards and loans." My question is, how do I do that? Will I have to upload my credit card bills, say for the last 6 months?

Thank you for your answers.

 

[mgnlky]

You do not have to upload credit card bills, etc. You have to show that you have the minimum required funds (in cash or investments). If you have a loan against those funds, then you have to show documentation on that loan.

 

[dpaloma]

I already have the required funds. However I have active credit card installments at the moment and some of them will end next year. But, the funds that I have raised will solely be used for my immigration to Canada and payments for these credit card debts will come from other sources. So if I understand you correctly, does that mean that I do not have to provide documentation of these debts as the payments will not be against the fund for my Canada immigration?

 

[dpaloma]

in addition, the funds also did not come from loans or borrowed from anybody else

 

[jackdawn]

in addition, the funds also did not come from loans or borrowed from anybody else

Loans you will pay from future income and your POF should be unencumbered and lying in your account

 

[rajan1207]

I have invited under Express entry - Canadian experience class and I have also seen on CIC website that I need a letter of explanation that I don't need to show the funds.
But, I have a question that one of my credit cards is offering me 0% interest on balance transfer for one year, does this affect if I transfer some balance from credit card while my file is under processing for PR??

 

[Sara92]

If you are invited under Cec you don't need to worry I put random amount like 9000$ and then letter from bank where I didnt had enough money and nobody ask me for this . So you can put 0$ and then write two sentences that you are invited under cec stream and you don't need it to proof your founds

 

[rajan1207]

If you are invited under Cec you don't need to worry I put random amount like 9000$ and then letter from bank where I didnt had enough money and nobody ask me for this . So you can put 0$ and then write two sentences that you are invited under cec stream and you don't need it to proof your founds

Yes I will write letter of explanation , so that I dont need to put any maney.
If I transfer balance from credit card during this period, is that affect on the file?