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

[Cann2017]

thank you vishalg

 

[Joshi85]

Dear All, first of all congrats to all who have finally received their PR

I got ITA on 1 March, Now i am confused over the POF.i saw to different forum for past days but here people have really helped. I hope someone can clear my doubt
1- I am single and i have to show 12500 CAD approx. Therefore i am thinking of showing 700000 INR.
2- I can only show 100000 INR from my Saving rest i have to borrow from my sister ( 600000 INR)

My question is how can i show this amount . One of my friend suggested to make 3 Fixed diposit of 2 lakh each and showing 1 lakh cash in my bank account. are FD less questionable than cash . point to remember i have to make these FD just 1 month before submitting my final application. So will the date of FD be an issue?
Secondly i can avoid these FD fuss and can get gift deed from my sister to explain the proof of fund. Because even if i take the first approach and show FD and they question its date then i have to provide Gift deed as an explanation anyway.
i would really appreciate if anyone can provide some clarity on this

 

[vishalg]

Dear All, first of all congrats to all who have finally received their PR

I got ITA on 1 March, Now i am confused over the POF.i saw to different forum for past days but here people have really helped. I hope someone can clear my doubt
1- I am single and i have to show 12500 CAD approx. Therefore i am thinking of showing 700000 INR.
2- I can only show 100000 INR from my Saving rest i have to borrow from my sister ( 600000 INR)

My question is how can i show this amount . One of my friend suggested to make 3 Fixed diposit of 2 lakh each and showing 1 lakh cash in my bank account. are FD less questionable than cash . point to remember i have to make these FD just 1 month before submitting my final application. So will the date of FD be an issue?
Secondly i can avoid these FD fuss and can get gift deed from my sister to explain the proof of fund. Because even if i take the first approach and show FD and they question its date then i have to provide Gift deed as an explanation anyway.
i would really appreciate if anyone can provide some clarity on this

if you are getting the funds from your sister, you have to upload the gift deed. It will be easier for her to transfer the sum to you in 1 go. Get the gift deed for these funds and proof of transfer and also her account statement (to be on safe side). Now the funds are in your account, you can make an FD or keep it in savings account.

 

[shagoonsarita]

if you are getting the funds from your sister, you have to upload the gift deed. It will be easier for her to transfer the sum to you in 1 go. Get the gift deed for these funds and proof of transfer and also her account statement (to be on safe side). Now the funds are in your account, you can make an FD or keep it in savings account.

does this "GIFT DEED" has to be in legal format or just on a plain paper ???
experts, please share a format if someone has already successfully submitted

 

[vishalg]

does this "GIFT DEED" has to be in legal format or just on a plain paper ???
experts, please share a format if someone has already successfully submitted

check the first page of this thread for the format.
Also, I just noticed that you haven't received nomination yet. If these funds are transferred before the 6 months at the time of application submission then you don't need a gift deed at all.For example if you get funds on 15 March and you submit your PR application after 15th September then you don't need gift deed.

 

[DelPiero07]

does this "GIFT DEED" has to be in legal format or just on a plain paper ???
experts, please share a format if someone has already successfully submitted

A self-declaration in plain paper will suffice.

 

[Tara]

Hi Guys,

My brother is applying under Express Entry. He and my father has a 3-4 year old joint FD account. Do we have to still ask father to write the gift deed or affidavit of support?

 

[vishalg]

Hi Guys,

My brother is applying under Express Entry. He and my father has a 3-4 year old joint FD account. Do we have to still ask father to write the gift deed or affidavit of support?

joint account with father is not acceptable. Either in his name only or along with his spouse.

 

[Tara]

Thanks for the reply vishalg, Will transferring the FD account to my brother help? this is 3-4 year old account, will that history be accepted? or its 6 months from the day the account is transferred to my brother?

joint account with father is not acceptable. Either in his name only or along with his spouse.

 

[vishalg]

Thanks for the reply vishalg, Will transferring the FD account to my brother help? this is 3-4 year old account, will that history be accepted? or its 6 months from the day the account is transferred to my brother?

if on the bank letter only your brother's name is printed then it is fine.

 

[Tara]

Thanks for the reply vishalg, Yes that can be done. My dad should be able to take his name off the FD. One more related Question. I am willing to gift some money to my brother which will be more than sufficient to cover the funds requirement for him. This will be on top of the FD he already have. Does CIC consider no strings attached gift money given to applicant by the siblings?

 

[vishalg]

Thanks for the reply vishalg, Yes that can be done. My dad should be able to take his name off the FD. One more related Question. I am willing to gift some money to my brother which will be more than sufficient to cover the funds requirement for him. This will be on top of the FD he already have. Does CIC consider no strings attached gift money given to applicant by the siblings?

few important things to consider
1. Standalone account/only his name on the letter with account opening date/FD creation date
2. Any other amount credited to this account if significant has to backed up by the source of funds. If it is coming from your account then need to get a gift deed, proof of transfer and your account statement ( to be on safe side).
3. Bank letter should also mention the averages of last 6 months
4. Bank letter should mention any loans/ credit cards, if any.

 

[Tara]

Thanks Vishalg for breaking it down.

Just a followup: Once My dad takes the name of the FD account, I assume the account number etc should remain same, and the history is not lost for past 3-4 years. Does it matter that he has to keep the account for certain number of months (say 6) before the bank letter can be accepted by CIC as "my brother's" money?

I live in USA, and usually people use a gift affidavit to gift large amount of money to relatives. Most common scenario is home buying.

Will something like this with appropriate wording be sufficient?

EDIT - Not able to post the link to sample Gift Affidavit. Splitting the URL, please remove the spaces - Affidavit like this one - http :// www .planites .org/ pdf/ gift-letter.pdf).

few important things to consider
1. Standalone account/only his name on the letter with account opening date/FD creation date
2. Any other amount credited to this account if significant has to backed up by the source of funds. If it is coming from your account then need to get a gift deed, proof of transfer and your account statement ( to be on safe side).
3. Bank letter should also mention the averages of last 6 months
4. Bank letter should mention any loans/ credit cards, if any.

 

[Rolakeh]

Hello,

I have my adequate funds for a family of 4. However, I also have a mortgage with my bank which I will have to declare since the repayment are showing in my statement. The loan repayment period is 10yrs still and the rent from the house is what repays the loan.

Do I need to worry about this affecting my POF. if yes what supporting documents do I need to show.

The monthly repayment is about 230CAD .

Thank you

 

[kryt0n]

Hello,

I have my adequate funds for a family of 4. However, I also have a mortgage with my bank which I will have to declare since the repayment are showing in my statement. The loan repayment period is 10yrs still and the rent from the house is what repays the loan.

Do I need to worry about this affecting my POF. if yes what supporting documents do I need to show.

The monthly repayment is about 230CAD .

Thank you

It won't be a problem but it will help if you can also provide a valuation of your house.