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01-09-2013, 08:44 PM
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#1 | | Rs has made me the man i am today!
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| Permanent Resident Card and Debt
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A bit of background, an China family that I know came to Canada in around 1999. Mom and the kids got their citizenship but dad has businesses in China, continues to fly back and forth like most Asian families and hasn't gotten his citizenship.
This year, he would have to renewed his Permanent Resident Card, and he's done it a couple of times already and they are worried that he may not get approved.
At the moment, they currently live in a condo that is under his name, with a mortgage also under his name. If say his permanent residence does get rejected, what will happen to this property, more importantly, the mortgage? Transferring the mortgage to mom is out of the question as mom does not make enough to be approved.
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01-09-2013, 08:47 PM
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#2 | | WUB WUB WUB WUB WUB
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I'm not sure if this is any help but thought it'd shed some light on things
My uncle and his family moved here from Philippines about 4 years ago but he doesn't work here. From what I've been told you have to be in Canada for a certain amount of days in 2 years or something without getting in shit. He frequently flies back and forth so he can meet the requirements to get a citizenship
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01-10-2013, 12:59 AM
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#3 | | To me, there is the Internet and there is RS
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As long as they keep paying the mortgage I don't think the banks would care. Some taxi drivers claim to make next to nothing and still get mortgages.
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01-10-2013, 03:33 PM
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#4 | | Banned (ABWS)
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From a bank standpoint, as long as he keeps making the mortgage payments there shouldnt be any issues. I get asked this question a lot (work at a bank in Richmond). The only time a bank really needs to know a change in residency is if the hold investments because if they lose the residency, taxations on say interest bearing accounts become different.
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01-10-2013, 10:24 PM
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#5 | | & Associates Inc.
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| Quote:
Originally Posted by mb_  I'm not sure if this is any help but thought it'd shed some light on things
My uncle and his family moved here from Philippines about 4 years ago but he doesn't work here. From what I've been told you have to be in Canada for a certain amount of days in 2 years or something without getting in shit. He frequently flies back and forth so he can meet the requirements to get a citizenship
Posted via RS Mobile | Exactly, to maintain his Permanent Residence status he must be in Canada every 2 years(730 days) out of 5 years.
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01-11-2013, 01:56 PM
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#6 | | Rs has made me the man i am today!
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Originally Posted by therubberguard From a bank standpoint, as long as he keeps making the mortgage payments there shouldnt be any issues. I get asked this question a lot (work at a bank in Richmond). The only time a bank really needs to know a change in residency is if the hold investments because if they lose the residency, taxations on say interest bearing accounts become different. | That is more reassuring. They are worried cause since if he is rejected, he technically doesn't belong in Canada anymore. Quote:
Originally Posted by ruthless Exactly, to maintain his Permanent Residence status he must be in Canada every 2 years(730 days) out of 5 years. | What about these rumours I hear of one only being able to renew a couple of times and the government would reject you.
Thanks guys for the help, keep them coming!  | |
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01-12-2013, 10:49 AM
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#7 | | I bringith the lowerballerith
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Bank doesn't care if the mortgage holder is a citizen or PR as long as whoever is holding the mortgage can continue to make the payments.
Having PR or Citizenship is irrelevant from being able to "borrow" from Bank for mortgage.
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01-12-2013, 10:51 AM
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#8 | | I bringith the lowerballerith
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Also it's pretty common in the last 10-15 years where you have the same case as the OP.
Family from Asia moves to Vancouver buy a place - husband moves back overseas to work, leaves wife and family behind.
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01-12-2013, 01:34 PM
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#9 | | I bringith the lowerballerith
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If he is THAT worried, then advise him to see a Immigration Lawyer.
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01-12-2013, 04:29 PM
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#10 | | Even when im right, revscene.net is still right!
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The government collects tax and information, that's it.
Just make sure the money gets to the bank, and that the taxes are sent to the gov, and it should be good.
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01-12-2013, 05:46 PM
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#11 | | Not a mod
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Just because he owes money to a bank does not overcome his residency obligations associated with being a PR. If he does not meet meet the 730 day quota (out of 5 years) his status will not be renewed. There is no link between a bank and CIC. Posted via RS Mobile | |
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