Is gift deed option for Proof of fund is safe ?

[gurik]

Also, if my mother wants to gift her savings to me in cash, how can I ever prove that when it comes to source of funds, as she doesn't have a bank account?

Moreover, must I repay all my loans before getting a pof letter from bank? Can outstanding debt of about 2000 dollars be a problem?

If its not a heavy amount you can show the money gifted in cash, get a gift deed made, but i am not confident about heavy amount as CIC may doubt it to be some indirect loan or black money without any proof to back it up.
In that case you can get the money from your mother deposited in your Father's account and get a single gift deed for the entire amount OR get an account opened for your mother, pay the tax as per your country on the savings and get a gift deed from your mother, it is way more authentic to show everything through banking system.
Rest depends on the regulations of your country, i.e if it is okay to show savings in cash and later get them deposited in bank as per your wishes. and also you are okay with the system in regards of income tax etc.

 

[dr feras]

Hi guys,
Not to start another topic , I already asked this question but yet to get an answer. Is it mandatory that a gift deed gets notarised ?

 

[gurik]

Hi guys,
Not to start another topic , I already asked this question but yet to get an answer. Is it mandatory that a gift deed gets notarised ?

It is best to get a gift deed on a notarised stamp paper, way more legitimate and adds to authenticity of the documents.
P.S- Different nations have different rules.

 

[omarkhan]

If its not a heavy amount you can show the money gifted in cash, get a gift deed made, but i am not confident about heavy amount as CIC may doubt it to be some indirect loan or black money without any proof to back it up.
In that case you can get the money from your mother deposited in your Father's account and get a single gift deed for the entire amount OR get an account opened for your mother, pay the tax as per your country on the savings and get a gift deed from your mother, it is way more authentic to show everything through banking system.
Rest depends on the regulations of your country, i.e if it is okay to show savings in cash and later get them deposited in bank as per your wishes. and also you are okay with the system in regards of income tax etc.

Thanks a lot Gurik! I'll think about the option of transfering it into my father's account the, and afterwards will have a single gift deed for the whole amount.

 

[gurik]

Thanks a lot Gurik! I'll think about the option of transfering it into my father's account the, and afterwards will have a single gift deed for the whole amount.

Happy to help!! Yes that will be the best way. Wish you all the best

 

[omarkhan]

Preferably get money in form of cheque for the car sale, it will be more legitimate. In my country such cash transaction will come under black money transaction, so if heavy cash transactions are legitimate in your country then only cash transaction is ok. Or if the car is not registered as u said, get the money in your parents account show the sale through them, pay the tax for the money and get it as a gift from your parents. If you cannot do any of these, then as a last resort get the sale and cash transaction mentioned on a notarised stamp paper, also on the paper get everything clearly mentioned in detail.
Attach all the documents that you can gather to prove the car is yours along with this notarised sale receipt. Upload your Gift deed and these documents together as POF along with Balance certificate and 6 month statements (taken from your bank).
Until and unless you don't have any loan on the money you are showing to CIC, and there is no direct or indirect liability on this money whatsoever, you are okay to go. You do not need to pay any other loans taken on any other savings of yours or possessions. It is okay to have outstanding debts as long as they do not affect the amount shown to CIC.

Thank you. This was very helpful indeed.

 

[omarkhan]

Happy to help!! Yes that will be the best way. Wish you all the best

gurik, in case of a gift deed and a scan of cheque from my father, do I need to attach his bank statement also in addition, or is that not mandatory?

 

[gurik]

gurik, in case of a gift deed and a scan of cheque from my father, do I need to attach his bank statement also in addition, or is that not mandatory?

No, no need for your father's bank statement, just mention the cheque number (via which your father gifted you the money), name of your father's bank and his account number in the gift deed, you will be fine.

 

[omarkhan]

No, no need for your father's bank statement, just mention the cheque number (via which your father gifted you the money), name of your father's bank and his account number in the gift deed, you will be fine.

Great. In that case, I can even deposit the money from sale of car in my father's account and have it all gifted to me in one deed. Thank you

 

[omarkhan]

Dear members:

Can funds gifted from relatives other than parents, such as a sister or a brother, be equally accepted by CIC? I read somewhere that gifts based pof is not a very ideal situation and though can be accepted but is entirely at the discretion of the immigration authorities to accept. How true is that? Please advise, Thank you.

 

[degm]

Its perfectly fine to receive a gift after ITA, it is not misrepresentation and many people do it. Your parents can gift the money to you whenever they want no one can question that. You should have the money in your account before filling your eAPR. Attach a Gift Deed from your parents to you on a notarised stamp paper in your POF section. You will be good to go.

From what I read, bank letter and 6-months bank statements are also needed, as they´re mandatory documents...

 

[gurik]

From what I read, bank letter and 6-months bank statements are also needed, as they´re mandatory documents...

You read right. Yes, of course Bank statements and Balance certificate will be attached along, as they are the main document, gift deed is to show source of funds. the person was enquiring about gift deed so thats why i advised only in that regard.

 

[gurik]

Great. In that case, I can even deposit the money from sale of car in my father's account and have it all gifted to me in one deed. Thank you

Yes that will be easy and less documentation also.

 

[gurik]

Dear members:

Can funds gifted from relatives other than parents, such as a sister or a brother, be equally accepted by CIC? I read somewhere that gifts based pof is not a very ideal situation and though can be accepted but is entirely at the discretion of the immigration authorities to accept. How true is that? Please advise, Thank you.

Gift deed from parents and siblings are considered most legitimate by CIC. Gifts from other relatives and friends are considered doubtful.
As long as the gifted money is from Parents you are good to go. Many many people have got PR successfully by showing gift as POF, its considered completely legitimate by CIC, don't worry.

P.S- Almost everything in our files is at the discretion of the authorities. Let's hope for the best

 

[omarkhan]

Gift deed from parents and siblings are considered most legitimate by CIC. Gifts from other relatives and friends are considered doubtful.
As long as the gifted money is from Parents you are good to go. Many many people have got PR successfully by showing gift as POF, its considered completely legitimate by CIC, don't worry.

P.S- Almost everything in our files is at the discretion of the authorities. Let's hope for the best

Thanks. Thats reassuring! The role of probability notwithstanding