FSW - Assets, Liabilities and Settlement funds

[vgkish]

Do we have to send a valuation report for property?
What about gold? Can we include all gold that we possess as assets ?

Thank you,
vgkish

 

[dmiriy10]

Hi,

Can i show only settlement funds of 9 lacs for 2 persons as FD in bank? or is it mandatory to show rest of 2 , assets and liabilities as well?

 

[veri33]

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 have a similar question, do you substract liabilities from assets and he result has to meet minimum settlement funds? I have a home loan balance which is a liability along with student loans. I also have 3 times times the amount needed for settlement funds in the bank. However if you do the math, then I do not meet the minimum amount needed.

 

[rumel]

Dear All,

I have same queries,

I purchased some properties with my colleagues and friends and its values almost 4Lacs
My Father also purchased another property for me which is almost 8 lacs

How can I show them the evidence?

What will be the declaration letter for assets and their values?

Please suggest. Should I have to my settlement fund in different account so that I can avoid liabilities?


Regards
Rumel

 

[sanjeev31aug]

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.

Hello,

I don't understand the meaning of Settlement fund here.

Kindly advice what and where should I mention my fund.

I have to show 12000 CAD as proof of Fund, Suppose I have this amount(12000CAD) in my bank account(No Fixed deposit).
I don't have any Load or Liability nor have any assets like Home or Car.

Now Please advice what should I mention in these 3 fields?

1:Assets?
2:Liability?
3: Settlement Fund?

 

[illi10]

Dear Kind Friends,

Need some advice from all you people generous enough to give some free advice. My brother who is a british citizen has more than enough funds for the settlement funds requirement for my FSW application.
How can I use this?
1. Should I submit his bank statements alongwith a personal guarantee letter from him?
2. should the guarantee letter be in a standard bank guarantee letter format?
3. What about liens/encumberances on his bank account? He has none. But does he need to get a separate statement/certificate from the bank stating that his bank account is unencumbered?
4. Finally, if he has to transfer funds to my bank account then what would I need eg gift deed etc.

I am really hoping that options 1 and 2 can be used instead of 4 since moving around funds is a big hassle.

Regards

 

[zarman]

How to evaluate CAR and show a certain amount of Money as Assets ?