Have you received an ITA already?I'm loving this community.I have a question regarding POF. My father is gifting me the money but he hasn't got that yet, so he told me as soon as he gets them he will transfer them to my account and execute a gift deed. The liquid cash will be quite less in his account after effecting the transfer, but his other properties and my properties that I plan to show in net worth certificate is close to a million CAD, will this be a problem if he has a little less money in his account after giving me the funds??? I have other properties in my name but don't want to sell them. Please advise
If not then ask your father to transfer the money ASAP and let the money sit in your account for as long as possible. You are asked to provide a bank letter covering last 6 months but if the money has been in your account for more than 3 months, there shouldn't be any issue at all. I don't think you even have to submit a gift deed in that case.