Hi please help
- Thread starter newon
- Start date
Based on your NOA. Line 150 on your tax return so gross. You need 3 years of meeting LICO for the total number of people in your family including you parents, spouse and children.
Yes i totally understand that i need 3 last years with the amounts that the cra have posted but what am confused is this,
I made 39.500 gross but i had almost 20.000 expenses so what am being taxed is the net which is almost 19.000 so do i meet the requirements or this 39 should be after expenses
I made 39.500 gross but i had almost 20.000 expenses so what am being taxed is the net which is almost 19.000 so do i meet the requirements or this 39 should be after expenses
I don't think LICO for 2021 has been announced yet. For 2020, it is your gross income. For 3 people, it is $39,500. So if your 2020 NOA is over $39500 then you are good. It was low for 2020 due to Covid.
I actually filed my taxes yesterday and the accountant told me no,you wont be able to sponsor them he told me your total income is 39.500 for 2020 but he said is not total income he said that 39.500 should be after expenses basically he is saying i need to make over 70 thousands in a year,he is trying to say no matter how much money u bring in is how much is left after expenses of the business cars and some of the bills which to me makes no sense cause than i have to make over 70 to be able to save almost 40,am very confused,and he is insisting to make my taxes lower to pay less taxes and i dont want that cause than i dont qualify for sponsoring my parents right?
Are you filing tax for 2021 tax year?
Your 2020 tax was done last year. So what was the number on line 15000 in your NOA?
We do not know the income requirement of sponsoring your parents for 2021. You are married, right? so your family size should be at least 4 (for you, your spouse and your parents). How about your income in 2019?
No one really knows the requirement for PGP 2022 yet.
btw... he's an accountant, not an immigration lawyer.
Your 2020 tax was done last year. So what was the number on line 15000 in your NOA?
We do not know the income requirement of sponsoring your parents for 2021. You are married, right? so your family size should be at least 4 (for you, your spouse and your parents). How about your income in 2019?
No one really knows the requirement for PGP 2022 yet.
btw... he's an accountant, not an immigration lawyer.
You just filed your taxes for 2020 (a year late), not for 2021. What does line 150 on your tax return state...that is the income required for LICO. 2020 was an odd year because of COVID so it is lower for that year. Since many sponsors may have been affected financially by the COVID-19 pandemic, the income requirement for the 2020 tax year has been reduced to the minimum necessary income, instead of the minimum necessary income plus 30%.
Expect coming years (like 2019) to be higher.
What is your family size? Are you married/chidlren?
How much income do I need to sponsor my parents and grandparents? (cic.gc.ca)
Am separated and no kids so basically am gonne be responsible for myself and parents which means 3 peoples,i understand the numbers and how peoples i need to be responsible,what i dont understand is my total income by line 13499 or is line 15000,cause if it is line 15000 that means i have to make over 70.000 to be able to meet the requirements for almost 39.000
Your income after business expenses is what is used to determine LICO. If subtracting your business expenses takes your income below LICO, then you don't qualify to sponsor.
Thats sad ,but thank you so much for your help,that means that this next 3 years i have to try harder and harder to make over 70 so after expenses to have line 15000 over 40000$ sound like an impossible task but anyways thank you so much for your help
If you have some savings, you should consider to have your savings work harder for you. Things like buying bonds, stocks to capture some capital gains so that your line 15000 meet the income level for you to be eligible to sponsor your family.