Proof of fund - Expert suggestion required

[prateek117]

Hi,

My scenerio is
--No great funds in my account.
--Also, no great fund in my father and mother account.

--I want to know, if my father and mother borrow some money.
And both of them give that money to me in the form of gift deed, Would that be ok?

--In terms of document, I can provide my bank statement of 6 months and for these 2 big transaction, I can provide legal gift deed. Would this be sufficient or visa officer may ask for bank statement of my father and mother and their source of income for the money which they gifted to me?

--Anyone who has experienced such a scenerio before, please help me out.

Thanks.

 

[prateek117]

Need expert comment.. This is urgent..

 

[hahaHHH]

Integrity
Honesty

 

[prateek117]

Integrity
Honesty

Not helpful, elaborate..

 

[ishq74]

Hi,

My scenerio is
--No great funds in my account.
--Also, no great fund in my father and mother account.

--I want to know, if my father and mother borrow some money.
And both of them give that money to me in the form of gift deed, Would that be ok?

--In terms of document, I can provide my bank statement of 6 months and for these 2 big transaction, I can provide legal gift deed. Would this be sufficient or visa officer may ask for bank statement of my father and mother and their source of income for the money which they gifted to me?

--Anyone who has experienced such a scenerio before, please help me out.

Thanks.

I am not an expert neither I got ITA but I can understand your problem. You have all qualifications, expertise and skills to do well in the life but do not have enough money right now to show as per the requirements. I know a lot of people here will tell you borrowing money and hiding it, is cheating the system and they are actually correct. However many people are borrowing money from parents or relatives but saying it is a gift.
Yes CIC may ask you later to submit your parents bank statement to see if the money actually was in the bank for a considerable amount of time or not.
I should not do this but my advice is, show a proof of selling something from which you got the money. you may get a sell receipt of gold or share or even land. just think differently. you can insert that money into your account and show a sell receipt or deed between you and the buyer. but make sure the money is coming from that person's account in form of a bank transfer or a check. Do not show cash transaction because you cannot prove it. go to a jewelry shop and tell them to give you a receipt of selling gold to them and ask them to transfer the money to your account directly or to your parents account. Then you can get money from your parents to your account and make gift deed from parents. Make sure you keep this money in your account until final decision.
Hope this will help you, good luck

 

[heynow]

Hi,

My scenerio is
--No great funds in my account.
--Also, no great fund in my father and mother account.

--I want to know, if my father and mother borrow some money.
And both of them give that money to me in the form of gift deed, Would that be ok?

--In terms of document, I can provide my bank statement of 6 months and for these 2 big transaction, I can provide legal gift deed. Would this be sufficient or visa officer may ask for bank statement of my father and mother and their source of income for the money which they gifted to me?

--Anyone who has experienced such a scenerio before, please help me out.

Thanks.

We don't know what the visa officer may ask, but its very unlikely that they will ask for your parents financial details...beyond a point your father's finance is non of their business. If it was for me, I wouldn't go through the gift deed circus, there are many other creative ways to get this done cleanly.. I will let you figure that you..

Having living/working in and out of Canada for many years, I can tell you that this funds requirement for PR is more like Minimum spec requirement label on a PC game, you can barely make it out on the other side. Usually very qualified/skilled people struggle for months to get a decent job. Most won't even consider your job experience if you don't have North American experience, add high cost of living and you end up having a very substantial burn rate.. doing this on borrowed money can be potentially disaster... on the other hand if you have factored all these risks and you have a job/plan when you land then why not...

 

[prateek117]

We don't know what the visa officer may ask, but its very unlikely that they will ask for your parents financial details...beyond a point your father's finance is non of their business. If it was for me, I wouldn't go through the gift deed circus, there are many other creative ways to get this done cleanly.. I will let you figure that you..

Having living/working in and out of Canada for many years, I can tell you that this funds requirement for PR is more like Minimum spec requirement label on a PC game, you can barely make it out on the other side. Usually very qualified/skilled people struggle for months to get a decent job. Most won't even consider your job experience if you don't have North American experience, add high cost of living and you end up having a very substantial burn rate.. doing this on borrowed money can be potentially disaster... on the other hand if you have factored all these risks and you have a job/plan when you land then why not...

Hi,

It is not that my father is actually borrowing money, we are well established here, but we rarely keep any money in the bank account, maximum is cash in hand. So, in order to prove a legal white transaction in my father's bank account, I can show that as a borrowed money to income tax department of my country.
Though I also have an option to get that transaction into my fathers account in the form of sale of gold to jewellery shop. But this will incur me capital gain tax which would be 30 %.

-------Also, if i show any sale of land or sale of gold, this will lead into 30 % income tax in my country which is huge, so gift deed seems to be good idea. Do you have any better idea here.

-----So, what I am actually worried about if a huge transaction comes in the form of legal gift deed from parents, which I have heard canada immigration is accepting, then what all documents what be sufficient. Gift deed, scan copy of cheque used for transaction, my 6 month bank statement and bank certificate of balance. Would these documents be sufficient or they can ask for source of income of my parents.

 

[rupinder2k17]

Hi,

It is not that my father is actually borrowing money, we are well established here, but we rarely keep any money in the bank account, maximum is cash in hand. So, in order to prove a legal white transaction in my father's bank account, I can show that as a borrowed money to income tax department of my country.
Though I also have an option to get that transaction into my fathers account in the form of sale of gold to jewellery shop. But this will incur me capital gain tax which would be 30 %.

-------Also, if i show any sale of land or sale of gold, this will lead into 30 % income tax in my country which is huge, so gift deed seems to be good idea. Do you have any better idea here.

-----So, what I am actually worried about if a huge transaction comes in the form of legal gift deed from parents, which I have heard canada immigration is accepting, then what all documents what be sufficient. Gift deed, scan copy of cheque used for transaction, my 6 month bank statement and bank certificate of balance. Would these documents be sufficient or they can ask for source of income of my parents. That is sufficient. At no stage are they going to ask for your parents' finances. Only thing they are interested in is that you have the required funds and it is not a loan. To reiterate, you need to provide gift deed, affidavit from your parents, proof of transaction (cheque or online, whatever the source is), 6 months statement and balance certificate. Also, explain all of this in the Letter of Explanation (LOE).