As per my understanding, Proof of funds is something you own entirely and cannot be borrowed.
However if you are receiving large sums of cash as Gift then, when enquired you should be able to provide the source of that money. This is to make sure that this money belongs to you and is not borrowed or has to be paid back.
They ask for this money so that you can support yourself and your family after you arrive in Canada, hence this is required until you land in Canada.
As far as Tax is concerned, Gift from relatives is non taxable(again there should be proof to back this up, like a gift deed/affidavit)
Go through http://timesofindia.indiatimes.com/budget-2014/you-taxes/Union-Budget-2014-Gift-tax-No-free-lunch/articleshow/38175810.cms for more.
Hope it helps.
why u have to say gift.. eventhough its your parents money, you can just put it in ur savings bank or put it as a fixed deposit and get a bank certificate from bank saying as of date you have this much of amount in your bank and in your name. this is called proof of fund.
What if i create an FD in my name and my parents transfer the money into that FD account. Can i show that as a proof of funds to CIC? Do i still need to declare to CIC that its a gift from my parents even though the FD is in my name? Do i still have to present a deed or an affidavit?
Another question is that... How much influx of money will CIC consider questionable? for eg: I have 4000 canadian dollars in my account from past 5 months.. Even month, i receive 1100 Canadian dollars as salary which i do not use at all.. So in the next 4 months, it is safe to say that i will have a total of 8800 canadian dollars in my account, all of which i received from my salary...
Now, i am due to receive some payment from one of my friend who borrowed money from me few years ago and he has agreed to pay me monthly around 1000$ for the next 4 months... Can i show that as a side business income or something? Would this be considered as a large influx of fund?
Please advice that in your opinion, what is the best way forward
Thank you for all the information regarding gift deed.
All i want to ask now is "since i don't have any guidance except this forum", in Mumbai India who should i get in touch with regarding preparation of this gift deed?
i mean if someone knows some specific lawyer or person who is into this documentation work, it would be great.
I had loaned money to my friend in the past and on request, the same was returned by him to my account. How do I explain my case to the visa officer and what can I provide as proof to state that this my funds?
Quick question:
If the bank account did not maintain a sufficient balance for the last 6 months, Would CIC consider how long the gift deed has been in his account or is it ok if the gift deed was received just before he submitted his PR application.
I have 8 month old funds in my account. Which were transferred to me by my father. I hv got my ita and going to submit my file. I hv bank statement and bank letter. So do i need gift deed letter??
I have 8 month old funds in my account. Which were transferred to me by my father. I hv got my ita and going to submit my file. I hv bank statement and bank letter. So do i need gift deed letter??
The fund is already matured and exceeded 6 months. VO ask for 3/6 months statement. Not beyond that. You wont need the gift deed. But There is no harm. Why risk it!
The fund is already matured and exceeded 6 months. VO ask for 3/6 months statement. Not beyond that. You wont need the gift deed. But There is no harm. Why risk it!
yeah.. But they just ask for 6 month statement which does not show transaction of this amount. So i think i dnt need it. And if i get gift deed letter then i hv to visit my fathers bank also, to get details of transaction as a proof.
why u have to say gift.. eventhough its your parents money, you can just put it in ur savings bank or put it as a fixed deposit and get a bank certificate from bank saying as of date you have this much of amount in your bank and in your name. this is called proof of fund.
please i am asking about the dates that i open the bank account is it important ?because i am moving to another country and i will open new account? it should complete 6 month to have the proof of fund letter
