POF question

[jazzman37]

Hey Everyone!

I got an ITA a few days ago, however I don't currently have (and didn't have for a few months back) enough money in my bank account as required (12,300 CAD).
In about 1 month I will retire from my current job and will be able to cash in my provident funds, which will allow me to pass the required amount. However, this will probably take more time than is left for me to submit my documents.

I thought of the following solution:
A family member will pay me the amount required to reach 12,300 CAD.
Once I finish cashing in my provident funds, I will return the family member the cash.

My questions are:

• Is this a good idea?
• If I'll be asked to explain the cash received from family member, what should I call it? It isn't exactly a "gift deed" if I return him the money...

Thanks in advance!

 

[DelPiero07]

It's an awful idea as the money must belong to you, by saying you will return the money to your relative you are basically shooting yourself in the leg.

Do not over complicate and go for a gift deed, you can work the details with your relative.

 

[s.immanual]

It's an awful idea as the money must belong to you, by saying you will return the money to your relative you are basically shooting yourself in the leg.

Do not over complicate and go for a gift deed, you can work the details with your relative.

@DelPiero07: My parents are planning to give 12300 CAD as a gift. So if they deposit this amount this month i.e., June, I can still provide CIC the bank statement for the last 6 months i.e., Jan to Jun 2017 even though it does not have large mount in it from Jan to May 2017 where this gift deed would only be showing up in my account only for 1 month (June 2017)

P.S.: Does withdrawal of huge amount such as 25,000 Rupees raise concerns since I pay my loan which I had taken from another bank, on a monthly basis so I withdraw this amount every month to pay for the same so my average balance would only end up to 4000 rupees.

Thanks in advance.

 

[DelPiero07]

@DelPiero07: My parents are planning to give 12300 CAD as a gift. So if they deposit this amount this month i.e., June, I can still provide CIC the bank statement for the last 6 months i.e., Jan to Jun 2017 even though it does not have large mount in it from Jan to May 2017 where this gift deed would only be showing up in my account only for 1 month (June 2017)

P.S.: Does withdrawal of huge amount such as 25,000 Rupees raise concerns since I pay my loan which I had taken from another bank, on a monthly basis so I withdraw this amount every month to pay for the same so my average balance would only end up to 4000 rupees.

Thanks in advance.

Regarding the gift, as long as you have a gift deed and proof of transfer it won't matter if they money has only been in the account for a month, you can submit the application as the money would belong to you (which is ultimately what IRCC wants to see).

I can't speak about the loan as i'm not from India so I do not know the exchange rate with Canadian dollars.

 

[s.immanual]

Regarding the gift, as long as you have a gift deed and proof of transfer it won't matter if they money has only been in the account for a month, you can submit the application as the money would belong to you (which is ultimately what IRCC wants to see).

I can't speak about the loan as i'm not from India so I do not know the exchange rate with Canadian dollars.

@DelPiero07: Thank you for your response. Well the loan amount i pay is 516 CAD per month and average balance gets as close as 41 CAD. Would this be an issue?.

What would be the ideal documents required to prove this proof of transfer which IRCC would want to look at?

Thanks in advance.

 

[DelPiero07]

@DelPiero07: Thank you for your response. Well the loan amount i pay is 516 CAD per month and average balance gets as close as 41 CAD. Would this be an issue?.

What would be the ideal documents required to prove this proof of transfer which IRCC would want to look at?

Thanks in advance.

It's fine.

You would show your bank statement to prove that the money entered your account and ideally the cheque/bank receipt from the transaction stating your relatives name.

If your parents are doing a wire then their latest bank statement will suffice.

 

[s.immanual]

It's fine.

You would show your bank statement to prove that the money entered your account and ideally the cheque/bank receipt from the transaction stating your relatives name.

If your parents are doing a wire then their latest bank statement will suffice.

@DelPiero07: By wire transfer you mean NEFT or IMPS yes? Can this amount also be deposited by parents in dropping a cheque to my savings account?

Thanks in advance.

 

[DelPiero07]

@DelPiero07: By wire transfer you mean NEFT or IMPS yes? Can this amount also be deposited by parents in dropping a cheque to my savings account?

Thanks in advance.

The cheque will do.

Can't answer your other question as i'm not from India.

 

[s.immanual]

@DelPiero07: Thank you and I apologies. I was not aware that NEFT & IMPS are the terms that used just in India. So after I get tthe amount in my savings account should get the affidavit?

 

[Abuzii]

Regarding the gift, as long as you have a gift deed and proof of transfer it won't matter if they money has only been in the account for a month, you can submit the application as the money would belong to you (which is ultimately what IRCC wants to see).

I can't speak about the loan as i'm not from India so I do not know the exchange rate with Canadian dollars.

Please what can I do if the donor of the gift deed is in another country from where I am. He can make a notary gift deed and sign it along with a witness but I can not be present there to sign it. Please what can I do?

 

[DelPiero07]

@DelPiero07: Thank you and I apologies. I was not aware that NEFT & IMPS are the terms that used just in India. So after I get tthe amount in my savings account should get the affidavit?

Correct, don't get it until after receiving the money.

 

[DelPiero07]

Please what can I do if the donor of the gift deed is in another country from where I am. He can make a notary gift deed and sign it along with a witness but I can not be present there to sign it. Please what can I do?

There's nothing for you to do. You don't have to be there for the gift deed to be valid.

Simply provide such gift deed and show proof of transfer. The important factor is that your relative declares that the money is a gift and not expecting it back.

 

[Abuzii]

There's nothing for you to do. You don't have to be there for the gift deed to be valid.

Simply provide such gift deed and show proof of transfer. The important factor is that your relative declares that the money is a gift and not expecting it back.

Thanks alot.......was worried when some people were saying the donee also must sign the gift deed before it can be accepted. I am really grateful for clearing my doubts.....cheers!!

 

[Mohsinqadeer]

if we have confirmed job offer in that case, will we have to show funds 12300 CAD ?

 

[DelPiero07]

if we have confirmed job offer in that case, will we have to show funds 12300 CAD ?

You don't have to show POF if you have a valid job offer.

Note that working in Canada doesn't necessarily means that you have a valid job offer.