PGP 2020
- Thread starter Niharika_11
- Start date
I asked because when we work on corporation, salary comes in business account not in personal account and business account does not get considered in your income for PGP. that is why i asked.
Yes, that's correct. Only your personal CRA return can be considered to meet the income requirements to sponsor your parents / grandparents. Your business / corporation tax return cannot be included or considered.
Did you mean you own a business?
If you are the owner, you can pay yourself salary to your personal account.
But in the end, the line 150 on your NOA will be the one and only that IRCC would count toward income requirement
Thanks @scylla for bringing my attention to this thread.
Hello everyone. I have a question regarding parent sponsorship
I and my sister live here in Canada and both qualify to sponsor our parents under the newly opened 2020 sponsorship for parents.
I know part of the criteria is that one should not submit duplicate applications. - does this mean duplicate applications from one person or duplicate applications for the person you are sponsoring?
My question is if I submit an application, can my sister also submit her own application?
Hello everyone. I have a question regarding parent sponsorship
I and my sister live here in Canada and both qualify to sponsor our parents under the newly opened 2020 sponsorship for parents.
I know part of the criteria is that one should not submit duplicate applications. - does this mean duplicate applications from one person or duplicate applications for the person you are sponsoring?
My question is if I submit an application, can my sister also submit her own application?
Technically, you both are qualified to submit the EOI
But if you both get selected, only one of you could submit the actual application. And and such, the other would waste one spot
Hope this help
Yes both of you should submit EOI as both of you qualify and are eligible.
By both of you applying you double the chance of your parents being picked in the lottery.
You are not wasting a spot. It is highly unlikely both of you get picked in the lottery. It is like saying if someone buys 2 tickets in Lotto that they are wasting. They are not.
Yes you are correct.
So you need to pay yourself enough personal income to meet the LICO requirements and pay the personal income taxes on it.
Do it till your parents have got the PR and landed then you can pay yourself zero after that or whatever minimum amount you want to reduce the personal tax amount and only pay the corporate income taxes.
I see you mean "working on corporation" actually mean you are one of the owners/shareholders or solely owner of a business, correct?Yes that is the thing i wanted to discuss you are right but if i asked first is someone working on corporation what is wrong in that question...is it something personal i should not have asked ?
If yes, have you been paying yourself monthly/yearly salary and paid taxes on it just yet? How did you file your personal income tax with CRA every year?
The line 150 on your personal income tax "Notice of Assessment" would be the main thing in the PGP
IRCC is asking that your total household income (you and your spouse if applicable) must meet the requirement for 2018 - 2019 - 2020 (yes, 3 consecutive years) in order to be qualified to sponsor.
I know a few people that own small businesses but did not pay/pay very limited to themselves (hence paid personal income taxes very little) every year... So even though the business makes good profit, they are not qualified to sponsor their parents/grandparent as their personal income is not enough
Hope this help