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

[vishalg]

Dear Senior members,I have some questions with regards to the gift deed and will be thankful to you for your kind assistance.

1) My mother will gift me the amount for POF by mortgaging her gold and some savings. I have referred to the gift deed format posted by Mr.Anuj. Is it alright to explicitly mention that the source of the gift is mortgage of gold (his format mentions the source of the gift as savings) ?No need to mention the mortgage.

2) Me,my mother and my wife are joint holders of the same bank account. Is it alright to deposit the funds obtained through mortgage of gold and make fixed deposit's in the same account ? Or should i ask her to transfer the money to one of my other bank accounts (jointly held by me and my wife) and produce her bank statement showing the debit and my bank statement showing the credit ?
in your account (held by you and your spouse)
4) Will having a previous loan have any negative impact on my application ? Should i declare the loan in my bank letter ?
if loan is taken for POF then it is a problem else not
5) Besides the notorized gift deed, is an affidavit necessary ? Please guide me on how to prepare it (should it be on notorized stamp paper as well, what is the format of the affidavit,etc)?
only a gift deed required ( on minimum value of stamp paper as applicable in your state)signed by your mother and you
6) I plan to produce the following documents for the proof of funds:
a) Notorized gift deed on stamp paper.
b) Cross Cheque showing the amount.
c) Fixed deposits of the amount.
d) Bank statements of my mother's bank account (showing debit) and my bank account (showing credit).
e) Bank letter showing 6 month's average balance and other details as requested by CIC. (should an outstanding loan be mentioned or not) ?
you can choose not to include your mother's statements as there have been applicants who have received PPR without uploading donor's statements.
Besides these documents is there anything that i should produce/not produce ?
This will sufficiently cover the requirements.
Please correct me wherever you feel i am making a mistake. I will be indebted to you for life for your valuable time,attention and guidance.

Best Regards,

Sanket.

wish you all the best

 

[vishalg]

Dear seniors, please help me out of this worriness ! ! !

Apology for such long post

I received ita on 5th april. My salary account is only 6 months old and will be 7 months old by the time I lodge my apllication and reason behind this is , I was living in UK before that and never worked in my home country before. In 2015 I had wedding reception and received nearly 10000cad cash as gift from relatives specially from my and my wife's uncles aunts. Back then, we didn't need that money and one of my aunts took it as loan from me but we didn't make any deed. Now last month, she returned my money and deposited this money by cheque in my account mentioning this is repayment of loan though statement doesn't mention it.would suggest you to get a gift deed or a notarized agreement for loan.
There has to be some legal document proving your ownership of the funds. I hardly had any idle money in my account before that deposit but i had around 6000cad invested in share market since december 2016.shares are not considered valid POF unless liquidated Also at the same time, i sold some of my wife's jewellery to one of my neices and her husband sent money from abroad in my account. We didn't make any documents for this exchange and my statement shows electronic fund transfer for the amount of 2380cad and 3603cad and all these were from selling gold Either get a gift deed or notarized sale agreement for the jewellery. In nutshell there are three big deposits in my account from march, one is from my aunt and other two are from selling jewellery. I also have around 10000CAD invested in share market right now and my accompanying spouse has 8000Cad in her account. Now my question is, what sort of documents shall i provide to prove my aunt's deposit as repayment of loan and other two transactions as money from selling jewellery ?
Also to avoid all confusions and hassle of documents, can i sell all my shares and transfer funds from my salary account to my another old account which has not been used for long and show POF from that account and my wife's account?your funds after liquidating your shared will be 10k and your spouse has 8k in her account ( excluding those jewellery funds). You can use old account liquidate your shares there and upload proof of redemption and separately show spouse's account and get a declaration from her that she allows you to utilize the funds for immigration purpose and she will be accompanying you upon receiving the COPR. In that case required fund will be there only for few days before submission of application.not a problem as long as you can prove the money is yours. Also, one important thing is to get the bank letters for all accounts you choose to show for POF.

Vishalg, kindly requesting your attention. All other paper works are ready but only because of POF, I am not submitting my application. All members of this forum are requested to give their valuable opinions. May God bless you all. [/color]

best of luck.

 

[mahbub1876]

Dear All,

I just have a single question. Can i have the money from my brother in law with a gift deed for the purpose of "Proof of Fund"?

Thanks in advance

 

[Al Mahmud]

best of luck.

Many thanks vishalg for your prompt reply. Now my Bo account is connected to my current salary account which means money from selling share will go to my salary account via EFT and from there I can issue cheque to my old account. In that case, will I have to give bank statement of my current salary account to prove source of fund of my old account? If so, showing statement of current account for a month just to show debit will be okay or not?

 

[Shivanker]

hi.

is it compulsory to show the net worth of my father as well if I'm only obtaining funds from my mother?? what if I only show my mother's net worth - will that be enough?

 

[kunal81]

Hi Anuj ,

I have just received my ITA and have a few clarifications to seek :

1.Is it mandatory to provide my father's account statement from which the funds would be transferred to my account ? The reason I am asking this is because the transfer of funds to my father's account would be a relatively

 

[kunal81]

Hi Anuj,

Is it mandatory to upload my father's bank statement ? This is because the transfer to my father's account is very recent . He received the funds from someone who owed him the money since a long time . Kindly advise

 

[hsinxh]

Hi Anuj,

Is it mandatory to upload my father's bank statement ? This is because the transfer to my father's account is very recent . He received the funds from someone who owed him the money since a long time . Kindly advise

Father's bank statement is not required. But you have show the proof of transfer into your account.

 

[dyez]

I'll try to keep this short and concise. I hope you guys could help me out.

I just got an ITA via CIC, but I am anxious about the proof of funds.

Here's the scenario:

1. I'm from the Philippines. I have a common-law partner (we've been on for 3 years now). We DO NOT have a joint account.
2. I have a joint account with my parents in Bank 1 (since 2014), with sufficient funds to go a bit beyond the minimum requirement for settlement funds for 2 people in Canada. Last December 2016 however, I created a new account in Bank 1, and my parents transferred 80% of the funds in our joint account, to my new account. This was because the provisions for immigration said that the account for the settlement funds needs to be in my name (and/or my spouse/common-law). As of now, the account is 4 months old.
3. I have a bank account in Bank 2 (since 2014) which has generally had only the maintaining balance for quite some time ($40 lol). As of now, the account is around 3 years old.
4. My common-law partner has a 2-year-old bank account in Bank 3 which has been active for 2 straight years because his client has been depositing bi-monthly check payments there for his services rendered. It was also the account where his aunt in the USA deposited $4,000 last 2016 to help him have proof of funds for his US Visa application. However, when we went to the USA, we already returned the money to his aunt.

Now, since I received an ITA this April 2017, I will convert our accounts into joint accounts. The banks said that the bank statement will NOT REFLECT the date when it became a joint account, only the date when it was created and the name of the account. Hence, for example, the account in Bank 1 will reflect "created December 2016, account name: me and common-law".

Also, his aunt will lend him again $4,000 to help with our proof of funds.

MY PROBLEMs:
1. Account in Bank 1 has sufficient funds as proof of funds, but is only 4 months old
2. Account in Bank 2 has been on for 3 years, but has had close to zero activity. We plan to put the $4,000 from his aunt in this account, but the sudden jump of funds will appear suspicious
3. Account in Bank 3 has been on for 2 years, but since it is his income-expenditure account, the amount of money that comes in it every month is also always withdrawn in full. We can also put the $4,000 from his aunt into this account, but then again, the sudden jump of funds might appear suspicious
4. I only have less than 90 days for this.

MY QUESTIONs:
1. What's the best thing to do?
2. With regard to making a gift deed, his aunt is in the USA while we are in the Philippines. It could be really difficult to get a "gift deed" on her end. What she used to do when she lent my partner $4,000 for the US Visa show money was transfer the money from the US to her son who is in the Philippines (she only trusts her son with this), and then the son withdrew the money and went to my partner's bank and deposited the money there into my partner's account.

I hope you could help me. Thank you!

 

[allthewaytoCanada]

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)

Can the gift deed be from someone else other than parents?like grandparents or siblings?
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.

 

[skap27]

can someone show the stocks owned in the Demat account as a source of income?

 

[sumitk222]

Dear Seniors,
First of all let me thank everyone for sharing their experiences and information regarding POF dilema. I would be grateful if you can help me out with my question below:

I am working in US. In my situation, I do have sufficient amount of money as POF (which is 16K $) in my US salaried bank account, but if I see average of past 6 months it is coming around 10 K $. The current balance of 16 K is because I have been managing my finances and saving for past 3 months to show as POF. Other than my salary, there hasn't been any credit entry to my salaried account. Will it be okay if I go ahead and show this as POF with average being less than the threshold or would you consider it risky ? I believe the reason for 6 months bank statements is to help identify any borrowed large sum of money. Please correct me if I am ill informed here.

Many Thanks for your time and help on my query!!

 

[sunny5868]

Hi everyone,

A question for you guys . Is the monetary gift for PoF can only come from an immediate family member or someone close can give it as well. My girlfriend ( we aren't common law partners) wants to help me out. Please advise on this matter. I'll appreciate it

Thanks

 

[Shivanker]

hi.

is it compulsory to show the net worth of my father as well if I'm only obtaining funds from my mother?? what if I only show my mother's net worth - will that be enough?

Your advice is highly appreciated

 

[vishalg]

Dear All,

I just have a single question. Can i have the money from my brother in law with a gift deed for the purpose of "Proof of Fund"?

Thanks in advance

yes