Income question

[KloveG]

My question is on the income portion. I know there is no specific requirement/amount for sponsoring your spouse. I am a business owner and of course when filing taxes there are lot of deductions etc I can claim which allows me to bring my income fairly low. Low enough to keep me in the low income bracket.

Should I worry about this? I just feel uneasy about it. I mean I have had my own business now for 6+ years and do well. Although a 10,000 yearly income won't look too great to them will it?

Anyone have any thoughts on this? I am sending in papers in a few days

 

[Rob_TO]

My question is on the income portion. I know there is no specific requirement/amount for sponsoring your spouse. I am a business owner and of course when filing taxes there are lot of deductions etc I can claim which allows me to bring my income fairly low. Low enough to keep me in the low income bracket.

Should I worry about this? I just feel uneasy about it. I mean I have had my own business now for 6+ years and do well. Although a 10,000 yearly income won't look too great to them will it?

Anyone have any thoughts on this? I am sending in papers in a few days

How do you live on $10K per year and say you're "doing well"? Most likely it won't be an issue for sponsorship though I would explain in the app in more detail.

What I would be more concerned with is an audit by CRA. For a self-employed to report such low income for so many years, they may eventually do a lifestyle audit on you to see how you are living on the $10K you claim you take home per year. They would investigate lots of your deductions to see if they are legitimate or not.

 

[KloveG]

How do you live on $10K per year and say you're "doing well"? Most likely it won't be an issue for sponsorship though I would explain in the app in more detail.

What I would be more concerned with is an audit by CRA. For a self-employed to report such low income for so many years, they may eventually do a lifestyle audit on you to see how you are living on the $10K you claim you take home per year. They would investigate lots of your deductions to see if they are legitimate or not.

Well there are lots of other ways. For example I also have an incorporated business as well, but do not "take" an actual salary, I receive child support, the Child tax benefit per month for my son. All of which are source of money but not necessarily an income. I 100% don't over claim deductions etc it's just that being a single parent also allows a lot benefits come tax time.

I know I can explain all of this for the application. I just am not sure if I go into full detail and show proof, or just basic given the fact that there is not actual "amount" you have to make for spsonsorunh your spouse.

 

[Aquakitty]

10k is very low so you're gonna want to show what you really live on somehow and explain it as you did here.