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

[Mkranthi]

Proof of Funds questions

Hello All,
I have been reading posts regarding proof of funds and all of them are helpful. I would like to mention my scenario and possible options I am choosing. Please let me know if I am going in a right way.
I am a salaried employee in USA and do not have enough funds required ( 15000 CAD) in my checking accounts. Recently in April I piled up my salary and bonus amounts to 6500 USD.
I sent money to my mother in India every month since past 20 months and she saved the money in the form of cash after withdrawing from her account. She is willing to give them back to me which is around 7000 USD. She will do a wire transfer from her account. Now, my question is
1. As it is lengthy to show 20 months transactions from my account to her account, is it good to get the money in the form of gift deed. My parents can get a net worth certificate too.

2. Is it better to say that she is returning my money. If so, do i need to submit 20 months transactions which i did through Xoom and any additional affidavits needed?

3. I have 2 checking accounts. I recently changed my direct deposit account 2 months back from another account, hence 6500$ piled up in recent direct deposit account rather than usual account. Is that fine if money from India comes to this account. will VO officer doubt if salary is not deposited in recent account before April.

Please advise me on this.
Thanks a lot for your time and effort.

 

[can_indian]

1. As it is lengthy to show 20 months transactions from my account to her account, is it good to get the money in the form of gift deed. My parents can get a net worth certificate too.
Yes, Gift-deed is fine
2. Is it better to say that she is returning my money. If so, do i need to submit 20 months transactions which i did through Xoom and any additional affidavits needed?
If you say so, you will have to do lots of paper work. Better to go with gift-deed.
3. I have 2 checking accounts. I recently changed my direct deposit account 2 months back from another account, hence 6500$ piled up in recent direct deposit account rather than usual account. Is that fine if money from India comes to this account. will VO officer doubt if salary is not deposited in recent account before April.
Yes, It is fine, You can attach bank balance and 6 months statements from both accounts. No, visa officer is not gonna doubt/question it as long as you explain it in your LOE, that you have changed your Direct Deposit account. It will be easy for visa officer to understand.
Please advise me on this.
Thanks a lot for your time and effort.

 

[Mkranthi]

Thanks a lot for your input.
I have one additional question regarding Gift Deed.

If I do a gift deed :

1. Do I need to include 6 months bank statements of my mother or father from whom I am receiving money or net worth certificate alone is sufficient?

2. Will it be sufficient if I provide current balance bank letter of my mother's account as she is going to deposit cash to her account and then transfer to mine or does she need to maintain the amount for 6 months

 

[can_indian]

Since everyone has different ways of doing it, I am not sure. I will try to answer you question as per my knowledge.

1. No
2. She doesn't need to maintain her account.

Since you guys are living in different countries, 1. you can show the fund transferred to your account in your bank statement. 2, Ask your mother to get a proper document showing the transfer details from the bank at the time of transfer. 3. Ask your mother to get the gift-deed notary certificate done.
Extra - ask her to courier that notary certificate to you, sign it, scan it, upload it.

Explain it in LoE.

 

[raiviv]

everything is fine. Best of luck

Thank you vishalg

 

[iverma]

can anyone share the gift deed format here ?

Thanks.

 

[vishalg]

can anyone share the gift deed format here ?

Thanks.

it is shared on the first page of this thread

 

[Kazem]

Hi Vishalg,

Is the following format for Confirmation of Proof of Funds OK? I will ask my management to sign and stamp this document which states that the money being transferred to me is my own and the company has no claim on it, etc.
Since this will be on official company letterhead, do you think I also need to get a Stamp Paper signed stating a rephrase of this document?

AUTHORIZATION OF FUNDS PAYMENT


To Whom It May Concern:

This is to certify that Mr. ______________ (holding Passport No. ___________) is being paid an annual Salary of __________ along with Annual Sales Commission.

His total Sales Commission for the year 2016 is ____________. A detailed working of his Commission Statement along with disbursement of funds is included in this letter.

As of 3rd May 2017, he has been paid a total of _____________ from his 2016 Sales Commission.

His current Provident Fund amount stands at __________ and will be paid to him in full upon his departure from the company.

No other benefits are being paid to him.

_____(Company Name)_______ holds no liability or claim on the above-mentioned amounts and will disburse the outstanding funds as per mutual discussion with Mr. __________.

For clarifications, please don’t hesitate to contact us.

Regards,

 

[Nathan28]

Dear Seniors,

My mom said she will gift me half the POF but I have to come up with the other half.

I have like 1T dollar deposits sometime 1500 dollars.

Would CIC question each deposit for the last 6 months or only the big ones like 5 thousand dollars?. and my mom's gift deposit thru cheque.?

or bank certificate with my complete account details enough also??

If I have gift deed from my mom and notarized copy of cheque ,do i still need to Get a Net worth certificate of my mom?? She does not even want me to know her worth..lol ..


Thanks in advance for any help reply.

Cheers

 

[vishalg]

Hi Vishalg,

Is the following format for Confirmation of Proof of Funds OK? I will ask my management to sign and stamp this document which states that the money being transferred to me is my own and the company has no claim on it, etc.
Since this will be on official company letterhead, do you think I also need to get a Stamp Paper signed stating a rephrase of this document?
if it is on letterhead then no need to get it on stamp paper
AUTHORIZATION OF FUNDS PAYMENT


To Whom It May Concern:

This is to certify that Mr. ______________ (holding Passport No. ___________) is being paid an annual Salary of __________ along with Annual Sales Commission.

His total Sales Commission for the year 2016 is ____________. A detailed working of his Commission Statement along with disbursement of funds is included in this letter.

As of 3rd May 2017, he has been paid a total of _____________ from his 2016 Sales Commission.

His current Provident Fund amount stands at __________ and will be paid to him in full upon his departure from the company.

No other benefits are being paid to him.

_____(Company Name)_______ holds no liability or claim on the above-mentioned amounts and will disburse the outstanding funds as per mutual discussion with Mr. __________.

For clarifications, please don’t hesitate to contact us.

Regards,

letter is fine but aren't these details ( commission paid, PF amount) available on your payslips.

 

[vishalg]

Dear Seniors,

My mom said she will gift me half the POF but I have to come up with the other half.

I have like 1T dollar deposits sometime 1500 dollars.

Would CIC question each deposit for the last 6 months or only the big ones like 5 thousand dollars?
Not all deposits but significant ones say 1500 and above. Try to maintain the money trail of all funds credited in the account within last 6 months. and my mom's gift deposit thru cheque.?Get a gift deed

or bank certificate with my complete account details enough also??

If I have gift deed from my mom and notarized copy of cheque ,do i still need to Get a Net worth certificate of my mom?? Net worth certificate not requiredShe does not even want me to know her worth..lol ..


Thanks in advance for any help reply.

Cheers

you would need to upload following docs
1. Bank letter ( as per CIC'S requirements)
2. If averages are missing in the letter then bank statements for last 6 months
3. Proof of ownership and trail of funds deposited in your account for last 6 months
4. Gift Deed + mode/proof of transfer + donor's statements ( optional)

 

[Kazem]

letter is fine but aren't these details ( commission paid, PF amount) available on your payslips.

No man, the payslip just contains that particular months total salary. Doesn't show deduction of PF or any commission amount as I don't get monthly payments against my commission.

 

[vishalg]

No man, the payslip just contains that particular months total salary. Doesn't show deduction of PF or any commission amount as I don't get monthly payments against my commission.

well, then go ahead with letter. No need of stamp paper if it is on letterhead.
Best of luck

 

[Mkranthi]

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

Hello All, I am grateful for the informaiton given to me. I understood how to proceed with proof of funds. My parents are in the process of preparing the gift deed. I got 2 questions related to the gift deed.
In the format of Gift deed.
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 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


My questions are ,
1. in the last line of first paragraph, should i mention My address or my father's address ?

2. My parents are doing wire transfer but not cheque, so should I wait until the wire transfer is initiated to mention wire transfer transaction number instead of cheque number ??

Thank you for your time and imput

 

[sunny5868]

Hi guys,

I have the bank letter under the banks name, the type of accounts, account numbers ( only last 4 digits since its a corporate American bank) , average total for the past 6 months having sufficient amount and current balance for both accounts. Current balance is more than the balance of the 6 months average (which was already enough) and I have the necessary gift deeds for the increae current balance along with the transactions. The letter is also stamped with the bank's name and addres along with the call number for the bank and of course my name and address.


Do I need to attach bank statements as well?

Thanks for reading and replying