Settling funds

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dionesiamn
Member since: Mar 04

Posts: 3
Location: Minnesota
Post ID: #PID

Posted on: 22-04-04 13:48:36

My daughter has been accepted to a Canadian college - we are US citizens. For funding her college we were able to get a line of credit on our mortgage that we can "borrow" against each year when her tuition and living expenses are needed to be paid. I read somewhere else on this forum that borrowed funds are not an acceptable source to use as settling funds?

We can withdraw the entire amount and put it into an account but we didn't want to have to start paying interest on it until we needed it - which could be 3 to 4 years out.

Any suggestions as to how we can best prove to Canadian immigration that we will be able to fund her stay in Canada? We will need to do this at the same time that she is applying for her student permit, whcih for US citizens is at port of entry.

Massood
Member since: Dec 02

Posts: 1593
Location: Vancouver, BC, Canada
Post ID: #PID

Posted on: 22-04-04 15:33:28

You don't have to withdraw the whole amount and incur interests. Your original plan should be acceptable to immigration. If not, you should get a lawyer.

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Massood Joomratty, LLB(Hons), LLM

http://www.passportcanada.com" target="_blank">Your Canadian Immigration Lawyer

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razashah
Member since: Jan 04

Posts: 96
Location: Toronto
Post ID: #PID

Posted on: 24-04-04 23:33:55

I am moving Canada in June & planning to take around C $ 15,000 with me plus Pak Rs. 800, 000 Certificates which are in Pak Rs. and their maturity will be in 2005. I don't want to cash them at this stage. Are these 'Saving Certificates' issued by Govt. of Pakistan.

Can these certificates be counted toward my settelment fund.

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Raza

Massood
Member since: Dec 02

Posts: 1593
Location: Vancouver, BC, Canada
Post ID: #PID

Posted on: 25-04-04 15:13:57

Settlement funds should be in readily convertible format. Funds that will mature in 2005 will not count.

razashah
Member since: Jan 04

Posts: 96
Location: Toronto
Post ID: #PID

Posted on: 25-04-04 23:40:49

Thanks for reply.

My certificates are readily convertible, like I can cash anytime with the value of Pak Rs. 800,000 but in April 2005 its value will be around Pak Rs. 900, 000.

So can I add them in my documents as proof of available funds while landing, or should convert to C$ before taking flight.

Regards & thanks.

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Raza

Massood
Member since: Dec 02

Posts: 1593
Location: Vancouver, BC, Canada
Post ID: #PID

Posted on: 26-04-04 12:12:12

it has to be converted and readily accessible. you can't bring certificate showing value and cashable at a later date.

rajand
Member since: Jun 04

Posts: 601
Location: Baroda, India.
Post ID: #PID

Posted on: 15-07-04 02:07:07

Dear Mr. Massood,

Thanks for your earlier replies to my post. It helped me a lot.

I got my PR visa in July 1st week. I will reach Calgary in August end. Regarding settlement funds, I have to bring $18,000/- as we are a 4 member family. Since I am coming alone initially & my wife & kids follow in October, can I bring $10,000 with me & balance $8,000 my wife can carry?

Thanks & rgds.

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Let's make India a better place !

Contributors: Massood(6) peacock1(3) razashah(2) reachash(2) rajand(1) dionesiamn(1)

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