LICO for 2018
- Thread starter Igado
- Start date
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mikeymyke
Guest
Also you need to remember that you have to continue meeting the family size 7 LICO during the processing of the application.
I still don't understand exactly what you mean by this. Do you mean RRSPs your company paid you as a benefit directly into your RRSP account? Or group RRSPs you cashed out in 2016 as income?
It is a group RRSp for sunlife, where i contribute every month and my company contribute a small percentage. When I resigned from that company in 2016, I decided to cash out the money i saved from that group RRsp.They send me the cheque and I deposited it in my bank.
In that case the amount should definitely have been added to your 2016 tax as income, with appropriate taxes paid. So either way you need to do a re-assessment for 2016 tax year and you will owe some additional tax.
I'm really not sure if income from cashing in RRSPs counts as income for LICO qualifying. I have heard both ways.
Yes i have talked to my accountant last night and we reviewed all the documents we filed in 2016, and true enough it was not included. So his going to do the tax readjusment and will send it to CRA online. Regarding if it can be added as income for LICO I am not sure still, but I read on one of the thread here where she called the immigration and confirmed that RRSP are accepted as long as it is in the notice of assessment and he got approved. Finger crossed that it will work the same in my case.
Rob, I am planning to apply for my parents sponsorship in 2018 (if selected), During the application process if i plan to have a baby, will that affect the already submitted application ?
At the time of application submission i will be meeting LICO for 5 people. (me, my wife, parents and younger brother) for 2015, 2016 & 2017
If i have a baby in 2018 or 2019, will it affect my application
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It will affect the application from the tax year the child is born. i.e. if you have a baby in 2019, then from 2019 tax year onward you will need LICO for family size of 6. But previous years are still at 5.
hello rob need some info
my brother is living in regina canada he applied for family sponsorship program in jan 2018 and he got the invitation
to invite the parents .at that time when he applied he was single now he is married in February 2018.
at that time when he applied he is eligible to sponsor 3 persons as his salary was 54k in 2016 and now in 2017 his salary is 57k.
now he is applying for spousal sponsorship can he meet the norm of lico that he can invite parents both
father and mother under family sponsor ship program .and his wife under spousal sponsorship as he short of 1800 dollars to meet the lico requirement he need 58k to sponsor 4 person .
his wife ,father and mother.
waiting for ur reply .
According to the financial evaluation form that calculates family size for previous 3 years, they want the family info on the date you fill in the app. They don't ask for family info effective on any previous date. So under this rule, he needs to meet today's family size of 4 for LICO:
2017 $59,426
2016 $58,768
2015 $57,642
So it seems like he doesn't meet LICO for 2016 or 2017, and no idea about 2015. His app would most likely be rejected. He could try arguing he met LICO as of the lottery date in January 2018, although none of the forms make any adjustment for this so I don't think it's relevant. Family size at time you submit the app seems to be all that matters.
He should have waited a few more months to get married. If he got married after submitting the app, then for sure his spouse and +1 family size would only count for tax year 2018 and forward.
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Hey, I have been trying to call CIC lately, but no luck. For LICO, I am 1500$ short in 2015, but with significantly higher incomes in 2016 and 2017. I have been invited for Sponsorship from the draw, and want to sponsor both my parents. Anyway, can I still apply, or I absolutely have to meet all 3 years for LICO for all 4 family members?
If no then WHAT'S MY BEST BET NOW? APPLY ANYWAY, WITH AN EXPLANATION LETTER MAYBE?
If no then WHAT'S MY BEST BET NOW? APPLY ANYWAY, WITH AN EXPLANATION LETTER MAYBE?
You absolutely have to meet LICO for all three years. If you apply without qualifying, the application will be refused.
Ohh!
I will still take the risk. I make 15-20k more since 2016, and 1500$ less in 2015 is such a bad luck. I understand I will lose my Processing Fees money, but I may get the other Provincial money back if I get refusal? Also, refusal doesn't mean I can't re-apply right?
It doesn't make any sense to apply. Refusal is guaranteed.Ohh!
I will still take the risk. I make 15-20k more since 2016, and 1500$ less in 2015 is such a bad luck. I understand I will lose my Processing Fees money, but I may get the other Provincial money back if I get refusal? Also, refusal doesn't mean I can't re-apply right?
Under the current rules there is nothing preventing you from applying in the future if you are refused. But it's always possible IRCC may change the rules in the future. None of us here has a crystal ball unfortunately.
You will also waste a year or two at least waiting for them to process your application and then refuse it.Ohh!
I will still take the risk. I make 15-20k more since 2016, and 1500$ less in 2015 is such a bad luck. I understand I will lose my Processing Fees money, but I may get the other Provincial money back if I get refusal? Also, refusal doesn't mean I can't re-apply right?
Why don't you try again next year? You will then meet the LICO for 2016 and forward.