Is BANK LETTER absolutely necessary for PR application

[Fahadivan]

Brother, It's true that you have no obligation to bring the settlement fund to Canada when you land but even the money is from your relative, it must be kept in your account. Showing your relatives bank statement will not fulfill CIC's requirement.

First of all, transfer the required amount of money to your account from your relatives' account. Then prepare a gift deed mentioning that your relative is willingly giving you this money, not as a loan. Then notarize that deed and attach with your bank letter+statements. Please, remind that, this money must be in your account until you land to Canada.

While landing in Canada, at airport, the IO may ask you to show the POF. You will be required to show him this statement on your name to the IO.

Thanks

Thank you brother! Should this gift deed be on a stamped paper?

 

[Fahadivan]

It's one of the main requirements that YOU have the funds. If you don't have them when you apply you will be rejected. End of. It has to be in your name. If your family deposit the money now then you have to have a gift deed to prove its not a loan.

Thanks.. Just a bit confused with this gift deed and how it should be made...

 

[fahad04]

Thank you brother! Should this gift deed be on a stamped paper?

Brother, Go through this please:

A complete way to nail 'Source of fund' dilemma!

http://www.canadavisa.com/canada-immigration-discussion-board/a-complete-way-to-nail-source-of-fund-dilemma-t349224.0.html;msg4633396#msg4633396

 

[Fahadivan]

Brother, Go through this please:

A complete way to nail 'Source of fund' dilemma!

http://www.canadavisa.com/canada-immigration-discussion-board/a-complete-way-to-nail-source-of-fund-dilemma-t349224.0.html;msg4633396#msg4633396

Thank you for the link brother, i have checked it and got clear idea about the gift deed. But I have another question, if i sell any inherited properties and deposit the money then what papers would i need to submit along with my bank statements?

Thanks again and +1

 

[fahad04]

Thank you for the link brother, i have checked it and got clear idea about the gift deed. But I have another question, if i sell any inherited properties and deposit the money then what papers would i need to submit along with my bank statements?

Thanks again and +1

First, a proof through documents that you are the true owner of that property. Secondly, the agreement/receipt/deed of sale. thirdly, sale date & money deposit date through your account statement.

But please note that even the money coming from selling of your property, should at least have some kind of maturity. It's not advised to sell just a week or month before you collect the statement of account.

Thanks

 

[vrlkacha]

While landing in Canada, at airport, the IO may ask you to show the POF. You will be required to show him this statement on your name to the IO.

The bank statement for the POF submission will be in local currency, say Indian Rupees (INR). Will the IO accept that statement? Or will we need to convert all our money into Canadian dollars, and deposit into a Canadian bank, get the statement and show that to the IO?

 

[Dedicated]

The bank statement for the POF submission will be in local currency, say Indian Rupees (INR). Will the IO accept that statement? Or will we need to convert all our money into Canadian dollars, and deposit into a Canadian bank, get the statement and show that to the IO?

Mine was in USD. So at the bottom of the bank letter they added the conversion rate for that specific day when the bank letter was issued.

 

[fahad04]

The bank statement for the POF submission will be in local currency, say Indian Rupees (INR). Will the IO accept that statement? Or will we need to convert all our money into Canadian dollars, and deposit into a Canadian bank, get the statement and show that to the IO?

If at landing you are asked for POF by IO, and if you show your POF which is in a account of foreign currency, no need for any conversion. It's their duty to convert. Just show the latest bank account statement of which you previously submitted in eAPR.

That would suffice. Thanks