showing exactly 12,500 $ as POF

[pursuit_of_happiness]

I think you're considering the wrong rate. you need to look at the selling rate (the rate at which the bank will convert your INR to CAD or in other words sell you CAD for) which is currently at 54.60. This rate would leave you with CAD 12,216 which is lower than the threshold. You should consider topping it off by 500 dollars or so just to be safe.

yes, you are right. I forgot that banks sell rate is different than actual exchange rate. will make changes to my account accordingly.

Thanks for sharing this information.

 

[heymanthkumar]

yes, you are right. I forgot that banks sell rate is different than actual exchange rate. will make changes to my account accordingly.

Thanks for sharing this information.

Hello @pursuit_of_happiness ,

May be you can answer my question about funds.

If i get a gift deed from my father and say i have deposited the amount in my bank account. Before and after submitting my application, Can i do any credits / debits in my account ? ( I will not touch the 12500 CAD and will maintain the required balance)

Also could you please tell me how long should i wait to submit my PR application after getting gift deed ?

Request you to share any gift deed template that you have which will really help me.

Thanks in advance.

 

[pursuit_of_happiness]

Hello @pursuit_of_happiness ,

May be you can answer my question about funds.

If i get a gift deed from my father and say i have deposited the amount in my bank account. Before and after submitting my application, Can i do any credits / debits in my account ? ( I will not touch the 12500 CAD and will maintain the required balance)

Also could you please tell me how long should i wait to submit my PR application after getting gift deed ?

Request you to share any gift deed template that you have which will really help me.

Thanks in advance.

yes , you can definitely use your account but be extra careful not to let your account balance fall below the threshold amount.

After going through several posts about gift deed on this forum , there seems to be no correct timeline for getting the gift deed you can get that anytime before you submit your application. Make sure to include documentary proof of the gift deed.

It would be safe to get the gift letter notarized, eventhough some people suggest to use a simple letter signed by your donor.

you can search on this forum about the sample gift deed letter and you will be able to get that.

 

[pursuit_of_happiness]

I think you're considering the wrong rate. you need to look at the selling rate (the rate at which the bank will convert your INR to CAD or in other words sell you CAD for) which is currently at 54.60. This rate would leave you with CAD 12,216 which is lower than the threshold. You should consider topping it off by 500 dollars or so just to be safe.

Hi Viki, do I need to manually sign the gift deed letter by pen to make it complete. Currently I have the gift deed letter with my name as receiver but I am not sure if I need to sign it or not .

Please advise

Thanks

 

[viki1805]

Hi Viki, do I need to manually sign the gift deed letter by pen to make it complete. Currently I have the gift deed letter with my name as receiver but I am not sure if I need to sign it or not .

Please advise

Thanks

Your signature as a receiver is not required. Only the person giving you the gift and probably a witness is required to sign it.

 

[pursuit_of_happiness]

Your signature as a receiver is not required. Only the person giving you the gift and probably a witness is required to sign it.

Yes I have my donor’s signature along with witness signature and my name mentioned as a receiver.

You are sure about it not requiring my signature , right ? Just trying to be extra careful about avoiding minor mistakes in documentation .

Thanks for your advice

 

[viki1805]

Yes I have my donor’s signature along with witness signature and my name mentioned as a receiver.

You are sure about it not requiring my signature , right ? Just trying to be extra careful about avoiding minor mistakes in documentation .

Thanks for your advice

yep thats what my attorney advised. receiver's signature is not needed.

 

[heymanthkumar]

Yes I have my donor’s signature along with witness signature and my name mentioned as a receiver.

You are sure about it not requiring my signature , right ? Just trying to be extra careful about avoiding minor mistakes in documentation .

Thanks for your advice

Hello @pursuit_of_happiness

Should the donor maintain the required funds in his bank account before transferring them to our account.

Also if get a gift deed dated today, Should the funds be credited into our account on the date mentioned in the gift deed ?

 

[pursuit_of_happiness]

Hello @pursuit_of_happiness

Should the donor maintain the required funds in his bank account before transferring them to our account.

Also if get a gift deed dated today, Should the funds be credited into our account on the date mentioned in the gift deed ?

As it’s your POF so you do not need to provide any information about donor apart from the fact that he is gifting you this money legally. A simple gift deed letter notarized will serve the purpose.

For your second question , yes I think it should be fine but would like others to give their feedback on this. @viki1805 @hope2018

 

[viki1805]

As it’s your POF so you do not need to provide any information about donor apart from the fact that he is gifting you this money legally. A simple gift deed letter notarized will serve the purpose.

For your second question , yes I think it should be fine but would like others to give their feedback on this. @viki1805 @hope2018

The date does not matter. all you need is the gift deed to show proof of the fact that you received the money from the donor.

 

[heymanthkumar]

The date does not matter. all you need is the gift deed to show proof of the fact that you received the money from the donor.

Hi @viki1805 ,

Do they check directly with the bank if we have the required funds in our bank account ?

If they check, at what stage during the PR process, do they check our bank accounts for funds ?

I saw many others asking the applicants to maintain the funds till they land in Canada, but once i submit my PR application and later take out my funds, how would they even know if i'm having the required funds or not ?

 

[viki1805]

Hi @viki1805 ,

Do they check directly with the bank if we have the required funds in our bank account ?

If they check, at what stage during the PR process, do they check our bank accounts for funds ?

I saw many others asking the applicants to maintain the funds till they land in Canada, but once i submit my PR application and later take out my funds, how would they even know if i'm having the required funds or not ?

I'm unable to find the thread which had the whole argument about whether or not IRCC can access your bank account to check on the validity of your funds. Apparently there has been someone who withdrew part of their POF after submitting the application and got their application denied.

Personally it does not make sense to me that IRCC can access your bank account and check on the funds, but at the same time I wouldn't recommend removing any part of the funds that you set aside in your account for this purpose until you get the COPR and also complete your landing.

and to answer your question, yes they could directly check with the bank.

EDIT: Just found the link, you can read it for more details.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/pr-application-rejected-after-ita.532203/

 

[heymanthkumar]

I'm unable to find the thread which had the whole argument about whether or not IRCC can access your bank account to check on the validity of your funds. Apparently there has been someone who withdrew part of their POF after submitting the application and got their application denied.

Personally it does not make sense to me that IRCC can access your bank account and check on the funds, but at the same time I wouldn't recommend removing any part of the funds that you set aside in your account for this purpose until you get the COPR and also complete your landing.

and to answer your question, yes they could directly check with the bank.

EDIT: Just found the link, you can read it for more details.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/pr-application-rejected-after-ita.532203/

Thank you so much @viki1805.

This thread shared by you has lot of information. Thanks again

 

[pursuit_of_happiness]

The date does not matter. all you need is the gift deed to show proof of the fact that you received the money from the donor.

@viki1805 @hope1987

I used to hold joint account with my father till last month when i got to know that we cant show joint account with my father. So, i opened a new bank account and got money transferred to my new account as gift deed from my father.

For POF i have got Balance confirmation certificate from my bank(It doesnt state the account opening date and 6 monthly average balance) as per their standard format and notarized Gift deed letter from my father with notarized affidavit.

Do you think these three documents will be enough to show proof of funds ?

Also , in my LOE do i need to mention the reason behind a new account?

 

[hope2018]

@viki1805 @hope1987

I used to hold joint account with my father till last month when i got to know that we cant show joint account with my father. So, i opened a new bank account and got money transferred to my new account as gift deed from my father.

For POF i have got Balance confirmation certificate from my bank(It doesnt state the account opening date and 6 monthly average balance) as per their standard format and notarized Gift deed letter from my father with notarized affidavit.

Do you think these three documents will be enough to show proof of funds ?

Also , in my LOE do i need to mention the reason behind a new account?

Having gift deed makes the need to have 6 month average balance or maintain for 6 months redundant. I would assume that a new account shouldn't matter much either.