Please Help Clear Some Doubts.

[kryt0n]

OK guys, it isn't a requirement to have EXACTLY the min amount in your account or any account for a solid 6 months. You can accru that money over the 6 months with salary etc. It is unusual to go from 0-full amount over those 6 months. If you were submitting the same amount every month it would likely start with 10k and build to 15k over 6 months - this would just need your pay slips attached as evidence.

When it comes to gift deeds from family the whole "must submit the person who gave the gift funds statements as well" is really new. Back in 2015 people were asking the gift deed question and the only thing people seemed to submit was a notorised gift deed.

We need to remember the primary function of POF and that is to make sure the money is only yours and no one else's or a loan.

So look, you can build up the money over 6 months but it should be obtained legitimately.

 

[corolla110]

Not always. you can take it from parents as a gift but then again they must have the money with them which is 6 month old. they cant deposit cash and gift you.

If I am going to show funds by selling my car, it is impossible to show money for last six months.
For example I sold my car to day and put the money in bank account. so would that be eligible for funds?

 

[kryt0n]

If I am going to show funds by selling my car, it is impossible to show money for last six months.
For example I sold my car to day and put the money in bank account. so would that be eligible for funds?

Yes, as long as you have evidence of the sale like a receipt etc

 

[bestofluck]

If I am going to show funds by selling my car, it is impossible to show money for last six months.
For example I sold my car to day and put the money in bank account. so would that be eligible for funds?

you can show bank statements reflecting the amount. Prove that the car is transferred to the person who made the payment.

 

[astralsource]

And anything before 6 months need not to be given as evidence? For example if I put 5.000 CAD at once in September, then gradually.. and that first time I put money is 7 months ago, they wont see it?

I havent put anything there except my salary until September so I never had any bigger amount on my account.

 

[bestofluck]

And anything before 6 months need not to be given as evidence? For example if I put 5.000 CAD at once in September, then gradually.. and that first time I put money is 7 months ago, they wont see it?

No. Even cash deposit 6 months old is okay.

POF is only categorized in 2 ways.

1 . Money owned
2. Money borrowed

Anything which is 6 month old comes into first category. Anything which is done within 6 months fals under category 2 and you need evidence as discussed

 

[astralsource]

My head hurts.

 

[bestofluck]

My head hurts.

you can feel free to PM me and I can suggest the best way you should proceed.

 

[kryt0n]

And anything before 6 months need not to be given as evidence? For example if I put 5.000 CAD at once in September, then gradually.. and that first time I put money is 7 months ago, they wont see it?

They only want the average balance over 6 months.

So as of today that would be the start of August.

If your average balance over those 6 months is, say, $12,900 and closing balance is $13,400, that's fine.

If it's $7000 and closing balance is $13,400, that's not.

 

[bestofluck]

My head hurts.

PM me with following

The balance in your account before 6 months
The balance in your parents account before 6 months
The balance of any other family member before 6 months

Add all the balance of family before 6 months and things would become easy.

 

[Slowlybtsurely]

My head hurts.

Welcome to my world.

 

[kryt0n]

PM me with following

The balance in your account before 6 months
The balance in your parents account before 6 months
The balance of any other family member before 6 months

Add all the balance of family before 6 months and things would become easy.

But the parents account doesn't matter. They don't have to provide evidence of 6 months of a parents account.

Even if the parent had borrowed the money for the child, the fact that they signed a legal gift deed now negates it. The loan would be in the parents name, not the child. The child wouldn't be responsible for the loan.

 

[bestofluck]

But the parents account doesn't matter. They don't have to provide evidence of 6 months of a parents account.

Even if the parent had borrowed the money for the child, the fact that they signed a legal gift deed now negates it. The loan would be in the parents name, not the child. The child wouldn't be responsible for the loan.

I was asked to send my parents accounts. i Sent all bank statements of my parents. Borrowed money is not allowed

 

[kryt0n]

I was asked to send my parents accounts. i Sent all bank statements of my parents. Borrowed money is not allowed

CIC asked you? Did you submit a notorised gift deed from them?

I'm just saying that someone else could get a loan. They can then give you money. The money is then legally yours as a gift and the other person owing money is their problem.

I'm not saying this is how it should be done, it definitely shouldn't, but my point is that the money can't be loaned by the PA. A signed gift deed confirms that the money is now yours to do what you want with.

 

[bestofluck]

CIC asked you? Did you submit a notorised gift deed from them?

I'm just saying that someone else could get a loan. They can then give you money. The money is then legally yours as a gift and the other person owing money is their problem.

I'm not saying this is how it should be done, it definitely shouldn't, but my point is that the money can't be loaned by the PA. A signed gift deed confirms that the money is now yours to do what you want with.

OINP asked me as ADR. yes there was a gift deed but they wanted to see my parents statements. My parents had money in form of FD and they withdrew the money breaking the FD premature to gift me. once I sent the docs i got nomination in 2 days.