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

[mahi2020]

FD certificates downloaded from netbanking will work ?

Or do they need to be stamped ??

 

[hsinxh]

is Gift Deed and affidavit sufficient? or I should also get the Net Worth certificates of whole family?

 

[DelPiero07]

is Gift Deed and affidavit sufficient? or I should also get the Net Worth certificates of whole family?

Gift Deed, affidavit and proof of transfer is sufficient.

 

[Stanlee]

FD certificates downloaded from netbanking will work ?

Or do they need to be stamped ??

Better get it stamped.

 

[knight17]

Majority funding coming from gift deed. Is it problematic?

Hello experts,

I work in an job where my salary is low; I am also paid in cash. I deposit a part of this amount in the bank for convenience of ATM and online transactions, therefore, I don't have anything to speak of in my savings account. I have some money (15%) deposited in some debentures (kind of like an FD, but not in a bank) in a private financing company sometime back, which I will encash for my funding requirement; this is only around 15% of the required amount. I have the debenture certificate that I can show CIC. Rest of the money—85%—will be contributed my family (gift deed).

I have pay slips and letter from my employer stating my salary but no tax receipts as I don't make more than 250K (but I can file a return if needed).

1. Would it be a problem if majority of the funds come to my account as part of amount gifted by my parents?
2. Debenture: I took it sometime back and did not pay through my bank account. Will they ask for source of the debenture I hold?
3. Anything else that I should be mindful of?

I guess it should be okay as it is not misrepresentation. I will appreciate your thoughts on my scenario. Thanks

 

[F.K]

Hello guys,
I have a query please. My mom is going to gift deed me but she only has 2 FD as funds...we will liquidate one of them into her account then transfer it to me and get gift deed from a lawyer..
How can they make sure that she own the money (I will try to provide swift message transfer and bank net citificate after transfer the money..is that okay?.

 

[kryt0n]

Re: Majority funding coming from gift deed. Is it problematic?

Hello experts,

I work in an job where my salary is low; I am also paid in cash. I deposit a part of this amount in the bank for convenience of ATM and online transactions, therefore, I don't have anything to speak of in my savings account. I have some money (15%) deposited in some debentures (kind of like an FD, but not in a bank) in a private financing company sometime back, which I will encash for my funding requirement; this is only around 15% of the required amount. I have the debenture certificate that I can show CIC. Rest of the money—85%—will be contributed my family (gift deed).

I have pay slips and letter from my employer stating my salary but no tax receipts as I don't make more than 250K (but I can file a return if needed).

1. Would it be a problem if majority of the funds come to my account as part of amount gifted by my parents?
2. Debenture: I took it sometime back and did not pay through my bank account. Will they ask for source of the debenture I hold?
3. Anything else that I should be mindful of?

I guess it should be okay as it is not misrepresentation. I will appreciate your thoughts on my scenario. Thanks

I'm curious what country you come from where you think that you don't pay tax if you're earning less than 250k?

 

[knight17]

Re: Majority funding coming from gift deed. Is it problematic?

I'm curious what country you come from where you think that you don't pay tax if you're earning less than 250k?

Like Physics teachers say, units are paramount when it comes to fully convey what numbers mean. It is in Rupees (India).

Any answers to my questions?

 

[Stanlee]

Re: Majority funding coming from gift deed. Is it problematic?

Hello experts,

I work in an job where my salary is low; I am also paid in cash. I deposit a part of this amount in the bank for convenience of ATM and online transactions, therefore, I don't have anything to speak of in my savings account. I have some money (15%) deposited in some debentures (kind of like an FD, but not in a bank) in a private financing company sometime back, which I will encash for my funding requirement; this is only around 15% of the required amount. I have the debenture certificate that I can show CIC. Rest of the money—85%—will be contributed my family (gift deed).

I have pay slips and letter from my employer stating my salary but no tax receipts as I don't make more than 250K (but I can file a return if needed).

1. Would it be a problem if majority of the funds come to my account as part of amount gifted by my parents?
2. Debenture: I took it sometime back and did not pay through my bank account. Will they ask for source of the debenture I hold?
3. Anything else that I should be mindful of?

I guess it should be okay as it is not misrepresentation. I will appreciate your thoughts on my scenario. Thanks

1. Unless you have any alternatives, this is the only way you can go forward now. Submit a Gift Deed with proof of transfer.

2. If you invested in the debenture more than 6 months back, you are fine as long as those are in your name. Before liquidating the same and transferring the proceeds to tour bank account, keep copies of the debenture certificate. Once the transfer has been effected, use the LOE to explain the inflow of funds to your account supported by proofs.

3. Ensure that you explain everything clearly in the LOE about payment being received in cash, submit pay slips, gift deed, debenture etc. I don't think ITR would be necessary, but I think it would be a good idea to file it and keep it ready, in case you need it in the future.

 

[Stanlee]

Hello guys,
I have a query please. My mom is going to gift deed me but she only has 2 FD as funds...we will liquidate one of them into her account then transfer it to me and get gift deed from a lawyer..
How can they make sure that she own the money (I will try to provide swift message transfer and bank net citificate after transfer the money..is that okay?.

Before liquidating the FD, keep a copy of the FD certificate to explain the source and show proof of transfer and mention this in the gift deed.

 

[mvd]

Can anybody share the format of official/bank letter to be taken from financial institution to submitted along with POF?

 

[harshilsm]

Hi Anuj,

A quick question!

Primary applicant is my wife.

I have the required amount(CAD$ 15,143) as a Fixed Deposit since a year. But the Fixed Deposit is in my and my mom's name. My mom's name was added in FD so that all banking formalities(like renewing the FD, signing any forms etc) becomes easy. FD was opened in Gujarat and me & my wife stay in Karnataka. So thought to add mom's name(as she stays in Gujarat) so that all formalities becomes easy and we don't have to travel much just for a sign.

So the immigration officer requested the Proof of support/Affidavit of support that we are going to support her, for which we created affidavit and mailed the same to immigration officer.

But with the affidavits, the officer also asked letter of explanation. Not sure what kind of explanation they are looking for. Can you elaborate and let me know what kind of explanation they are looking for.

Please guide me on this.

 

[chiron]

I submitted scans of my bank balance and pdf of my epf.

 

[harshilsm]

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.

Hi Anuj,

A quick question!

The primary applicant is my wife.

I have the required amount(CAD$ 15,143) as a Fixed Deposit since a year. But the Fixed Deposit is in my and my mom's name. My mom's name was added in FD so that all banking formalities(like renewing the FD, signing any forms etc) becomes easy. FD was opened in Gujarat and me & my wife stay in Karnataka. So thought to add mom's name(as she stays in Gujarat) so that all formalities become easy and we don't have to travel much just for a sign.

So the immigration officer requested the Proof of support/Affidavit of support that we are going to support her, for which we created affidavit and mailed the same to the immigration officer.

But with the affidavits, the officer also asked letter of explanation. Not sure what kind of explanation they are looking for. Can you elaborate and let me know what kind of explanation they are looking for.

Please guide me on this.

 

[kryt0n]

The explanation you just gave as to why it was in your mum's name. Explain it clearly and in full.

Dear officer.

The proof of funds is in my mum's name because xyz...
Please find an affidavit...

Yours sincerely...