Received ITA - Proof of funds - express entry

[Fernando_TheLegend]

Hi Everyone,

I recently received my ITA under express entry program. But I am a bit worried about proof of funds. I have around 20000 USD in a personal bank account and but I have liabilities totaling around 80000 USD due to personal loan/student loans etc. I was under the impression that the only thing that IRCC looks at is the liquid cash accessible to the person at the time of submitting the application and at the time of entry in Canada if PR is approved. Is it not the case? Would these liabilities cause major issues for me? What should I do now?

Please advise.

 

[pavan23]

Yes there are chances of refusal becoz of liabilities.
You can transfer these funds into a different account and show that bank account statement only

 

[Fernando_TheLegend]

Thanks for your reply.

These are long term loans. I have been paying off these loans by the way of monthly payments consistently without fail for the past couple of years. I have savings in my bank account accumulated over the past few months over and above my monthly deductions for these loans from the same account. So, doesn't that make a case in my favor? Also, shouldn't the liabilities be looked in the view of your future earning potential rather than an asset in the bank? If someone takes a simplistic view that proof of funds = asset - liabilities, then I would argue that nobody with a substantial loan against their name would ever be able to immigrate.

 

[Fernando_TheLegend]

Anyone else who went through a similar situation and got their PR approved?