Posted on: 14-03-07 10:43:03
The amount a family brings as a proof of fund while landing,
ideally what we should do with it, I mean invest or buy home etc...
What will be the ideal strategy?
I Hope for some advice
Thank you in advance
Quote:
Originally posted by Inaam
The amount a family brings as a proof of fund while landing,
ideally what we should do with it, I mean invest or buy home etc...
What will be the ideal strategy?
I Hope for some advice
Thank you in advance
First of all welcome to Canadda in Advance.
Buying a house or invesment would depend on your priority, family situation and the amount of funds you are bringing with you.
If you have a pre arranged good job or income source at the time of landing and the funds are significant, you can go for buying the house.
However, we would not advise you to buy the house immediately. First you should get your self settled, like the place, find a job if not already arranged, and then decide where you would like to buy the hosue.
In the mean time put your funds in a good interest paying savings account with either ICICI Bank or ING Direct etc. but make sure do not lock your money in Non Reedembable GICs which most of the bank would like you to put your money in.
If you need any help, give us a call or email us when you land here.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
If you are bringing in the amount as required by canadian gov then..
1. put it in the bank in some banks you get good rates on savings account try that to start with till you get the hang of it.
2.settling down is quiet an experience if you do not have a job already then getting your credential validated and getting trained or doing some course leads you to a fair good time without jobs or in survival jobs in which you spend your funds you brought over ...always keep funds for 3-6 months equivalen( based on your permonth expenditure)in bank jsut in case you may need it.
3. Investing in house would only come after you have decided on where to live based on your work place etc..many people bought a house in hurry and regretted later as they didnt like the idea or had to commute long distance due to job change
This is not the right time to buy any home. Wait and watch the North America housing market. You do your research. Don't believe on realtors or agents.
Hi,
Clarifications reqd on the settlement funds issue -- does CIC need to see proof of liquid cash as settlement funds or will they accept the ownership of a house as settlement funds (as in, source of settlement funds)?
Background info--
When I'd applied for immigration, I'd included proof of cash as settlement funds.
But then the immigration processing timeline jumped from 2 years to 4 and then to 6 and so I finally withdrew the money from FD and invested them elsewhere to get me more returns while I waited.
Now I'm sorely tempted to buy a house instead of living like a nomad while CIC decides on 2003 cases (another 2 years to go, at least!). If I put my money in buying a house, and then CIC asks me again for proof of funds, will they accept property papers as proof enough?
Thanks for any advice on this.
After you get your visa, you will get a letter from CIC which would state in what all forms they would accept settlement funds. They would like to see liquid funds.
Settlement funds are meant for your initial few months in Canada when you are finding a job and settling down. They do run out fast depending on the nature of job you are looking for, etc.
-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||
