hi Cooper... Im about to submit my application for OINP , awaiting the registrations to open .. while im at it.. im getting my documents ready and since you brought the topic of a large deposits in the bank account and getting a gift deed done.. I have received multiple deposits for a long term FD this month meeting my LICO of 12500 CAD (640000 INR) in my bank account ... they are in the form of a FD.. will I be asked about the source and how that money came to me ? Please provide me with a good suggest and if a gift deed is needed how do i go about it ?
Okay.. Tell me is this what you have done..?
You have one account..
Now you have received amount/s from someone... now with this amount u have created one FD in the same bank.. using this account..
So now this is how your complete FUND looks like..
Account Balance + FD Balance.. ?
Now if you have done this FD within the same month as receipt month (so say .. you created FD in August & you received these deposits in the month of August itself).. then you won't need gift deed..
Since your average monthly balance for july and august would be almost similar.. as AMOUNT RECEIVED in AUGUST = FD Created in AUGUST.. which will cancel out
I hope I am clear..
One recommendation would be don't keep fund balance exact like CIC requirement.. since dollar fluctuations impact the balance...keep 1000-1500CAD extra...
(learnt from my own experience..in april CAD was around 48-49...when submitted docs for eAPR, CAD was above 50.. lost around 900 CAD)