Proof of Funds - Express Entry

[dgnbach]

Hi guys,

I'm working on my EE application and have some questions related to POF for express entry.

I'm currently in Canada, and I'm planning to transfer money from my parents (about 10k CAD) to me after receiving ITA (my score is 483 so it should be within 2 weeks time) to meet the requirement for POF.

However, I know that I need to show a balance of my account in the past 6 months, and any surge in balance has to be proved. I did some research and I found something called "gift deed" to prove that this fund will be a gift to me. Unfortunately I'm not in my home country at the moment so its impossible for me to go with my parents to the notary place to do this "gift deed" procedure.

What do I need to do now? Is gift deed mandatory if i suddenly receive a huge fund after ITA? If yes, what is the procedure to complete this gift deed process as I'm currently in Canada?

TIA.

 

[scylla]

Hi guys,

I'm working on my EE application and have some questions related to POF for express entry.

I'm currently in Canada, and I'm planning to transfer money from my parents (about 10k CAD) to me after receiving ITA (my score is 483 so it should be within 2 weeks time) to meet the requirement for POF.

However, I know that I need to show a balance of my account in the past 6 months, and any surge in balance has to be proved. I did some research and I found something called "gift deed" to prove that this fund will be a gift to me. Unfortunately I'm not in my home country at the moment so its impossible for me to go with my parents to the notary place to do this "gift deed" procedure.

What do I need to do now? Is gift deed mandatory if i suddenly receive a huge fund after ITA? If yes, what is the procedure to complete this gift deed process as I'm currently in Canada?

TIA.

Yes - you need to get gift of deed. You don't need to go to the notary. Only your parents.

 

[dgnbach]

Yes - you need to get gift of deed. You don't need to go to the notary. Only your parents.

Thanks for the answer. However, since this gift deed is some sort of formal contract, it is required that both parties have to be present and is is impossible for me to be there. Is there any way for me not being there and they can still notarize the gift deed document?

 

[mona247]

For executing a gift deed. Only the person giving you the gift needs to sign on the deed. In your case it's your parents.

The deed needs to clearly say the money is gifted to you indefinitely and money will be first transferred to your INR account post which you can transfer the money to your CAD account and show the bank statements reflecting the transfer as a proof.

In a gift deed, both parties ( giving the gift and receiving the gift) they both do not sign .

Instead there is one more alternative,
Get the money from your parents transferred to you now, buy a gold coin which can be easily sold.(99.9 purity).

Sell the coin and keep the necessary sales receipt, attach it and inform cic. the sudden surge of money is from the sale of an asset which you had from a long time kept aside for your future. You can also get a purchase receipt of the coin from an Indian jewellery store with a date of 2015 or before to prove the asset was with you for so many years.

Look the gold coin option has purchase and sales taxes involved plus the effort to getting the receipts, but if you wish to get away from the gift deed.. this is an alternative.

Since your score is 483 thus I am giving you the golden loop hole suggestion.

Under any circumstances please do not waste the ITA by declining it for POF documents are not ready in time, there is a trend of people happily declining ITA nowadays, kindly consider fellow members on the forum.. please make sure all documents are in place before securing your ITA.

Cheers

 

[dgnbach]

For executing a gift deed. Only the person giving you the gift needs to sign on the deed. In your case it's your parents.

The deed needs to clearly say the money is gifted to you indefinitely and money will be first transferred to your INR account post which you can transfer the money to your CAD account and show the bank statements reflecting the transfer as a proof.

In a gift deed, both parties ( giving the gift and receiving the gift) they both do not sign .

Instead there is one more alternative,
Get the money from your parents transferred to you now, buy a gold coin which can be easily sold.(99.9 purity).

Sell the coin and keep the necessary sales receipt, attach it and inform cic. the sudden surge of money is from the sale of an asset which you had from a long time kept aside for your future. You can also get a purchase receipt of the coin from an Indian jewellery store with a date of 2015 or before to prove the asset was with you for so many years.

Look the gold coin option has purchase and sales taxes involved plus the effort to getting the receipts, but if you wish to get away from the gift deed.. this is an alternative.

Since your score is 483 thus I am giving you the golden loop hole suggestion.

Under any circumstances please do not waste the ITA by declining it for POF documents are not ready in time, there is a trend of people happily declining ITA nowadays, kindly consider fellow members on the forum.. please make sure all documents are in place before securing your ITA.

Cheers

Thanks for the suggestions. So a gift deed letter with my parents's signature is enough? Is there a need for a notary and affidavit? I've searching in the forums and there is some mixed opinions about notarized gift deeds.

 

[mona247]

Thanks for the suggestions. So a gift deed letter with my parents's signature is enough? Is there a need for a notary and affidavit? I've searching in the forums and there is some mixed opinions about notarized gift deeds.

Of course a legal gift deed in India is notarized and a supporting affidavit with it will only make your case stronger!!

 

[dgnbach]

Of course a legal gift deed in India is notarized and a supporting affidavit with it will only make your case stronger!!

Yes I know but right now i'm in Canada so I can't go to notary with my parents. I think i will just go with the signed gift deed from my parents.

 

[mona247]

Yes I know but right now i'm in Canada so I can't go to notary with my parents. I think i will just go with the signed gift deed from my parents.

You are confused, please read my previous posts again.

Notarized gift deed in india doesnt need your presence, it only needs your parents to sign.

 

[The Magician]

Please help!
I am getting two gift deeds one from my father and another from my mother in law. Is it okay ? or should I arrange one gift deed only.

Should i attached their statements? if yes then what should be the period ?

 

[mona247]

Please help!
I am getting two gift deeds one from my father and another from my mother in law. Is it okay ? or should I arrange one gift deed only.

Should i attached their statements? if yes then what should be the period ?

In your case .
Two separate notarized gift deeds. Bank statements from the person giving the gift is actually not needed but for additional comfort to the visa officer it's best to attach 3 months statements of your parents and in-laws account showing the funds getting transferred to you during that 3 months period.

 

[dgnbach]

You are confused, please read my previous posts again.

Notarized gift deed in india doesnt need your presence, it only needs your parents to sign.

Sorry i'm not from India and in my country they require both the parties to be present for the gift deed to be officially notarized.

 

[mona247]

Sorry i'm not from India and in my country they require both the parties to be present for the gift deed to be officially notarized.

Got you now. Your first post should have been specific regarding the gift deed procedure query.

As far my knowledge goes, irrespective of the country a gift deed is a legal document, it can't not be on a plain piece of paper/ letter and with just a signature.

Thus it has to be notarized.

 

[The Magician]

In your case .
Two separate notarized gift deeds. Bank statements from the person giving the gift is actually not needed but for additional comfort to the visa officer it's best to attach 3 months statements of your parents and in-laws account showing the funds getting transferred to you during that 3 months period.

Thanks for your kind response.

But the average balance in their statements for the period of 3 months is quite low than the amount they would be transferring in my account within this week. In fact there are sudden inflows in their account in the last week, would not that be questionable?

 

[jovi12]

Hi guys,
I have only one question. I received ITA on 20 Aug 2019 but I didn't have the whole amount of the required money at the time. With my next 2 salaries, it was completed, and it's going higher in these coming months, as I'm still working and being paid. So, the money was ready before submitting, not Before ITA. Will this be an issue?

 

[indpnv]

Hi guys,
I have only one question. I received ITA on 20 Aug 2019 but I didn't have the whole amount of the required money at the time. With my next 2 salaries, it was completed, and it's going higher in these coming months, as I'm still working and being paid. So, the money was ready before submitting, not Before ITA. Will this be an issue?

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