Rose tea

I've posted previously about our hopes to move to Canada as a family in ~2022 via FSW. Here's my current question.

In regards to proof of funds for skilled immigrants, the IRCC website says "you must get official letters from any banks or financial institutions where you’re keeping money" and that these letters must "list outstanding debts such as credit card debts and loans".

My first question: we have a mortgage with our bank, but what about debt that's held by other places that aren't tied to our banks? For example, my CapitalOne credit card? My student loan? Our car loan which is with Toyota Financial? Do we get letters from all the places where we have any kind of loan?

Second question: how is debt likely to affect a PR approval? I've read in various places that it can be difficult to move to Canada with "too much debt", but I'm sure there's some discretion in interpreting that. I presume they're looking for people who have a history of default, foreclosure, liens, and so on. People who seem to have real difficulty meeting financial obligations. But that's just my guess.

We're spending the next two years paying off as much debt as we can, but some stuff like the car (which we're bringing with us) won't be paid off til 2024, and who knows when my UK student loan will ever end.

Thanks for any feedback.

Siouxie

Umm.. you won't be able to bring your car unless it's over 15 years old (if you have questions about that please post in the main forum ).

As to debts - yes you have to list all debts and they are 'contra'd ' against your assets - I think to determine whether you can meet the minimum proof of funds, but provided you have the minimum amount of funds required it won't stop you emigrating, lots of people have student loans and move here still . You can read more about proof of funds here: https://www.canada.ca/en/immigration...oof-funds.html

Financial institutions would include Credit Card companies.

Will_PA

It looks like OP is based in USA - not the usual UK > Canada move on this forum...

Rose tea

Thanks for the response.

Both our cars are admissible per the VIC list at Transport Canada. Should have said - I currently live in the US and we purchased these cars here. One we already own outright. I understand that there are potential issues with provincial registration on cars that you still don't own outright, but that's a separate thing we'll deal with another time.


Thanks - I went to and quoted from that page in my post, but I didn't see any description of what counted as "too much" debt. Let's say (made up numbers here) we had $20K of debt in car loan + credit cards, but $20K of savings - does that just bring us back to zero and mean we have insufficient funds? That kind of thing. We'd still have a mortgage on our house as well as we'd plan to rent that out.

Rose tea

Yes, thanks - I should have added that in my original post, but it's too late to edit it now. I'm a double expat