Balance maintained - Not 6 months old !!!

[kashifshaikh]

Im expecting my ECA by the end of June 2017 and my CRS will then be around 450 inshaAllah so im hoping to get the ITA in the very next draw after i create my profile. My IELTS score (L 8.5, R 8, S 7, W 7)

now here is my query regarding POF
ive started maintaining my minimum balance since 16th of May 2017 so by the time i submit my documents post ITA, my bank statement wont exactly be 6 months old (it will be somewhere around 3-4 months old). i had been doing savings since the start of my career and ive managed to save the majority myself which is invested in stocks etc, however for maintaining my account balance i did borrow a large chunk from my father on a certain date
now im confused if i should get a gift deed made later on from my father to me but i cant understand of what amount and since which date, since im already maintaining my balance.

im kind of confused, i want to be cautious right away, please guide

 

[kashifshaikh]

Need some guidance here please

 

[farazafzal]

Im expecting my ECA by the end of June 2017 and my CRS will then be around 450 inshaAllah so im hoping to get the ITA in the very next draw after i create my profile. My IELTS score (L 8.5, R 8, S 7, W 7)

now here is my query regarding POF
ive started maintaining my minimum balance since 16th of May 2017 so by the time i submit my documents post ITA, my bank statement wont exactly be 6 months old (it will be somewhere around 3-4 months old). i had been doing savings since the start of my career and ive managed to save the majority myself which is invested in stocks etc, however for maintaining my account balance i did borrow a large chunk from my father on a certain date
now im confused if i should get a gift deed made later on from my father to me but i cant understand of what amount and since which date, since im already maintaining my balance.

im kind of confused, i want to be cautious right away, please guide

Your bank statement won't be 6 months old, does that means you opened a new account !!
Probably you mean that the balance maintained will not be 6 months old.

Anyways, You need to have a 6 months bank statement, and within this statement you will see the chunk forwarded by your father. For that money your father has to give you a gift deed and showing his source of funds or the transaction details if done directly through bank.

If a large chunk has appeared then you will have to explain that.

G Luck

 

[Advisor_PK]

A bank account that is only 4 months old is going to raise suspicion. You definitely need a gift deed from your father for the amount that he gifted to you and time he gave it to you.

You aren't allowed to use loans as proof of funds. Not even loans from family. So your gift deed has to specify that the money from your father does not have to be returned.

Im expecting my ECA by the end of June 2017 and my CRS will then be around 450 inshaAllah so im hoping to get the ITA in the very next draw after i create my profile. My IELTS score (L 8.5, R 8, S 7, W 7)

now here is my query regarding POF
ive started maintaining my minimum balance since 16th of May 2017 so by the time i submit my documents post ITA, my bank statement wont exactly be 6 months old (it will be somewhere around 3-4 months old). i had been doing savings since the start of my career and ive managed to save the majority myself which is invested in stocks etc, however for maintaining my account balance i did borrow a large chunk from my father on a certain date
now im confused if i should get a gift deed made later on from my father to me but i cant understand of what amount and since which date, since im already maintaining my balance.

im kind of confused, i want to be cautious right away, please guide

 

[kashifshaikh]

My bank account is approximately 4 years old with regular transactions throughout

However I've recently got an amount of approx 13000 CAD from my father to my bank account and my required balance is somewhere around 15000CAD since I'm applying with my wife..

So should I make that one gift deed showing the main transaction ?

 

[kashifshaikh]

Your bank statement won't be 6 months old, does that means you opened a new account !!
Probably you mean that the balance maintained will not be 6 months old.

Anyways, You need to have a 6 months bank statement, and within this statement you will see the chunk forwarded by your father. For that money your father has to give you a gift deed and showing his source of funds or the transaction details if done directly through bank.

If a large chunk has appeared then you will have to explain that.

G Luck

My father has to show his source of funds ?
That might actually be hard because we keep our money invested in real estate business or stocks which is maintained by my elder brother
How do I prove this to them ?
Will I have to show my father's bank statement as well ?

 

[ElmTree]

Hey, what is going on here? Do you realise that presenting borrowed money as your own, unfettered money received as a gift is misrepresentation? Please don't do that.

And others, I know you have good intentions but please do not advise people to show borrowed money as gift deed. Just call it out as it is: plainly wrong.

Gifted money from family members is a genuinely good tool for many, but if it is abused / used for tricking the IRCC, then it won't be long before they stop accepting it. That is exactly what happened when they stopped accepting just the bank letter without bank statements. Now they need 6-month bank statement because they have learnt how some applicants tricked the system by presenting cooked letters. Similar changes happened to property and jewelry valuations. So many other examples available. Above all, the funds requirement is there for a reason. If someone comes to Canada with borrowed money and insufficient real funds to support themselves and their family for a year then that is neither good for the applicant nor for the country (Canada). It's not easy living here in urban poverty.

Thank you, and I hope you understand. I mean well for all.

 

[kashifshaikh]

Hey, what is going on here? Do you realise that presenting borrowed money as your own, unfettered money received as a gift is misrepresentation? Please don't do that.

And others, I know you have good intentions but please do not advise people to show borrowed money as gift deed. Just call it out as it is: plainly wrong.

Gifted money from family members is a genuinely good tool for many, but if it is abused / used for tricking the IRCC, then it won't be long before they stop accepting it. That is exactly what happened when they stopped accepting just the bank letter without bank statements. Now they need 6-month bank statement because they have learnt how some applicants tricked the system by presenting cooked letters. Similar changes happened to property and jewelry valuations. So many other examples available. Above all, the funds requirement is there for a reason. If someone comes to Canada with borrowed money and insufficient real funds to support themselves and their family for a year then that is neither good for the applicant nor for the country (Canada). It's not easy living here in urban poverty.

Thank you, and I hope you understand. I mean well for all.

When I said I borrowed money from my father, I actually meant that I borrowed without the intention of returning it back to my father, so it is technically a gift from my father to support me with my immigration
I'll be sure to have a gift deed made and get it notarised

 

[Fellyk]

I received a ITA and my mother-in-law offered to give my husband and I some of the money. can someone please explain to me how to get more information on the gift deed. and what must be included in it.
Thanks for your help.

 

[omarkhan]

I received a ITA and my mother-in-law offered to give my husband and I some of the money. can someone please explain to me how to get more information on the gift deed. and what must be included in it.
Thanks for your help.

Gift deed for a properly accounted for money having bank statement of the doner is all well. I wonder if my mother wants to gift her savings in cash to me, having no account, (approx. CAD2000) How can I justify that? Any thoughts?

 

[Fellyk]

Thanks for your response. Can you tell me exactly what the gift deed must include. I am planning on selling my car, can I use the money from the sale for POF since I don't have a six months history?

 

[Arod]

Gift deed for a properly accounted for money having bank statement of the doner is all well. I wonder if my mother wants to gift her savings in cash to me, having no account, (approx. CAD2000) How can I justify that? Any thoughts?

Would they question a 2.000 CAD transaction in a 13.000+ CAD balance statement?

How high should be an amount for them to look at it suspiciously? I have friends whom I have lent money in the past and then they returned it to me, therefore the bank statement will show those transactions. Would it be a problem even it it´s just 2.500 CAD?

 

[omarkhan]

Would they question a 2.000 CAD transaction in a 13.000+ CAD balance statement?

How high should be an amount for them to look at it suspiciously? I have friends whom I have lent money in the past and then they returned it to me, therefore the bank statement will show those transactions. Would it be a problem even it it´s just 2.500 CAD?

I think this amount would need to be backed by a notarized paper. This is my opinion but lets have more opinions on it. I am also perplexed as to how high should the amount be to raise visa officer's eye brows?

 

[kashifshaikh]

yes please. need answer from senior members on this
how high should an amount be to raise suspicion

im required to maintain a balance of approx 15000 CAD from which an amount of 2000-3000 has fluctuated once from my brothers account since he needed the money for a few days. should that be a concern or a simple LOE should be enough ?

 

[mgnlky]

When I said I borrowed money from my father, I actually meant that I borrowed without the intention of returning it back to my father, so it is technically a gift from my father to support me with my immigration
I'll be sure to have a gift deed made and get it notarised

No, that's not borrowing. CIC considers that a loan because you have to pay it back.