Finance Questions

Archive for August, 2008

Question: what are the general rules as a buyer when buying a house that the owner is willing to finance?

what tricky lingo should I look for and what should I state in the contract on my part?

Answer: Hire an attorney. Lawyers who specialize in real estate know what to look for in a contract. The minor investment in hiring one will seem small in comparison to a potentially bad contract. (I'm not a lawyer)

Owner Financing, Rent To Own, Lease Options, Lease Purchase, Contract For Deed...

Question: What documents I need to file Visa Application for Canada?

I am a married Indian. I completed post graduate degree as well as CA Final first group. I am looking my future in Canada as Finance Manager or in audit field. I got 6 band in IELTS (7 in speaking). I want to apply for immigration to Canada. could you suggest me the documents require for application and where I can file application in India? Is there online facility to file Visa application?Please also let me know the cost of Visa? Thanks

Answer: I am looking my future in Canada as Finance Manager or in audit field.
Do you have between 1 and 4 years of experience in this job?
If no then you cannot apply as you are NOT eligible,
If yes then you are eligible.
You may be eligible under NOC code 1111

http://www.cic.gc.ca/english/immigrate/skilled/apply-who-instructions.asp#list

I got 6 band in IELTS (7 in speaking).
Excellent english

I want to apply for immigration to Canada.
Please be aware that there are millions of Indians also applying and therefore processing will take anywhere up to 6 years!!! You will have to be PATIENT

There is NO current timeline for applicants received after February 2008. But going by the earlier time frames, India will take 6 years

http://www.cic.gc.ca/english/information/applications/guides/EG7TOC.asp

SCROLL down to New Delhi

Could you suggest me the documents require for application and where I can file application in India?
Forms to fill out are here - http://www.cic.gc.ca/english/information/applications/skilled.asp
Scroll down to the bottom of the page

FORMS that MUST be filled out
Application for Permanent Residence in Canada [IMM 0008] PDF, 237 KB (mandatory)
Schedule 1: Background/Declaration [IMM 0008 SCHEDULE 1] PDF, 286 KB (mandatory)
Schedule 3: Economic Classes [IMM 0008 SCHEDULE 3] PDF, 191 KB (mandatory)
Additional Family Information [IMM 5406] PDF, 134 KB (mandatory)
Fee Payment Form – Application for Permanent Residence – Federal Skilled Worker
[IMM 5620] PDF, 35 KB (mandatory)
Document Checklist [IMM 5612] PDF, 96 KB (mandatory)

Use of a Representative [IMM 5476] PDF, 55 KB (optional)

INSTRUCTION GUIDE - tells you how to fill out the forms

http://www.cic.gc.ca/english/information/applications/guides/EG7TOC.asp

Print out ALL the mandatory forms - at least 5 times and more if you need to. These must be filled in PERFECTLY with NO errors. The extras are for practise. Then you send the package to the Canadian visa office in new Delhi. The instruction guide will give you the address.

Is there online facility to file Visa application?
NO - because you have to include a lot of documents to support your application - it cannot be done online

Please also let me know the cost of Visa?
You need at least CAN $10,000 saved up NOW before you apply - you need to show proof of your funds when you apply. You need to still have that $10,000 available for you when you get to Canada. You will be expected to show that you have access to it when you arrived in Canada.
This is what you will LIVE ON when you arrive in Canada before you can find your first job.
Do not expect to have arranged employment in Canada.
You will also need to pay for the costs of immigration which is around CAN $5000 - on top of (extra to) the $10,000 you must have saved up.
NO employer in Canada is going to wait 6 years for an employee to start work.

Police check - you will have to get a police check

http://www.cic.gc.ca/english/information/security/police-cert/asia-pacific/india.asp

NOW there is one faster way to apply - BUT this involves being required to live in one place for 3 years before you can move elsewhere.
This is called Provincial Nominee Program or PNP

http://www.cic.gc.ca/english/immigrate/provincial/index.asp

you choose which province you wish to immigrate to.
be sure there is a demand for financial managers

Provincial nominees applications from New Delhi are currently taking between 4 and 8 months

http://www.cic.gc.ca/english/information/times/international/04-provincial.asp

You still need to have the $10,000 saved up - unless you already have arranged employment in that province.

Jim Flaherty, Canada's Minister of Finance, answers a question on Haiti at Davos 2010