Fixed Deposit as POF

[queencoxie]

Hello,
I would be creating my EE profile tomorrow. My uncle has agreed to give me the settlement funds I need. However, he intends to fix it in an account in my name. Considering the money will be fixed for less than 6 months, what will I need to show to prove source of funds and that the money belongs to me? Do I need a gift deed?
Please help
Thanks

 

[Maverick28]

Hello,
I would be creating my EE profile tomorrow. My uncle has agreed to give me the settlement funds I need. However, he intends to fix it in an account in my name. Considering the money will be fixed for less than 6 months, what will I need to show to prove source of funds and that the money belongs to me? Do I need a gift deed?
Please help
Thanks

Gift deed would be better.

 

[queencoxie]

Gift deed would be better.

I have read somewhere that gifts should be given by parents. I’m not sure if getting the money from my uncle will be a problem.

 

[Maverick28]

I have read somewhere that gifts should be given by parents. I’m not sure if getting the money from my uncle will be a problem.

Your uncle is gifting it to you or you are taking a loan? If its a gift, then gift deed should work. If its a loan, then you cannot do that.

 

[queencoxie]

Your uncle is gifting it to you or you are taking a loan? If its a gift, then gift deed should work. If its a loan, then you cannot do that.

It’s a gift from him. So I’ll just get a deed of gift. Thanks so much. This helps.

 

[queencoxie]

Your uncle is gifting it to you or you are taking a loan? If its a gift, then gift deed should work. If its a loan, then you cannot do that.

Hi , how long am I allowed to fix the money for?
I read that some VOs frown at long term fixed deposits?
Can I fix it after ITA or is it better to fix it before ITA?
Also, does IRCC contact the bank to confirm the funds are actually fixed in the account?

 

[ankitagoyal]

Hello,
I would be creating my EE profile tomorrow. My uncle has agreed to give me the settlement funds I need. However, he intends to fix it in an account in my name. Considering the money will be fixed for less than 6 months, what will I need to show to prove source of funds and that the money belongs to me? Do I need a gift deed?
Please help
Thanks

Gift as per general parlance has to be between people related by blood, usually parents. If you are getting a gift deed from any one other than your parents, it will be difficult to see it as a gift without the expectation to have it back.
The basic requirements that should be met in a gift deed are:

a. The transfer should be made voluntarily;
b. without consideration (no expectation of money, return, or other favours); and
c . an acceptance by the donee (acceptance can be by acknowledging in writing that the gift has been received or by the act of receiving it).

 

[ankitagoyal]

Hi , how long am I allowed to fix the money for?
I read that some VOs frown at long term fixed deposits?
Can I fix it after ITA or is it better to fix it before ITA?
Also, does IRCC contact the bank to confirm the funds are actually fixed in the account?

Any asset which cannot be readily liquidated, and the price of which cannot be ascertained immediately, cannot be used to meet the PoF requirements. Therefore, real estate assets, stocks etc. cannot be used. However, bank deposits, mutual funds, treasury bills, bonds, provident fund (India), Life Insurance Policy (whole life insurance, term life cannot be used) and similar monetary investments that can be readily liquidated, can be used for PoF