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View Full Version : Folks ? What exactly are "unencumbered" funds ?


CastAway
03-15-2007, 10:11 PM
Hey guys. On my PR application it says that settlement funds taken to Canada should be "unencumbered". What does that mean exactly ?

Let me run some scenarios past you guys :

1)Suppose I owned some investment properties. Would I have to sell them before moving to Canada ? Considering they are nowhere close to being "free and clear" and I am making a steady income off of them. What would be the CICs take on this ? Revenue Canada ?

2)Suppose I get my PR visa. The CIC would give me a 12 month travel window, right ? Well suppose that within those 12 months I were to take a
$ 500 000 loan from my bank. Keep the money in my home country, and have it wired to me 10 K a month once I´m settled in Canada ?

Would this be OK with the CIC ? Revenue Canada ?

Thanks guys

Tsveta
03-16-2007, 10:04 AM
Hi, you should consult an immigration lawyer about that. The CIC have a description on their web site about the funds: http://www.cic.gc.ca/english/skilled/qual-4.html

"These funds could be in the form of:

- cash;
- securities in bearer form (for example: stocks, bonds, debentures, treasury bills); or
- negotiable instruments in bearer form (for example: bankers’ drafts, cheques, travellers’ cheques, money orders). "