Net Income - IMM 5481

[amit_27]

Hi,

Sponsorship Evaluation form IMM 5481 asks for "net income for the 12 month period preceding the date of your application".

Can I simply add the monthly salary that is being deposited by my employer into my account for the past 12 months?

And, would the 12 month salary by adding net income from amount being deposited by my employer, be same or approximately same as on the the Notice of assessment? Notice of assessment 2015 has more net income showing, than if I add just add what my employer has deposited into my account. There is almost a difference of 6K, on Net income from Notice of Assessment than what my employer has deposited.

Thank you kindly.

 

[Bublikova]

Hi amit_27,


In this form it is asking you for the net income, which means the income before taxes. You just need to calculate your income for 1 year back starting from the date of your application. For example : if your application date will be May 3rd 2016, you need to calculate income from May 3rd 2015 till May 3rd 2016. The total amount will be different anyway from Notice of assessment because taxes are not applied and the time frame for income is not the same as notice of assesment ( for net income you will take the time of 2015-2016 included)


Hope this will help.

 

[CDNPR2014]

Hi amit_27,


In this form it is asking you for the net income, which means the income before taxes.


Hope this will help.

net income means after taxes. gross income is before taxes. they are looking for income after taxes.