Debts and gifts

1

Hi @avj and @anon25417004. I am so glad to have stumbled upon this community. It was really useful. I just have a couple more follow up questions:

  1. I will be showing the entire amount required for EE through a bank letter issued by Chase. They have listed everything needed by CIC except the outstanding debts and loans part (they said it’s not a part of their format). I do not have any debts or loans with them. Do I need to include this in the LOE?
  2. My parents transferred 25% of the amount needed to my bank 2 months ago. So there is some difference between the average balance of 6 months and the current balance. Do I need to explain it in the LOE? And if yes should I also include a signed letter from them confirming it’s a gift? (My father is actually a Canadian citizen and I will be attaching his passport copy in the LOE).
2
  1. You don’t need to/can’t show any debts or loans if you don’t have any.
  2. If it’s a gift deed and they can provide such a letter that should be OK. Since it’s transferred from one account to another it’ll show up in the statements and they will know. I think it’s better to get this gift deed done. Gift deed means the money is yours and not a temporary loan from someone.