Gift Deed for Proof of Funds

[logan7771]

Hi Guys,

I received my ITA and now need to show sufficient POF. While i have 3/4th the required amount, the remaining is going to come from my parents in the form of a notarised gift deed showing that this money is given to me for my use and not a loan. Will CIC consider this as acceptable POF?

Thanks in advance for your responses.

 

[sushsmart15]

Yes, a gift deed is very much accepted by IRCC. Make sure that the gift amount is already transferred into your bank account and it can be highlighted in the bank statement (if this transaction was within the last 6 months).

 

[nomzie]

Yes, a gift deed is very much accepted by IRCC. Make sure that the gift amount is already transferred into your bank account and it can be highlighted in the bank statement (if this transaction was within the last 6 months).

Can relevant transactions on parents and PA statements be made prominent with a highlighter?

 

[sushsmart15]

Can relevant transactions on parents and PA statements be made prominent with a highlighter?

Yes you can choose to highlight them in the bank statement.

 

[nomzie]

Yes you can choose to highlight them in the bank statement.

Thanks a lot! +1

 

[logan7771]

Can the Gift Deed be in the form of a Fixed deposit?

 

[sushsmart15]

Can the Gift Deed be in the form of a Fixed deposit?

It can be in the form of fixed deposit only if it is in your name (i.e. the holder of FD is you). Your parents' FD cannot work. They have to transfer the money to your account and then you can book FD.

 

[logan7771]

Is it necessary to first transfer? Can't I just deposit the cheque i get from my parents and directly deposit it in the bank to open an FD.

 

[sushsmart15]

Is it necessary to first transfer? Can't I just deposit the cheque i get from my parents and directly deposit it in the bank to open an FD.

Yes, it is a must to transfer the funds first to your account - either electronically or via cheque/cash deposit. Then you can book FD.

 

[logan7771]

So is that ok if it shows a huge inflow of cash in my statement and then again suddenly gets debited.

 

[sidpune]

Does having a couple of Loans impact my acceptance chances(EMI's can be seen in the statement), even if I have the required funds ?

 

[sushsmart15]

So is that ok if it shows a huge inflow of cash in my statement and then again suddenly gets debited.

You are attaching a gift deed from your parents. Of course the bank statements will show that amount and then you will submit your FD receipt along with the 6 months bank statements. The officer can obviously understand all this stuff - what is so difficult in understanding the bank statements and FD receipts along with gift deed???

 

[sushsmart15]

Does having a couple of Loans impact my acceptance chances(EMI's can be seen in the statement), even if I have the required funds ?

Well, I cannot comment on the loan matter.
However, I will advice you to show more than enough money in your bank accounts (two or more accounts) than that is required. It will keep you in a better position anytime.

 

[CanadaI'mcoming]

Yes, a gift deed is very much accepted by IRCC. Make sure that the gift amount is already transferred into your bank account and it can be highlighted in the bank statement (if this transaction was within the last 6 months).

Could you tell me when to get the gift deed money transferred to my account? Is is before the creation of express entry profile or after ITA?

 

[sushsmart15]

Could you tell me when to get the gift deed money transferred to my account? Is is before the creation of express entry profile or after ITA?

It can be anytime. You just have to show that the required money is in your own bank account and you must show or mention the source of funds.