Is gift deed option for Proof of fund is safe ?
- Thread starter Bhoomi12
- Start date
And i should keep that money in my account till I land canada right ???? And do these people have a proper format for it ????
Hey folks! a quick question about when to get a gift deed. i received a gift from my parents but this was after I received my ITA. Would the fact that i disclosed I have sufficient funds to meet the minimum threshold on the EE application before receiving the ITA count as misrepresentation? Anyone who has got a gift deed done after receiving an ITA??
Related question, is there an official Gift Deed form that needs to be completed?
I have an unusual situation where my money from my business has been paid into an account of my parents name.
So I'm wondering if it's easier to declare it as a gift or get some legal letter stating that it was always my money and show proof of payments from the source company to that account?
I have an unusual situation where my money from my business has been paid into an account of my parents name.
So I'm wondering if it's easier to declare it as a gift or get some legal letter stating that it was always my money and show proof of payments from the source company to that account?
Its perfectly fine to receive a gift after ITA, it is not misrepresentation and many people do it. Your parents can gift the money to you whenever they want no one can question that. You should have the money in your account before filling your eAPR. Attach a Gift Deed from your parents to you on a notarised stamp paper in your POF section. You will be good to go.
You can go both ways, but the second one is definitely complicated and might raise doubts also. In my opinion Easier way is to get a Gift deed from your Parents. There is no gift deed form as such, just ask a notary in your country, he will provide with you a Gift deed as per your country's format on a notarised paper. It should be ideally signed by your parents (donor) and you (donee) and few witnesses. There are number of formats available on this forum also if you want to check out.
But the main content of the deed should be that your parents gifted you the money out of their free will, love and affection and without any coercion or undue influence etc., on so and so date via so and so check number from their account number-abc, in Bank-xyz. That you are free to use the money as per your wish and needs. Also that you accept this gift etc. Something along these lines will be fine.
Awesome thanks that clears things up.
Will look around for a template and then get our local attorney to draw that up
Dear all:
For pof half of the money will be gifted to me by my father, while the remaining half shall be coming after I sell my car.
Now I will try my best to convince the buyer to pay me through a cheque so as to have an evidence of the source of funds, but in my country usually people prefer cash payments over cheques. Please suggest what should I do in case I receive the payment in cash. For the receipt, I shall be putting the whole transaction on a notarized stamp paper. Also, the car is on open letter, which means its not registered in my name except that I have a notarized paper of sale deed, that mr X sold a car to me, having details of the car plus the amount paid, signed by both of us and two witnesses. Would this suffice as the proof that car was mine?
Secondly, do I need to pay off my outstanding bank loan and loan taken from my own provident fund before taking a letter from the bank, or is that alright to have some outstanding debts?
Please guide. Thank you.
For pof half of the money will be gifted to me by my father, while the remaining half shall be coming after I sell my car.
Now I will try my best to convince the buyer to pay me through a cheque so as to have an evidence of the source of funds, but in my country usually people prefer cash payments over cheques. Please suggest what should I do in case I receive the payment in cash. For the receipt, I shall be putting the whole transaction on a notarized stamp paper. Also, the car is on open letter, which means its not registered in my name except that I have a notarized paper of sale deed, that mr X sold a car to me, having details of the car plus the amount paid, signed by both of us and two witnesses. Would this suffice as the proof that car was mine?
Secondly, do I need to pay off my outstanding bank loan and loan taken from my own provident fund before taking a letter from the bank, or is that alright to have some outstanding debts?
Please guide. Thank you.
Also, if my mother wants to gift her savings to me in cash, how can I ever prove that when it comes to source of funds, as she doesn't have a bank account?
Moreover, must I repay all my loans before getting a pof letter from bank? Can outstanding debt of about 2000 dollars be a problem?
Moreover, must I repay all my loans before getting a pof letter from bank? Can outstanding debt of about 2000 dollars be a problem?
Preferably get money in form of cheque for the car sale, it will be more legitimate. In my country such cash transaction will come under black money transaction, so if heavy cash transactions are legitimate in your country then only cash transaction is ok. Or if the car is not registered as u said, get the money in your parents account show the sale through them, pay the tax for the money and get it as a gift from your parents. If you cannot do any of these, then as a last resort get the sale and cash transaction mentioned on a notarised stamp paper, also on the paper get everything clearly mentioned in detail.
Attach all the documents that you can gather to prove the car is yours along with this notarised sale receipt. Upload your Gift deed and these documents together as POF along with Balance certificate and 6 month statements (taken from your bank).
Until and unless you don't have any loan on the money you are showing to CIC, and there is no direct or indirect liability on this money whatsoever, you are okay to go. You do not need to pay any other loans taken on any other savings of yours or possessions. It is okay to have outstanding debts as long as they do not affect the amount shown to CIC.
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