Question regarding POF.
Hello everyone,
I am a primary school teacher by profession. Since age 18, savings account by my name has been used by my father for his business transactions. My account has more than minimum amount required by the IRCC in terms of basic balance and fixed deposit balance.
The issue is all the credit and debit from my account is on the behalf of the firm. There are over thousands of entries in past 8-10 months only.
Can the certificate of this bank account will be accepted by the IRCC as in reality everything belongs to the firm and just the name is mine?
If not, should I liquidate all the funds and transfer them directly onto a new account in my name?
Or I should use intermediaries such as Father, Mother, Father in law, Mother in law in transferring funds and producing Gift Deed?
Hopefully I'll be on 468 score next month so please help.
Thank You.
Hello everyone,
I am a primary school teacher by profession. Since age 18, savings account by my name has been used by my father for his business transactions. My account has more than minimum amount required by the IRCC in terms of basic balance and fixed deposit balance.
The issue is all the credit and debit from my account is on the behalf of the firm. There are over thousands of entries in past 8-10 months only.
Can the certificate of this bank account will be accepted by the IRCC as in reality everything belongs to the firm and just the name is mine?
If not, should I liquidate all the funds and transfer them directly onto a new account in my name?
Or I should use intermediaries such as Father, Mother, Father in law, Mother in law in transferring funds and producing Gift Deed?
Hopefully I'll be on 468 score next month so please help.
Thank You.