Proof of funds FSW- Still unclear about Gift Deed

[sachin01663]

Hi Forum,

There are many posts on Proof of funds but I am still unclear that exactly is the process. I have very specific questions:

Is Gift Deed accepted as Proof of funds from your parents? My parents are helping me with half of the funds.
Should they simply transfer money in my account and provide an affidavit saying its a gift deed?
What other documents are required to prove this with your application? Like bank certificate, bank statement etc?
For how long should I keep this amount in my account before application? Example can I get this amount today in my account and apply FSW a week later? Or I should keep this amount for some specific period of time before I can apply, like a month, three months etc?

Many thanks to all of you. I really look forward to share my experience as well as I apply.

Thanks
Sachin

 

[pr4rajesh]

why u have to say gift.. eventhough its your parents money, you can just put it in ur savings bank or put it as a fixed deposit and get a bank certificate from bank saying as of date you have this much of amount in your bank and in your name. this is called proof of fund.

Hope you got it.

 

[sachin01663]

Thanks for your reply. I thought even if your parent are giving you money,it has to be a gift deed.

Do you know for how long do I need to keep this money in my account before I can apply for visa? Does it have to be in your account for three months before you could apply? Or simply giving a Bank certificate a week before application will suffice?

Thanks
Sachin

 

[xsabhishek]

the amount must be there the whole time as CIC can ask for statements..

mostly i read they ask for it when medical request is sent.

 

[mjoshi10]

Hi Forum,

There are many posts on Proof of funds but I am still unclear that exactly is the process. I have very specific questions:

Is Gift Deed accepted as Proof of funds from your parents? My parents are helping me with half of the funds.
Should they simply transfer money in my account and provide an affidavit saying its a gift deed?
What other documents are required to prove this with your application? Like bank certificate, bank statement etc?
For how long should I keep this amount in my account before application? Example can I get this amount today in my account and apply FSW a week later? Or I should keep this amount for some specific period of time before I can apply, like a month, three months etc?

Many thanks to all of you. I really look forward to share my experience as well as I apply.

Thanks
Sachin

(1) A gift deed affidavit is required (to be signed by parents), The same needs to be notarized as well. (This is a mandetory requirement for indian IT authorities as well)
(2) If required they (parents) have to explain the source of funds (savings, Pension fund, PPF, EPF, etc)
(3) U can send Bank statement (in original) + Certificate from bank certifying that Mr.------------- s/o Mr.-------------
r/--------------- a/c number-------------------- as on date (date and time) has Rs -------------------- in his account and these funds are non encumbered/ No lien is there and these funds are readily transferable.
(4) If possible get the funds into Fixed deposits in your exclusive name , which is a better POF.
(5) To my understanding FD's should sit there untill unless u get ur PR. (About 12 Months)
Regards

 

[mkshah]

great info bro

(1) A gift deed affidavit is required (to be signed by parents), The same needs to be notarized as well. (This is a mandetory requirement for indian IT authorities as well)
(2) If required they (parents) have to explain the source of funds (savings, Pension fund, PPF, EPF, etc)
(3) U can send Bank statement (in original) + Certificate from bank certifying that Mr.------------- s/o Mr.-------------
r/--------------- a/c number-------------------- as on date (date and time) has Rs -------------------- in his account and these funds are non encumbered/ No lien is there and these funds are readily transferable.
(4) If possible get the funds into Fixed deposits in your exclusive name , which is a better POF.
(5) To my understanding FD's should sit there untill unless u get ur PR. (About 12 Months)
Regards

 

[future_canadian]

the amount must be there the whole time as CIC can ask for statements..

mostly i read they ask for it when medical request is sent.

Not true. But you should be prepared to explain any odd movements of money and demonstrate that you actually have enough settlement funds to take with you to Canada.

 

[future_canadian]

(1) A gift deed affidavit is required (to be signed by parents), The same needs to be notarized as well. (This is a mandetory requirement for indian IT authorities as well)
(2) If required they (parents) have to explain the source of funds (savings, Pension fund, PPF, EPF, etc)
(3) U can send Bank statement (in original) + Certificate from bank certifying that Mr.------------- s/o Mr.-------------
r/--------------- a/c number-------------------- as on date (date and time) has Rs -------------------- in his account and these funds are non encumbered/ No lien is there and these funds are readily transferable.
(4) If possible get the funds into Fixed deposits in your exclusive name , which is a better POF.
(5) To my understanding FD's should sit there untill unless u get ur PR. (About 12 Months)
Regards

Where are you getting all these "requirements?" Can you point to the CIC page or document that states any of these requirements?

There is no such requirement. Your local VO may later ask you to describe the source of funds or may ask for additional information, but it is completely unnecessary to send all this stuff along with your initial application. A plan copy of bank statement will do just fine.

 

[future_canadian]

great info bro

Not great info. Someone who takes this advice will spend a lot of unnecessary time and delay their application and incur unnecessary stress and expense.

 

[mjoshi10]

Not great info. Someone who takes this advice will spend a lot of unnecessary time and delay their application and incur unnecessary stress and expense.

Dear Future Canadian
Being an Income Tax consultant
I must say if funds are transferred from parents account to children
and
the above formalities are not completed
then u are bound to get IT notice from Income Tax authorities and a case scrutiny as well.
So
If u are applying from India and if u r getting funds as Gift from parents Please get these documents unless u wish
to save some time now and spent a full year to close IT scrutiny case.

so I stand by my advice but ultimately it is for Him to decide what to do.
regards

 

[sdosanjh]

Dear Future Canadian
Being an Income Tax consultant
I must say if funds are transferred from parents account to children
and
the above formalities are not completed
then u are bound to get IT notice from Income Tax authorities and a case scrutiny as well.
So
If u are applying from India and if u r getting funds as Gift from parents Please get these documents unless u wish
to save some time now and spent a full year to close IT scrutiny case.

so I stand by my advice but ultimately it is for Him to decide what to do.
regards

mjoshi is right, a gift certificate must have source proof and affidavit. Parents can't gift to child as simple as that
otherwise be ready to pay gift tax.

 

[vaibhav2780]

Dear Members, I have few queries regarding Proof of Funds, which are:

1. Can we accept gift from relations other than parents to show POF?
2. For how long before filing application should these funds be maintained in bank account?
3. What are the IT obligations if we accept funds from other family members other than parents?

Looking forward for your prompt response.


Thanks in advance

 

[mwrooney]

Dear Members, I have few queries regarding Proof of Funds, which are:

1. Can we accept gift from relations other than parents to show POF?
2. For how long before filing application should these funds be maintained in bank account?
3. What are the IT obligations if we accept funds from other family members other than parents?

Looking forward for your prompt response.


Thanks in advance

To avoid any discrepancy, keep this money till you are landed in Canada.

This is what I have been advised from senior people who have landed safely in canada

 

[vaibhav2780]

Thanks for your revert but can we accept these funds from other relations if not parents (like parent-in-law or brother-in-law), that is still not clear to me?

 

[illi10]

Dear Kind Friends,

Need some advice from all you people generous enough to give some free advice. My brother who is a british citizen has more than enough funds for the settlement funds requirement for my FSW application. How can I use this?

1. Should I submit his bank statements alongwith a personal guarantee letter from him?
2. should the guarantee letter be in a standard bank guarantee letter format?
3. What about liens/encumberances on his bank account? He has none. But does he need to get a separate statement/certificate from the bank stating that his bank account is unencumbered?
4. Finally, if he has to transfer funds to my bank account then what would I need eg gift deed etc.

I am really hoping that options 1 and 2 can be used instead of 4 since moving around funds is a big hassle.

Regards