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Yoyis_852

Newbie
Jun 10, 2012
6
0
Hi,
I am filling my application for a Permanent Residence - Federal Skilled Worker.
I have a doubt in three questions about funds in the Shedule 3 – Economic classes (IMM 0008E)

I need $17,011 CAD for 3 persons, and I have:

•$XX,000 CAD on my bank account
•A house that is worth $XX,000 CAD with a mortgage of 30,000 CAD payable in the next 4 years
•A car that is worth $XX,000 CAD
•A study loan worth $XX,000 CAD payable in the next 8 years

Can I include all as follow:

a)Assets:
•$XX,000 CAD (bank account)
•$XX,000 CAD (house)
•$XX,000 CAD (car)
TOTAL: $XXX,000 CAD

b)Liabilities
•XX,000 CAD (house mortgage)
•XX,000 CAD (study loan)
TOTAL: $XX,000 CAD

c)Settlement funds.
•$XX,000 CAD (bank account)

I will appreciate your orientation about this.
Thanks,
 
Yoyis_852 said:
Hi,
I am filling my application for a Permanent Residence - Federal Skilled Worker.
I have a doubt in three questions about funds in the Shedule 3 – Economic classes (IMM 0008E)

I need $17,011 CAD for 3 persons, and I have:

•$XX,000 CAD on my bank account
•A house that is worth $XX,000 CAD with a mortgage of 30,000 CAD payable in the next 4 years
•A car that is worth $XX,000 CAD
•A study loan worth $XX,000 CAD payable in the next 8 years

Can I include all as follow:

a)Assets:
•$XX,000 CAD (bank account)
•$XX,000 CAD (house)
•$XX,000 CAD (car)
TOTAL: $XXX,000 CAD

b)Liabilities
•XX,000 CAD (house mortgage)
•XX,000 CAD (study loan)
TOTAL: $XX,000 CAD

c)Settlement funds.
•$XX,000 CAD (bank account)

I will appreciate your orientation about this.
Thanks,

I feel the same problem.....I hv only the Settlement funds as fixed deposit in bank account. So how do I fill it? Only in Settlement funds or Assets and Settlement funds both ?
Please any senior reply
 
In my opinion,

Assets: any property(home, land, etc), car, jewellery, stocks and shares, mutual funds, Provident funds, retirement funds on your and your spouse's name.
Liabilities: Any home, car, student, personal loan, also pending credit card payments(if significant)
Settlement funds: Bank Balance, Fixed deposit( This amount should be around the 17,011 CAD)

Suggest you wait some more opinions.
 
Yoyis_852 said:
Hi,
I am filling my application for a Permanent Residence - Federal Skilled Worker.
I have a doubt in three questions about funds in the Shedule 3 – Economic classes (IMM 0008E)

I need $17,011 CAD for 3 persons, and I have:

•$XX,000 CAD on my bank account
•A house that is worth $XX,000 CAD with a mortgage of 30,000 CAD payable in the next 4 years
•A car that is worth $XX,000 CAD
•A study loan worth $XX,000 CAD payable in the next 8 years

Can I include all as follow:

a)Assets:
•$XX,000 CAD (bank account)
•$XX,000 CAD (house)
•$XX,000 CAD (car)
TOTAL: $XXX,000 CAD

b)Liabilities
•XX,000 CAD (house mortgage)
•XX,000 CAD (study loan)
TOTAL: $XX,000 CAD

c)Settlement funds.
•$XX,000 CAD (bank account)

I will appreciate your orientation about this.
Thanks,

You are correct with the amount that you listed in Assets and Liabilities.

As for Settlement funds, POF cannot include value of ur home and car......it has to be liquid assets like stocks or bonds, FDs or RDs and bank statements. Gold jewellery or any other stuff like that cannot be shown as POF.

If you having CAD 17011 or more for the past 6 months in ur bank a/c, you are good to show it as ur POF :)
 
How they treat personal loan. Do they consider net cash after deducting loans or treat separately the liquid assets as proof of settlement funds?
 
eemmoo1 said:
How they treat personal loan. Do they consider net cash after deducting loans or treat separately the liquid assets as proof of settlement funds?

They treat personal loan as a liability. Yes, they consider net cash after deducting loans.

Obviously they look at liabilities and assets........For example, If you have assets of CAD 30000 and liabilities worth CAD 50000 and u have showed settlement funds as CAD 20000(u need to show CAD 17011 for 3 members).

The IO may think though the settlement funds are enough, but u maybe paying a part of ur liabilities from it. Hence he may not be completely satisfied with POF.
 
Thanks for your help, I have another question. See the same example with numbers:

a)Assets:
•$25,000 CAD (bank account)
•$45,000 CAD (house)
•$10,000 CAD (car)
TOTAL: $80,000 CAD

b)Liabilities
•15,000 CAD (house mortgage) payable in the next 4 years
•10,000 CAD (study loan) payable in the next 8 years
TOTAL: $25,000 CAD

c)Settlement funds.
•$25,000 CAD (bank account)

As you can see, my liabilities = my settlement funds and I am afraid that they do the following: settlement funds – liabilities = at least 17,000 CAD and don’t take into account the assets not liquid.
We are planning to pay the liabilities in the next years, mortgage in the next 4 years and the study loan in the next 8 years. Another option is to sell the house and pay all liabilities.

I appreciate your comments.
Regards,
 
jaggy999 said:
You are correct with the amount that you listed in Assets and Liabilities.

As for Settlement funds, POF cannot include value of ur home and car......it has to be liquid assets like stocks or bonds, FDs or RDs and bank statements. Gold jewellery or any other stuff like that cannot be shown as POF.

If you having CAD 17011 or more for the past 6 months in ur bank a/c, you are good to show it as ur POF :)

Thx a lot! What happend if my Settlement of funds are equal to my liabilities?? Is it OK if i have extra assets like the house and car?? or is it a problem??
 
Yoyis_852 said:
Thanks for your help, I have another question. See the same example with numbers:

a)Assets:
•$25,000 CAD (bank account)
•$45,000 CAD (house)
•$10,000 CAD (car)
TOTAL: $80,000 CAD

b)Liabilities
•15,000 CAD (house mortgage) payable in the next 4 years
•10,000 CAD (study loan) payable in the next 8 years
TOTAL: $25,000 CAD

c)Settlement funds.
•$25,000 CAD (bank account)

As you can see, my liabilities = my settlement funds and I am afraid that they do the following: settlement funds – liabilities = at least 17,000 CAD and don't take into account the assets not liquid.
We are planning to pay the liabilities in the next years, mortgage in the next 4 years and the study loan in the next 8 years. Another option is to sell the house and pay all liabilities.

I appreciate your comments.
Regards,


In my view it works like this:

So you have

a)Assets:
TOTAL: $XXX,000 CAD

b)Liabilities
TOTAL: $XX,000 CAD

c)Settlement funds.
•$XX,000 CAD (bank account)


First they check
a) minus b) must equal at least the minimum settlement funds

AND then they check
c) must be equal to at least the minimum settlement funds and in cash format (unless you are applying to a visa office which accepts equity in property as settlement funds, I heard only London accepts this nowadays).

Basically if you paid all your debts, and sold all your assets, your net worth must be at least the minimum settlement funds AND you must have funds readily available for them to grant the visa.
 
Is there any accountant on the forum? ;D ;D ;D

Assets:
•$25,000 CAD (bank account)
•$45,000 CAD (house)
•$10,000 CAD (car)
TOTAL: $80,000 CAD

Liabilities:
•15,000 CAD (house mortgage) payable in the next 4 years you should use actual remaining amount, payable today without future interest
•10,000 CAD (study loan) payable in the next 8 years you should use actual remaining amount, payable today without future interest
TOTAL: $25,000 CAD you should use actual remaining amount, payable today without future interest

Assets – Liabilities = Settlement Funds

here you go: your Settlement Funds are at least $55,000 CAD

We are planning to pay the liabilities in the next years, mortgage in the next 4 years and the study loan in the next 8 years. Another option is to sell the house and pay all liabilities. - it is not another option, it is the only option.

And here is the rationale:
It is assumed that after you get your visas you will sell everything and settle in Canada. Isn't it the whole point of immigrating to Canada? If you make clear to the visa office that you are not planning to settle in Canada soon enough after getting visas then don't be surprised that your application is dragged on for ages if (God Forbid!) not refused ("Blah-blah-blah, even though you attained necessary points I am not convinced that you are actually planning to settle in Canada therefore I apply negative substituted evaluation and your application is refused")
Yes, it is true that you can land, return to your home country (or whatever) and stay outside Canada for three years without loosing your PR status. Yes, you do have that right.
But, it is not supposed to be done in that fashion. And nobody writes in the cover letter: yeh-yeh-yeh, I wanna come to Canada, but not right now, just give me you PR (or better passport), I will keep living back in my current country not paying any taxes in Canada. However, when I need all Canadian benefits I will claim them right away.
The whole point of FSW for you to bring money to Canada when you land and keep making money for Canada by paying taxes (and by the way residence do, whether they are citizens or not) :)
So, your application should not leave any doubt about your intentions.
 
slavasz said:
Is there any accountant on the forum? ;D ;D ;D

Assets:
•$25,000 CAD (bank account)
•$45,000 CAD (house)
•$10,000 CAD (car)
TOTAL: $80,000 CAD

Liabilities:
•15,000 CAD (house mortgage) payable in the next 4 years you should use actual remaining amount, payable today without future interest
•10,000 CAD (study loan) payable in the next 8 years you should use actual remaining amount, payable today without future interest
TOTAL: $25,000 CAD you should use actual remaining amount, payable today without future interest

Assets – Liabilities = Settlement Funds

here you go: your Settlement Funds are at least $55,000 CAD

We are planning to pay the liabilities in the next years, mortgage in the next 4 years and the study loan in the next 8 years. Another option is to sell the house and pay all liabilities. - it is not another option, it is the only option.

And here is the rationale:
It is assumed that after you get your visas you will sell everything and settle in Canada. Isn't it the whole point of immigrating to Canada? If you make clear to the visa office that you are not planning to settle in Canada soon enough after getting visas then don't be surprised that your application is dragged on for ages if (God Forbid!) not refused ("Blah-blah-blah, even though you attained necessary points I am not convinced that you are actually planning to settle in Canada therefore I apply negative substituted evaluation and your application is refused")
Yes, it is true that you can land, return to your home country (or whatever) and stay outside Canada for three years without loosing your PR status. Yes, you do have that right.
But, it is not supposed to be done in that fashion. And nobody writes in the cover letter: yeh-yeh-yeh, I wanna come to Canada, but not right now, just give me you PR (or better passport), I will keep living back in my current country not paying any taxes in Canada. However, when I need all Canadian benefits I will claim them right away.
The whole point of FSW for you to bring money to Canada when you land and keep making money for Canada by paying taxes (and by the way residence do, whether they are citizens or not) :)
So, your application should not leave any doubt about your intentions.

Thx a lot !!! Is really clear and make sense.
 
Hi,

I will apply under the FSW category with AOE, but I am confused about the application form Schedule A - Economic Classes.
If I have an AOE, do i need to write anything at point no.10, assets, liabilities and settlement funds.
As I know, I don't need to show any POF with AOE.

Any help will be appreciated. Thnx
 
Doni said:
Hi,

I will apply under the FSW category with AOE, but I am confused about the application form Schedule A - Economic Classes.
If I have an AOE, do i need to write anything at point no.10, assets, liabilities and settlement funds.
As I know, I don't need to show any POF with AOE.

Any help will be appreciated. Thnx

If you have an AEO, no need to show settlement funds. But you do need to indicate, if you have any assets or liabilities.
 
jaggy999 said:

If you have an AEO, no need to show settlement funds. But you do need to indicate, if you have any assets or liabilities.

And what should I write for Assets and Liabilities
 
Doni said:
And what should I write for Assets and Liabilities

Be truthful..... Lets say, if you have $10000 as assets and $4000 as liabilities....indicate that in the respective fields.