A complete way to nail 'Source of fund' dilemma!

[vishalg]

Hello Friends,

I am new to this forum.. this thread was really informative. thank you for providing such guidance. I need advice on my PoF please respond.


I am working as a teacher in India. I have two savings account 1 is where my salary is being deposited every month and is used for other regular expenses. the other account is where I usually deposit the annual savings from my 1st account. Every year in April I check the balance of my 1st account and whatever is the savings are, I transferred them into my 2nd account. by doing this upto December 2016 i had around 10000 CAD in my 2nd account. but due to some family reasons I needed to spend around 3000 CAD by February and left with only 7500 CAD I got ITA in April 2017. for the rest of the amount my father sold one of his property worth, 38000 CAD, last week and gifted me 5000 CAD from the initial payment of this sale that was 10000CAD. so for POF I am planning to submit following documents:

My Bank account statement for 6 months,
Bank Letter
Gift Deed
Bank Statement of my father's account (only 1 month that has the entry of transfer)
LOE explaining the transfer of gifted money

What other document is required for smooth sailing? then I have few questions. do i have to declare my other account also? Not required, if one account sufficiently covers LICO
Do I need to attach the sale agreements (I do not want to)? Not mandatory, but use an LOE to explain the situation.
My father also has two accounts he transferred this sale deed money to his account that is least used so the statement of that account is not good. will it affect my case?No

What other things I must do regarding POF? waiting for the response.

You're good to go.

 

[nadirakazi]

Hello, I just got my ITA, but I do not have any funds in my name right now, I have two inquiries,


1. My father gave me almost the total amount for POF. Now for documentation I asked him to provide a gift deed. But he is suggesting me to make money receipt showing that I sold gold (which I am planning to sell later but I am not doing it right now). Of the two documentation which would be more acceptable? I am a bit hesitant on the latter but will selling gold receipt would be much more smooth way to provide POF?

3.does spouse's provident fund can be shown as proof of funds? my husband's office has agreed to open another joint account (me & my husband as account holders), But I was wondering will a sudden sprouting account will have any negative effect, given that I have hardly any option?

 

[vishalg]

Hello, I just got my ITA, but I do not have any funds in my name right now, I have two inquiries,


1. My father gave me almost the total amount for POF. Now for documentation I asked him to provide a gift deed. But he is suggesting me to make money receipt showing that I sold gold (which I am planning to sell later but I am not doing it right now). Of the two documentation which would be more acceptable? I am a bit hesitant on the latter but will selling gold receipt would be much more smooth way to provide POF?
If the amount from your father's account has already been credited to your account then you won't be able to prove it without a gift deed. If it is not transferred yet then you can sell gold and upload the receipt and the cheque copy.
3.does spouse's provident fund can be shown as proof of funds? my husband's office has agreed to open another joint account (me & my husband as account holders), But I was wondering will a sudden sprouting account will have any negative effect, given that I have hardly any option?
EPF is accepted, spouse needs to sign a no objection declaration.
Just trying to understand the use of a new account. Even if you open it now, you won't be able to provide 6 months history/averages and also you have to provide the source of money being credited to this new account.

 

[puff123]

Hello guys,

Would any one be able to upload an affidavit sample here? and how can I get the gift deed notarized?
I would greatly appreciate if anyone could help.
Thanks

 

[vishalg]

Hello guys,

Would any one be able to upload an affidavit sample here? and how can I get the gift deed notarized?
I would greatly appreciate if anyone could help.
Thanks

Samples are shared on the first page of this thread.
Visit any public notary, ask him for a gift deed and they usually have a ready sample with them, share your details, do a spell check/ sanity check and then they will print it on stamp paper and then donor, done and witness sign it. Notary also signs and puts his own stamp and you're done. If in India, then use the minimum value of stamp paper as applicable in your state.
It won't be more than 200-300 bucks for everything

 

[amar_gill]

You're good to go.

Vishalg thank you for your quick response one thing only 1 month statement of my fathers account is sufficient??? That shows the transfer. As i said account entries are not good and i do not want to give wrong impression to cic that my father has exhausted his funds.

 

[vishalg]

Vishalg thank you for your quick response one thing only 1 month statement of my fathers account is sufficient??? That shows the transfer. As i said account entries are not good and i do not want to give wrong impression to cic that my father has exhausted his funds.

People add Donor's statements for added safety. There are people who have received PPR without submitting donor's statements.

 

[puff123]

Thanks a lot for your quick response.

I already read through this thread.
I was confused what is meant by "Article 33 Gift" and "Article 4 Affidavit"

One more question; should this notarized gift letter be signed by myself as well? I'm in Canada right now, how this can be done?

Thanks again for your kind help

 

[salikgilani]

So if I get a gift deed made, do I still need 6 month bank statements or only from the day the amount was transferred ?

 

[vishalg]

Vishalg thank you for your quick response one thing only 1 month statement of my fathers account is sufficient??? That shows the transfer.
People has received PPR without submitting donor's statements. But also upload the proof of transfer ( cheque/ internet transfer receipt)
As i said account entries are not good and i do not want to give wrong impression to cic that my father has exhausted his funds.

I missed out

Thanks a lot for your quick response.

I already read through this thread.
I was confused what is meant by "Article 33 Gift" and "Article 4 Affidavit"
Legal way of writing stuff. You can use the template
One more question; should this notarized gift letter be signed by myself as well? I'm in Canada right now, how this can be done?
Usually a gift deed is accepted by the donee. I have heard people do it locally also. You can seek other's/ lawyer's opinion on how to go ahead with this. But it is possible.

Thanks again for your kind help

 

[vishalg]

So if I get a gift deed made, do I still need 6 month bank statements or only from the day the amount was transferred ?

People upload Bank statements (6 months) just as a safety measure. There are people who have received PPR without uploading donor's statements.
You only need a gift deed and proof of transfer.

 

[salikgilani]

People upload Bank statements (6 months) just as a safety measure. There are people who have received PPR without uploading donor's statements.
You only need a gift deed and proof of transfer.

Thank you for that. I was asking for my own account. It did not have money before the gift was made. Only after the gift did it meet requirements. So do I still need to show 6 months for my account?

And I am very grateful for your help. Means a lot.

 

[vishalg]

Thank you for that. I was asking for my own account. It did not have money before the gift was made. Only after the gift did it meet requirements. So do I still need to show 6 months for my account?

And I am very grateful for your help. Means a lot.

You would need bank statements for your account only if there is information missing in your bank letter such as 6 month's average or any other info. Which is available in the bank statement.

 

[Shivanker]

When showing POF, do u have to show the amount mentioned in the EE profile or can it change provided it's more than the minimum requirement?

 

[vishalg]

When showing POF, do u have to show the amount mentioned in the EE profile or can it change provided it's more than the minimum requirement?

Let's say you quote 16k in EE profile and in your account show more than 16k, it is absolutely fine. CIC is concerned with the minimum amount.