Super Visa Income Requirement Question for Self-Employed

[ghostrider2424]

I have filed my 2023 taxes (I was self employed for all of 2023) and got my NOA for 2023:

Gross Income Line 1500: 45,000
Deductions: 18,000
Gross Taxable Income: 27,000
Net Income: 27,000

Q1. Would this qualify for supervisa sponsorship for my parents? 3 members in total in the family (Requirement $42,000 approx.)

Q2. I started working Jan 2024 and have job offer and paystubs amounting to $6000 gross per month. So my 2024 income would be much higher as I am self employed as well as full-time employee. So would my job offer letter + 2 month paystubs (Jan&Feb) + 2023 NOA (as above) + letter from the accountant stating my 2024 income would be over $80,000 grosswould satisfy the requirement?

Q3. Would my savings or my parents' savings and bank balance have any impact on the decision? I have $50k in GIC, $15k in TFSA and $10k in RRSP. I have been saving to buy a house but if I show it along with NOA 2023, would it satisfy the requirement? Or does savings have no impact, and only income is required?

 

[scylla]

I have filed my 2023 taxes (I was self employed for all of 2023) and got my NOA for 2023:

Gross Income Line 1500: 45,000
Deductions: 18,000
Gross Taxable Income: 27,000
Net Income: 27,000

Q1. Would this qualify for supervisa sponsorship for my parents? 3 members in total in the family (Requirement $42,000 approx.)

Q2. I started working Jan 2024 and have job offer and paystubs amounting to $6000 gross per month. So my 2024 income would be much higher as I am self employed as well as full-time employee. So would my job offer letter + 2 month paystubs (Jan&Feb) + 2023 NOA (as above) + letter from the accountant stating my 2024 income would be over $80,000 grosswould satisfy the requirement?

Q3. Would my savings or my parents' savings and bank balance have any impact on the decision? I have $50k in GIC, $15k in TFSA and $10k in RRSP. I have been saving to buy a house but if I show it along with NOA 2023, would it satisfy the requirement? Or does savings have no impact, and only income is required?

1) No. Your gross taxable income needs to meet LICO.
2) You can try. However we often see IRCC refuse applications without NOA. But again, you can certainly try.
3) You can't use savings to meet LICO. Savings have no impact.

 

[canuck78]

You usually have to show income earned in Canada not projected salary so 2 months of income is unlikely to allow you to qualify for a supervisa. Many people max out their deductions and then discover they do not qualify for PGP and supervisas.

Best option is for them to try for a TRV for this visit and then attempt to get a supervisa then next time they want to visit when you meet LICO

 

[ghostrider2424]

My accountant is saying line 1500 value is what is considered and that I am being misguided online lol. He says the deductions below line 1500 is contributions to RRSP and should have no impact on the income of 2023 as it was 45,000

 

[YVR123]

My accountant is saying line 1500 value is what is considered and that I am being misguided online lol. He says the deductions below line 1500 is contributions to RRSP and should have no impact on the income of 2023 as it was 45,000

https://ircc.canada.ca/english/helpcentre/answer.asp?qnum=1525&top=14
It's line 15000 in NOA total income. Where online did you see soemthing else? Trust IRCC site.
(same for PGP and super visa)

 

[canuck78]

My accountant is saying line 1500 value is what is considered and that I am being misguided online lol. He says the deductions below line 1500 is contributions to RRSP and should have no impact on the income of 2023 as it was 45,000

Income minus expenses for self-employed people is what income is measured which is why so many self-employed people run into problems when they apply for PGP, supervisa, etc. Maximizing their expenses often push them below the LICO amount.

 

[ghostrider2424]

https://ircc.canada.ca/english/helpcentre/answer.asp?qnum=1525&top=14
It's line 15000 in NOA total income. Where online did you see soemthing else? Trust IRCC site.
(same for PGP and super visa)

In the question I mentioned the value at Line 15000 but someone here still said no to it. That threw me off which made me question if should I file or not. But you're right, I should just follow Ircc guidelines instead of looking at other user's input

 

[ghostrider2424]

Income minus expenses for self-employed people is what income is measured which is why so many self-employed people run into problems when they apply for PGP, supervisa, etc. Maximizing their expenses often push them below the LICO amount.

Yea that I understand. But my income minus expenses is 45,000. After that, I have RRSP contribution deducted which amount to 18000 which then makes the net taxable income 27,000. But that 18000 shouldn't be held against me as I put it in savings and my income after expenses was infact 45,000 as indicated by line 15000 of NOA. I had doubts because someone keeps saying it's net taxable income which is cannot possibly be true. Because we do contributions to RRSP to lower net taxable income but that doesn't mean the money that went to RRSP was not part of the income that person made.

 

[canuck78]

Yea that I understand. But my income minus expenses is 45,000. After that, I have RRSP contribution deducted which amount to 18000 which then makes the net taxable income 27,000. But that 18000 shouldn't be held against me as I put it in savings and my income after expenses was infact 45,000 as indicated by line 15000 of NOA. I had doubts because someone keeps saying it's net taxable income which is cannot possibly be true. Because we do contributions to RRSP to lower net taxable income but that doesn't mean the money that went to RRSP was not part of the income that person made.

The amount of income you have to live on is also a factor. Even at 45k given the cost of living supporting another adult who doesn’t have access to free healthcare, needs a separate bedroom, etc. is very tough to do.

 

[steaky]

The amount of income you have to live on is also a factor. Even at 45k given the cost of living supporting another adult who doesn’t have access to free healthcare, needs a separate bedroom, etc. is very tough to do.

Even so OP supports two adults instead of one who both does not have access to free healthcare, etc.

 

[ghostrider2424]

The amount of income you have to live on is also a factor. Even at 45k given the cost of living supporting another adult who doesn’t have access to free healthcare, needs a separate bedroom, etc. is very tough to do.

I am talking about LICO and eligibility to apply. The application process is very one-dimensional. It states the 2 new members have to depend on the applicant for everything. Which is not true always. My parents' pension back home amounts to $4000 CAD equivalent a month. They have enough funds in their bank account to support their stay for the whole duration of the 10 year super visa. They have universal medical health coverage from back home. But the application requires my income and Canadian company's insurance, none of which to be honest they will even depend on for their stay. So my question was for eligibility to apply and not sustenance.

 

[ghostrider2424]

Even so OP supports two adults instead of one who both does not have access to free healthcare, etc.

You're right, I don't. Infact I don't need to. They can support themselves, but apparently the application does not consider their financials. So I just asked a question for eligibility to apply.