Get the free PFS Personal Financial Statement TICDC4.doc

Page 1 of 3STATEMENT OF PERSONAL ASSETS AND LIABILITIES1)FULL NAME ___ DOB ___ SIN (Optional)___ First Applicant2)FULL NAME ___ DOB ___ SIN (Optional) Second ApplicantRELATIONSHIP TO APPLICANT (Spouse/Shareholder/Guarantor)

How to fill out pfs personal financial statement

How to fill out pfs personal financial statement

1. Gather all necessary financial documents such as bank statements, tax returns, and investment account statements.
2. List all assets including cash, investments, real estate, personal property, and retirement accounts.
3. List all liabilities such as mortgages, car loans, credit card debt, and personal loans.
4. Calculate the total value of assets and subtract the total liabilities to determine your net worth.
5. Fill out the income section by listing all sources of income including salary, bonuses, rental income, and investment income.
6. Fill out the expenses section by listing all monthly expenses such as rent or mortgage payments, utilities, insurance, and food costs.
7. Review the completed personal financial statement for accuracy and make any necessary adjustments.

Who needs pfs personal financial statement?

1. Individuals applying for a loan or mortgage
2. Business owners seeking investors or partnerships
3. Individuals going through a divorce or legal proceedings
4. Those looking to assess their current financial position and plan for the future

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What is pfs personal financial statement?

A Personal Financial Statement (PFS) is a document that summarizes an individual's financial status, including assets, liabilities, income, and expenses, to provide a clear picture of their financial health.

Who is required to file pfs personal financial statement?

Typically, individuals applying for loans, mortgages, or financial aid, as well as business owners seeking financing, are required to file a Personal Financial Statement.

How to fill out pfs personal financial statement?

To fill out a PFS, you need to gather information about your assets, liabilities, income, and expenses. You then complete the form by listing these details accurately, ensuring all entries are supported by documentation if required.

What is the purpose of pfs personal financial statement?

The purpose of a Personal Financial Statement is to provide lenders and financial institutions with an overview of an individual's financial situation to assess creditworthiness and the ability to repay loans.

What information must be reported on pfs personal financial statement?

A PFS must report information such as cash and bank account balances, real estate and personal property value, outstanding debts, monthly income, and monthly expenses.