Is it mandatory or optional to declare property as proof of funds?

[albatros]

Hi all,

My scenario:
- I already got my COPR. I applied under the FSW system.
- I am preparing for landing in a few weeks already.
- I own an apartment in my country (where I live) with a mortgage loan (around 20% paid back so far, only).
- When it was required during the application process, I used a bank account certificate as proof of funds. Since that was enough money, my immigration consultant told me not to include/declare any property/assets or liabilities (e.g. my apartment).
- My plan is/was to keep my apartment and have some rental income, that would have to be declared when I file my taxes in Canada for the first time.

3 BIG QUESTIONS here:

Question #1:
Is it mandatory or optional to declare my property at the time of the proof of funds declaration? The text on the website sounded like mandatory-ish but my consultant told me not to, because that would make the process slower and I had enough cash already in my bank account. Not sure if that was totally accurate of him to say.

Question #2:
- If it was indeed mandatory but I didn't declare that apartment+mortgage, would I be in trouble for that? I mean, if my plan is to have some rental income in my country and pay taxes for that in Canada, what happens when I land and need to declare my property, if the guys in Canada find out I have a property I didn't declare during the immigration process? The same when I pay my taxes in the future on rental income.

Question #3:
- What is the safest I can do at this point?
> Asking CRA or CBSA about this sounds scary.
> Selling too fast before landing may be safe... but that would be a disastrous business.
> Would declaring it now (not having declared it in my application) put me at risk of being kicked out of Canada in the future?
> Selling it after landing still makes me have to declare it when I land in Canada, I presume

Anyone went through the same or got some relevant piece of information to shed some light on this?
I'm freaking out a bit, because if I had to sell in 1 month, that may be a total disaster.
Thanks a lot.

 

[navid2014]

Hi Albatros,

I would recommend you to get in touch with some financial or Tax planner like a CPA who can help you with all these questions as on forum anyone can suggest anything but its better to get in touch with professional who is already helping in filing the taxes.

Whereas for the first question you can definitely declare the asset but again it will point where in you need to bring that up while filing taxes.

For Example there are plenty professionals out there that you get in touch with.

http://en.planiguide.ca/

http://www.kpmg.com/ca/en/services/tax/pages/tax-planning-for-you-and-your-family-2014.aspx

-Navid

Hi all,

My scenario:
- I already got my COPR. I applied under the FSW system.
- I am preparing for landing in a few weeks already.
- I own an apartment in my country (where I live) with a mortgage loan (around 20% paid back so far, only).
- When it was required during the application process, I used a bank account certificate as proof of funds. Since that was enough money, my immigration consultant told me not to include/declare any property/assets or liabilities (e.g. my apartment).
- My plan is/was to keep my apartment and have some rental income, that would have to be declared when I file my taxes in Canada for the first time.

3 BIG QUESTIONS here:

Question #1:
Is it mandatory or optional to declare my property at the time of the proof of funds declaration? The text on the website sounded like mandatory-ish but my consultant told me not to, because that would make the process slower and I had enough cash already in my bank account. Not sure if that was totally accurate of him to say.

Question #2:
- If it was indeed mandatory but I didn't declare that apartment+mortgage, would I be in trouble for that? I mean, if my plan is to have some rental income in my country and pay taxes for that in Canada, what happens when I land and need to declare my property, if the guys in Canada find out I have a property I didn't declare during the immigration process? The same when I pay my taxes in the future on rental income.

Question #3:
- What is the safest I can do at this point?
> Asking CRA or CBSA about this sounds scary.
> Selling too fast before landing may be safe... but that would be a disastrous business.
> Would declaring it now (not having declared it in my application) put me at risk of being kicked out of Canada in the future?
> Selling it after landing still makes me have to declare it when I land in Canada, I presume

Anyone went through the same or got some relevant piece of information to shed some light on this?
I'm freaking out a bit, because if I had to sell in 1 month, that may be a total disaster.
Thanks a lot.

 

[albatros]

Thanks Navid for your reply. I will definitely contact an accounting specialist in parallel.

However, my main immediate doubts regarding the landing process still remain

- When I land, do I need to declare my real estate property at the point of entry?
- Will I be at risk because I didn't declare it when I applied for immigration (proof of funds), allegedly because I already had enough funds in cash?
- Could that contradiction be dangerous to my status (if I later need to declare some rental income from my property to CRA)?

I'm panicking... Thanks for any hint!!!

 

[ifeedly]

Proof of funds is the proof that you have enough money to survive for some time while you are settling in a new country.
Did they want you to declare all the change in your piggy bank? nope.
proof of funds is just proof of funds so that they know you will not need social assistance immediately after landing in Canada and there are rules governing how much minimum you should have and once you show that amount you qualify.

Relax and take a deep breath, Its normal to go crazy worrying about everything when going through the immigration process.

and yes you do need to declare your global income when you file taxes and that's perfectly legal.

Canada does what it says, its a very cool country to live in if you adjust yourself according to it.
if your consultant is a member of ICCRC (Immigration Consultants of Canada, regulatory body appointed by government) or a Lawyer then he is not going to give you bad advice as immigration consultancy is a regulated business in Canada.