PGP-2020 tracker link:
https://docs.google.com/spreadsheet...EaMbWTgbHtvxzWYedaojGh0bg/edit#gid=1345494546
https://docs.google.com/spreadsheet...EaMbWTgbHtvxzWYedaojGh0bg/edit#gid=1345494546
PGP 2020
- Thread starter Niharika_11
- Start date
going by previous years lottery, the EOI form just asks you to tick the box saying you declare you meet the income requirements.
There is no link to CRA or anything like that. You just tick off the box.
Just get a spot first then worry about whether you qualify or not. 2020 will be different because the rules are not clear at all.
Even then even if it were clear, many still just submit and EOI without checking if they qualify or not.
I can bet you money that after the 2020 draw is over, people will come to this forum and say things like "I just landed in June 2020. I applied for PGP and won a spot in the lottery. Do I qualify?"
LOL!
Nope.
You need your personal income NOAs. Not corporate/LLC/professional corporation income.
Of course you can pay yourself enough from the corporate accounts so that your personal income is up to the levels required. But doing it retrospectively would have hair in it.
No - it won't. Only income you claim in your personal tax return.
even I am the owner?so personal is the only way
yeah even if you are the owner.
It's just the rules. I guess if you declare $X on your personal then you pay the according income taxes.
Whereas if you don't declare it personally then it is money in the corporation and you only pay the corporate income taxes on that income. The corporation is an entity itself and it isn't the corporation sponsoring your parents for PGP.
So plan it well. make sure you pay yourself and your spouse (if applying co-applicant) enough to meet the LICO requirements for 3 years so that you qualify.
After your parents land you can go back to not paying yourself any personal income if you wish.
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even I am the owner?
Only personal income taxes are accepted for LICO. Yes, even if you are the owner. This isn't your income. This is your corporation's income.
I have an inquiry regarding what is asked for on the EOI form. I applied last year for my parents (2) which is in progress, and this year wish to apply for my grandmother. I am a single individual here in Canada. I have gotten DM1 already on the 2019 app, however DM2 is pending. Will I answer the following like this?
Thanks for all your insights.
- the number of people in your immediate family (you, your spouse or partner and dependent children) - 1
- the total number of people you already sponsored and are still financially responsible for - 2
- the total number of people you want to sponsor, including their dependants (spouse or partner, and children) - 4
Thanks for all your insights.
Check with your accountant about the type of the company you own. There are types that the company income is your income (proprietary or something...) while a lots more are a separated entity itself
Assuming your company is LLC or Inc or LTD, then it is a separated entity thus, its income is not your income.
But if you are the owner, you can pay yourself a monthly or yearly salary upon which, you will have to file a tax return
By then, your income will be line 150 of the NOA, which will be used to qualify for the income requirement
Hope this help
Question:
What's the correct information if both spouse intend to sponsor their parents?
What's the correct information if both spouse intend to sponsor their parents?
- the total number of people you already sponsored and are still financially responsible for - ?
- the total number of people you want to sponsor, including their dependants (spouse or partner, and children) - ?
If I am not mistaken, this should be
In both application, count both spouses + all children + parent(s) of EACH spouse
Does any one else notice that the rules were taken down soon after they published it on their website? Its again displaying that the rules are not yet finalised for MNI 2020.
