LICO Calculation

[Alan Rocker]

Hi,

Applied for my parents in July 2010, application was delayed and is now being processed. I have a question about LICO If I understand it correctly LICO Plus 30% wouldn't apply to my application because it was submitted in 2010? if yes what would be the LICO amount i have to main for 2015 for 8 people?

Thanks in advance

Alan

 

[Alan Rocker]

Anyone? Please and thanks

 

[Rob_TO]

You follow the old rules (so no 30% extra required).

 

[Alan Rocker]

Thanks Rob, does this mean i have to maintain the LICO per 2010 lico table till my parents arrive in Canada which would be $64647 for 8 people per below table?

Table 4 - Low Income Cut-off (LICO)
Effective until December 31, 2010

Size of Family Unit Minimum necessary income
1 person (the sponsor) $22,171
2 persons $27,601
3 persons $33,933
4 persons $41,198
5 persons $46,727
6 persons $52,699
7 persons $58,673
More than 7 persons, for each additional person, add $5,974

 

[Alan Rocker]

Please and thanks

 

[Rob_TO]

Thanks Rob, does this mean i have to maintain the LICO per 2010 lico table till my parents arrive in Canada which would be $64647 for 8 people per below table?

That's the income you needed in your 2010 tax year. Every year the LICO increases a little bit, so you need to maintain at the latest levels.

Also if your family size increases (so if you have another kid or a new dependent is added to application) that will also increase the more recent LICO you need to meet.

 

[Alan Rocker]

Thanks Rob

 

[psAug2010]

Hi,

Applied for my parents in July 2010, application was delayed and is now being processed. I have a question about LICO If I understand it correctly LICO Plus 30% wouldn't apply to my application because it was submitted in 2010? if yes what would be the LICO amount i have to main for 2015 for 8 people?

Thanks in advance

Alan

This page contains the LICO numbers for 2015.

https://fullskillsexamprep.com/blog/2015-lico-low-income-cutoff/