parents sponsership joine here

[user828]

Thank you for your advice, guys.
Our gross income is three times higher than the income mentioned in the line 150 of the Option C, and if they go by the Option C 150 line, it means that we do not meet the LICO.
Though according to our food and clothes expenses during the year, we definitely spend much more for our family needs than it is mentioned in line 150.....

Suin, how did your accountant put income - expenses in Gross, Line 150

Does line 150 say 30K or something

 

[Suin]

Suin, how did your accountant put income - expenses in Gross, Line 150

Does line 150 say 30K or something

yes, for 2009, and twice less for 2010.... with gross farming around 80,000.

 

[rajmalhotra7]

yes, for 2009, and twice less for 2010.... with gross farming around 80,000.

what is your Net Income (line 236) for 2009, 2010 in Notice of Assessment. Notice of assessment is different from Option C.

 

[Suin]

what is your Net Income (line 236) for 2009, 2010 in Notice of Assessment. Notice of assessment is different from Option C.

Could you please advise what is the Notice of Assessment and where we can get it?

Thank you very much for your help.

 

[Shuga]

Could you please advise what is the Notice of Assessment and where we can get it?

that's what you get from revenue canada every year after you sent them your tax return... you should have it if you filed tax return...

 

[Suin]

Is a notice of assessment a complete tax return info we get from CRA?

 

[Suin]

that's what you get from revenue canada every year after you sent them your tax return... you should have it if you filed tax return...

yes, thanks, just my brain got blank for a moment.

 

[Luck786]

Hi Suin
It is light blue in colour and issued by CRA.
For us salaried,employed persons it starts with

150 Total Income 100
Deductions from Total Income 25
236 Net Income 75
260 Taxable Income 75

So it is Line 150 our total or gross Income .236 is our income after deductions mainly r Incometax.
After line 260 there are credits from Federal and Provincial Governments.

As you can see line 236 is less then line 150 in $ amount.
I am sure CIC looks at Line 150 not on line 236.
Because lets say with Income of 68000 you would pay around 14000 as tax and your net Income would come to 54000.Which is not enough to sponsor family of eight.But if you consider line 150 which is 68000 ,and this LICO is enough for 9 persons

A person with self employed income and approved as sponsor can give the best answer.
Do we have one here at this forum?

 

[user828]

Its all on Gross, not NET

here

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&ved=0CCoQFjAB&url=http%3A%2F%2Fwww.cic.gc.ca%2Fenglish%2Fpdf%2Fkits%2Fguides%2F5482E.PDF&ei=94ORUNbPHIXKswbM34DoDQ&usg=AFQjCNGlxr7-BifwyV5zuVKhzCuJuM6MuA&sig2=ZbykWnlA7M7WZHpJxuX7oQ

 

[Shuga]

Its all on Gross, not NET

when you say Gross - do you mean before taxes? or before expences?
for me it looks like Total income (line 150) = Employment income + NET Self-employed income...
so for permanent employees - it's before taxes... but for self-employed portion it's after expenses...

from your link:

If you were self-employed, give details about your business in section C, including your personal business income. Personal business income is defined as the net income earned (or loss incurred) and reported to CRA from activities conducted for profit from a sole proprietorship, partnership or unincorporated business.

 

[user828]

when you say Gross - do you mean before taxes? or before expences?
for me it looks like Total income (line 150) = Employment income + NET Self-employed income...
so for permanent employees - it's before taxes... but for self-employed portion it's after expenses...

from your link:

If you were self-employed, give details about your business in section C, including your personal business income. Personal business income is defined as the net income earned (or loss incurred) and reported to CRA from activities conducted for profit from a sole proprietorship, partnership or unincorporated business.

yes, for employment but suin mentioned that her Gross is 30K, not sure what their net would then? even lower

 

[Suin]

what is your Net Income (line 236) for 2009, 2010 in Notice of Assessment. Notice of assessment is different from Option C.

I looked through all our Notices of Assessments - I do not see line 236 at all....

 

[Suin]

yes, for employment but suin mentioned that her Gross is 30K, not sure what their net would then? even lower

we total we make a year is around $80K - this sum is mentioned in a gross farming income, but in the line 150 it's indicated 30K only.

 

[rajmalhotra7]

I looked through all our Notices of Assessments - I do not see line 236 at all....

Do you see these line numbers

Self-employment income
Lines 135 to 143 - Net
Lines 162 to 170 - Gross

 

[Luck786]

Line 236 is second line under Lines on notice of Asses,on first page.