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

[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.

 

[StAnger]

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.

Here you go:


GIFT DEED
I, _________________ (name of donor), S/o _________________ (father’s name), R/o _____________________ (address), do hereby on dated __________ make a gift-deed for a gift made on dated of ___________, Rs. ______/- (Rupees in word) out of love and affection to my ____________ (mention the relationship & name of receiver), S/o or W/o _______________, R/o _________________________. I confirm that I am a resident Indian. I, further confirm that this gift is being made out of my own funds standing to the credit of my A/c No.- __________ in
____________(mention the Bank name & address).
I, further confirm that the consideration for this gift is the love and affection for my ____________________ (mention the relationship & name of receiver) and no other consideration.
I am an Income Tax assessee having PAN/GIR # A-984 / N and assessed with Income Tax ward 1, Noida and this gift is made out of my past savings from profession in India. Strictly Confidential 2 P A R Y & Co.
I further confirm that the gift has been made by Cheque No ___________ dated _______ drawn on ___________________________ (mention the Bank name & address). This gift is irrevocable and I have no claim left whatsoever on the said gifted amount and he/she is free to utilise it in any manner.

PLACE:
DATED: _______________________
(Donor name)


Witness:
The gift as stated above is accepted




______________________
(Name of receiver)

 

[faith007]

very informative thread.

 

[sunshinejan]

Hi guys,
here's the situation.

I have all necessary funds, which around 19,000 CAD. But I have never kept that money in a bank.
So when I get a bank statement it will clearly show that I have put this money on my account on the same day as I get the statement.

Other than that, I've had just small amount transactions during the 6 months period (around CAD 500 per month).

Now, do you think this can be a reason for a rejection?

 

[Hsalaheldeen]

Kindly help me in this issue, I have a problem regarding the POF, my average balance for the past 6 months is only 3500 CAD, then I received a gift from my father with 15000 CAD, I have the transfer order from his bank and his bank statement states that it's not a big portion from his savings, What else should I attach to my application other than my bank statement , his statement and the transfer order signed by him and stamped by his bank.
Thank you

 

[forcanada]

Kindly help me in this issue, I have a problem regarding the POF, my average balance for the past 6 months is only 3500 CAD, then I received a gift from my father with 15000 CAD, I have the transfer order from his bank and his bank statement states that it's not a big portion from his savings, What else should I attach to my application other than my bank statement , his statement and the transfer order signed by him and stamped by his bank.
Thank you

You can get a net worth certificate issued for your father from a Chartered Accountant, showing that your father has not exhausted his wealth by gifting you that amount of money.

 

[Mrniceguy]

Hi guys,

I have couple of queries regarding POF. I am living in Canada from past 4 years. Right now I'm on PGWP valid till may 2017. I'm working full time from past 1.5 year making 50k annually. I got ITA under PNP today. But, there is a sudden jump in my bank balance from last month and it can be explain. My father needed some money, so he borrowed $6000 from me back in July (my bank balance was above 10k back then). So, I'm saving again from that time. Then three of my friends needed some money here in Canada, so I gave it to them (aprox $3000-$4000). Now, my question is I need money to show as Pof. So I started asking my money back from everyone.
1. I have western union receipt that states that I indeed sent 6k to my father.
2. I have all the record of the transactions I made to help my friends. I even have their text messages going months back asking for money.
3. My father has a bank record that he has transferred me my $6000 back. (As it was always mine.)
4. I have record of interac transfer of 2 of my friends giving me my money back.
5. One of my friend gave me 2k in cash (idk how can I explain that)
And after taxes I receive a direct deposit of almost 3k every months. So, when I got my money back from everywhere and got my pay and I will receive 1 pay check next week. My account balance will jump a bit over $15000. So I'm going from 6k to 15 k in like 10 days . What can be done? 6k from dad +3k pay checks that's 9k right there.
Also, I have a no debts or loans and credit cards limit exceeding 10k. And I was eligible for both CEC and FSW.

The sole purpose of POF is wether I can support myself. I am supporting myself from past 4 yrs and I have that kind of bank balance and a fixed income(no Lmia tho). But still I got job which pays me good.

Any help is deeply appreciated.

 

[Hsalaheldeen]

You can get a net worth certificate issued for your father from a Chartered Accountant, showing that your father has not exhausted his wealth by gifting you that amount of money.

Thank you very much for ur assistance, one further question
Does the self declaration from him need to be on a a headed letter from a lawyer or just a blank paper carrying his bank signature ? and it will be of a great help if anyone could provide the self declaration letter form and exact requirements
thank you

 

[Mrniceguy]

Hi guys,

I have couple of queries regarding POF. I am living in Canada from past 4 years. Right now I'm on PGWP valid till may 2017. I'm working full time from past 1.5 year making 50k annually. I got ITA under PNP today. But, there is a sudden jump in my bank balance from last month and it can be explain. My father needed some money, so he borrowed $6000 from me back in July (my bank balance was above 10k back then). So, I'm saving again from that time. Then three of my friends needed some money here in Canada, so I gave it to them (aprox $3000-$4000). Now, my question is I need money to show as Pof. So I started asking my money back from everyone.
1. I have western union receipt that states that I indeed sent 6k to my father.
2. I have all the record of the transactions I made to help my friends. I even have their text messages going months back asking for money.
3. My father has a bank record that he has transferred me my $6000 back. (As it was always mine.)
4. I have record of interac transfer of 2 of my friends giving me my money back.
5. One of my friend gave me 2k in cash (idk how can I explain that)
And after taxes I receive a direct deposit of almost 3k every months. So, when I got my money back from everywhere and got my pay and I will receive 1 pay check next week. My account balance will jump a bit over $15000. So I'm going from 6k to 15 k in like 10 days . What can be done? 6k from dad +3k pay checks that's 9k right there.
Also, I have a no debts or loans and credit cards limit exceeding 10k. And I was eligible for both CEC and FSW.

The sole purpose of POF is wether I can support myself. I am supporting myself from past 4 yrs and I have that kind of bank balance and a fixed income(no Lmia tho). But still I got job which pays me good.

Any help is deeply appreciated.

 

[duckirha]

I was in same situation like you. I have been working outside of my home country for 7 yrs. I transferred my all salary to my bank a.c.. but all monies I transfer to my spouse's monthly deposits scheme. As a result my account has lower balance like 6000 cad. At the end of every year i get a handsome bonus, last two years when I got bonus, I have some idle money in my a.c.. later afternoon my sister in law asked for loans and I gave her about 17000 cad. When I need to show the POF, I asked her to return it, she return it, she also gave me an affidavit with saying she return my money. She did notary as well. I wrote a LOE explaining the source of funds. I showed 23000 cad funds, and average balance jumped suddenly so high. I also enclosed all statement of bonus transfer and loan payment slip. Hope cic will accept my funds, bcz it's my own money, I just returned back recently.

The thread creator, Abuja Gupta also suggested me to do so and I did it.

You have all evidences that prove it's your own money. Ask your father to give a affidavit mentioning about loan taking and paying. And write everything with the evidence you have in a LOE.

All the best

 

[ziffyasif]

Hi guys,

I know this question has been asked again and again but just to ensure that my situation is not unique so I am asking few doubts about the settlement funds. If anyone can reiterate I would be very thankful.

I am from India and I received an Ontario nomination application invite on 4-Dec-15 with 410 CRS score and am preparing to apply. My savings accounts had more than enough funds required till the beginning of Oct 2015 but since I was not expecting any nomination and ITA seem to be a distant truth I decided to invest in property because of which my savings balance went down. Although my salary input in the account is good but it will still take around 4-5 months to replenish the required amount (CAD 18260) from 0. My savings account now has 1.8 lac and would get another 1.8 lac in Jan 2016 as salary. I have also withdrawn money from a mutual fund which should add another 1.76 lac to my salary account. I have some funds in my other bank account (around 1 lac) and some with my wife in her savings and FD (around 4.4 lac). I will have just enough money in these accounts in Dec 2015 (around 9.5 lac ~ CAD 19000). My queries are:

1. I had lent my brother around 1.5 lac during the last year as transfers to his account. Should I ask him to transfer it back now or it will complicate things?
2. Is it fine to show my wife's funds as she is shown as a dependent in my application or do I need some affidavits?
3. Should I wait till my next salary before sending the application so that the account balance increases further?
4. Would the reduction in my account balance be a cause of concern although the required amounts have been replenished?

All help will be appreciated

Regards,
Asif

 

[omsaiom]

Hello All,

I have sufficient funds available with me.
Since money in normal savings account yield 4% interest, I regularly keep doing online fixed deposit ranging from 6 months to 1 year which yields me 7-7.25% interest.
I have all the money at present in my fixed deposit.
Will it be considered as average balance of my bank account will be very low as most part was invested in fixed deposit.

Best Regards,
Omsaiom

 

[lubin]

Funds in the FD account

Hello people,

I have gone through all the required documents and I have managed to get the Gift Deed, Affidavits and Net Worth certificates.
I will be showing the required documents in my 3 different FD accounts and I do have a letter from the bank showing that as well.

No the question is, do I need to provide another letter showing the Current Balance and Avg Balance for 6 months of my Savings Bank account? I did manage to get a letter from the bank, but its not on a letterhead. It's a dot matrix printed paper with bank seal and everything. My main concern is the fact that this Saving Bank account has barely had any transactions in it and I've been keeping less than minimum balance in it for a while.

 

[tejas_t55]

Hi Anujgupta84
Seems you are expert on this topic.
I want to get in touch with you. Could you please share your email ID?

 

[NovaProspekt]

Here you go:


GIFT DEED
I, _________________ (name of donor), S/o _________________ (father’s name), R/o _____________________ (address), do hereby on dated __________ make a gift-deed for a gift made on dated of ___________, Rs. ______/- (Rupees in word) out of love and affection to my ____________ (mention the relationship & name of receiver), S/o or W/o _______________, R/o _________________________. I confirm that I am a resident Indian. I, further confirm that this gift is being made out of my own funds standing to the credit of my A/c No.- __________ in
____________(mention the Bank name & address).
I, further confirm that the consideration for this gift is the love and affection for my ____________________ (mention the relationship & name of receiver) and no other consideration.
I am an Income Tax assessee having PAN/GIR # A-984 / N and assessed with Income Tax ward 1, Noida and this gift is made out of my past savings from profession in India. Strictly Confidential 2 P A R Y & Co.
I further confirm that the gift has been made by Cheque No ___________ dated _______ drawn on ___________________________ (mention the Bank name & address). This gift is irrevocable and I have no claim left whatsoever on the said gifted amount and he/she is free to utilise it in any manner.

PLACE:
DATED: _______________________
(Donor name)


Witness:
The gift as stated above is accepted




______________________
(Name of receiver)

I have a question; where it says "name of donor" and "father's name," isn't this the same person? Also, what is s/o, r/o and w/o?