Proof of funds - express entry!!

[CrownDiu]

I have a question regarding my brothers Express entry for PR on the proof of funds, if you could please help:

I understand that the applicant needs to show $12,5000 in their bank account. Since my brother is based in Australia and he does not have such money to show (he is there on a student permit), is it possible for me (his immediate sister) to give gift deed from Canada to his bank account in Australia? Does this need to be notarized format?

He has other assets in India, like the property under his name, files income tax returns and has an active back account (does not have enough funds though) there as well. Is it a good idea to add all this under the application? Is it possible to show the property under my brothers name as a proof of fund, or by getting that evaluated to an equivalency of 12,500 or more?

Thank you very much, greatly appreciated

 

[21Goose]

The easiest thing would be to put the money in his account along with a gift deed. The deed needs to be legal in the country where he's from (India, in this case), so follow the format for India and get it notarized.

CIC needs to know that you are legally not allowed to ask your brother to give you back that money.

Property isn't ideal because it's not liquid - even thought it may be worth well over the amount, you can't easily access it. The funds need to be liquid and immediately accessible.

 

[CrownDiu]

The easiest thing would be to put the money in his account along with a gift deed. The deed needs to be legal in the country where he's from (India, in this case), so follow the format for India and get it notarized.

CIC needs to know that you are legally not allowed to ask your brother to give you back that money.

Property isn't ideal because it's not liquid - even thought it may be worth well over the amount, you can't easily access it. The funds need to be liquid and immediately accessible.

Thank you! last question: Considering the bank account did not maintain a sufficient balance for the last 6 months, Would CIC consider how long the gift deed has been in his account or is it ok if the gift deed was received just before he submitted his PR application.

 

[21Goose]

Thank you! last question: Considering the bank account did not maintain a sufficient balance for the last 6 months, Would CIC consider how long the gift deed has been in his account or is it ok if the gift deed was received just before he submitted his PR application.

If the gift deed is valid, the amount of time you've had the funds don't matter.

 

[21Goose]

BTW, I get the feeling that you're not sure what a gift deed is.. you don't actually put the gift deed into the account, you put the money into his account.

A Gift Deed is a legal document that describes the voluntary transfer of a gift from a donor (owner of the property) to donee (receiver of the property) without any exchange of money whatsoever. Any entity or object which qualifies as a gift must have the following properties. It must be a well defined existing movable or immovable property. The gift must be transferable and tangible. It should exist today (at present time) rather than as a future property. The gifting process should be based on the consideration of natural love and affection of the Donor towards the Donee. The donor should not use this arrangement with the intention of evading tax or fulfilling any other illegal motives. Transfer of property rights in the form of a gift deed is not taxable.

http://agreementindia.com/gift-deed/

The "gift" in this case is the money you're giving your brother.