Proof of funds - Gift from a parent?

[Mj1122]

Hi there,

So my wife and I are applying for Express Entry, our current score is 425, and we are working on increasing it by redoing the English test.

However, I'm concerned about the proof of funds.
I heard that the funds should be in our bank account for at least six months to not question it!
We don't have that yet; we also live in Canada now, we have open work permits.
My wife is the main applicant, she just graduated from a Master's degree and still looking for a job, we expect and hope she will have a job by the time we get an invitation to apply by the CIC, and I already have a full-time job, and its occupation type is B.
So, if we both have jobs by then, will they still need us to show we have the required amount of money in our bank?
And, whether they are gonna require to see that we have the amount of money in our bank, we are gonna prepare it just in case.
My wife's father is gonna give her the needed amount of money as a gift. So the whole amount of money we get into our bank account at one shot! So, if we get a letter from him saying that it's a gift should we be safe in regards the proof of funds?

We already submitted our Express Entry application today.

Thank you.

 

[crescent_jam]

Hi there,

So my wife and I are applying for Express Entry, our current score is 425, and we are working on increasing it by redoing the English test.

However, I'm concerned about the proof of funds.
I heard that the funds should be in our bank account for at least six months to not question it!
We don't have that yet; we also live in Canada now, we have open work permits.
My wife is the main applicant, she just graduated from a Master's degree and still looking for a job, we expect and hope she will have a job by the time we get an invitation to apply by the CIC, and I already have a full-time job, and its occupation type is B.
So, if we both have jobs by then, will they still need us to show we have the required amount of money in our bank?
And, whether they are gonna require to see that we have the amount of money in our bank, we are gonna prepare it just in case.
My wife's father is gonna give her the needed amount of money as a gift. So the whole amount of money we get into our bank account at one shot! So, if we get a letter from him saying that it's a gift should we be safe in regards the proof of funds?

We already submitted our Express Entry application today.

Thank you.

It depends on what programme your wife is invited under, if she gets an Invitation to Apply (the ITA letter will specify). If your wife is invited to apply under the Canadian Experience Class (CEC), you don't have to show proof of funds - does she have at least a year of Canadian work experience? If she doesn't, but gets an ITA, she will likely then be invited under the Federal Skilled Workers (FSW) programme.

If she is invited under FSW, unless she has a valid offer of employment in Canada by this time, you will have to show proof of settlement funds for your application to go through.

Please note that a job offer of any sort is not necessarily a VALID job offer, for purposes of Express Entry. There are a lot of criteria that have to be met (including the job being accompanied by a valid Labour Market Impact Assessment (LMIA) if it is not an LMIA-Exempt job), that a lot of applicants with current jobs or job offers have difficulty meeting. See the link here for more details on what constitutes a VALID offer of employment in Canada, for Express Entry purposes: http://www.cic.gc.ca/english/immigrate/skilled/offer.asp

Unfortunately, since you are not the principal applicant, whether or not you have a job, or valid job offer, plays no part in whether or not you will have to show proof of settlement funds.

Most people misunderstand the 6-month history rule. You don't need to have the money for 6-months. The rule stipulates that you have to show a 6-month ACCOUNT HISTORY in order to allow IRCC to assess whether or not you obtained the money via any suspicious means (e.g. by taking out a loan, which is not allowed). As long as you can adequately explain (and show proof of) how you came by the money, and that the money is completely yours, free to use for whatever you want, whenever you want, and unencumbered, you can get the money the day before you submit your eAPR and you'll be fine.

A gift deed (properly executed) will suffice in proving this for you, so you should be fine.

Also, just a tip on terminology, to avoid any confusion in future questions you might ask..
You submitted your Express Entry PROFILE today (the profile isn't an application, it's just an expression of interest). If you get and accept an Invitation to Apply, you will proceed to complete and eventually submit an electronic APPLICATION for permanent residence (eAPR) - THIS will be your application, and will officially be when you have 'applied for PR'. Anything before that point is just an expression of interest or a lead up to preparing and submitting the application.

 

[s.tamoor]

Hi Crescent

I guess u have quite a bit of knowledge regarding Proof Of Funds. I also have a question related to this topic will appreciate if u could advise.

I am an FSW-O applicant and submitted my Express Entry application on 14th of July. At the time of submission i uploaded last 6 months statement and have been maintaining my account since to the threshold of 12300 dollars.

Now the problem is I am in a spot of bother and need almost half of this money to use and can de-deposit in my account in a few weeks time. So is there a chance that CIC will ask me to resubmit fresh bank statement of 6 months and if they do can I be refused on this ground?

Regards

It depends on what programme your wife is invited under, if she gets an Invitation to Apply (the ITA letter will specify). If your wife is invited to apply under the Canadian Experience Class (CEC), you don't have to show proof of funds - does she have at least a year of Canadian work experience? If she doesn't, but gets an ITA, she will likely then be invited under the Federal Skilled Workers (FSW) programme.

If she is invited under FSW, unless she has a valid offer of employment in Canada by this time, you will have to show proof of settlement funds for your application to go through.

Please note that a job offer of any sort is not necessarily a VALID job offer, for purposes of Express Entry. There are a lot of criteria that have to be met (including the job being accompanied by a valid Labour Market Impact Assessment (LMIA) if it is not an LMIA-Exempt job), that a lot of applicants with current jobs or job offers have difficulty meeting. See the link here for more details on what constitutes a VALID offer of employment in Canada, for Express Entry purposes: http://www.cic.gc.ca/english/immigrate/skilled/offer.asp

Unfortunately, since you are not the principal applicant, whether or not you have a job, or valid job offer, plays no part in whether or not you will have to show proof of settlement funds.

Most people misunderstand the 6-month history rule. You don't need to have the money for 6-months. The rule stipulates that you have to show a 6-month ACCOUNT HISTORY in order to allow IRCC to assess whether or not you obtained the money via any suspicious means (e.g. by taking out a loan, which is not allowed). As long as you can adequately explain (and show proof of) how you came by the money, and that the money is completely yours, free to use for whatever you want, whenever you want, and unencumbered, you can get the money the day before you submit your eAPR and you'll be fine.

A gift deed (properly executed) will suffice in proving this for you, so you should be fine.

Also, just a tip on terminology, to avoid any confusion in future questions you might ask..
You submitted your Express Entry PROFILE today (the profile isn't an application, it's just an expression of interest). If you get and accept an Invitation to Apply, you will proceed to complete and eventually submit an electronic APPLICATION for permanent residence (eAPR) - THIS will be your application, and will officially be when you have 'applied for PR'. Anything before that point is just an expression of interest or a lead up to preparing and submitting the application.

 

[crescent_jam]

Hi Crescent

I guess u have quite a bit of knowledge regarding Proof Of Funds. I also have a question related to this topic will appreciate if u could advise.

I am an FSW-O applicant and submitted my Express Entry application on 14th of July. At the time of submission i uploaded last 6 months statement and have been maintaining my account since to the threshold of 12300 dollars.

Now the problem is I am in a spot of bother and need almost half of this money to use and can de-deposit in my account in a few weeks time. So is there a chance that CIC will ask me to resubmit fresh bank statement of 6 months and if they do can I be refused on this ground?

Regards

Hi tamoor, I won't pretend to have a lot of knowledge about proof of funds, but I'll try my best to help.

I haven't heard of many situations in which IRCC requests updated proof of funds, unless the originals that were submitted were very out of date (like more than 2 months before the AOR if I'm remembering the case correctly)... It's a risk you would have to measure and decide on, on your own. If you're reasonably certain that you'll be able to re-deposit the money in a few sort weeks, then it might be worth the risk... we do have to bring proof of funds with us again if and when we land, although based on what I've read on this forum, the Immigration Officer almost never asks to see them... even if you get the one Immigration Officer who does bother to ask to see them, I hardly think he would refuse to let you claim your PR at that point on those grounds - I mean, the money would still be yours; it's just that you didn't let it sit there and not use it.

At the end of the day though, none of us is guaranteed PR, and IRCC can't expect us to put other aspects of our lives (including those requiring us to spend our money) on hold until they give us a decision (which based on some peoples' experience, could take up of 18 months).

It's probably not a big risk, unless you initially gave IRCC very outdated statements, thereby giving them a reason to request fresh ones from you during the processing of your application.

 

[s.tamoor]

Hi tamoor, I won't pretend to have a lot of knowledge about proof of funds, but I'll try my best to help.

I haven't heard of many situations in which IRCC requests updated proof of funds, unless the originals that were submitted were very out of date (like more than 2 months before the AOR if I'm remembering the case correctly)... It's a risk you would have to measure and decide on, on your own. If you're reasonably certain that you'll be able to re-deposit the money in a few sort weeks, then it might be worth the risk... we do have to bring proof of funds with us again if and when we land, although based on what I've read on this forum, the Immigration Officer almost never asks to see them... even if you get the one Immigration Officer who does bother to ask to see them, I hardly think he would refuse to let you claim your PR at that point on those grounds - I mean, the money would still be yours; it's just that you didn't let it sit there and not use it.

At the end of the day though, none of us is guaranteed PR, and IRCC can't expect us to put other aspects of our lives (including those requiring us to spend our money) on hold until they give us a decision (which based on some peoples' experience, could take up of 18 months).

It's probably not a big risk, unless you initially gave IRCC very outdated statements, thereby giving them a reason to request fresh ones from you during the processing of your application.

Thnx for ur response, my statements were fresh printed them only a day before submitting my application. And as far as providing the proof at the time of landing is concerned that won't be an issue I was just worried if they ask me to resubmit the fresh statements while my application is under review. I guess I've to take this risk really appreciate ur reply

Regards

 

[Mj1122]

Thank you for your reply!

Can I ask you what A gift deed (properly executed) is?
I saw some different forms online, and some people said it needs to be notarized and we need to get witnesses!

Do you know if there are any specific rules or standards for it?

Thanks!

 

[KRM1106]

Hello Everyone,

Posting a new question on the same topic and hope somenone can help me with the same.

I am planning to take majority portion of the Proof of Funds from my dad as a gift along with the executed gift deed and affadavit required.

Will my dad need to show a proof of the source of the funds? Since my father is contemplating to take it as a mortgage or a loan from his business. Can someone help answer if this is something that will be verified by the assessment authority or the gift deed is sufficient?

 

[Sher001]

Hello Everyone,

Posting a new question on the same topic and hope somenone can help me with the same.

I am planning to take majority portion of the Proof of Funds from my dad as a gift along with the executed gift deed and affadavit required.

Will my dad need to show a proof of the source of the funds? Since my father is contemplating to take it as a mortgage or a loan from his business. Can someone help answer if this is something that will be verified by the assessment authority or the gift deed is sufficient?

I have the same question. Anyone? Does the person giving the gift required to show proof/source of funds?

 

[Prash23]

I have the same question. Anyone? Does the person giving the gift required to show proof/source of funds?

hi. have you submitted any proof of source of funds of your father?

 

[Sher001]

Hi no I didn't have to

 

[Prash23]

Hi no I didn't have to

thank you for the quick reply. may i know your NOC code?

 

[Sher001]

thank you for the quick reply. may i know your NOC code?

4031

 

[Prash23]

thank you. all the best for your pr application

 

[Sher001]

Ur welcome same to u