POF LOE

[S0324]

Hello All,
Around 3 months ago, I transferred 1 lac INR from my savings account to my father's account. The reason behind that was to get a better interest rate (since he is a senior citizen) by depositing in an FD in his account.
Since I'm in need to show fund now, I got that money back from him. In an LOE for this single huge deposit, can I mention the same reason (that for a better interest rate, I transferred that money to his account)?

 

[THRISHI]

Hello All,
Around 3 months ago, I transferred 1 lac INR from my savings account to my father's account. The reason behind that was to get a better interest rate (since he is a senior citizen) by depositing in an FD in his account.
Since I'm in need to show fund now, I got that money back from him. In an LOE for this single huge deposit, can I mention the same reason (that for a better interest rate, I transferred that money to his account)?

I don’t think visa officer wud care much for that reason. If you do have surplus funds to support your application i.e. beyond this FD amount you may be fine with explaining that this money was transferred from your account to your father’s account (he borrowed this money from you) and transferred back from same account to your account, explaining this in LoE rather than your interest rate motive.
If this money is something that you definitely need to come up to the total, you will need a gift deed from your father towards this amount to ensure that funds are yours.
Good luck..

 

[S0324]

@THRISHI
Thank you first of all.
I've declared that I'd bring 15000 CAD (minimum required is 12475 CAD for my case). I've got 6500 CAD from my sister and made it a gift deed. Now, to come up with 15000 CAD I'd need this amount from my father. Should I make this as well a gift deed or just an LOE is enough?

Aside, If you see I'm getting about half of the amount as gift deed from my family. Will that affect my application's strength?

 

[THRISHI]

@THRISHI
Thank you first of all.
I've declared that I'd bring 15000 CAD (minimum required is 12475 CAD for my case). I've got 6500 CAD from my sister and made it a gift deed. Now, to come up with 15000 CAD I'd need this amount from my father. Should I make this as well a gift deed or just an LOE is enough?

Aside, If you see I'm getting about half of the amount as gift deed from my family. Will that affect my application's strength?

LoE will not suffice in this case. IRCC needs to understand that you have sufficient “reserved” funds. The recent money transfer can be seen as a temporary arrangement by VO. Gift deed is the safest way to ensure that money provided is being used as a settlement fund.
You can go through the forum to see the cases of rejection against the PoF where VO was not convinced due to various assumptions made.

 

[aahaanbajaj]

LoE will not suffice in this case. IRCC needs to understand that you have sufficient “reserved” funds. The recent money transfer can be seen as a temporary arrangement by VO. Gift deed is the safest way to ensure that money provided is being used as a settlement fund.
You can go through the forum to see the cases of rejection against the PoF where VO was not convinced due to various assumptions made.

I had around 6-7 thousand CAD in my 3 savings accounts on 21/05/2018. Aftet that I have deposited more cash (withdrawan from my business) and now balance has slowly grown up to 20000 CAD in last 2.5 months.

Few of the big figures are of money lent to a friend via same account and got back now. Do I need to prove that this is my own money?

I can provide Balance Sheet showing cash in hand.

 

[hope2018]

I had around 6-7 thousand CAD in my 3 savings accounts on 21/05/2018. Aftet that I have deposited more cash (withdrawan from my business) and now balance has slowly grown up to 20000 CAD in last 2.5 months.

Few of the big figures are of money lent to a friend via same account and got back now. Do I need to prove that this is my own money?

I can provide Balance Sheet showing cash in hand.

Cash deposits are always seen as a suspicious activity, showing balance sheet etc will make it quite complicated. If you already had minimum reqd. you could have done without a cash deposit.

And if you have declared 15000, you dont have to make it happen. you can always change the amount to slightly more than miminum reqd. Dont make it so complicated just to achieve what you declared.

 

[aahaanbajaj]

1. My minimum requirement is of $19093
2. Cash deposit is only of $1500, rest is wire transfer. I had given some money to a friend last year. And that is transferred back in my account .

3. Also, every month I get around $ 1200
to $1600 deposit in account as payment from clients. Thats visible in account.

 

[hope2018]

1. My minimum requirement is of $19093
2. Cash deposit is only of $1500, rest is wire transfer. I had given some money to a friend last year. And that is transferred back in my account .

3. Also, every month I get around $ 1200
to $1600 deposit in account as payment from clients. Thats visible in account.

I thought all posts in this thread are your's so got it mixed. Can you again explain
1. how much have you been maintaining consistently for last 6 months.
2. how much are these transfers cash/otherwise from friend.
3. Are you self employed? As you mentioned clients.

 

[aahaanbajaj]

I thought all posts in this thread are your's so got it mixed. Can you again explain
1. how much have you been maintaining consistently for last 6 months.
My plan to apply for PR was conceptualized in late April this year. Money is being maintained since July only.
2. how much are these transfers cash/otherwise from friend. All is mine, just got back from friend. Have transaction record from last year, reflecing the transfer to friend's account.
3. Are you self employed? As you mentioned clients.

Yes, self employed.

Is there any other way around to show funds? Actually my wife got $6000 in her savings, and for rest I can ask her father to transfer $14000 in her account. So that ways, we would have required fund with a gift deed from her father, and a consent deed from my wife that I can use the funds

 

[THRISHI]

Yes, self employed.

Is there any other way around to show funds? Actually my wife got $6000 in her savings, and for rest I can ask her father to transfer $14000 in her account. So that ways, we would have required fund with a gift deed from her father, and a consent deed from my wife that I can use the funds

I think hope has replied to most of it. Quick one from me is if 6000$ is maintained for last 6 months, gift deed with 14k shud be fine.
If you want to use your account, I don’t see many options but to wait for another few months to reflect that you have maintained settlement funds for immigrantion.
Direct account transfers whether those are returned borrowered money or cash deposits, will be flagged by VO unless six months old.

 

[aahaanbajaj]

I think hope has replied to most of it. Quick one from me is if 6000$ is maintained for last 6 months, gift deed with 14k shud be fine.
If you want to use your account, I don’t see many options but to wait for another few months to reflect that you have maintained settlement funds for immigrantion.
Direct account transfers whether those are returned borrowered money or cash deposits, will be flagged by VO unless six months old.

Can I transfer this money to my Mother In Law's account, and then get it back to my wife's another account and show as gift?

 

[THRISHI]

Can I transfer this money to my Mother In Law's account, and then get it back to my wife's another account and show as gift?

IMO shud not be a problem however if you are planning to get gift deed for entire amount as settlement funds, please confirm whether it is possible. I haven’t seen any information on CIC that forbids it, but be sure to get another opinion.