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Schedule 3 Funds - determining value of property

Schedule 3 Funds - determining value of property

Old Oct 18th 2003, 5:46 pm
  #1  
Paul Weeks
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Default Schedule 3 Funds - determining value of property

The Application for Permanent Resident Guide says about Schedule 3:
"Funds" refers to money in Canadian dollars, and includes the value of any
property you own. It does not include jewellery, cars or other personal
assets.

How does one go about documenting the value of real estate (If, indeed, that
is the "property" they're referring to). Is it sufficient to provide
documents regarding the purchase price, or are current appraisals needed?
Specifically I'm referring to our own residence as well as some rental
property.
 
Old Oct 19th 2003, 1:24 am
  #2  
Jim Humphries
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Default Re: Schedule 3 Funds - determining value of property

Professional appraisals may be the best way if you require the funds for a
business class application.
--
Jim Humphries, former visa officer
"Paul Weeks" <[email protected]> wrote in message
news:[email protected]...
    > The Application for Permanent Resident Guide says about Schedule 3:
    > "Funds" refers to money in Canadian dollars, and includes the value of any
    > property you own. It does not include jewellery, cars or other personal
    > assets.
    > How does one go about documenting the value of real estate (If, indeed,
that
    > is the "property" they're referring to). Is it sufficient to provide
    > documents regarding the purchase price, or are current appraisals needed?
    > Specifically I'm referring to our own residence as well as some rental
    > property.
 
Old Oct 19th 2003, 3:18 am
  #3  
Paul Weeks
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Default Re: Schedule 3 Funds - determining value of property

No, we don't require them. We're a skilled worker class application. I
want to answer the question accurately, but I also want to minimize the
hassle on my end without creating any red flags on the evaluator's end. The
properties are worth at least what we paid for them, so I'm figuring to use
that figure along with documentation of what we paid. We have enough in
savings to meet the funds requirements without considering the properties.

"Jim Humphries" <jhumphri(stop spam)@shaw.ca> wrote in message
news:7gwkb.126278$pl3.97591@pd7tw3no...
    > Professional appraisals may be the best way if you require the funds for a
    > business class application.
    > --
    > Jim Humphries, former visa officer
    > "Paul Weeks" <[email protected]> wrote in message
    > news:[email protected]...
    > > The Application for Permanent Resident Guide says about Schedule 3:
    > > "Funds" refers to money in Canadian dollars, and includes the value of
any
    > > property you own. It does not include jewellery, cars or other personal
    > > assets.
    > >
    > > How does one go about documenting the value of real estate (If, indeed,
    > that
    > > is the "property" they're referring to). Is it sufficient to provide
    > > documents regarding the purchase price, or are current appraisals
needed?
    > > Specifically I'm referring to our own residence as well as some rental
    > > property.
    > >
    > >
 
Old Oct 19th 2003, 4:31 am
  #4  
\"Half-Canadian\
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Default Re: Schedule 3 Funds - determining value of property

"Paul Weeks" <[email protected]> wrote in message
news:[email protected]...
    > No, we don't require them. We're a skilled worker class application. I
    > want to answer the question accurately, but I also want to minimize the
    > hassle on my end without creating any red flags on the evaluator's end.
The
    > properties are worth at least what we paid for them, so I'm figuring to
use
    > that figure along with documentation of what we paid. We have enough in
    > savings to meet the funds requirements without considering the properties.

Paul,

When I applied back in '98, I asked a friend who was a licensed real estate
agent to write a letter on his company letterhead stating -- in his
professional opinion -- an estimate of the current worth of the properties I
had at the time, and I included this letter in my application. This seemed
to be acceptable, as I wasn't asked to provide further documentation.
 
Old Oct 19th 2003, 4:34 am
  #5  
Paul Weeks
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Posts: n/a
Default Re: Schedule 3 Funds - determining value of property

Thanks, I'll see if I can get a realtor to give me a note to that effect. I
would like to avoid the expense of an appraiser. Since the value of the
properties is really just informational anyway - that is, we have the
required settlement funds in savings - perhaps the visa officer won't be too
concerned about absolute unimpeachable formal documentation regarding the
properties.

""Half-Canadian"" <[email protected]> wrote in message
news:[email protected]...

    > When I applied back in '98, I asked a friend who was a licensed real
estate
    > agent to write a letter on his company letterhead stating -- in his
    > professional opinion -- an estimate of the current worth of the properties
I
    > had at the time, and I included this letter in my application. This
seemed
    > to be acceptable, as I wasn't asked to provide further documentation.
 
Old Oct 19th 2003, 8:27 am
  #6  
\"Half-Canadian\
Guest
 
Posts: n/a
Default Re: Schedule 3 Funds - determining value of property

"Paul Weeks" <[email protected]> wrote in message
news[email protected]...
    > Thanks, I'll see if I can get a realtor to give me a note to that effect.
I
    > would like to avoid the expense of an appraiser. Since the value of the
    > properties is really just informational anyway - that is, we have the
    > required settlement funds in savings - perhaps the visa officer won't be
too
    > concerned about absolute unimpeachable formal documentation regarding the
    > properties.
    > ""Half-Canadian"" <[email protected]> wrote in message
    > news:[email protected]...
    > > When I applied back in '98, I asked a friend who was a licensed real
    > estate
    > > agent to write a letter on his company letterhead stating -- in his
    > > professional opinion -- an estimate of the current worth of the
properties
    > I
    > > had at the time, and I included this letter in my application. This
    > seemed
    > > to be acceptable, as I wasn't asked to provide further documentation.

Paul,
If you do go ahead and land in Canada before you have sold real estate that
you own in another country, you will also need to obtain an appraisal of the
property's value as of the date of landing. If you then sell the property
at a future date, you will only be liable for the capital gains in Canada
between the date of landing and the date of the property's sale if you have
that appraisal document to prove what the property was worth when you
landed.
 
Old Oct 19th 2003, 11:12 am
  #7  
Paul Weeks
Guest
 
Posts: n/a
Default Re: Schedule 3 Funds - determining value of property

Wow, good advice. Thanks. I'll defintely keep that in mind, and HOPEFULLY
it will be an issue!

""Half-Canadian"" <[email protected]> wrote in message
news:[email protected]...
    > "Paul Weeks" <[email protected]> wrote in message
    > news[email protected]...
    > > Thanks, I'll see if I can get a realtor to give me a note to that
effect.
    > I
    > > would like to avoid the expense of an appraiser. Since the value of the
    > > properties is really just informational anyway - that is, we have the
    > > required settlement funds in savings - perhaps the visa officer won't be
    > too
    > > concerned about absolute unimpeachable formal documentation regarding
the
    > > properties.
    > >
    > > ""Half-Canadian"" <[email protected]> wrote in message
    > > news:[email protected]...
    > >
    > > > When I applied back in '98, I asked a friend who was a licensed real
    > > estate
    > > > agent to write a letter on his company letterhead stating -- in his
    > > > professional opinion -- an estimate of the current worth of the
    > properties
    > > I
    > > > had at the time, and I included this letter in my application. This
    > > seemed
    > > > to be acceptable, as I wasn't asked to provide further documentation.
    > Paul,
    > If you do go ahead and land in Canada before you have sold real estate
that
    > you own in another country, you will also need to obtain an appraisal of
the
    > property's value as of the date of landing. If you then sell the property
    > at a future date, you will only be liable for the capital gains in Canada
    > between the date of landing and the date of the property's sale if you
have
    > that appraisal document to prove what the property was worth when you
    > landed.
 

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