Proof Of Funds- Blood relation or any relative?

[haris_rasheed]

Hi All, Need your feedback on below mentioned issue.

I am the principal applicant, my wife is accompanying me to Canada, we both have our different accounts. My Father in Law i.e. my wife's father is willing to give us the required amount as gift in my bank account. So can i borrow this money from my father in law or i can get the money from blodd relations only?

 

[haris_rasheed]

anyone?

 

[nri7777]

Hi All, Need your feedback on below mentioned issue.

I am the principal applicant, my wife is accompanying me to Canada, we both have our different accounts. My Father in Law i.e. my wife's father is willing to give us the required amount as gift in my bank account. So can i borrow this money from my father in law or i can get the money from blodd relations only?

yes you can but it would be better if he transfers it to her daughter and you both can use it by submitting a gift deed and consent letter

 

[haris_rasheed]

yes you can but it would be better if he transfers it to her daughter and you both can use it by submitting a gift deed and consent letter

How about if my father in law transfers the amount in my wife's account and then my wife transfers it to my account? and i will submit a gift deed of my wife?

 

[nri7777]

How about if my father in law transfers the amount in my wife's account and then my wife transfers it to my account? and i will submit a gift deed of my wife?

in this case your wife would need a gift deed from her father and you and your wife would need a consent letter that the money can be used by you both

 

[haris_rasheed]

in this case your wife would need a gift deed from her father and you and your wife would need a consent letter that the money can be used by you both

I will be needing a consent letter from my wife?

 

[dotslash227]

How about if my father in law transfers the amount in my wife's account and then my wife transfers it to my account? and i will submit a gift deed of my wife?

You can accept gift from your in-laws. It is legal and accepted in most jurisdictions to receive gifts from in-laws.

If your FIL transfers you the money, a gift deed signed by him would be needed.
If your FIL transfers the money to his daughter (your wife), a gift deed would need to be signed by him for his daughter and a consent letter would be needed from your wife to you.

Option 1 has less paperwork involved.

 

[haris_rasheed]

You can accept gift from your in-laws. It is legal and accepted in most jurisdictions to receive gifts from in-laws.

If your FIL transfers you the money, a gift deed signed by him would be needed.
If your FIL transfers the money to his daughter (your wife), a gift deed would need to be signed by him for his daughter and a consent letter would be needed from your wife to you.

Option 1 has less paperwork involved.

yes got it Thanks

 

[haris_rasheed]

Guys i have a question regarding proof of funds.

CIC says that the funds should be in your account at the time when you submit the profile and at the time when we give you the PR visa. Does this mean that once we submit the EAPR then we can use that money somewhere else or do we have to keep that money in the bank untill we get the PPR? lets say if they take 7-8 months for PPR, do we have to keep that money in the bank for 7-8 months?

 

[jackdawn]

Hi All, Need your feedback on below mentioned issue.

I am the principal applicant, my wife is accompanying me to Canada, we both have our different accounts. My Father in Law i.e. my wife's father is willing to give us the required amount as gift in my bank account. So can i borrow this money from my father in law or i can get the money from blodd relations only?

proof of fund in the name of your wife is as good as in your name. Make a letter which states that your wife is a part of this pr application and she has no objection using these funds as pof

 

[jackdawn]

Guys i have a question regarding proof of funds.

CIC says that the funds should be in your account at the time when you submit the profile and at the time when we give you the PR visa. Does this mean that once we submit the EAPR then we can use that money somewhere else or do we have to keep that money in the bank untill we get the PPR? lets say if they take 7-8 months for PPR, do we have to keep that money in the bank for 7-8 months?

You dont have to keep it in your account, you can use it and fund it again. But make sure when you arrive in canada you have sufficient proof to show that the funds are there, which means take a latest statement before you arrive

 

[haris_rasheed]

You dont have to keep it in your account, you can use it and fund it again. But make sure when you arrive in canada you have sufficient proof to show that the funds are there, which means take a latest statement before you arrive

thanks got it, that means while i am waiting for PPR, can use them for investment somewhere else and when i am moving to Canada i will again deposit them in my account?

 

[a.abhiman]

You dont have to keep it in your account, you can use it and fund it again. But make sure when you arrive in canada you have sufficient proof to show that the funds are there, which means take a latest statement before you arrive

Dear Sir,
An old couple who loves me like their son want to gift me settlement fund for Canada. So will the authorities accept if a totally non blood relative gives you a huge amount for your future success.

 

[dotslash227]

Dear Sir,
An old couple who loves me like their son want to gift me settlement fund for Canada. So will the authorities accept if a totally non blood relative gives you a huge amount for your future success.

Money gifted by non-blood relative is taxable. Moreover, you will need to prove that the funds are not encumbered or borrowed, which is difficult in case of given to you by a non-blood relative.

 

[a.abhiman]

Money gifted by non-blood relative is taxable. Moreover, you will need to prove that the funds are not encumbered or borrowed, which is difficult in case of given to you by a non-blood relative.

Thank you for replying Sir.
I understand that money gifted by non blood relative is taxable.
But with a valid and strong gift deed, will it be acceptable.