parent sponsorship job loss

[concernedson]

Hi guys I sponsored my mom back in 2015. I am based in Alberta. With the state of the economy I got let go in dec 2015. I am concerned on how it impacts my mothers application if I dont find work this year 2016. I had a few questions:
Do I need to make 40k+ for subsequent years? ie 2016 2017 etc. until the application is approved. I think the answer is yes but is immigration strict about this?
Can I do my masters in the meanwhile instead?
How does ei affect the parent ongoing application?
Can I go abroad to earn instead or do I have to stay in north America?
My mother owns foreign property can that be shown later to indicate her eligibility for subsequent years to stay here.
Thanks guys

 

[scylla]

Re: parent sponsorship

Yes - you need to continue to meet the minimum income level until your parents' PR application is finalized.

No - you cannot earn this money abroad. You can't even go as far as the US. It must be earned in Canada.

It's possible CIC may not find out. It's also possible they may request proof that you have continued to meet LICO since sponsoring your parents (in which case you'd have a problem on your hands if you don't meet LICO during one of these years). Yes - they are very strict about LICO (down to the dollar).

No - property cannot be used to supplement income. It must be income you earn in Canada.

 

[mikeymyke]

In Alberta, despite the economy, it shouldn't be hard at all to find work for 2016. It might not be the kind of work you're used to doing or what you like, but you shouldn't have problems just finding a simple job. Depending on your situation, you may have to work a second job.

 

[concernedson]

agreed I could do that but then should I stop collecting EI and get started on working multiple jobs?

 

[scylla]

If you want to avoid putting the PR application is jeopardy, your income this year cannot drop below LICO. Unfortunately that's all we can really tell you or help you with. It doesn't necessarily mean you have to work multiple jobs. However if the PR application is a priority, then you need to sort out how you're going to change your current situation.

 

[jomz]

maybe Canadian rental income can be added. Not sure if Canadian rental income gets added to line 150, maybe someone can confirm this for you. So the idea behind rental income is, if it can be counted as income you can rent out your house/condo you own in Alberta (if you own) and you yourself can rent something until you are able to find another job. You can definitely count what you will get from EI as income however that won't be very much (approx 26-27k a year is a maximum benefit) but if you rent your house for let's say $2000 that could be additional 24k to be added to your income.

 

[scylla]

maybe Canadian rental income can be added. Not sure if Canadian rental income gets added to line 150, maybe someone can confirm this for you. So the idea behind rental income is, if it can be counted as income you can rent out your house/condo you own in Alberta (if you own) and you yourself can rent something until you are able to find another job. You can definitely count what you will get from EI as income however that won't be very much (approx 26-27k a year is a maximum benefit) but if you rent your house for let's say $2000 that could be additional 24k to be added to your income.

Yes - net income from a rental property located in Canada can be included. However the value of that property is not.

 

[concernedson]

Since the CRA is into taxing foreign property and that calculation ends up in line 150 regardless of whether it's the property is foreign or local I cant seem to see why foreign property income cant make it's way into the financial assessment prior to PR granting. Any thoughts?

 

[jhutti]

Since the CRA is into taxing foreign property and that calculation ends up in line 150 regardless of whether it's the property is foreign or local I cant seem to see why foreign property income cant make it's way into the financial assessment prior to PR granting. Any thoughts?

Cra is happy to tax on world income but cic would like to consider only canada source income. Also EI income is not counted by CIC. Ur best bet is do job and part time study plus rent out canada home. U live in rent home. Do not take EI payments

 

[scylla]

Since the CRA is into taxing foreign property and that calculation ends up in line 150 regardless of whether it's the property is foreign or local I cant seem to see why foreign property income cant make it's way into the financial assessment prior to PR granting. Any thoughts?

Because that's what CIC's rules say.

Additionally, you must be physically living in Canada continuously from the time you sponsor your parents to the time their application is approved. If you leave Canada to work outside of the country, then you will be violating two requirements of sponsorship (both minimum income from Canadian sources requirement as well as the living in Canada requirement). Again, obviously your choice what you do. But if the PR application is a priority for you, then you need to remain in Canada for the duration and ensure your income here doesn't drop below LICO.