Settlement funds

Old Apr 28th 2019, 10:49 pm
  #1  
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Default Settlement funds

Hello, just wondering if anyone understood the exact rulings on settlement funds, and what I should and shouldn't include on my application.

So I have sat in a savings account with a bank which i have no debts with, just under the amount for settlement funds required, hopefully in 2 -3 weeks this will be at the required amount, i have my current account with this bank with my mortgage for the house i live in etc going out of it.

Aside from this i have a few thousand pounds owing on 2 credit cards, one is at 0% APR and is one I've been using for home renovation and the other is just one linked to my Amazon prime account which has run up a few hundred pounds and will be paid off in full again next month( i haven't paid it off this month as threw a load of cash into my savings account).

I then have a current account, loan and a mortgage with another bank for a rental property i own, without going into exact figures i have 45% of the property value mortgage, another 12% or so on a personal loan with the same company. I then own the remaining 40-45% of the house. the rent comes into that account, pays off the mortgage and the loan and anything spare is overpaid on the loan.

For proof of funds, what exactly do i need to declare? some people online are saying you should provide everything for everywhere you have an account (even credit cards with 0% balance), other forums (namely canadavisa) have people openly admitted they didn't declare personal loans/credit cards/cars on finance etc. and just provided statements for one bank account.

the wording states

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must
  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
However as i am not keeping money (as per the wording) with either the credit card companies or the other bank linked to my property do i need to declare them? the credit cards ones are neither here nor there as they can be paid off in a few months if required. (the 0% rate doesn't end until next July so was just going to settle them when that came to an end if i hadn't sold houses and paid them off before i emigrated).

The biggie is the personal loan ( i used it to pay the debt on the house down, as it secured me a better mortgage rate as the bank saw it that i owned over 50% of the house so the APR rate dropped) as its not something i can pay off in say 12 months.

By the time i come to move it will be a non issue, as the rental property will be sold, loan paid off etc and the remaining money used to boost my settlement funds.

Obviously things can be done if required, but I'd rather not sell the property until i get PR status.

Thanks in advance, and please understand i am not trying to fiddle my way in. I just don't want to get an application denied or have to wait longer before applying for oversharing information etc.
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Old Apr 29th 2019, 8:17 am
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Default Re: Settlement funds

I would personally suggest you stay away from any advise given on Canada Visa forum. It's well known for 'helpful' suggestions like that, but if caught lying on a PR app then it's grounds for PR (or even citizenship) to be revoked years down the line. Unfortunately, a large percentage of their forum users don't like to do things by the book, but please don't follow their advice or do the same.

Yes, you must declare all debts, it's part of the application. But no, it won't impact things, CIC just need to see you've got the cash in your account ready to go.

Just make sure that you have enough before applying, don't forget that just getting your app together and your application fees will be a few thousand, so you'll need that on top of the proof of funds amount before you can apply.

Good luck.
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Old Apr 29th 2019, 4:05 pm
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Default Re: Settlement funds

Originally Posted by christmasoompa
I would personally suggest you stay away from any advise given on Canada Visa forum. It's well known for 'helpful' suggestions like that, but if caught lying on a PR app then it's grounds for PR (or even citizenship) to be revoked years down the line. Unfortunately, a large percentage of their forum users don't like to do things by the book, but please don't follow their advice or do the same.

Yes, you must declare all debts, it's part of the application. But no, it won't impact things, CIC just need to see you've got the cash in your account ready to go.

Just make sure that you have enough before applying, don't forget that just getting your app together and your application fees will be a few thousand, so you'll need that on top of the proof of funds amount before you can apply.

Good luck.
Thanks, there is a reason I ask questions here, and just occasionally lurk there (or get pointed there by search engine results), it seems to be often a way of chancing your way in if you couldn't do it otherwise, whereas providing my NOC stays in demand or the FST score doesn't jump up to 310+ i should get in without chancing it, just need to spend some time getting my ducks in a line.

I think the sensible approach is to pay off the Credit cards as much as possible, try and save as much as i can and go from there.

For me and the spouse i was factoring £3000 for immigration fees, medicals etc - does this sound reasonable?? (I've already paid for IELTS, had my trade qualification assessed. not sure whether she is going to sit her IELTS or not).

If i choose to apply under FST i have then budgeted £2000 to get over there, sit my exam and fly back - which seems reasonable.
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Old Apr 29th 2019, 4:09 pm
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Default Re: Settlement funds

Originally Posted by Stumpylegs
For me and the spouse i was factoring £3000 for immigration fees, medicals etc - does this sound reasonable?? (I've already paid for IELTS, had my trade qualification assessed. not sure whether she is going to sit her IELTS or not).

If i choose to apply under FST i have then budgeted £2000 to get over there, sit my exam and fly back - which seems reasonable.
Sounds good to me. If your wife sits IELTS it's worth quite a few extra potential points, so if you're borderline it would be worth doing IMO.
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Old Apr 29th 2019, 4:20 pm
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Default Re: Settlement funds

Originally Posted by christmasoompa
Sounds good to me. If your wife sits IELTS it's worth quite a few extra potential points, so if you're borderline it would be worth doing IMO.
Correct, if i go under FST its an easy few points(Even for a mediocre result) but if i end up going in under SINP its irrelevant.
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Old Apr 29th 2019, 5:27 pm
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Default Re: Settlement funds

Originally Posted by Stumpylegs
Correct, if i go under FST its an easy few points(Even for a mediocre result) but if i end up going in under SINP its irrelevant.
May make the difference between being able to apply under FST or having to apply under SINP though. Unless you love SK and are sure you want to move there, it would be better to apply under the Federal system just to give yourself the choice of all of the provinces IMO.
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Old May 11th 2019, 9:47 pm
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Default Re: Settlement funds

Originally Posted by christmasoompa
May make the difference between being able to apply under FST or having to apply under SINP though. Unless you love SK and are sure you want to move there, it would be better to apply under the Federal system just to give yourself the choice of all of the provinces IMO.
Didn't see this reply - or if i did i didn't register reading it. I've read it tonight and above all i want to say THANKS! it's hit me like a ton of bricks that whilst i would be happy with a life in SK (decent house prices, strong employment options for my NOC and decent pay) in an ideal world i would want to live in BC - therefore i need to put my ass in gear, sit my trade exam and apply under FST.

last question (for a bit, I promise) regarding settlement funds. I've googled and read the wiki to no avail (short of some shady comments on canadavisa.com) when i was looking under SINP i know the money had to sit in my account for 3 months prior to my application.

After selling some bits and bobs off and transferring some cash over I've now got $16,500 CAD dollars sat in a savings account - now i can't see anything on the official website about how long funds must remain in your account, just that on the letter from the financial institution must show 6 months worth of average balances - will they care that by the time i come to submit my application (all being well) that 6 months ago i had effectively no money in there, providing i can prove where it all came from?(i.e work, cashing in investments, money gifted to me from a dying family member) or will they want to see me maintaining that balance for 6+ months? by the time i come to put my application in i will have had at least 3 paydays, so potentially would have an extra $5000 CAD in there to prove I'm not just scraping together everything I've got to get the minimum settlement funds.

When/if ( I've got to sit and pass my trade exam, then get application in, and a trade draw occur in that order before the 1st June next year) I come to actually settle over there i'll likely be bringing closer to $500,000 CAD (providing properties sell) but I've never been one for keeping money in my account, it gets spent on stuff i don't need on amazon prime, always much better to overpay on mortgages/plough it into renovating a house etc.

I'm just not sure how the whole thing works, do you submit funds - someone in an office goes

1) "6 months ago he had no money, he's now got together the settlement funds - this don't add up/he hasn't held the money in there long enough - application denied"

2) "he's got the money now, thats fine - application approved"

3) "hmm, interesting how the money in his account doesn't appear that stable - i'll email him and ask him to explain it, if its all genuine, i'll approve him"



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