Parent Sponsorship - Do I need a co-signer

[Urmia]

Hi,

After being selected with the lottery draw I am applying for my parents for sponsorship. I have a question related to having a co-signer or not. If I solely meet the minimum income requirement, will it hurt if I add my wife as a co-signer just to strengthen my financial case, perhaps, just in case in the future my salary drops a bit and then my co-signer will really help me meeting the criteria? Will it cause the denial of the application if I have co-signer even if I myself meet the financial requirement? Thank you in advance.

Best,
Urmia

 

[Rob_TO]

Why would you possibly think app would be denied due to adding a co-signer???

Of course adding a co-signer is recommended just in case as you said your income drops in the future.

 

[Urmia]

Why would you possibly think app would be denied due to adding a co-signer???

Of course adding a co-signer is recommended just in case as you said your income drops in the future.

I don't think it will be, just asking if it may or may not cause any issue. Logically, they should not deny, as you also noticed it should be even recommended, but I'm not sure how they consider scenarios like that. Looking out for statistics. Thanks for you reply.

 

[kemeshia]

Hi,

After being selected with the lottery draw I am applying for my parents for sponsorship. I have a question related to having a co-signer or not. If I solely meet the minimum income requirement, will it hurt if I add my wife as a co-signer just to strengthen my financial case, perhaps, just in case in the future my salary drops a bit and then my co-signer will really help me meeting the criteria? Will it cause the denial of the application if I have co-signer even if I myself meet the financial requirement? Thank you in advance.

Best,
Urmia

Adding a cosigner will only strengthen you financially, it won't hurt your case. Good luck.

 

[mikeymyke]

Just remember that the co-signer is financially liable for your parents, for the next 20 yrs. Should let her know beforehand in case she's not comfortable with that

 

[Rob_TO]

I don't think it will be, just asking if it may or may not cause any issue. Logically, they should not deny, as you also noticed it should be even recommended, but I'm not sure how they consider scenarios like that. Looking out for statistics. Thanks for you reply.

I have no idea what kind of statistics you're looking for. Meeting LICO income amount is a yes or no question. You either meet it, or you don't. If you have a co-signer, all it means is IRCC will take combined income for calculating your income amount. That is it.

 

[Urmia]

Thank you all for provided answers.