POF - Current Liabilities

[Sudar]

I have significant liabilities (home loan). I have just about sufficient funds to cover this.

Should I bring down the liabilities and show wife's financial standing (as a joint account)? Or just show CIC that I have sufficient funds to cover both my liabilities and POF (join account). I am yet to get my bank add me under the join account.

I am unable to close out the home loan as I need to be in person to complete the formalities and collect the documents. Does having liabilities affect the outcome of the application?

Any help is appreciated. Thank you.

 

[Asivad Anac]

Liabilities have nothing to do with POF unless those liabilities exist solely because you borrowed funds to showcase POF. It is perfectly fine to have liabilities and not declare them to CIC. They aren't running a credit check on you. They just want to be reassured that you have sufficient cash of your own to tide over the initial months of struggle in Canada while you get yourself established.

You neither declare your liabilities nor do they feature in your calculations. If there are 2 people in your application, you'll simply have to prove that you have about 15000 CAD in the bank exclusively for your use and that it isn't borrowed from anywhere. Having any other personal liability over and above this isn't a problem.

Consider this. Why wouldn't CIC let you count only your liability and not the corresponding asset if they were really keen on knowing your personal net worth. Because that's not what they want.