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

[Shivanker]

Hi seniors/ @TanakaM

I'll be obtaining the funds from my mother as a gift. Apart from the affidavit and gift deed, should I show the 6 months bank statement of my mother's? Or Just the statement which shows the transaction?

 

[TanakaM]

Hi seniors/ @TanakaM

I'll be obtaining the funds from my mother as a gift. Apart from the affidavit and gift deed, should I show the 6 months bank statement of my mother's? Or Just the statement which shows the transaction?

IMO, there is no need to show your mother's statement. Just a proof of transaction will do.

All the best

 

[TanakaM]

Can a friend do me a gift deed?

Well technically yes it can, however, it will take a lot to convince the immigration officer that a friend would give a gift of such large amounts.
If a friend had genuinely given me such funds, I would keep them in my account for 6 months the submit my PR application. In this case you wont be asked for the source of funds.

Regards

 

[TanakaM]

Who can give a gift ? Is it compulsory to be a blood relationship?

Not necessarily, but it is more plausible. I would actually say a very close relative, not just any. Just my take.

 

[TanakaM]

I sold a home last year. Now I want to transfer that fund to joint account with my spouse and show the statement as proof of funds. Again this will be a sudden transaction. What all proofs will be required?

Hi,

You can submit the agreement of sale and any other document that states that you were the previous owner of the home. Also explain this in your LOE.

Regards

 

[TanakaM]

guys,

can i get the gift deed and the affidavit done on a plain A4 paper and get it notorized? or is it compulsory that it should be on a stamped paper?

IMO, stamped paper just looks better, but it can even be on plain paper. The important part is the notarization.

All the best

 

[TanakaM]

Dear all: I have to show a pof for which my father will be giving me a gift deed of the required amount by selling some property. What would be the best thing to do for him: Either to sell the property and then deposit the amount in my account, or rather to transfer the ownership of the property in my name I sell it to generate the required amount.

Also, my mother has her savings which she wants to help me with. But the problem is that her money is not kept in any account but at home. How can I prove that the money was gifted by my mother?

Please suggest what should I do? Thanks

Hi,

1) Both options work. However, I would get him to sell it and then transfer the money to my account. This seems like the easier of the two options.
2) She can just deposit the funds into your account and give you a gift deed together with the deposit slip.

It is acceptable for you to have two gift deeds, especially from mum and dad.

Regards

 

[omarkhan]

Hi,

1) Both options work. However, I would get him to sell it and then transfer the money to my account. This seems like the easier of the two options.
2) She can just deposit the funds into your account and give you a gift deed together with the deposit slip.

It is acceptable for you to have two gift deeds, especially from mum and dad.

Regards

Thank you TanakaM. This really helped.

 

[Adiele]

First of all, I want to let the members know that this is a great place to get all the information about Immigration to Canada. I was eager to make this thread as and when I got PPR which confirmed that whatever I did my 'Source of funds' request was right. There is a lot of confusion around this part of the application. Most of the candidates are sure about remaining part of their application but we all get confused whenever money gets involved, since we all are not well-versed with the laws, etc. So for the benefit of new applicants or someone you got this kind of request, I would like to contribute by providing some clarity!

This is my timeline:

10/04 FSW ITA (CRS:473, India)
24/04 AOR
19/05 Med Passed
22/05 ECAS App Received
24/05 BG Not Started
19/06 ECAS In Process
04/08 Travel History Request
20/08 Source of Fund Request
08/09 BG In Progress
10/09 ECAS Decision Made
14/09 PPR

My case was as common to most of us ie, Not enough money in the account few days back to application submission and then a sudden transfer of funds in the bank account and that account is shown as 'Proof of funds'. As you can see I got a 'Source of funds' request on August 20, 2015. I submitted following documents for the same:

1) An e-stamped affidavit (Article 4 Affidavit) citing my Father as Deponent about that big transaction via Cheque XXX dated XXX drawn on Bank XXX. Letter had my father's signature. This costed me Rs. 10.
2) An e-stamped Gift deed (Article 33 Gift) showing my father as Donor, me as a Donee. Also stating that these funds were out of his past savings, mentioning his PAN number and that he doesn't expect the money in return. Letter had me and my father's signature. This costed me Rs. 100.
3) Net-worth certificates of me, my father and my mother as on August 22, 2015, for the reason that my family hasn't exhausted all their savings to support me and that they can survive easily. This Net-worth certificate should be issued by a reputed Chartered Accountant on his letter-head. This costed me Rs. 500. CAs might demand more, but don't pay them more, choose another CA.
4) My Bank statement till August 22, 2015 showing the funds being untouched and only a large number of credits happening with very few debits.
5) I detailed LOE with all the transactions and explanation.

That means a maximum cost of Rs. 1000. You don't need to pay hefty amount and take the help of any consultancy for solving 'Source of funds' puzzle. Just include everything specific beforehand at the time of Application submission, so that they don't ask for Additional documents later (as they did in my case).

In a nut-shell here are what I suggest you submit at the time of AOR, to answer the questions of a sudden large transaction:
1) Gift Deed (Article 33 Gift)
2) An Affidavit (Article 4 Affidavit)
3) Net-worth certificates of your whole family from CA
4) Bank Statements showing all the transactions involved (Yes, include your father's bank account statement as well)

Note: No Notarization is necessary, since, you would be scanning and uploading original documents. Don't spend money on the lawyers roaming around in district courts for this.

I hope this would have helped. All the best to all the members here for their Canadian dream. I hope the best for all of you.

Can a brother or sister also do this for me?

 

[vishalg]

Hello seniors... I hv fund ready Nd my mother would b giving me as gift. Now my question is should I show that all the fund given by my mother is ok or i should show that two or three family members gift my fund???

If your mother is gifting you then she should be the person signing the gift deed as donor.

 

[vishalg]

Yes. Dat will be done. Bt all amount by single person wud b a problem or it is ok?

Not a problem

 

[Rahulraj111]

Hello seniors... These gift deed concept will work for oinp also??? Or it only works for federal???

 

[vishalg]

Hello seniors... These gift deed concept will work for oinp also??? Or it only works for federal???

For everyone

 

[Shivanker]

Dear Seniors,

I obtained the funds from my mother as a gift last month and ill be providing the following as proof of funds. it would be great if someone could confirm the following and advice me if any other additional documents/supportings are needed.

1. Mother's three months bank statement.
2. Mother's Employee Provident Fund (EPF) remittance form, as she gifted the money after she cashed her EPF fund.
3. photo-copy of the cheque - (I do not have a colour scanned copy: will this be an issue?)
4. Notarized Gift Deed
5. Notarized Affidavit
6. My 6 months Bank Statements
7. FD certificate - as I transferred the whole gifted amount to a 3-month Fixed Deposite
8. LOE explaining the whole transaction

Do I have to get any other letters from my bank ? please advice

 

[vishalg]

Dear Seniors,

I obtained the funds from my mother as a gift last month and ill be providing the following as proof of funds. it would be great if someone could confirm the following and advice me if any other additional documents/supportings are needed.

1. Mother's three months bank statement.
2. Mother's Employee Provident Fund (EPF) remittance form, as she gifted the money after she cashed her EPF fund.
3. photo-copy of the cheque - (I do not have a colour scanned copy: will this be an issue?)
4. Notarized Gift Deed
5. Notarized Affidavit
6. My 6 months Bank Statements
7. FD certificate - as I transferred the whole gifted amount to a 3-month Fixed Deposite
8. LOE explaining the whole transaction

Do I have to get any other letters from my bank ? please advice

Your docs are more than enough. Best of luck.