You don't count anyone except the people you mentioned - so family size of 5 is correct. You need to meet LICO for family size of 5 in 3 previous tax years.
Parents and Grandparents Sponsorship 2018
- Thread starter Amigo30
- Start date
2. How many family members are currently in your family unit?
Answer : 3
3. Tell us the number of persons you want to sponsor and their family members.
Answer: 2
Right??
Thanks brother oaw for your opinon .Much appreciated.
Definitely audits are a concern when u have something to hide/undisclosed income stream .
I did double check with another accountant who is a senior partner at Deloitte who is also a far off relative .He said " You dont have any undisclosed income and this is tax planning not tax evasion ,so you are safe " . When you have clear income flow with nothing to hide ,then you dont have to worry about an audit. What is being done is that, a X amount of money is being drawn as a dividend from my corporation and paid to my spouse . We are revising the tax returns for 2016 ,which is perfectly legal under the present Canadian law.
My current accountant is a partner at E & Y .
These are top notch professionals and tax lawyers group who charge me $$$$$$ dollars yearly and its part of their contract to defend/guide me through an audit if applicable .
I dont see any unfairness in what i do ,as I will be paying my fair share of taxes as per the law.
Would definitely be helpful in correcting myself if you can point out the unfair/unlawful practice that I am following ?
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You also need to continue to meet the higher income level until sponsorship. Given the current focus on small business tax lowering techniques and things like income sprinkling I would really think about refiling depending what tax saving techniques your accountant has used.
Thanks Canuck78 , very valid points.
I did discuss this as well with my accountant .
The proposed changes come in from 2018 onwards.
The proposed changes have been diluted due to public outcry and previous years passive income has been grandfathered in.(Remember Bill Morneau our finance minister was using these as well )
Yes you are correct , I will have to pay more taxes from next year onwards to keepup the income level and stop income sprinkling for 2018 tax year onwards .
I was missing the income level by a few thousand dollars ,so hopefully this would not be much of an outgo . Thanks again for the thoughtful suggestion
This is a lovely forum with awesome members
Yes only mentioned income sprinkling and not other techniques for a good reasonThanks Canuck78 , very valid points.
I did discuss this as well with my accountant .
The proposed changes come in from 2018 onwards.
The proposed changes have been diluted due to public outcry and previous years passive income has been grandfathered in.(Remember Bill Morneau our finance minister was using these as well )
Yes you are correct , I will have to pay more taxes from next year onwards to keepup the income level and stop income sprinkling for 2018 tax year onwards .
I was missing the income level by a few thousand dollars ,so hopefully this would not be much of an outgo . Thanks again for the thoughtful suggestion
This is a lovely forum with awesome members
Sure lots of people have been using the deductions they were legally allowed to use but if anyone has been liberally using some deductions probably best not to take a chance and refile.Agreed totallyYes only mentioned income sprinkling and not other techniques for a good reason
Has someone started a spread sheet for 2018 applications ? it would be better if we start from the first step since completion of interest to sponsor a family member form.
What do you guys think ?
What do you guys think ?
As mentioned the "unfair/unlawful" part is the income sprinkling you are doing. Your wife obviously didn't suddenly discover extra work she did for your company in 2016 to suddenly warrant the extra payments, so as such you are just using her to lower your own tax burden. As you noted the government is cracking down on this practice now, but there were still rules to follow in the past on income sprinkling to family members so you just better make sure if CRA decides to audit you, then you are able to justify everything.
Also note that if you are chosen for 2018 parents lottery, the 2016 tax re-assessment must be completely done and official in CRAs records at the time IRCC does their initial income check on you. If you run into any problems with the 2016 re-assessment or it's delayed by CRA for whatever reason, then when IRCC checks they would have grounds to reject your app for not meeting LICO.
Hello All,
Can some one please help me to count my family size?
Me + Wife + Son ( Born Oct-2014 ) + Daughter ( June- 2016 )
Me & My wife we sponsored my father in law and mother in law for super visa ( visa valid up to 2021 )
And my mom she have visitor visa and i would like to sponsor her for 2018 Parents and Grandparents Immigration
Please let me know for total numbers of people i have to consider for income cutoff - 5 or 7?
Thank you
Can some one please help me to count my family size?
Me + Wife + Son ( Born Oct-2014 ) + Daughter ( June- 2016 )
Me & My wife we sponsored my father in law and mother in law for super visa ( visa valid up to 2021 )
And my mom she have visitor visa and i would like to sponsor her for 2018 Parents and Grandparents Immigration
Please let me know for total numbers of people i have to consider for income cutoff - 5 or 7?
Thank you
Family size 5 : Super visa isn't considered as undertaking for sponsorship.
Folks correct me if I'm wrong.
Thanks