How To Avoid Mistakes When Applying For Investor Status

Mistakes to avoid when applying for investor status:

1. Make sure to have a qualified lawyer to guide you through the process. It is a complex process, in the sense of the huge number of documents that are required.

2. Make sure that your business records are complete and up to date and follow a Canadian business model with the emphasis on financial statements and documents prepared in accordance with the general accounting principles

3. Be prepared to file documents demonstrating that your taxes have been properly filed and legally assessed by the taxing authority and that they have been paid. The Canadian system expects that you have at least been assessed by a taxing authority and have paid, whether it is based on your income or on an arbitrary assessment by the authority.

4. Be honest, accurate and complete in all the disclosures that you make. This includes, of course, all your work history, education history, family history and if you have had any difficulties or problems in the past with the law. Holding back information about properties or businesses that you own can come back to haunt you, particularly if it is later discovered that you did not mention all of these things. Misrepresentation will complicate the case and lead to delays. It might even lead to the application being dismissed

In the countries that we deal with, we do have contacts with accountants and auditors who are familiar with the Canadian system and what is required. They can prepare a proper set of financial statements which would include an income statement and balance sheet with appropriate notes where required.

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If you, or someone you care about, is dealing with immigration law issues in the Vancouver, British Columbia Region, contact Embarkation Law Group for a consultation.

This article is taken from a October 1, 2007 interview with Darryl W. Larson B.Comm., LL.B. an immigration lawyer with Embarkation Law Group, a Vancouver immigration Law Firm. Note that laws vary from province to province. Please consult with a lawyer in your own area to be sure of the laws and specific issues in your own jurisdiction.