Express Entry - Gift Deed - Proof of funds

[Fernando_TheLegend]

Hi Everyone,

An important question as for the Gift Deed. I believe we can receive $$ gift from our parents and show as proof of funds. I also know the parent has to declare it on the notarized document as a gift. I live here in USA but my parents live in another country. So, how does it work from a logistics standpoint? Do they need to make a wire transfer the money from their local bank there to my US bank account and send me the scanned copy of notarized document of declaration? What else?

Any guidance here?

Thanks

 

[dgnbach]

I'm in the same situation (I'm in Canada and my parents in my home country) and I'm planning to wire the money within 1-2 weeks from now. The notary process in my country is very complicated as it requires both me and my parents to be present. I've done some research and people said that a letter from your parents stating the fund is a gift to me is sufficient. Maybe add a letter of explanation for safety.

The process is wiring money first --> gift deed with all info about the transaction --> you get your bank statement + receipt from parents + receipt when you receive the money --> application.

 

[Fernando_TheLegend]

Also, on a similar note, do they accept the amount in my 401k account as proof of funds? If yes, I've more than enough required in that account itself.

 

[dgnbach]

Also, on a similar note, do they accept the amount in my 401k account as proof of funds? If yes, I've more than enough required in that account itself.

I don't think so. It has to be cash that are ready to use (for example: checking account). You should do more research as I'm not entirely sure about this.

 

[amyung]

Hi Everyone,

An important question as for the Gift Deed. I believe we can receive $$ gift from our parents and show as proof of funds. I also know the parent has to declare it on the notarized document as a gift. I live here in USA but my parents live in another country. So, how does it work from a logistics standpoint? Do they need to make a wire transfer the money from their local bank there to my US bank account and send me the scanned copy of notarized document of declaration? What else?

Any guidance here?

Thanks

I am waiting for my ITA from IRCC but I got PNP so I already did my POF with them and all was accepted in a week time so I think it would be very much the same.

Get your parent to transfer the money from their account straight to yours (preferably un active account that you both are using). The bank, in which your parents are with, will issue a receipt, just tell them that you need it for immigration purposes overseas, they have a prob receipt for international transfer, it normally includes details of your parent's account, address, transaction no., your name, address, your bank account. Signed and stamped by the bank.

Make a Gift deed and an Affidavit, you can find any format online, change it according to yours, it doesn't have to be made by a lawyer nor notarised (I mean I didn't and I read that many others did the same).

Make an LOE saying that it was a gift from your parents, note the date and transaction number. On the safe side, I included also my mom's passport.

Hope it helps.

 

[Fernando_TheLegend]

I am waiting for my ITA from IRCC but I got PNP so I already did my POF with them and all was accepted in a week time so I think it would be very much the same.

Get your parent to transfer the money from their account straight to yours (preferably un active account that you both are using). The bank, in which your parents are with, will issue a receipt, just tell them that you need it for immigration purposes overseas, they have a prob receipt for international transfer, it normally includes details of your parent's account, address, transaction no., your name, address, your bank account. Signed and stamped by the bank.

Make a Gift deed and an Affidavit, you can find any format online, change it according to yours, it doesn't have to be made by a lawyer nor notarised (I mean I didn't and I read that many others did the same).

Make an LOE saying that it was a gift from your parents, note the date and transaction number. On the safe side, I included also my mom's passport.

Hope it helps.

Thanks for the elaborate answer. I will get on it right away.