Do I need to add a Gift Deed Letter or not? Appreciate any advice

[_ryersonfs]

I've read many threads about proof of funds, but I still need some advice on the POF documents. I would really appreciate it if you can share your advice or opinion.

Background:

My mother gave me some money (converted to about 20000 CAD) back in February from Bank A to Bank B(my account, there was nearly no balance on that card by that time cos I am using another card from Bank C for daily cost)
I converted this same amount of money to fixed deposit and froze it in Mid May, and I haven’t touched this money since then
The submission deadline for my ITA is in Nov

Questions:

According to previous threads regarding gift deeds, I need to clarify any drastic change in my account, but this major change happened about 8 months ago, do I still need to clarify the source of this money?

If the gift deed letter doesn’t seem necessary:
I am worried about that CIC may reckon this proof of fund suspicious, because I’ve only worked for two years, and it’s kinda of obvious that I can’t save that amount of money on my own.

If it’s safer to add a gift deed letter:
If I get a self-signed declaration from my mom about ‘gifting’ me this money, do I need to notarize this letter by any organization? Or simply signed by my mom is sufficient?

Which approach is safer? Be more transparent by explaining where this money is from or better just follow the CIC instruction of 6 month balance statement?


Thank you!

 

[Asivad Anac]

I've read many threads about proof of funds, but I still need some advice on the POF documents. I would really appreciate it if you can share your advice or opinion.

Background:

My mother gave me some money (converted to about 20000 CAD) back in February from Bank A to Bank B(my account, there was nearly no balance on that card by that time cos I am using another card from Bank C for daily cost)
I converted this same amount of money to fixed deposit and froze it in Mid May, and I haven't touched this money since then
The submission deadline for my ITA is in Nov

Questions:

According to previous threads regarding gift deeds, I need to clarify any drastic change in my account, but this major change happened about 8 months ago, do I still need to clarify the source of this money?

No. Because your 6 month average balance would be fairly close to your present balance so that shouldn't be a necessity.

If the gift deed letter doesn't seem necessary:
I am worried about that CIC may reckon this proof of fund suspicious, because I've only worked for two years, and it's kinda of obvious that I can't save that amount of money on my own.

Why is that obvious? CIC isn't privy to your spending patterns. What stops anyone from saving 100% of their salary for 2 years while living off their parents or their inheritance or having won a lottery or two in 2 years or having "found" 12000 CAD lying on the ground in a park nearby? The point is that it isn't CIC's problem if you have the money. It is your problem if you have the money for too short a time or if you don't have it at all.

If it's safer to add a gift deed letter:
If I get a self-signed declaration from my mom about ‘gifting' me this money, do I need to notarize this letter by any organization? Or simply signed by my mom is sufficient?

Simply signed self-declaration is sufficient.

Which approach is safer? Be more transparent by explaining where this money is from or better just follow the CIC instruction of 6 month balance statement?

Follow the instructions.

Thank you!

 

[_ryersonfs]

Thanks Asivad!

I've been scratching my head for days trying to figure out the right way to do this, feeling relieved after saw your reply.

So the next step would be get a 6 month average balance document from the bank, I suppose the fixed deposit(1 year) which is also frozen is as effective as liquid/cash?


Again, Thank you so much for your reply!

 

[Asivad Anac]

Yes, that would be the next step. FD is liquid assets in the bank (you can always close an FD before it is due) so that's fine.

 

[_ryersonfs]

Thanks Asivad! ;D

 

[CanadaI'mcoming]

Yes, that would be the next step. FD is liquid assets in the bank (you can always close an FD before it is due) so that's fine.

Could you tell me when to get the gift deed money transferred to my account? Should it be before the creation of express entry profile or after ITA?
I have half the money required from my savings and my parents could help me with the other half. However, I will be able to save some more through my salary in the coming months?
Should I get gift deed for half the amount now or should I save some of my own and get the gift deed transfer later for the remaining.
Kindly help.

 

[kartheek89]

Yes, that would be the next step. FD is liquid assets in the bank (you can always close an FD before it is due) so that's fine.

Hi Asivad, would you please help me with your suggestion

I am a salaried employee (5 years) and have been maintaining a balance of 3921 CAD (2 Lakh INR in my currency). Later, 2 months back, I have arranged money for POF with help of a Loan and with fund transfer from my Father-In law making it 18000 CAD. If am in need of bank statement next month, then my 6 month bank statement will show the sudden cash flow in to my account.

What do you suggest in this case ? is it good to have any affidavit from my father in law ? Please help

 

[kaddu747]

Hi Asivad, would you please help me with your suggestion

I am a salaried employee (5 years) and have been maintaining a balance of 3921 CAD (2 Lakh INR in my currency). Later, 2 months back, I have arranged money for POF with help of a Loan and with fund transfer from my Father-In law making it 18000 CAD. If am in need of bank statement next month, then my 6 month bank statement will show the sudden cash flow in to my account.

What do you suggest in this case ? is it good to have any affidavit from my father in law ? Please help

You will need a gift deed, you can search the forum for the format. However, for the purpose of showing POF to CIC please note that loans are NOT accepted.

 

[jackdawn]

Could you tell me when to get the gift deed money transferred to my account? Should it be before the creation of express entry profile or after ITA?
I have half the money required from my savings and my parents could help me with the other half. However, I will be able to save some more through my salary in the coming months?
Should I get gift deed for half the amount now or should I save some of my own and get the gift deed transfer later for the remaining.
Kindly help.

You dont have to have the money in ur account to create an EE application.
If ur parents are transferring the amount to ur account now or later doesnt matter but u need gift deed to show proof against the large deposit in ur account done by ur parents.
if u r creating a profile now and if ur score is around 450 ul get an ITA in the next draw and ur POF document should be at least 6 months old so get it done accordingly

 

[kartheek89]

You will need a gift deed, you can search the forum for the format. However, for the purpose of showing POF to CIC please note that loans are NOT accepted.

so if I get a Gift Deed for the total amount, will it be fine ?

how ever I have a loan for another purpose (which is not included in POF) and i m not mentioning it anywhere. will this be any issue ?

 

[kaddu747]

so if I get a Gift Deed for the total amount, will it be fine ?

how ever I have a loan for another purpose (which is not included in POF) and i m not mentioning it anywhere. will this be any issue ?

Please go through this link: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
You are supposed to mention your liquid assets AND your outstanding loans. You may get a gift deed for the total amount theoretically, but as a case officer I might frown upon that.

 

[himanshi1995]

Yes, that would be the next step. FD is liquid assets in the bank (you can always close an FD before it is due) so that's fine.

I have already submitted my VISA application.

I had my doubt regarding the funds I have shown.
I have shown a bank statement of 4 months of 64000 CAD. This amount has been transferred into my account by my dad(18k CAD) and my relative(uncle-37k CAD) for my education 2 months back and is still in the account. Will it be a problem?? I will upload mine and father's tax returns and my pay slips through IRCC webfom. Is there anything I should do more or upload more?

 

[soberdeepak]

I have already submitted my VISA application.

I had my doubt regarding the funds I have shown.
I have shown a bank statement of 4 months of 64000 CAD. This amount has been transferred into my account by my dad(18k CAD) and my relative(uncle-37k CAD) for my education 2 months back and is still in the account. Will it be a problem?? I will upload mine and father's tax returns and my pay slips through IRCC webfom. Is there anything I should do more or upload more?

whats the status of your Application !!