FSW Bank balance

[armunshi]

Hello everyone.

I have a question to ask. My brother got an invitation from Express entry. I transferred the amount in to my brother account about $15000. For how long he needs to keep the amount in the bank before submitting his express entry file.
Some say 3 months and others say 6 months.
Please guide.
Thank you kindly.

 

[DelPiero07]

Neither if you provide a gift deed and proof of transfer.

If you're unwilling to go with the gift deed route then 6 months.

 

[armunshi]

Neither if you provide a gift deed and proof of transfer.

If you're unwilling to go with the gift deed route then 6 months.

Hello Del

Thanks for your time. Can you clarify little bit more and if you can post a link for the duration of bank statement because i tried to find the link on the CIC website but was not able to do so.

Thank you

 

[DelPiero07]

There isn't a rule that the money must be in the account for X number of months, I am simply saying that if you're unwilling to provide a gift deed then he should have the money for over 6 months so that this transfer is not shown in his bank statements.

He cannot borrow the money to meet the minimum required funds, if this lump sum transfer is shown in his bank statements it will raise red flags as to the source of the money.

 

[armunshi]

Hello Del

You mean to say that the amount which i transferred into my brother account if claimed as a gift to my brother. It should not be a problem even if it projects in the bank statement history.

Please provide your insight.

 

[DelPiero07]

Correct, as long as he has a gift deed from you and proof of transfer he can submit his application right away.

 

[21Goose]

Hello Del

You mean to say that the amount which i transferred into my brother account if claimed as a gift to my brother. It should not be a problem even if it projects in the bank statement history.

Please provide your insight.

Yes, because you're saying (via the gift deed) that you relinquish all claim to that money, and your brother can do what he wants with it, without ever having to return it.

 

[armunshi]

Yes, because you're saying (via the gift deed) that you relinquish all claim to that money, and your brother can do what he wants with it, without ever having to return it.

Thank You very much 21 Goose.

Sincerely appreciate.

 

[armunshi]

Correct, as long as he has a gift deed from you and proof of transfer he can submit his application right away.

Thank you very much Del for your time and explanation.

Sincerely appreciate.