Funds Source Query

[seemefree]

Hello,

I will be submitting my PR application next month. This means my bank letter will be printed in December and will show past 6 months balance (June to November) and will state that I have no debts of any form (credit card or loans etc.)

This is my personal balance situation -
1) June (no transactions in between the month) - 331 CAD [End of Month Balance]
2) July (no transactions in between the month) - 331 CAD [End of Month Balance]
3) August (Inflow of 16K CAD from my father. Investment of same 16K CAD to Fixed Deposit & Mutual Funds) - 331 CAD [End of Month Balance] -
Do I need to show proof of inflow from father and outflow to investments here as this money doesn't exist as balance in my account anymore and I wont be using it as proof?
4) September (Inflow of 17K CAD from my father) - 17331 CAD [End of Month Balance] -
I will use this 17K CAD amount as proof of funds and will provide a Gift Deed from my father as source of funds for this 17K CAD.
I don't need to include the 16K CAD inflow (August) from my father in the Gift Deed, right? Since I wont be claiming that part as proof of funds?
5) October - 17331 CAD [End of Month Balance]
6) November - 17331 CAD [End of Month Balance]

December balance - 17331 CAD will continue to be maintained

I would really appreciate some clarity on the points marked in red.

Thank you very much in advance!

 

[seemefree]

@DelPiero07 could you kindly look at the above and share your feedback? Thanks a lot!

 

[moonarch]

Hello,

I will be submitting my PR application next month. This means my bank letter will be printed in December and will show past 6 months balance (June to November) and will state that I have no debts of any form (credit card or loans etc.)

This is my personal balance situation -
1) June (no transactions in between the month) - 331 CAD [End of Month Balance]
2) July (no transactions in between the month) - 331 CAD [End of Month Balance]
3) August (Inflow of 16K CAD from my father. Investment of same 16K CAD to Fixed Deposit & Mutual Funds) - 331 CAD [End of Month Balance] -
Do I need to show proof of inflow from father and outflow to investments here as this money doesn't exist as balance in my account anymore and I wont be using it as proof?
4) September (Inflow of 17K CAD from my father) - 17331 CAD [End of Month Balance] -
I will use this 17K CAD amount as proof of funds and will provide a Gift Deed from my father as source of funds for this 17K CAD.
I don't need to include the 16K CAD inflow (August) from my father in the Gift Deed, right? Since I wont be claiming that part as proof of funds?
5) October - 17331 CAD [End of Month Balance]
6) November - 17331 CAD [End of Month Balance]

December balance - 17331 CAD will continue to be maintained

I would really appreciate some clarity on the points marked in red.

Thank you very much in advance!

Justification for source of fund is very important..sudden inflow of fund can create unusual issue..

 

[DelPiero07]

You don't need a gift deed for the 16k, just write a LOE stating that this amount transferred by your father is not needed to meet the required funds. As long as you provide a gift deed for the 17k you'll be fine.

Ignore the above.

 

[seemefree]

You don't need a gift deed for the 16k, just write a LOE stating that this amount transferred by your father is not needed to meet the required funds. As long as you provide a gift deed for the 17k you'll be fine.

Ignore the above.

Thanks for that! Cleared it out for me!

 

[Mr.Happy123]

Any updates?