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Immigration to Canada
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Express Entry Proof of Funds Questions
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<blockquote data-quote="Vijay.Archived" data-source="post: 56" data-attributes="member: 2"><p><strong>Common question: Can I take a loan from another person or a bank, put and maintain it in my savings account for 6 months? </strong></p><p></p><p><span style="color: #e74c3c">Short Answer: No</span>, you are not supposed to borrow this money from anywhere. The rules explicitly states that you cannot borrow from another person (see first quotation below). If you borrow it from a bank instead of a person, then the money is "burdened" (not yours to be used freely) and it will show up in the official letter (second quotation below) which is required to be submitted.</p><p></p><p>Quoting from official site: <a href="https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html" target="_blank">https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html</a></p><p></p><p></p><p></p><p></p><p></p><p><strong>Common question: Can I ask for gift deed from my mother/father/relative for 15000 CAD and put it in my account to use as POF?</strong></p><p></p><p><span style="color: #27ae60">Short Answer: Yes</span>. A gift deed (stamped notarized) is fine in most cases. A gift deed is a document that records the act of giving a gift and is executed between the donor (the person giving the gift) and the donee (person receiving the gift). However if there are large and sudden deposits, IRCC may ask for an explanation to determine whether or not you borrowed the money.</p><p></p><p>Bottom rule: IRCC only cares that the money is yours to use, free and unburdened. As long as you do not have to return the money to anyone else, you are good to go.</p></blockquote><p></p>
[QUOTE="Vijay.Archived, post: 56, member: 2"] [B]Common question: Can I take a loan from another person or a bank, put and maintain it in my savings account for 6 months? [/B] [COLOR=#e74c3c]Short Answer: No[/COLOR], you are not supposed to borrow this money from anywhere. The rules explicitly states that you cannot borrow from another person (see first quotation below). If you borrow it from a bank instead of a person, then the money is "burdened" (not yours to be used freely) and it will show up in the official letter (second quotation below) which is required to be submitted. Quoting from official site: [URL="https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html"]https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html[/URL] [B]Common question: Can I ask for gift deed from my mother/father/relative for 15000 CAD and put it in my account to use as POF?[/B] [COLOR=#27ae60]Short Answer: Yes[/COLOR]. A gift deed (stamped notarized) is fine in most cases. A gift deed is a document that records the act of giving a gift and is executed between the donor (the person giving the gift) and the donee (person receiving the gift). However if there are large and sudden deposits, IRCC may ask for an explanation to determine whether or not you borrowed the money. Bottom rule: IRCC only cares that the money is yours to use, free and unburdened. As long as you do not have to return the money to anyone else, you are good to go. [/QUOTE]
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