All about "GIFT DEEDS"
Many a time, several Nigerians are discouraged from commencing the Canadian Permanent residency process because of financial reasons. The requirement to have certain amount of money in one's account as proof of funds is a cause of worry to many.
This post comprehensively addresses a way through which proof of funds can be sourced and the Questions surrounding it.
What is a gift deed?
In a situation where you don't have enough money for Proof of Funds and you would have a relation or friend post a bulk sum into your account to cover your proof of funds.
You then prepare a gift deed to regularise and ". " this transaction so that it doesn't raise eyebrows. This is done so that your application stands in good shape.
Firstly, you should do a gift deed only if you feel comfortable doing it. IRCC has not explicity required that applicants do a gift deed. It's not present on their website. However, there is evidence to believe some have done gift deeds and successfully obtained their PR. The truth is that the Visa Officers evaluates each application on its own merit. Therefore, how you package your gift deed in your overall application is more likely to have an effect on how successfully it is evaluated. Several Nigerians have testified on various platforms that it worked for them.
▪️How does a gift deed work?
A friend, family member, etc, sends a bulk amount into your account before you obtain your statement of account. Then you have to draft some sort of "explanation" attributable to this person which effectively assures the VO that the money has been gifted to you for valid reasons.
▪️Can anyone provide you a gift deed or just family members? Is it only your parents that can give you deed of gift? Can an uncle or relative not bearing the same name with you give you funds and take the deed of gift?Can anyone provide you a gift deed or just family members? Is it only your parents that can give you deed of gift? Can an uncle or relative not bearing the same name with you give you funds and take the deed of gift?
Anyone can gift you money. It will however, look more reasonable when a parent, spouse or close relative is the one giving you the said amount, especially if it is a large amount.
Ideally it is better to have them transfer the money from their bank account to yours, or issue out a check that you can have a copy to show evidence of this gift from them. If it is a bank transfer you can have them print out a page from their account showing when the amount was transferred to you.
Succinctly, you only need a gift deed from the donor to the donee, declaring that he/she is gifting you the said amount from his or her back account name, number or check number blah blah out of love and you are not obligated to pay back etc. and also, you need to show where the money was transferred from or how it was given to you,either check copy or bank statement history showing where the money left the donor's account.
▪️Can my entire Proof of funds be sourced from Gift deeds?
The use of gift deed is a delicate situation which should be approached on a one-on-one basis. That being said, a nice looking scenario would be for the applicant to provide say, around 80% of the POF and then make up the balance through gift deed. This looks good an paper especially as the applicant is supposed to be an 'experienced skilled' worker who has the capacity to have built up the funds from years of working.
A situation where somebody who is supposed to be an experienced skilled worker is presenting POF that is composed of 80% or more from a gift and only 20% or less from their past work income, ofcourse you can expect questions during processing.
▪️Is it advisable to notarize your gift deed?
It's advised your gift deed is notarized.
▪️Do I need to address the gift deed (to CiC)?
It's not necessary to address it. Check various samples of gift deed online and modify to your preference.
▪️Do I need any additional statements from the person providing the gift?
You do not need the statement of the person giving the gift. The gift deed will suffice.
▪️Is it advisable to get a gift deed from two or more different persons?
That's rare. It's advisable you merge the funds and have only one person do the gift.
▪️Please how long is a gift deed expected to stay in the account prior to application?
Since its a gift, it doesn't need to be in the account for a long time before ITA, you only need it post ITA for document submission. Meanwhile it is advisable for the money to be in your account throughout the application process or simply put, till you receive your PPR because you could be ask to produce it again during application processing.
▪️Should I be worried about using a gift deed?
Using gift deed opens your documents to more scrutiny, so make sure it's done properly.
▪️What are some others things I should know about gift deed?
You don't need to post the donor's bank statement but if you can get it that's fine .
▪️Are there alternatives?
Yes! You can get the money and put it into some fixed deposit investment, then present the FD. Similarly, you can use it for treasury bills or mutual funds, etc. In summary, there are options. The decision lies with you.
Sample of Gift Deed
THIS DEED OF GIFT is executed today the XX day of Bleep, 2020
BETWEEN: XXXXCC of XXXXCC(hereinafter called the ‘DONOR’) AND Bleep of Bleep (hereinafter called the ‘DONEE).
WHEREAS:
A. THE DONOR is the XX(relationship) of the DONEE.
B. THE DONEE is the XXXX of the DONOR.
C. THE DONOR wishes to give an unconditional and irrevocable financial gift in the amount of Bleep (hereinafter known as the ‘GIFT')
NOW THIS DEED WITNESSETH THAT:
1. IN CONSIDERATION of the love and affection for the DONEE the DONOR does hereby grant an unconditional and irrevocable financial Gift in the amount of XX transferred via Electronic Transfer on 3XX from the DONOR Account domiciled at XX Bank Account Number: XX to the DONEE.
2. The DONOR hereby certify that the financial Gift of XX is a genuine gift and is made wholly out of the DONOR acquired funds.
3. That no other persons shall have any right over the above mentioned Gift during the lifetime of the DONOR or thereafter.
4. The DONEE shall now stand possessed of the said XX and it may be utilized by the DONEE in whatsoever manner and for whatever purpose is required for the purposes of settlement in Canada.
5. This gift shall be an irrevocable gift which is accepted by the DONEE
In witness whereof the parties hereto have hereunto set their respective hands this day, month and year first hereinabove written.
SIGNED BY:
………………………… ………………………….
XX XXXX
DONOR DONEE
In the presence of:
Name:
Address:
Occupation:
Signature:
Name:
Address:
Occupation:
Signature:
OR
Date:
To:
Citizenship and Immigration Canada
GIFT DEED FOR (FULL NAME) (Express Entry Profile No.: E000123456)
I, NAME OF DONOR, do hereby on this day (ENTER DATE) make a Gift Deed for a gift of USD 12,000 (Twelve Thousand US Dollars) made on (FUNDS TRANSFER DATE), out of love and affection to my (ENTER RELATIONTIP TO RECEPIENT), (NAME OF RECEPIENT). I confirm that I am a resident in (COUNTRY OF RESIDENCE). I further confirm that this gift is being made out of my own funds from my Account No. (ENTER DONOR ACCOUNT NUMBER) in (NAME OF BANK), (FULL BANK BRANCH ADDRESS WITH COUNTRY), and paid into his/her Account No. (RECEIPIENT ACCOUNT NUMBER) in (NAME OF BANK), (FULL BANK BRANCH ADDRESS WITH COUNTRY).
I further confirm that the consideration for this gift is the love and affection for (ENTER RELATIONTIP TO RECEPIENT), (NAME OF RECEPIENT), and no other consideration.
I further confirm that the gift has been made by cheque number / wire transfer reference number: (ENTER NUMBER) dated (FUNDS TRANSFER DATE) drawn from my personal savings. This gift is irrevocable and I have no claim left whatsoever on the said gifted amount and he/she is free to utilise it in any manner.
PLACE:
DATED:
NAME OF DONOR
DONOR SIGNATURE
WITNESES SIGNATURE / INTIALS
The gift as stated above is accepted.
NAME OF RECIPIENT
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FAQs
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds. You also can't borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren't coming with you).
What counts as proof of funds Canada? ›
Acceptable proof of funds are: -bank accounts in your name or the name of your accompanying spouse/common-law partner; -cashable investments in your name or the name of your accompanying spouse/common-law partner; -cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Can I show mutual funds as proof of funds for Canada PR? ›
What can federal skilled workers immigrating to Canada show as proof of funds? Federal skilled workers immigrating to Canada can submit their bank statements or letters from financial institutions as proof of funds. These documents can also include current balance in joint accounts.
Can I show FD as proof of funds for Canada visitor visa? ›
Can I show FD as Proof of funds for Canada PR? Yes, Fixed deposits are accepted as Proof of Funds for Canada.
Is gift deed acceptable by CIC? ›
Yes ,For sure Deed of Gift / Gift deed is a valid for Proof of funds while applying for Canadian PR. Gift deed basically means that you are given gift money by your father/mother or by someone who is your first relative like brother,sister .
What is acceptable as proof of funds? ›
Proof of Funds usually comes in the form of a bank, security or custody statement, and can be procured from your bank or financial institution that holds your money. Bank statements are the most common document to use as POF and can typically be found online or at a bank branch.
Does immigration check your bank account? ›
What is the purpose of the bank verification for my visa application? Immigration officials want to know that you have the financial fortitude to support the immigrant in the United States so that they do not become a public charge and financial burden to the government.
Does Canadian Embassy verify bank statements? ›
The Embassy does not check bank statement in case of every applicant. It is done on random basis or in case of doubt.
What happens if you declare more than $10000 Canada? ›
The CBSA has the authority to seize all currency and monetary instruments if the entire value is not reported. They may be returned after a penalty is paid. Penalties range from Can$250 to Can$5,000.
How much funds show for Canada PR? ›
Updated Proof of Funds Requirement Table as of 9 June 2022
| Number of family members | Funds required (in Canadian dollars) |
|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
4 more rowsInternational students must purchase a Guaranteed Investment Certificate (GIC) as a compulsory requirement to study under the Student Direct Stream Program. GIC serves as proof of funds for students Applying for a Canada Study Visa. Most Study Abroad Consultants have a thorough knowledge of GIC account procedures.
How much proof of funds do I need for a tourist visa? ›
Proof of funds:
Original bank statements from your personal account for the past six months; • The last 6 months of pay slips.
How much bank balance is required for Canada visa? ›
An individual living in Canada needs 1,230 CAD (INR 75,525 approx.) per month for their monthly expenses, and if an applicant is coming for tourism, then 2,000 CAD (INR 1,22,805 approx.) for 30 days per person is enough.
How does IRCC verify bank statement? ›
They get it verified by contacting Head Office of that particular bank . As all banks are working on CBS, HO Deptt.
Can I use my pension as proof of funds? ›
Funds held in other accounts or financial instruments such as shares, bonds, credit cards, pensions from which the funds cannot be withdrawn immediately, regardless of notice period, will not be accepted as evidence of funds.
Can proof of funds be a gift? ›
Hi. Yes, you can use money that was given to you as a gift as your proof of funds, provided that the funds are yours and readily available to you.
How does gift deed work in Canada? ›
A Gift Deed is a legal document used to formally give a sum of money or transfer ownership of property to another person or organization. Using a Gift Deed means that the transfer is gratuitous: the donor (the person giving the gift) does so without any conditions, and with no expectation of future compensation.
How do you show a gift deed? ›
Acceptance by the Donee- The Gift Deed must mention the acceptance of the gifted property by the Donee. Witnesses- As the execution of a Gift Deed requires the presence of two witnesses, the Gift Deed must mention the name and address of the witnesses. A valid Gift deed must be signed and attested by two witnesses.
Who can write a proof of funds letter? ›
Getting a proof of funds letter is fairly painless. You can obtain the letter by requesting one from the bank or other financial institution holding your money. An online or paper bank statement may also suffice. The bank should be able to get the letter back to you in less than a week, and often within a day or two.
How do you prove sources of funds? ›
Supporting documents and proof
- bank statements.
- recently filed business accounts, or.
- documents confirming the source, such as: sale of a house. sale of shares. receipt of a personal injuries award. a bequest under an estate. a win from gambling activities.
A proof of funds letter provides evidence that a homebuyer has the money for a down payment and closing costs. Any proof of funds needs to list the following items, preferably on official letterhead from the institution where the funds reside: The date. The name of account holder.
Can immigration look at your Facebook? ›
They look throughout the internet, for information about the people that are applying for benefits. Don't just think that because USCIS officials said in Washington, that they don't check social media, that they don't in fact.
How many bank statements do I need for immigration? ›
Second Category of Evidence: Comingling Finances
If you are able to have a Joint Account, USCIS would require 12 months of statements, or as many as possible. Meaning, if you've been married for 2 years, and have a joint account for 3 years, USCIS would want 3-years of bank statements.
What is a background check for immigration? ›
A.
The background and security checks include collecting fingerprints and requesting a “name check” from the Federal Bureau of Investigations (FBI). In addition, USCIS conducts other inter-agency criminal background and security checks on all applicants for naturalization.
What do Canadian visa officers check? ›
Immigration officers do not conduct body cavity searches or tear apart automobiles. Canada immigration officers will research all the information contained in an immigration application as well as criminal records and so on. They will verify all the immigration application information.
Can embassies check bank balance? ›
They do not check your bank account. That is why they ask for few months of statements to see your history. Furthermore; they do not have the necessary waiver from you to contact your Bank so they won't be able to get any information even if they tried.
Do bank statements need to be stamped for visa? ›
Yes. However, the e-bank statement will have to hold an original stamp from your bank to confirm the authenticity of the document and has to show the name of the account holder.
How much cash can a family bring into Canada? ›
There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so. However, any time you cross the border, you must declare any currency or monetary instruments you have in your possession that are valued at CAN$10,000 or more.
How much cash can you leave Canada with? ›
Any time you enter or leave Canada, you must declare any money or monetary instruments, such as stocks, bond or cheques, you are carrying valued at $10,000 or more.
Is money transferred to Canada taxable? ›
Generally speaking, most gift money is not taxed when it's brought into Canada. However, if you're receiving international funds from the sale of an asset, you'll have to pay capital gains taxes on that money.
If you don't need to provide proof of funds, you must upload a letter explaining either that you have been invited to apply under the Canadian Experience Class, or that you have a valid job offer. Find out more about settlement funds and proof.
When can proof of funds be withdrawn? ›
You can use your funds anytime. But when you make your landing they would ask to see the most recent proof of funds again so make sure you have it at that time, should not be older than 6 months. Also, the immigration officers are the best so nothing to worry as long as you have the minimum required balance.
Why is GIC rejected? ›
Most commonly, a GIC is rejected if the applicant is unable to provide source(s) of funds (CAD 10,000+processing fees), for example, from parents, guardians, scholarship, self-earned through a job or send funds from a source, such as as money exchange, which the Bank may have made clear is not an acceptable source.
Which bank is best for GIC in Canada? ›
Scotiabank, i.e. The Bank of Nova Scotia is one of Canada's biggest 5 banks along with CIBC. Its GIC Program is fairly popular with Indian students and one can apply for it online from India itself.
...
| Scotiabank GIC Program |
|---|
| Interest Rate | 0.1 – 1% ( Scotiabank GIC Interest Rates ) |
|---|
| Number of Branches in Canada | 1,100+ |
6 more rows30 Jun 2021
It is mandatory for each foreign student to have GIC to take care of the living expenses once they reach Canada. The amount of GIC is $10,200 that can be purchased from any participating bank.
How do I show proof of funds at Canada port of entry? ›
You must present a statement of your bank account issued no more than 1 week before your departure for Canada.
...
These funds could be in the form of:
- cash.
- securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or.
- bankers' drafts, cheques, travellers' cheques or money orders.
International Experience Canada participants who can't get a bank statement may show the following as proof of funds when they arrive at a Canadian port of entry: A letter on official letterhead from your banking institution, that: is issued no more than one (1) week before your departure for Canada.
Can you immigrate to Canada if you are over 55? ›
If an applicant turns 55 years of age during processing and before a citizenship officer renders a decision, the citizenship officer must not refuse the application and must apply the automatic waiver under subsection 5(3).
Does Canada give 10 years visa? ›
The super visa is a multi-entry visa that provides multiple entries for a period up to 10 years. The key difference is that the super visa allows an individual to stay for up to 5 years at a time in Canada, while a 10-year multiple entry visa would only have a status period for each entry of six months only.
How much do I need as proof of funds for Canada student visa? ›
1. How much do I need as my proof of funds to support my studies in Canada? As per the CIC website, you need to show the minimum funds of 1 year + 1 year cost of living.
Proof of Funds – Settlement Funds
“For proof, you must get official letters from any banks or financial institutions where you are holding your money. The applicants will need to prove they have enough money when they apply to immigrate and again when the application is approved.
Does IRCC check bank balance? ›
No, They wont and they cannot. Banks do not have any compulsion or legal binding to disclose their client's financial status to any third party including immigration officials.
Can IRCC check my bank account in Canada? ›
yes, they do random checks with the banks. in the letter for update of documents, it says " bank certifications. your bank must indicate in the bank certification that you are giving the canadian embassy visa section the authority to request information with regards to your account."
How much money do you need to immigrate to Canada? ›
How much money you'll need
| Number of family members | Funds required (in Canadian dollars) |
|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
4 more rows15 Jun 2022
The following programs do not require a job offer in order to qualify to apply for Canadian permanent residence:
- Federal Skilled Worker.
- Federal Skilled Trades.
- Canadian Experience Class.
- Provincial Nominee Programs.
- The Family Class.
- Entrepreneur Programs.
A personal pension is a type of pension you can set up yourself, and is common amongst the self-employed. Personal pensions include the Self Invested Personal Pension (SIPP). There's no limit to the number of personal pensions you can set up, and you can pay into more than one personal pension at a time.
How much do I need as proof of funds for Canada student visa? ›
1. How much do I need as my proof of funds to support my studies in Canada? As per the CIC website, you need to show the minimum funds of 1 year + 1 year cost of living.
What happens if you declare more than $10000 Canada? ›
The CBSA has the authority to seize all currency and monetary instruments if the entire value is not reported. They may be returned after a penalty is paid. Penalties range from Can$250 to Can$5,000.
How much bank balance is required for Canada visitor visa? ›
Funds Needed for a Canada Tourist Visa
per month for their monthly expenses, and if an applicant is coming for tourism, then 2,000 CAD (INR 1,22,805 approx.) for 30 days per person is enough.
How do I show proof of funds at Canada port of entry? ›
You must present a statement of your bank account issued no more than 1 week before your departure for Canada.
...
These funds could be in the form of:
- cash.
- securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or.
- bankers' drafts, cheques, travellers' cheques or money orders.
The Embassy does not check bank statement in case of every applicant. It is done on random basis or in case of doubt.
Does immigration check your bank account? ›
What is the purpose of the bank verification for my visa application? Immigration officials want to know that you have the financial fortitude to support the immigrant in the United States so that they do not become a public charge and financial burden to the government.
Is GIC enough for proof of funds? ›
International students must purchase a Guaranteed Investment Certificate (GIC) as a compulsory requirement to study under the Student Direct Stream Program. GIC serves as proof of funds for students Applying for a Canada Study Visa. Most Study Abroad Consultants have a thorough knowledge of GIC account procedures.
How much cash can a family bring into Canada? ›
There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so. However, any time you cross the border, you must declare any currency or monetary instruments you have in your possession that are valued at CAN$10,000 or more.
How much cash can you leave Canada with? ›
Any time you enter or leave Canada, you must declare any money or monetary instruments, such as stocks, bond or cheques, you are carrying valued at $10,000 or more.
Is money transferred to Canada taxable? ›
Generally speaking, most gift money is not taxed when it's brought into Canada. However, if you're receiving international funds from the sale of an asset, you'll have to pay capital gains taxes on that money.
Can I go to Canada without bank statement? ›
International Experience Canada participants who can't get a bank statement may show the following as proof of funds when they arrive at a Canadian port of entry: A letter on official letterhead from your banking institution, that: is issued no more than one (1) week before your departure for Canada.
How much funds should I show for visitor visa? ›
There is no set amount but need to show that they can afford airfare, travel, accommodations, and another incidentals.
How much money do you need to show for a tourist visa? ›
A receipt showing payment of your US$160 non-refundable nonimmigrant visa application processing fee, paid in local currency.
Can immigration officer check my bank account Canada? ›
yes, they do random checks with the banks. in the letter for update of documents, it says " bank certifications. your bank must indicate in the bank certification that you are giving the canadian embassy visa section the authority to request information with regards to your account."
What happens if you don't declare at customs? Failure to declare monetary instruments in amounts valued more than $10,000 can result in its seizure. If you are caught crossing the border with any amount of undeclared cash in excess of $10,000 USD you will almost certainly have it seized from you.
Is 10000 cash limit per person or family? ›
Members of a family residing in one household entering the United States that submit a joint or family declaration must declare if the members are collectively carrying currency or monetary instruments in a combined amount over $10,000 on their Customs Declaration Form (CBP Form 6059B).
