yes, you need to report what asset/liability you have by the time you submit your application.
eg. your property (how much it is valued at that time) , mortgage or loan, bank deposit (fixed, term, foreign currency) etc.
the reason they wish to know is the governement does not really want to take immigrant that come to canada and then immediate apply for benefit..
once you landed to Canada - you become the PR and could enjoy the education same as the local born - i.e. free education if your kid study in public school, pay local student fee when study in University... etc.
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