Urgent question about Proof of funds

[navjyotiu]

Hello Guys,

I am confused about my proof of fund.

I have open work permit and I have been working in Canada for over 1.5 year, I earn $5k per month. My wife is a student.

I have about $17,000 CAD in my bank account, but I also have $20,000 line of credit which I am paying off every month.

Do CIC consider line of credit as a liability? if yes, will it negatively affect my application?

Should I reject the invite or should I apply anyways because I do have a steady income and my wife will also start working in 3-4 months after she finishes her studies. The whole point of POF is to see if a person can support himself when in Canada, is'nt it?

Is there anybody who was in the similar situation and still got the PR!

Please help.

Thanks

 

[rajibsam]

Dont reject ITA. Under CEC you dont have to show proof of fund.

Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada.

 

[navjyotiu]

Thanks for your quick reply Rajibsam. The problem is the ITA, it has been issued under FSW instead of CEC.

Please advise.

 

[Asivad Anac]

Hello Guys,

I am confused about my proof of fund.

I have open work permit and I have been working in Canada for over 1.5 year, I earn $5k per month. My wife is a student.

I have about $17,000 CAD in my bank account, but I also have $20,000 line of credit which I am paying off every month.

Do CIC consider line of credit as a liability? if yes, will it negatively affect my application?

Should I reject the invite or should I apply anyways because I do have a steady income and my wife will also start working in 3-4 months after she finishes her studies. The whole point of POF is to see if a person can support himself when in Canada, is'nt it?

Is there anybody who was in the similar situation and still got the PR!

Please help.

Thanks

Unless IRCC suspects (and you are unable to prove otherwise) that this line of credit is in place solely for the purposes of helping you with POF, this shouldn't be a problem. Recommend not mentioning the line of credit in your bank letter, just focus on getting your bank to include those $17,000 and 6 months average balance.

All the best!