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

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Fouzia Mosharraf

Member
Jun 17, 2016
12
0
anujgupta84 said:
First of all, I want to let the members know that this is a great place to get all the information about Immigration to Canada. I was eager to make this thread as and when I got PPR which confirmed that whatever I did my 'Source of funds' request was right. There is a lot of confusion around this part of the application. Most of the candidates are sure about remaining part of their application but we all get confused whenever money gets involved, since we all are not well-versed with the laws, etc. So for the benefit of new applicants or someone you got this kind of request, I would like to contribute by providing some clarity!

This is my timeline:

10/04 FSW ITA (CRS:473, India)
24/04 AOR
19/05 Med Passed
22/05 ECAS App Received
24/05 BG Not Started
19/06 ECAS In Process
04/08 Travel History Request
20/08 Source of Fund Request
08/09 BG In Progress
10/09 ECAS Decision Made
14/09 PPR

My case was as common to most of us ie, Not enough money in the account few days back to application submission and then a sudden transfer of funds in the bank account and that account is shown as 'Proof of funds'. As you can see I got a 'Source of funds' request on August 20, 2015. I submitted following documents for the same:

1) An e-stamped affidavit (Article 4 Affidavit) citing my Father as Deponent about that big transaction via Cheque XXX dated XXX drawn on Bank XXX. Letter had my father's signature. This costed me Rs. 10.
2) An e-stamped Gift deed (Article 33 Gift) showing my father as Donor, me as a Donee. Also stating that these funds were out of his past savings, mentioning his PAN number and that he doesn't expect the money in return. Letter had me and my father's signature. This costed me Rs. 100.
3) Net-worth certificates of me, my father and my mother as on August 22, 2015, for the reason that my family hasn't exhausted all their savings to support me and that they can survive easily. This Net-worth certificate should be issued by a reputed Chartered Accountant on his letter-head. This costed me Rs. 500. CAs might demand more, but don't pay them more, choose another CA.
4) My Bank statement till August 22, 2015 showing the funds being untouched and only a large number of credits happening with very few debits.
5) I detailed LOE with all the transactions and explanation.

That means a maximum cost of Rs. 1000. You don't need to pay hefty amount and take the help of any consultancy for solving 'Source of funds' puzzle. Just include everything specific beforehand at the time of Application submission, so that they don't ask for Additional documents later (as they did in my case).

In a nut-shell here are what I suggest you submit at the time of AOR, to answer the questions of a sudden large transaction:
1) Gift Deed (Article 33 Gift)
2) An Affidavit (Article 4 Affidavit)
3) Net-worth certificates of your whole family from CA
4) Bank Statements showing all the transactions involved (Yes, include your father's bank account statement as well)

Note: No Notarization is necessary, since, you would be scanning and uploading original documents. Don't spend money on the lawyers roaming around in district courts for this.

I hope this would have helped. All the best to all the members here for their Canadian dream. I hope the best for all of you.
Click to expand...
Could you plz load a sample of gift deed plz?
 
F

Fouzia Mosharraf

Member
Jun 17, 2016
12
0
anujgupta84 said:
GIFT DEED
I, _________________ (name of donor), S/o _________________ (father’s name), R/o _____________________ (address), do hereby on dated __________ make a gift-deed for a gift made on dated of ___________, Rs. ______/- (Rupees in word) out of love and affection to my ____________ (mention the relationship & name of receiver), S/o or W/o _______________, R/o _________________________. I confirm that I am a resident Indian. I, further confirm that this gift is being made out of my own funds standing to the credit of my A/c No.- __________ in
____________(mention the Bank name & address).
I, further confirm that the consideration for this gift is the love and affection for my ____________________ (mention the relationship & name of receiver) and no other consideration.
I am an Income Tax assessee having PAN/GIR # A-984 / N and assessed with Income Tax ward 1, Noida and this gift is made out of my past savings from profession in India. Strictly Confidential 2 P A R Y & Co.
I further confirm that the gift has been made by Cheque No ___________ dated _______ drawn on ___________________________ (mention the Bank name & address). This gift is irrevocable and I have no claim left whatsoever on the said gifted amount and he/she is free to utilise it in any manner.

PLACE:
DATED: _______________________
(Donor name)


Witness:
The gift as stated above is accepted




______________________
(Name of receiver)
Click to expand...
Does this letter has to be on stamped paper?
 
F

Faky201

Star Member
Apr 20, 2017
86
3
In the case where a transfer is made from a company/ business account belonging to the parent, is this acceptable. Also when using a gift deed, do u need to prove the source of the donors funds.
 
vishalg

vishalg

Champion Member
Oct 14, 2015
1,115
185
NOC Code......
6221
Faky201 said:
In the case where a transfer is made from a company/ business account belonging to the parent, is this acceptable. Also when using a gift deed, do u need to prove the source of the donors funds.
Click to expand...
If the bank account is in the name of the company, the donor in the gift deed should also be the organization. However, I am not aware of any gifts being given by companies ( without any service in return which will actually be a business deal). You have to seek opinion of a person who is well versed with corporate laws. On the other side, the funds can be transferred from the company account to your family member ( owner of that company) and he can gift it to you. Then a simple gift deed will be required where the donor will be your family member.
 
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P

Prt0721

Full Member
Mar 26, 2017
48
15
Hi,

I'm close to submitting all my documents. I have some questions regarding proof of fund that I would like to get clarified. I need some advice. I can't find a definitive answer on any of the threads
As a single applicant, I need to show 12300 CAD
- I have about 9600 CAD in my savings account right now
- For remaining 2700 CAD I have below options:

1. I can show my EPF balance. For that, I have online statements and UAN card downloaded from the website. I went to the PF office to get PF certificate but they refused to accept my request letter saying it needs to be stamped and signed by my employer. My employer refused to stamp and sign my letter saying they're not authorized to do it since it's completely government fund.
Can just submit my online statements and UAN card? What are the risks involved?

2. I have a joint FD with my mother. I can get that FD encashed and deposit the money in my savings account. What are the risks and what legal documents do I need to provide to CIC to explain that this money is not borrowed and is solely for the purpose of my visa application?

3. I also have a small share of around 1100 CAD on my Demat account that I'm looking forward to sell. The credit of the sale proceeds will also go to my savings account. Do I need to provide any documents to justify that credit?

I'm only one step away from submitting my eAPR. These concerns have been bothering me a lot. I don't want to make any mistake in submitting the documents. Any advice would be highly appreciated.

Thank you
 
vishalg

vishalg

Champion Member
Oct 14, 2015
1,115
185
NOC Code......
6221
Prt0721 said:
Hi,

I'm close to submitting all my documents. I have some questions regarding proof of fund that I would like to get clarified. I need some advice. I can't find a definitive answer on any of the threads
As a single applicant, I need to show 12300 CAD
- I have about 9600 CAD in my savings account right now
- For remaining 2700 CAD I have below options:

1. I can show my EPF balance. For that, I have online statements and UAN card downloaded from the website. I went to the PF office to get PF certificate but they refused to accept my request letter saying it needs to be stamped and signed by my employer. My employer refused to stamp and sign my letter saying they're not authorized to do it since it's completely government fund.
Can just submit my online statements and UAN card? What are the risks involved?
EPF is accepted. Lately epfo is declining people's request for stamped ledger. Upload the statement( online one) and UAN card. If you receive any yearly epf deposit details from your employer then upload those. Else upload your payslips that mention the deduction of EPF. Also, use LOE to explain that you will be able to withdraw xxxx amount after you quit the organization.
2. I have a joint FD with my mother. I can get that FD encashed and deposit the money in my savings account. What are the risks and what legal documents do I need to provide to CIC to explain that this money is not borrowed and is solely for the purpose of my visa application?
You would need a gift deed from your mother as she is a co-owner of the FD
3. I also have a small share of around 1100 CAD on my Demat account that I'm looking forward to sell. The credit of the sale proceeds will also go to my savings account. Do I need to provide any documents to justify that credit?
Redemption receipts and the same amount being transferred to your account through your statement ( just one month statement which shows the transaction)
I'm only one step away from submitting my eAPR. These concerns have been bothering me a lot. I don't want to make any mistake in submitting the documents. Any advice would be highly appreciated.
Use an LOE/ covering letter to summarize your POF and highlight all the important transactions.
Thank you
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Faky201

Star Member
Apr 20, 2017
86
3
Thank you very much
vishalg said:
If the bank account is in the name of the company, the donor in the gift deed should also be the organization. However, I am not aware of any gifts being given by companies ( without any service in return which will actually be a business deal). You have to seek opinion of a person who is well versed with corporate laws. On the other side, the funds can be transferred from the company account to your family member ( owner of that company) and he can gift it to you. Then a simple gift deed will be required where the donor will be your family member.
Click to expand...
 
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