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Gift Deed as POF

Discussion in 'Express Entry / Expression of Interest' started by Amacassok, Aug 14, 2019.

  1. Hi,

    Please I have a quick issue to clarify.

    I have an ITA already and a deadline on 23rd of Sept. I am the principal applicant with 3 children as dependants but my husband is not accompanying us.

    My husband however, is planning to pay the equivalent of 30,000 CAD in my account this month in few days time through bank transfer and we plan to state this as Gift Deed. Hope this is acceptable (I.e. gift deed coming from a spouse and through a bank transfer)? Is it mandatory to also attach his own statement or letter from his bank to show source of fund?

    Please kindly respond quickly as I need to clarify this confusion before we initiate the transfer...

    Thank you.
     
  2. Couldn’t you just add your name to the account?
     
  3. Adding you to his account as a joint account holder would be much easier.
     
  4. Thank you for your response. But his account is a corporate account for our family business in which I am one of the directors in this account. I am also a signatory to this account. However, in my profile, I didn't put this information in my job experience as I do not work in this company even though I am one of the directors ... hope this wont be a problem...

    Now if I submit bank statement from this corporate account, must I provide all the documentations from 3rd party indicating services provided for each transaction showing on the bank statement? This is because we do not have all these documentations as some of the transactions made were not documented....

    Thank you once again
     
  5. Thank you for your response. But his account is a corporate account for our family business in which I am one of the directors in this account. I am also a signatory to this account. However, in my profile, I didn't put this information in my job experience as I do not work in this company even though I am one of the directors ... hope this wont be a problem...

    Now if I submit bank statement from this corporate account, must I provide all the documentations from 3rd party indicating services provided for each transaction showing on the bank statement? This is because we do not have all these documentations as some of the transactions made were not documented....

    Thank you once again
     
  6. Being a minority/silent paper director of a company is different from working for the same company.

    If the money is being transferred from your company account to your savings account, it's not the same as your husband gifting you the money. It's the "company" that is giving you money, not your husband!

    I would suggest to come clean, mention in the LOE that you, along with your husband are directors of a said company, which is your private family business and you therefore, a paper director of the company. Submit proof of directorship of the company as well. The Company has transferred XYZ money to your personal account for settlment purposes. Being honest, and coming clean would be the ideal way to tackle it.
     
  7. Thank you so much for this response. It's very helpful. But one more question, what if I submit the company's corporate account for POF as my husband has decided to make me the sole signatory of this account, meaning I have unlimited access to the account!

    The bank also agreed to provide a letter to back up this claim. My husband has also gone ahead to contact our business partners to provide documents to show some of the transactions that have been carried out on the statement.... will this be ok? Will they accept this even though I am a silent director of the company?

    Thanks once again...
     
  8. If I were you, I would had let the "company" transfer the amount to my personal account and let the board of directors declare a board meeting where they collectively decide that the board of directors of the company have agreed to gift me the money for settlement in Canada, while also stating that the amount is not encumbered and is not a loan and does not need to be paid back.

    I would submit a bank letter of my personal account + the board resolution.
     
    milin4ever likes this.
  9. But they said six months bank account and my personal account has been having small amount of money as closing balance for the past six months... if we transfer the money now wont it be a problem?
     
  10. So, what? A lot of people who don't have the setttlement funds, obtain those funds via gifts from their families and friends, in your case, it happens to be a company of whose board of directors, you are a member.
     
  11. Thank you for your response. It has really given me a direction on how to go about this POF of a thing... I am grateful
     

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