Question about Fixed Deposits

[patel.suneesh]

Me and my wife are going to create our EE profile in few days after we receive the WES evaluation code. A substantial part of our money is in provident fund account and i am aware that we cannot show it as proof of funds. For proof of funds we are thinking of making fixed deposit of the required amount. Now my question is does cic require that fixed deposits also be created back dated for 6 months or can i create the fixed deposit after i receive the ITA ? Secondly does cic or in case of provincial nominations do they also ask for tax returns for the employment history ? The company reference letter head does state the salary benefits. In case they do ask for tax returns is only the primary applicant required to show it or the co-applicant also needs to show tax returns. I ask this because i have not filed my returns for the last couple of years. Any help is greatly appreciated. Thanks.

 

[Asivad Anac]

1. The 6 month criterion is only to ensure that these funds aren't borrowed. If your fixed deposits are less than 6 months old, you will need to show source of funds to prove that the monies belong exclusively to you and aren't borrowed.

2. CIC doesn't ask for tax returns.

 

[StAnger]

Me and my wife are going to create our EE profile in few days after we receive the WES evaluation code. A substantial part of our money is in provident fund account and i am aware that we cannot show it as proof of funds. For proof of funds we are thinking of making fixed deposit of the required amount. Now my question is does cic require that fixed deposits also be created back dated for 6 months or can i create the fixed deposit after i receive the ITA ? Secondly does cic or in case of provincial nominations do they also ask for tax returns for the employment history ? The company reference letter head does state the salary benefits. In case they do ask for tax returns is only the primary applicant required to show it or the co-applicant also needs to show tax returns. I ask this because i have not filed my returns for the last couple of years. Any help is greatly appreciated. Thanks.

PPF has a lockin period. How is your account?

You can make one withdrawal per year starting from your seventh year. The first withdrawal can be done after the expiry of 5 full financial years from the end of the year in which your initial subscription was made. The amount of withdrawal will be limited to 50% of the balance at credit at the end of the fourth year immediately preceding the year in which the amount is to be withdrawn, or the balance at the end of the preceding year, whichever is lower.

You can use your ppf but ask your bank to mention the withdrawal amount on the letter.

 

[patel.suneesh]

PPF has a lockin period. How is your account?

You can make one withdrawal per year starting from your seventh year. The first withdrawal can be done after the expiry of 5 full financial years from the end of the year in which your initial subscription was made. The amount of withdrawal will be limited to 50% of the balance at credit at the end of the fourth year immediately preceding the year in which the amount is to be withdrawn, or the balance at the end of the preceding year, whichever is lower.

You can use your ppf but ask your bank to mention the withdrawal amount on the letter.

Thanks for the reply guys

1. The 6 month criterion is only to ensure that these funds aren't borrowed. If your fixed deposits are less than 6 months old, you will need to show source of funds to prove that the monies belong exclusively to you and aren't borrowed.

2. CIC doesn't ask for tax returns.

PPF has a lockin period. How is your account?

You can make one withdrawal per year starting from your seventh year. The first withdrawal can be done after the expiry of 5 full financial years from the end of the year in which your initial subscription was made. The amount of withdrawal will be limited to 50% of the balance at credit at the end of the fourth year immediately preceding the year in which the amount is to be withdrawn, or the balance at the end of the preceding year, whichever is lower.

You can use your ppf but ask your bank to mention the withdrawal amount on the letter.

Thanks for the reply guys. I enquired about the amount i can withdraw from the provident fund account but its not sufficient. So we have decided to make fixed deposits. My mother in law will transfer the money from her account to my wifes savings account and we will then create the fixed deposits. Now will my mother in law have to make the gift deed on the day she transfers the amount in my wifes account or she can make it at a later date?

 

[Asivad Anac]

Thanks for the reply guys

Thanks for the reply guys. I enquired about the amount i can withdraw from the provident fund account but its not sufficient. So we have decided to make fixed deposits. My mother in law will transfer the money from her account to my wifes savings account and we will then create the fixed deposits. Now will my mother in law have to make the gift deed on the day she transfers the amount in my wifes account or she can make it at a later date?

Preferably as close as possible to the fund transfer date.

 

[patel.suneesh]

Thanks asivad , i guess the gift deed will have to be notarized right ?

 

[Asivad Anac]

Thanks asivad , i guess the gift deed will have to be notarized right ?

No. In fact, you don't need a gift deed. A signed self-declaration on plain paper would suffice.

 

[patel.suneesh]

Ohhk thats great then one less paper work to worry about . Thanks man you are a saviour for guys like me who are going without consultants