FUNDS for PR

[rollercoaster]

I am planning to apply for Canadian PR next year in August 2017 after I complete my Masters in US.

I do have 5 years of work experience as a software developer, however I have invested all my savings in Masters.

So my parents are ready to give me the funds required to show for Canadian PR (approx 10k CAD).

Question-->

Can I take that money from my parents right now (12 months ahead of time) and put in my salary cum savings account in my name and give an explanation that these are the funds I earned through my job?

Are there any drawbacks/risks in doing this as far as PR process is concerned ?

Kindly share your thoughts.

 

[vsoftco]

I am planning to apply for Canadian PR next year in August 2017 after I complete my Masters in US.

I do have 5 years of work experience as a software developer, however I have invested all my savings in Masters.

So my parents are ready to give me the funds required to show for Canadian PR (approx 10k CAD).

Question-->

Can I take that money from my parents right now (12 months ahead of time) and put in my salary cum savings account in my name and give an explanation that these are the funds I earned through my job?

Are there any drawbacks/risks in doing this as far as PR process is concerned ?

Kindly share your thoughts.

If the funds are older than 6 month at the time you receive the invitation to apply, there won't be absolutely no issues, there is no need for any explanation. IRCC may ask for the source of funds if the funds are freshly deposited into your account, in which case you need to have a proof of where the funds came from, to convince IRCC that the funds are not borrowed. So in your case, if you deposit the funds now and plan to apply in 1 year, you are more than ok.

PS: note that the funds required for 1 person are CAD $12164, see http://www.cic.gc.ca/english/immigrate/skilled/funds.asp for more details.

 

[rollercoaster]

If the funds are older than 6 month at the time you receive the invitation to apply, there won't be absolutely no issues, there is no need for any explanation. IRCC may ask for the source of funds if the funds are freshly deposited into your account, in which case you need to have a proof of where the funds came from, to convince IRCC that the funds are not borrowed. So in your case, if you deposit the funds now and plan to apply in 1 year, you are more than ok.

PS: note that the funds required for 1 person are CAD $12164, see http://www.cic.gc.ca/english/immigrate/skilled/funds.asp for more details.

Thanks a lot for info!

Currently the funds are in my father's fix deposit; I am planning to transfer in below route -

(1)Fathers Fix Deposit --transfer to--> (2)Fathers savings --transfer to--> (3)My Savings/Salary account --transfer to--> (4)My fix deposit

Do you think Step No.4 (Transfer to FD in my name) a good idea?

Or should I stop at stop at step No.3 (keep all funds in my savings for 12+ months) ?

 

[BC4life]

Both options are fine