I have been lending X amount of money to my father each month from my bank account. It's been more than 2 years since i am lending the amount for miscellaneous purposes. The total amount is a lot more than what is minimum requirement for my Proof of Funds (POF). If i ask the money back from my father and he transfers it to my account, can i explain this situation in LOE or will i need a gift deed ? I wanted to know if this will be accepted ? Will there be complications due to this ?
I have proof of the transactions for the money lent each month from my salary account. The real reason that i used to send this money to my dad is that he has been a banker and i sent him the money which he used to invest in different financial instruments (under his name).
The reason i ask this is because as per Canadian Immigration Law – IRPA under subsection R76(1)(b)(i) states that
the skilled worker must have in the form on transferable and available funds, unencumbered by debts or other obligations, an amount equal to one half of the minimum necessary income applicable in respect of the group of persons consisting of the skilled worker and their family members. So if i make it a gift deed, it would look like someone else has gifted me that amount. I've myself produced none. Hence, the doubt.
I have proof of the transactions for the money lent each month from my salary account. The real reason that i used to send this money to my dad is that he has been a banker and i sent him the money which he used to invest in different financial instruments (under his name).
The reason i ask this is because as per Canadian Immigration Law – IRPA under subsection R76(1)(b)(i) states that
the skilled worker must have in the form on transferable and available funds, unencumbered by debts or other obligations, an amount equal to one half of the minimum necessary income applicable in respect of the group of persons consisting of the skilled worker and their family members. So if i make it a gift deed, it would look like someone else has gifted me that amount. I've myself produced none. Hence, the doubt.
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