Settlement funds -PMM attention required please

[Ganesha]

Car value , USA: 10,660 USD 11,476.6 CAD
ROTH IRA Brokerage Account at Fidelity, USA: 12,147.27 USD 13,077.8CAD
ROLLOVER IRA Brokerage Account at Fidelity, USA: 17,786.58 USD 19,149.0 CAD
401K Account, Vested Balance at ibenefitcenter: 57,634.75 USD 62,049.6 CAD
Checking Account: at Chase.com, USA: 18,868.66 USD 20,314.0 CAD
Non-Resident Indian External (NRE) Account: at State Bank of India, Bangalore, India: 699,993.46 INR 12,508.9CAD
ASSETS Total 138,575.8 CAD

Liabilities:
BankAmericard Cash Rewards Signature Visa At Bank of America, USA 24,688.86 USD 26,580.0 CAD

c) Settlement Funds (Canadian Dollars) = 138,985.7 – 26,580.0 = 111,995.8 CAD


IS this OK?

Please reply

 

[mjoshi10]

Car value , USA: 10,660 USD 11,476.6 CAD
ROTH IRA Brokerage Account at Fidelity, USA: 12,147.27 USD 13,077.8CAD
ROLLOVER IRA Brokerage Account at Fidelity, USA: 17,786.58 USD 19,149.0 CAD
401K Account, Vested Balance at ibenefitcenter: 57,634.75 USD 62,049.6 CAD
Checking Account: at Chase.com, USA: 18,868.66 USD 20,314.0 CAD
Non-Resident Indian External (NRE) Account: at State Bank of India, Bangalore, India: 699,993.46 INR 12,508.9CAD
ASSETS Total 138,575.8 CAD

Liabilities:
BankAmericard Cash Rewards Signature Visa At Bank of America, USA 24,688.86 USD 26,580.0 CAD





c) Settlement Funds (Canadian Dollars) = 138,985.7 – 26,580.0 = 111,995.8 CAD


IS this OK?

Please reply

Car can not be included
Include Fixed Deposits, GIC, Term deposits etc
" Readily en cash-able liquid assets"
Less liabilities
= your settlement fund

 

[mkshah]

Hi Ganesha,

I suggest you to write an email to cic regarding this...
explain your entire situation and ask for their advice on this.....
Good Luck...

Car value , USA: 10,660 USD 11,476.6 CAD
ROTH IRA Brokerage Account at Fidelity, USA: 12,147.27 USD 13,077.8CAD
ROLLOVER IRA Brokerage Account at Fidelity, USA: 17,786.58 USD 19,149.0 CAD
401K Account, Vested Balance at ibenefitcenter: 57,634.75 USD 62,049.6 CAD
Checking Account: at Chase.com, USA: 18,868.66 USD 20,314.0 CAD
Non-Resident Indian External (NRE) Account: at State Bank of India, Bangalore, India: 699,993.46 INR 12,508.9CAD
ASSETS Total 138,575.8 CAD

Liabilities:
BankAmericard Cash Rewards Signature Visa At Bank of America, USA 24,688.86 USD 26,580.0 CAD

c) Settlement Funds (Canadian Dollars) = 138,985.7 – 26,580.0 = 111,995.8 CAD


IS this OK?

Please reply

 

[Ganesha]

Car can not be included
Include Fixed Deposits, GIC, Term deposits etc
" Readily en cash-able liquid assets"
Less liabilities
= your settlement fund

Is rest of the items valid? 401K account, Roth IRA?

Should I even show the credit card balance as liability?

 

[mjoshi10]

Is rest of the items valid? 401K account, Roth IRA?

Should I even show the credit card balance as liability?

Yes u should
I have shown over 200 K as liability
nothing wrong with showing it.
Rest all seems OK !

 

[future_canadian]

Car value , USA: 10,660 USD 11,476.6 CAD
ROTH IRA Brokerage Account at Fidelity, USA: 12,147.27 USD 13,077.8CAD
ROLLOVER IRA Brokerage Account at Fidelity, USA: 17,786.58 USD 19,149.0 CAD
401K Account, Vested Balance at ibenefitcenter: 57,634.75 USD 62,049.6 CAD
Checking Account: at Chase.com, USA: 18,868.66 USD 20,314.0 CAD
Non-Resident Indian External (NRE) Account: at State Bank of India, Bangalore, India: 699,993.46 INR 12,508.9CAD
ASSETS Total 138,575.8 CAD

Liabilities:
BankAmericard Cash Rewards Signature Visa At Bank of America, USA 24,688.86 USD 26,580.0 CAD

c) Settlement Funds (Canadian Dollars) = 138,985.7 – 26,580.0 = 111,995.8 CAD


IS this OK?

Please reply

No.

Settlement funds is not simply assets minus liabilities. It is the amount of liquid and unencumbered assets you can bring with you to Canada.

Your car isn't liquid, so it's not settlement funds.

Your IRAs and 401(k) cannot be withdrawn without penalties and taxes. If you want to incur these penalties and taxes, I suppose that's your choice, but you can only include as settlement funds the amount of liquid cash you could actually receive from them after you pay the penalties and taxes--it could be as little as half of the balance.

Your checking and Indian accounts are liquid and thus can be counted. So you still have enough.

 

[future_canadian]

Hi Ganesha,

I suggest you to write an email to cic regarding this...
explain your entire situation and ask for their advice on this.....
Good Luck...

No need for this they will take forever to reply. I've already answered and you can take it to the bank.

 

[future_canadian]

Is rest of the items valid? 401K account, Roth IRA?

Should I even show the credit card balance as liability?

You must disclose all liabilities.

 

[Ganesha]

No.

Settlement funds is not simply assets minus liabilities. It is the amount of liquid and unencumbered assets you can bring with you to Canada.

Your car isn't liquid, so it's not settlement funds.

Your IRAs and 401(k) cannot be withdrawn without penalties and taxes. If you want to incur these penalties and taxes, I suppose that's your choice, but you can only include as settlement funds the amount of liquid cash you could actually receive from them after you pay the penalties and taxes--it could be as little as half of the balance.

Your checking and Indian accounts are liquid and thus can be counted. So you still have enough.

I have already mailed the documents with the above explanation. Should I try to get the documents back (fedex in transit) or you u think they will accept this funds?

 

[Ganesha]

Somebody please reply. I have already mailed the documents. It is in transit. I am asking Fedex to get the package to remove car value and redo the settlement funds.

Please reply.

 

[namaste]

Somebody please reply. I have already mailed the documents. It is in transit. I am asking Fedex to get the package to remove car value and redo the settlement funds.

Please reply.

no need to worry. The goal is to reach the minimum required funds, which seems like you do reach even with only your bank account (not including IRA and 401K). Even if your calculation was wrong, the documents you have sent will show how much settlement funds you actually have. So I would just relax.

 

[Ganesha]

no need to worry. The goal is to reach the minimum required funds, which seems like you do reach even with only your bank account (not including IRA and 401K). Even if your calculation was wrong, the documents you have sent will show how much settlement funds you actually have. So I would just relax.

u think they will not return the application for this reason?

 

[namaste]

u think they will not return the application for this reason?

No, I don't think it's an issue if you have sent bank statements from both of your banks and the amount equals the minimum for your family size.

 

[Ganesha]

No, I don't think it's an issue if you have sent bank statements from both of your banks and the amount equals the minimum for your family size.

I have sent the bank statements from both the banks. I have fedex to deliver it. I am banking on your judgement. Thanks for the confidence.

Good Luck to you.