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

[girishjs111]

No, not at all. It'll cost you around 200-300 bucks ( INR).
Visit another notary

So I visited a notary. Got a gift deed created and I've deposited the gift money in my bank account by a cheque

What should be the next step now? I am confused between creating an FD or if I should keep it in my savings account and show the avg 6 monthly balance

My concern with the latter is that the balance for preceding 5 months would be very low and there would be a spike in this months balance. Would that be okay?

If I go by the way of keeping it in my savings account only, what more documents would be required apart from the deed proof ?

 

[vishalg]

So I visited a notary. Got a gift deed created and I've deposited the gift money in my bank account by a cheque
You have to upload the copy of the cheque along with gift deed
What should be the next step now? I am confused between creating an FD or if I should keep it in my savings account and show the avg 6 monthly balance
Choice is yours, either FD or savings
My concern with the latter is that the balance for preceding 5 months would be very low and there would be a spike in this months balance. Would that be okay?
Low average is not a problem. Spike can be covered by the gift deed. No worries at all.
If I go by the way of keeping it in my savings account only, what more documents would be required apart from the deed proof ?
You need to upload
Gift Deed, cheque, your bank letter

 

[girishjs111]

So savings is fine then. I don't think I'll be creating an FD.

Just to get an idea, what details would a bank letter cover? Also, I just need to visit the branch and get a bank letter ?

 

[vishalg]

So savings is fine then. I don't think I'll be creating an FD.

Just to get an idea, what details would a bank letter cover? Also, I just need to visit the branch and get a bank letter ?

You can use the format given in the link. Get a soft copy with details ready and share it with bank. Sometimes they are too lazy to do it on their own.
https://www.google.co.in/url?sa=t&source=web&rct=j&url=http://canadavisahelpcentre.com/the-awesome-list-of-faqs/is-there-a-fixed-format-for-the-express-entry-proof-of-funds-bank-letter/&ved=0ahUKEwjTz8uAx8HUAhXKvI8KHRHjCVIQFggcMAA&usg=AFQjCNHTq3V6BrF2WqHHxNHt5k0SUUwArA&sig2=2Ib0Y5gd2uOi93pdJsANqg

 

[amar_gill]

Hii everyone, this question is from one of my relatives. He asked me about it i i had no idea so dont know what to tell him.

He is from india n a farmer. Hr has around 3 lac rupees in his account. For the rest of the amount his father is ready to borrow the amount from someone he knows for 8 to 9 montha paying some mild interest.

Now the issue is the financer said they need to open 2 new accounts in a bank financer deals with. One for my relative and one for his father. Financer will transfer the amount to father's new account and that amount can be transffered to only the new account of my relative. Once the case is processed they will withdraw the money from the account after 8 or 9 months directly via a cheque.

So my relative asked me is it possible? Will a new account cause any problem ?
I don know what to say?? So if anyone has any clue??

 

[vishalg]

Hii everyone, this question is from one of my relatives. He asked me about it i i had no idea so dont know what to tell him.

He is from india n a farmer. Hr has around 3 lac rupees in his account. For the rest of the amount his father is ready to borrow the amount from someone he knows for 8 to 9 montha paying some mild interest.

Now the issue is the financer said they need to open 2 new accounts in a bank financer deals with. One for my relative and one for his father. Financer will transfer the amount to father's new account and that amount can be transffered to only the new account of my relative. Once the case is processed they will withdraw the money from the account after 8 or 9 months directly via a cheque.

So my relative asked me is it possible? Will a new account cause any problem ?
I don know what to say?? So if anyone has any clue??

This is a loan for POF, if caught then the person would be barred for 5 years.

However, since the loan is not taken by the principal applicant and it is a gift from father then it might work but there is always a chance that CIC can ask for further documents during the process and if they ask for the source of funds i.e. father's account statements then it could be an issue. Would advise you to be cautious with this.

Other alternate is (this would work only if the other person is a close friend / willing to help), since the principal applicant is a farmer he can get a sale deed for crops (or whatever they produce) against an amount to be given the financer. This sale deed can be in the name of the principal applicant (if he owns the farming business) or in the name of his father which can further be given to the principal applicant as a gift (for which gift deed would be required).

 

[amar_gill]

This is a loan for POF, if caught then the person would be barred for 5 years.

However, since the loan is not taken by the principal applicant and it is a gift from father then it might work but there is always a chance that CIC can ask for further documents during the process and if they ask for the source of funds i.e. father's account statements then it could be an issue. Would advise you to be cautious with this.

Other alternate is (this would work only if the other person is a close friend / willing to help), since the principal applicant is a farmer he can get a sale deed for crops (or whatever they produce) against an amount to be given the financer. This sale deed can be in the name of the principal applicant (if he owns the farming business) or in the name of his father which can further be given to the principal applicant as a gift (for which gift deed would be required).

Thanx Vishalg it will definitely help him.

 

[Canadianspirit]

Hello everyone
I am working on my application and I am the primary applicant but funds are in my spouse account and we live separately temporarily for studying purposes

My questions are

What are the information required by my spouse bank to document POF ? Is there a template to use?


What is the template to use for gift deed? Does it have to be notarized?

Would this living situation cause any problem? Do you think I should include it in my LOE?



Appreciate your help!

 

[vishalg]

Hello everyone
I am working on my application and I am the primary applicant but funds are in my spouse account and we live separately temporarily for studying purposes

My questions are

What are the information required by my spouse bank to document POF ? Is there a template to use?
Use the following link for bank letter template
https://www.google.co.in/url?sa=t&source=web&rct=j&url=http://canadavisahelpcentre.com/the-awesome-list-of-faqs/is-there-a-fixed-format-for-the-express-entry-proof-of-funds-bank-letter/&ved=0ahUKEwiTyvHv5MbUAhUMuo8KHXjEDRgQFggcMAA&usg=AFQjCNHTq3V6BrF2WqHHxNHt5k0SUUwArA&sig2=RbQ-x1GBvovJSZNrcZXggg

What is the template to use for gift deed? Does it have to be notarized?
No gift deed required. Spouse's account can be used for POF.Accompanying spouse can provide a no objection declaration.
Would this living situation cause any problem? Do you think I should include it in my LOE?
No problems with the living situation.


Appreciate your help!

 

[Canadianspirit]

Thank you so much for your kind reply. Is there a template for the No objection letter that my spouse can use?
Also just to be safe here. The fact that the bank account is only in his name should not cause any problem? Because I kept getting replies that my name as a primary applicant has to be on the POF document? And I don't seem to be able to find clues on IRCC website

Finally is there any value for an explanation to this on my LOE or doing so would be extreme?

 

[vishalg]

Thank you so much for your kind reply. Is there a template for the No objection letter that my spouse can use?
It is a simple letter addressed to the case officer stating that he allows you to utilize the funds for immigration purpose and he will be accompanying you upon receiving the COPR.
Also just to be safe here. The fact that the bank account is only in his name should not cause any problem? Because I kept getting replies that my name as a primary applicant has to be on the POF document? And I don't seem to be able to find clues on IRCC website
Accompanying spouse's funds can be utilised for POF. If you have doubts, you can ask him to transfer the funds to your account. For this scenario upload the following
1. No objection letter
2. Transfer proof ( cheque/ internet transfer)
3. LOE to explain this transaction
Finally is there any value for an explanation to this on my LOE or doing so would be extreme?
Whenever in doubt write an LOE explaining your circumstances
You can use as many LOEs as you want, only limitation is the space available i.e. 4 mb

 

[dr feras]

Regarding the gift deed, is it mandatory to get an affidavit? Also, since the amount is from my sister, and she lives in another country, she came to visit for few days and brought the cash with her. We deposited it into my account through ATM deposit machine ( i have the deposit slips), is that ok?

 

[bossofbees]

Hi all. Didn't want to create a new thread for a question so here it is.
Is bank statement for all bank accounts required? I have a salary account and a savings account and I transfer all my money to my savings account.

 

[vishalg]

Regarding the gift deed, is it mandatory to get an affidavit? Also, since the amount is from my sister, and she lives in another country, she came to visit for few days and brought the cash with her. We deposited it into my account through ATM deposit machine ( i have the deposit slips), is that ok?

Gift Deed is required, she can get the gift deed done at her place and you can get an acceptance done at your place. Don't know if anyone has used cash deposits so can't comment on that. Hopefully it should work.

 

[vishalg]

Hi all. Didn't want to create a new thread for a question so here it is.
Is bank statement for all bank accounts required? I have a salary account and a savings account and I transfer all my money to my savings account.

Bank statements are required only of your letter is missing average or any other detail which is captured in the statement or if you want to prove some transaction happened through your account.
Bank details are required only for the account which is used for POF, but you might need supporting docs from other accounts if required.