Is gift deed option for Proof of fund is safe ?
- Thread starter Bhoomi12
- Start date
Hmm, Gift Deed...
Well you could follow this: https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-format-of-gift-deed-affidavit-and-loe.487054/
Well you could follow this: https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-format-of-gift-deed-affidavit-and-loe.487054/
I checked out the link to that discussion board and in that discussion board someone posted the following link, according to it only one of the two(gift deed OR affidavit) is required, not both : https://www.getgcms.com/blog/proof-funds-requirement-express-entry/
i have a question please..if i open a bank account which has nothing but the money my parents’ will lend me for canadian immigration before i even send my express entry application..do i still need to do a gift of deed format for my pof?
They need last 6 months statements of your bank account. If you can wait for that long from the time you open the account till you apply, and the last 6 months statement doesn't show any sudden increase in funds then no documentation or explanation is required.
The most common use case is, people have really old account, ideally from the days you've started earning, and they submit a gift deed from parents once the money is deposited.
The POF requirement is to ensure you (and your family) has enough to survive on basic means in Canada once you arrive even without a source of income for an economic immigration stream. If you manage to get a job, then this requirement is waived off, although this a very rare scene. So, if no job offer, then you have to prove that the prescribed min. amount is met, available to you at the time of application and you have access to it.
The gift deed proves that you don't have to return the gift money and it is yours, so it's ok to show it getting credited anytime in the 6 months statement.
Thank you so much it helps a lot. But i do have a few doubts.
1) How did you get the gift deed made? On a 500 rs. stamp paper with notary, a simple affidavit, or any other format?
2) I have around 16500 CAD. However, i have a pretty heft credit card debt (around 3000 CAd) (but payments are made on time). Also, I have a personal loan (again regular payments made) no defaults. Do you think this will affect my POFs or cause the ITA to be rejected?
Hi guys.Please help me with my query.I have applied for MPNP in 25 november i stated that i have 25000 cad.In 20th december i have received LAA(letter of advice to apply from Manitoba province).If my husband's father (my father in-law) will gift deed him a money in January,will it be problem?My deadline for submittion docs is 20 February.Thank you all for your help.God bless you.
I believe someone already responded to your ques.
In my opinion, it is easier to declare it as a gift rather than the other. You might confuse officer with the legal letter option. Why go to such extent when you have tested easier approach ?
If you decided to go with gift deed option, this template can be useful
GIFT DEED
I, Your Father Name, S/o Your Grandfather Name , R/o ADDRESS, do hereby on dated 00/10/2016 make a gift-deed for a gift made on dated of 00/10/2016, Rs. 000000/-
(Rupees Only) out of love and affection to my Son (Your Name), S/o Father Name, ADDRESS. I confirm that I am a resident of India. I, further confirm that this gift is
being made out of my own funds standing to the credit of my A/c No.- 000000000 in ABC Bank, Bank Address. I, further confirm that the consideration for this gift is
the love and affection for my Son (Your Name) and no other consideration.
I further confirm that the gift has been made by Cheque No. 000000 dated 00/10/2016 drawn on ABC Bank, BANK ADDRESS. This gift is irrevocable and I have no claim left
whatsoever on the said gifted amount and he is free to utilise it in any manner.
PLACE:
DATED:
(Your Father Name)
Witness:
The gift as stated above is accepted
I am using this template as I got gift deed from my father as well. Is it enough that I and my father sign and I submit LOE as well (+ bank letter and 6 months statement account)? I do not understand this notarizing thing.