The Down Payment Gift Letter is a crucial document in Canadian real estate transactions where a portion or all of a property down payment is being provided as a gift, typically from a family member. This document is required by mortgage lenders, the Canada Mortgage and Housing Corporation (CMHC), and other financial institutions to verify the source and nature of down payment funds. It helps ensure compliance with anti-money laundering regulations and confirms that the gifted funds don't constitute hidden debt that could affect the borrower's ability to repay their mortgage. The letter must include specific declarations about the non-repayable nature of the gift, the relationship between parties, and often requires supporting documentation such as proof of funds and identification. Used primarily in residential property purchases, this document has become increasingly important as more Canadian homebuyers rely on family assistance for down payments.
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1. Date and Location: Current date and location where the letter is executed
2. Recipient Lender Information: Full name and address of the mortgage lender or financial institution
3. Donor Information: Full name, address, and contact information of the person giving the gift
4. Recipient Information: Full name, address, and contact information of the person receiving the gift
5. Gift Amount Declaration: Explicit statement of the monetary gift amount in both numbers and words
6. Property Information: Address and legal description of the property being purchased
7. Gift Purpose Statement: Clear statement that the money is a gift for down payment purposes
8. No Repayment Declaration: Explicit statement that the money is a gift and not a loan requiring repayment
9. Relationship Statement: Declaration of the relationship between donor and recipient
10. Donor Signature Block: Space for donor's signature, printed name, and date
11. Recipient Signature Block: Space for recipient's signature, printed name, and date
1. Source of Funds Declaration: Statement explaining the source of gift funds, used when required by specific lenders or in high-value transactions
2. Transfer Timeline: Details about when and how the gift funds will be transferred, included when the transfer hasn't occurred yet
3. Tax Implications Acknowledgment: Statement acknowledging that parties understand any tax implications, used in high-value gifts
4. Witness Information: Space for witness signatures and information, used when required by specific lenders or jurisdictions
5. Commissioner of Oaths: Space for notarization or commissioner of oaths verification, used when required by specific lenders
1. Proof of Funds: Bank statements or other documentation showing the donor has the funds to give
2. Transfer Confirmation: Bank receipt or transfer confirmation showing the gift has been provided
3. Donor ID: Copy of government-issued identification of the donor
4. Relationship Evidence: Documentation proving the stated relationship between donor and recipient, if required by lender
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