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

[nadiakhalid2]

Hello Kindly help

I am from Pakistan and primary applicant. I have around 40000$ in my bank account which were given by my father last year so this amount is in my account for more than six months now. my father works in Kuwait and he transferred that money through bank transfer. Do I still need to attach his bank statement, gift deed and affidavit or should I just attach my six months bank statement?

Thanks for any help

 

[Mkranthi]

According to me You don't require your father's bank statement and gift deed as the funds are available in your account for more than 6 months

 

[vishalg]

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 ?
Last line, your 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 ??
yes, you need to mention the transaction details.
Thank you for your time and imput

 

[vishalg]

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

I am assuming it is bank of America as it mentions last 4 digits. People who hold account there ha EA also uploaded statements as these statements mention complete account number. Also, these statements will help you in highlighting certain transactions such as gift or any other which you want to highlight.

 

[vishalg]

Hello Kindly help

I am from Pakistan and primary applicant. I have around 40000$ in my bank account which were given by my father last year so this amount is in my account for more than six months now. my father works in Kuwait and he transferred that money through bank transfer. Do I still need to attach his bank statement, gift deed and affidavit or should I just attach my six months bank statement?

Thanks for any help

the amount was given before 6 months. No need for any documentation.you can just get a letter from the bank and upload that.

 

[sunny5868]

I am assuming it is bank of America as it mentions last 4 digits. People who hold account there ha EA also uploaded statements as these statements mention complete account number. Also, these statements will help you in highlighting certain transactions such as gift or any other which you want to highlight.

Yes you're right. I'm already mentioning the transactions of large amounts with gift deeds for the current balance along with their proper documentation. My 6 months statements will be a whopping 60 or more pages. Besides, my letter mentions everything cic asked for. You think bank statements would be necessary or an overkill?

 

[vishalg]

Yes you're right. I'm already mentioning the transactions of large amounts with gift deeds for the current balance along with their proper documentation. My 6 months statements will be a whopping 60 or more pages. Besides, my letter mentions everything cic asked for. You think bank statements would be necessary or an overkill?

May be just provide one month statement and mention in LOE that you have uploaded one month statement to share full account number as it isn't a standard practice of the bank to share that in the letter. If later requested you can submit 6 month statements.

 

[somaya]

Hello Guys,

My father is going to give me the required fund as a gift deed. He has his own private company.
1- Can he transfer the amount form his company's bank account?
2- If yes, do we need to provide additional documents, for instance a proof that he owns the company?

Please advise and thanks for this valuable source of information.

Kinds Regards

 

[livingstone2k1]

Hello!

Completed newbie here and I'm at a dilemma with the POF.

Got my ITA on 12th of April at CRS 429. I have gotten all the requisite documents from my previous employers and as I have been self employed for the past 7. Years I have gotten reference letters from clients in addition to various business documents.

However, for the POF, I'm in a dilemma:

• - I have 15% of the required funds in a FD I have run for over 18 months.
• - I have a parcel of land I am selling which will give me approximately 55%
  of the required funds.
• - my mother is giving me another 20% of the funds and a deed of gift to go with it
• - The remaining 10% can easily come out of my personal expense account or from my business account
• - I still have another parcel of land worth about 50% of the required funds which I do not intend to sell but I have a valuation report for it
• - My accompanying spouse has a retirement fund which has funds to the tune of approximately 35% of the required funds

Now here's my question: can I put all these together and use as POF seeing that I will have liquid cash equivalent to the required POF or should I put all the newly collected monies into a 90-day Fixed Deposit account and include all these preceding documentation (FD statement, savings account statement, property sales documents and Deed of gift) as well in order to show that I indeed have more than enough funds than required?

 

[livingstone2k1]

Hello!

Completed newbie here and I'm at a dilemma with the POF.

Got my ITA on 12th of April at CRS 429. I have gotten all the requisite documents from my previous employers and as I have been self employed for the past 7. Years I have gotten reference letters from clients in addition to various business documents.

However, for the POF, I'm in a dilemma:

• - I have 15% of the required funds in a FD I have run for over 18 months.
• - I have a parcel of land I am selling which will give me approximately 55%
  of the required funds.
• - my mother is giving me another 20% of the funds and a deed of gift to go with it
• - The remaining 10% can easily come out of my personal expense account or from my business account
• - I still have another parcel of land worth about 50% of the required funds which I do not intend to sell but I have a valuation report for it
• - My accompanying spouse has a retirement fund which has funds to the tune of approximately 35% of the required funds

Now here's my question: can I put all these together and use as POF seeing that I will have liquid cash equivalent to the required POF or should I put all the newly collected monies into a 90-day Fixed Deposit account and include all these preceding documentation (FD statement, savings account statement, property sales documents and Deed of gift) as well in order to show that I indeed have more than enough funds than required?

Still hoping someone can give me advice about this...

 

[vishalg]

Hello!

Completed newbie here and I'm at a dilemma with the POF.

Got my ITA on 12th of April at CRS 429. I have gotten all the requisite documents from my previous employers and as I have been self employed for the past 7. Years I have gotten reference letters from clients in addition to various business documents.

However, for the POF, I'm in a dilemma:

• - I have 15% of the required funds in a FD I have run for over 18 months. acceptable
• - I have a parcel of land I am selling which will give me approximately 55%
  of the required funds. Acceptable ( also upload sale deed)
• - my mother is giving me another 20% of the funds and a deed of gift to go with it acceptable
• - The remaining 10% can easily come out of my personal expense account or from my business account acceptable[/li]
  • - I still have another parcel of land worth about 50% of the required funds which I do not intend to sell but I have a valuation report for it valuation report is not accepted ( cash received upon selling is considered as POF
  • - My accompanying spouse has a retirement fund which has funds to the tune of approximately 35% of the required funds if these can be withdrawn easily ( liquid sum) then it is acceptable
  
  Now here's my question: can I put all these together and use as POF seeing that I will have liquid cash equivalent to the required POF or should I put all the newly collected monies into a 90-day Fixed Deposit account and include all these preceding documentation (FD statement, savings account statement, property sales documents and Deed of gift) as well in order to show that I indeed have more than enough funds than required?

 

[vishalg]

Hello Guys,

My father is going to give me the required fund as a gift deed. He has his own private company.
1- Can he transfer the amount form his company's bank account?why would a company gift you money? Company can pay you against a service provided.
Not sure about this, please seek others' opinion
2- If yes, do we need to provide additional documents, for instance a proof that he owns the company?

Please advise and thanks for this valuable source of information.

Kinds Regards

I would suggest you to get the gift from your father's account. He can have it from the company's account. This is my suggestion, please seek other's opinion also.

 

[livingstone2k1]

Thanks Vishalg. If been struggling to know what really would satisfy the requirements by CIC because is heard so many stories and I didn't want my case to be an exercise in futility.

 

[somaya]

I would suggest you to get the gift from your father's account. He can have it from the company's account. This is my suggestion, please seek other's opinion also.

Thank you a lot Vishalg.
His account didn't have the full amount during the last 6 months, and I'm afraid that CIC asks about his source funds, do they sometimes ask about this (the doner's source of funds)??

 

[Yaman555]

Hello everyone,

I posted about this earlier in a single topic and I don't know if there's a section for these kind of questions.

I'm in the process of gathering my docs, however, regarding the proof of funds, one of my family members owes me some money and she will send them in the upcoming months to my bank account (around 17,000 CAD).

When I do my proof of funds, will this be a problem? my brother sent her the money like 6 months ago on my behalf and she's giving them back, how would they consider this? I'm now nervous since I was reading that the money should be unencumbered.

I mean it's my money after all!

Thank you.