Bank Record - proof of funds query

[KhyatiS]

Hello,

I am a single applicant for express entry PR. For proof of funds can I show a collaboration of Fixed Deposits on my name and gift deed from my sister?
My sister is in Canada. Does she have to transfer money into my account as a gift deed? If so, then how much time before the AOR should it be there in my account?
OR
Does my sister have to show her account statements for some specific period?

 

[skape7]

Hello,

I am a single applicant for express entry PR. For proof of funds can I show a collaboration of Fixed Deposits on my name and gift deed from my sister?
My sister is in Canada. Does she have to transfer money into my account as a gift deed? If so, then how much time before the AOR should it be there in my account?
OR
Does my sister have to show her account statements for some specific period?

You can meet the POF threshold by combining any number of 'virtually liquid' financial sources available to you. But the gift deed by itself does not contribute to 'proof of funds'.
For your sisters funds to contribute to your POF, she shall need to 'gift' the funds to you and transfer it to your account or create a new FD in your name. The purpose of the 'gift deed' document is to convince IRCC that you are not borrowing the funds from your sister and that she has indeed gifted it to you 'in consideration of her love and affection' for you.
If you do acquire a gift deed document, there is no minimum time frame that the funds need to be parked in your account. If you get this done 6 months prior to submitting your application (or longer), the gift deed is not required as IRCC are only concerned with the past 6 months of your account history and the average balance you maintain for such time.
In case of a gift deed, your sister shall not need to provide any documentation regarding her account, but you need to include the cheque number/ transaction number and date in the letter of explanation that you submit with your e-APR. These transaction details should correspond to the credit seen in your account.

 

[KhyatiS]

You can meet the POF threshold by combining any number of 'virtually liquid' financial sources available to you. But the gift deed by itself does not contribute to 'proof of funds'.
For your sisters funds to contribute to your POF, she shall need to 'gift' the funds to you and transfer it to your account or create a new FD in your name. The purpose of the 'gift deed' document is to convince IRCC that you are not borrowing the funds from your sister and that she has indeed gifted it to you 'in consideration of her love and affection' for you.
If you do acquire a gift deed document, there is no minimum time frame that the funds need to be parked in your account. If you get this done 6 months prior to submitting your application (or longer), the gift deed is not required as IRCC are only concerned with the past 6 months of your account history and the average balance you maintain for such time.
In case of a gift deed, your sister shall not need to provide any documentation regarding her account, but you need to include the cheque number/ transaction number and date in the letter of explanation that you submit with your e-APR. These transaction details should correspond to the credit seen in your account.

Thank you so much for your advice!