ndx

Hi fellow expats,

maybe someone can enlighten me for a second. On Canadian immigration form, they ask 3 questions:

a) Assets
Indicate the total amount (in Canadian dollars) of fixed deposits, savings accounts, pensions, etc.

b) Liabilities
Indicate the total amount (in Canadian dollars) of real property mortgages and any other personal debts.

c) Total funds available for settlement in Canada
With consideration to your total assets and liabilities, indicate the total amount (in Canadian dollars) of unencumbered, transferable and available funds that you have for settlement in Canada.

I have a mortgage of around 150.000 USD and savings of around 70.000. I'm trying to figure out if they will substract the liabilities from assets or what? if that's the case I'm negative 80.000 already. But then I have equity of around 40.000 in the house which (IF) I can sell it i'll be positive 110.000.

I guess I'm trying to find out if the debt counts for proof of funds in a negative way.

Cheers.

Jim Humphries

It seems you are not counting your house properly. It is worth 190,000 and you savings are 70,000 so your total assets are 260,000. Your liabilities are solely the mortgage of 150,000. Thus your net worth at present is already 110,000. The house would have to be professionally appraised to establish it worth.

ndx

so they do count your debt in regards to funds available then? I did try to look in CIC manuals on-line and did not find anywhere the exact regulation.
I would like just to show them my savings account and be done with it. If not i need to do a house appraisal, etc which takes time and money
When i filled initially the forms all it was asked was funds available to move to Canada, now I'm being asked for updated forms which asks for liabilities too?!
What if someone has student loans for 100.000 and 20.000 in savings? would this be not sufficient for example?

Goldie6

Can I ask which immigration stream you were applying for? I'm applying for the FSW visa and this has completely confused me. Do I need to provide all this evidence for the FSW program?

christmasoompa

The OP hasn't been on the forum for more than six months so is very unlikely to see your question.

But yes, you do need to provide evidence of your net worth for a FSW application to meet the minimum funds requirement.

I'll close this thread now as it's so old, if you have any other questions please start your own thread, thx.