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

[Varunaimar]

Dear Forum members,
My question is simple yet I haven't been able to find anyone with my situation to get a satisfactory answer.

I currently have a joint account with my spouse which has more than 2 times the minimum required funds for 3 members. The joint account has me and the principal account holder while my wife is the second/joint account holder. I also have another account in my sole name which I can bring upto 12k CAD in 2 months (salary).

I currently am planning to apply for EE as a single applicant. My wife will not be accompanying me. Here's my question:

I can show my single account balance, however I'm not sure how much it's 6 month average would come to. So I'm not taking any chance and planning to include my joint account with spouse as well.

Would CIC accept joint account balance with my wife even if she's not accompanying me? Any help/quotes/advice would be appreciated.

Guys any advice?

 

[Histrionics]

There has been a small mistake in the gift deed. Instead of donor and donee the typist has written giver and receiver. Can I have this corrected on the same gift deed?

 

[jaideep07]

Hi !!
I am filling documents for Ontario HCP stream, I need help in funds issue.
Is there a particular format for Gift Deed? Please provide one.
Second, my family members sent me money in 2 transactions, should i make only 1 gift deed affidavit or separate for each?

Last date to apply is 11 April. Please help.

 

[spotdar]

Hello,
I am a month away from submitting my PR appliction as an express entry candidate. I have some funds transferred from my family member to fulfill my fund requirement. i would like to know if :
i would have to submit a notarised gift deed
and if required when should i submit this deed
thanks,
Sumi

 

[kvnpatel90]

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.

Thank you for the details
Could you please confirm if the certificate is mandatory ?

 

[Rakib_air]

I am a bit confused. Are notarized gift deed and proof of transaction enough? I see some people are talking about affidavits/ affidavit of acceptance.

 

[Histrionics]

Yes, notarized gift deed with proof of transaction is sufficient.

I am a bit confused. Are notarized gift deed and proof of transaction enough? I see some people are talking about affidavits/ affidavit of acceptance.

 

[mppreethi87]

Is donor's asset evaluation required for gift deed?

 

[mppreethi87]

I

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.[/QUOTE
Is it necessary to get a Net worth certificate for the donor?

 

[mrangwala]

Guys,

Lawyer is asking Rs. 2000 for registered gift deed. Is that expensive? Do I need to get it registered?

Can someone share format or wordings of "Article 4 Affidavit'? How much will e-stamp cost today in 2018? Just to get a general idea.

A simple gift deed on e-stamp is enough right? Please advise.

 

[mrangwala]

Guys,

Lawyer is asking Rs. 2000 for registered gift deed. Is that expensive? Do I need to get it registered?

Can someone share format or wordings of "Article 4 Affidavit'? How much will e-stamp cost today in 2018? Just to get a general idea.

A simple gift deed on e-stamp is enough right? Please advise.

Any advice guys? Some people have told me that for India, gift deed need to be registered one so Rs. 2000 will be its cost. Is that true?

 

[Jaiyesh]

Guys,

I received my ITA and I have applied a month ago. My application is currently under process. I got a message from CIC asking me furnish current Proof of funds. I already provided them with 18000 CAD Proof of funds in my savings account. Additionally, I have 2 credit cards and an education loan-- these were not shown last time.

Is that the reason why CIC is asking me to resubmit it?

Should I submit credit card and Loan information with a letter of explanation this time?

Thanks!

 

[Jaywalker]

Guys,

I received my ITA and I have applied a month ago. My application is currently under process. I got a message from CIC asking me furnish current Proof of funds. I already provided them with 18000 CAD Proof of funds in my savings account. Additionally, I have 2 credit cards and an education loan-- these were not shown last time.

Is that the reason why CIC is asking me to resubmit it?

Should I submit credit card and Loan information with a letter of explanation this time?

Thanks!

What exactly did you submit last time as POF?

 

[Jaiyesh]

Cash in Savings account

 

[Jaywalker]

Cash in Savings account

Did you include last 6 month’s average in the letter?