A complete way to nail 'Source of fund' dilemma!

[meme6868]

Hi Anuj and others, I have some questions regarding the proof of fund.
I had term deposit of CND 20,000 for one year. Then I lent it all to my cousin in September this year. He is going to give the money back to me next week.
1. Can I still use the bank statement for my account as proof of fund?
2. Does my cousin need to produce any affidavit?
3. The official language in my country is not English. Should I just provide the affidavit in English, or do I need to produce an affidavit in other language and have it translated and notarized?

Thank you so much!!!

 

[vivekskumar8544]

Hi all,

If i have an FD which is 3 months old and the FD term is for 1 year, do i need to show the proof for the FD?

 

[cyronn]

Hi all,

If i have an FD which is 3 months old and the FD term is for 1 year, do i need to show the proof for the FD?

Yes.

 

[anujgupta84]

Hi Anuj and others, I have some questions regarding the proof of fund.
I had term deposit of CND 20,000 for one year. Then I lent it all to my cousin in September this year. He is going to give the money back to me next week.
1. Can I still use the bank statement for my account as proof of fund?
Yes, why not. Just show them that this $20k is yours. Before your account was debited to credit your cousin's account, you had your own money, right? Just include the statement where all this reflects.
2. Does my cousin need to produce any affidavit?
No
3. The official language in my country is not English. Should I just provide the affidavit in English, or do I need to produce an affidavit in other language and have it translated and notarized?
Yes, absolutely.

Thank you so much!!!

 

[F.K]

Dear Seniors,

My country is not India and I do not know how to get the documents: Stamped Paper Gift Deed
and Stamped Paper Affidavit.
Surely, I can get a signed letter from the donor but I do not know any authority will stamp that papers.
I can provide also bank statement to show the transaction from the account of the donor
Would this work…Please help!!

 

[joelmath]

Dear Seniors,

My country is not India and I do not know how to get the documents: Stamped Paper Gift Deed
and Stamped Paper Affidavit.
Surely, I can get a signed letter from the donor but I do not know any authority will stamp that papers.
I can provide also bank statement to show the transaction from the account of the donor
Would this work…Please help!!

Hi F.K,

If you really want to get something that is equivalent to Indian Stamped Gift Deed then try to find out the official document that allows parents to gift an asset to their children. Such a document will most likely already be in existence but termed something else.

Alternatively, Stamped Gift Deed is not a compulsory document. It is being used to ensure that the supporting docs provided by applicants are valid as per local laws. What CIC expects is a declaration for the donor that the gift was indeed made and nothing is expected in return. If you can get an Affidavit / Notarized declaration from the donor that would suffice. Bare minimum would be to provide a signed declaration from the donor on a regular A4 paper, attach ID proofs and signature proofs and highlight the gift on your bank statements.

All the best

 

[rcharmed]

Hello,

I have joint saving account with my mother. I am the principal holder of the account. We have a 3 year bank certificate, which we are going to cancel and transfer the money to the joint savings account. My bank representative told me they can make me my bank letter without mentioning my mother, and just state in the letter that the account is under my name.

I need an advice regarding this situation. Should I just open a new savings account under my name and transfer the bank certificate money there?

I will be waiting for your reply.

Thanks!

 

[Asivad Anac]

Dear Seniors,

My country is not India and I do not know how to get the documents: Stamped Paper Gift Deed
and Stamped Paper Affidavit.
Surely, I can get a signed letter from the donor but I do not know any authority will stamp that papers.
I can provide also bank statement to show the transaction from the account of the donor
Would this work…Please help!!

Get a signed self declaration on plain paper. Submit that along with proof of actual monetary transaction into your account and the bank letter with all details required by CIC including 6 months average balance or 6 months of bank statements instead. That would suffice. Personal experience.

All the best!

 

[Asivad Anac]

Hello,

I have joint saving account with my mother. I am the principal holder of the account. We have a 3 year bank certificate, which we are going to cancel and transfer the money to the joint savings account. My bank representative told me they can make me my bank letter without mentioning my mother, and just state in the letter that the account is under my name.

I need an advice regarding this situation. Should I just open a new savings account under my name and transfer the bank certificate money there?

I will be waiting for your reply.

Thanks!

Assuming you hold the bank certificate jointly with your mother, there is no real need to transfer the money into an account operated individually by you. If the monies arrive in the joint saving account, present the following documents.

1. Proof of ownership of bank certificate - can be either exclusively in your name or held jointly with another person.

2. Proof of monetary transaction - funds transfer from bank certificate into joint account.

3. Signed self declaration on plain paper from your mother explicitly stating that, as joint account holder, they have no reservations against you utilizing the funds from that joint account towards POF.

4. Letter from the bank with all details required by CIC. Including 6 months average balance.

5. Explanations for any other suspiciously large credit transactions into that savings account within the last 6 months counting back from the date of post ITA application submission.

All the best!

 

[F.K]

Get a signed self declaration on plain paper. Submit that along with proof of actual monetary transaction into your account and the bank letter with all details required by CIC including 6 months average balance or 6 months of bank statements instead. That would suffice. Personal experience.

All the best!

Thanks Dear.

 

[F.K]

Hi F.K,

If you really want to get something that is equivalent to Indian Stamped Gift Deed then try to find out the official document that allows parents to gift an asset to their children. Such a document will most likely already be in existence but termed something else.

Alternatively, Stamped Gift Deed is not a compulsory document. It is being used to ensure that the supporting docs provided by applicants are valid as per local laws. What CIC expects is a declaration for the donor that the gift was indeed made and nothing is expected in return. If you can get an Affidavit / Notarized declaration from the donor that would suffice. Bare minimum would be to provide a signed declaration from the donor on a regular A4 paper, attach ID proofs and signature proofs and highlight the gift on your bank statements.

All the best

Thank you so much

 

[rcharmed]

Thank you so much for your help!

Assuming you hold the bank certificate jointly with your mother, there is no real need to transfer the money into an account operated individually by you. If the monies arrive in the joint saving account, present the following documents.

1. Proof of ownership of bank certificate - can be either exclusively in your name or held jointly with another person.

2. Proof of monetary transaction - funds transfer from bank certificate into joint account.

3. Signed self declaration on plain paper from your mother explicitly stating that, as joint account holder, they have no reservations against you utilizing the funds from that joint account towards POF.

4. Letter from the bank with all details required by CIC. Including 6 months average balance.

5. Explanations for any other suspiciously large credit transactions into that savings account within the last 6 months counting back from the date of post ITA application submission.

All the best!

 

[FaizanAli46]

Assuming you hold the bank certificate jointly with your mother, there is no real need to transfer the money into an account operated individually by you. If the monies arrive in the joint saving account, present the following documents.

1. Proof of ownership of bank certificate - can be either exclusively in your name or held jointly with another person.

2. Proof of monetary transaction - funds transfer from bank certificate into joint account.

3. Signed self declaration on plain paper from your mother explicitly stating that, as joint account holder, they have no reservations against you utilizing the funds from that joint account towards POF.

4. Letter from the bank with all details required by CIC. Including 6 months average balance.

5. Explanations for any other suspiciously large credit transactions into that savings account within the last 6 months counting back from the date of post ITA application submission.

All the best!

I have received ITA under pnp (Ontario).

Now I have a question.
When I submitted my application for OINP. Ontario required funds of $14853, I had $18000 in my account. I withdrew the funds after applying for OINP as needed them for personal use. now that I have received ITA and now I will deposit the funds back into my account and I will take declaration from my parents that these funds are for my personal use only. Will there be a problem in the process from CIC, will these pose an objection for the CIC that I withdrew the funds required for OINP application?

The documents I have prepared:
1- Stamped paper Gift Deed
2- Stamped Paper Affidavit
3- Bank statement of my mother showing transaction that she transfer money to my account with bank stamp.
4- My Bank statement showing transaction receiving money from my mother with bank statement.
5- Mine and my parents' Net worth certificates.

 

[shafeeq87]

I'm requesting seniors attention.

I have recently cleared my IELTS. Now my score in 450. So I am planning to apply for express entry. I have some doubts on proof of found. I work for a charted accountant firm for a small salary. My mode of salery is cash in hand. I hold a sbi account from a long but I couldn't have a good transactions. My last 6 months balance didn't crossed over 5 or 10k Inr. My sister(house wife) Is ready to give me 6.5 lac. She got that from her husband who is working abroad. Can I use this money? My sister don't have a pan card.

My second option is my mother have a lot gold. She is ready to take a gold loan on her name and she can give that money to me. She don't have PAN card.it's a joint account of my dad and mom? My father is a NRI. But never used his NRI account for any transactions.

Any of these option is possible in my case. If not can you recommend some other solution.
Please help me.

 

[manchandapulkit]

Hi can anyone help me with the matter for gift deed.
and My sister has landed in canada, i have transferred the sum from her indian account.
please help.