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Financial question re sponsorship of parents

Financial question re sponsorship of parents

Old Oct 4th 2008, 7:37 pm
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Default Financial question re sponsorship of parents

Would anybody know if when applying to Sponsor your parents that your amount of savings would also be taken into consideration along with your earnings? Or would it be the amount of intrest earned over the 12 months be what they want as it would be classes as income maybe?
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Old Oct 4th 2008, 7:49 pm
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Default Re: Financial question re sponsorship of parents

Originally Posted by BevHep
Would anybody know if when applying to Sponsor your parents that your amount of savings would also be taken into consideration along with your earnings? Or would it be the amount of intrest earned over the 12 months be what they want as it would be classes as income maybe?
They do not take into consideration the sponsor's assets. Rather, the Low Income Cut-Off (LICO) is based on income from Canadian sources. There is no restriction on the source(s) of the income. They don't mind how you earned the income (from employment, from investments, or whatever) as long as the income originates in Canada.
x
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Old Oct 4th 2008, 8:17 pm
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Default Re: Financial question re sponsorship of parents

And as long as such income is declared on Canadian tax return.

Those who live in Canada but commute to work in US (but don't reside in US) may claim their US income too, as long as it is declared on Canadian tax return.
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Old Nov 7th 2008, 7:05 am
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Default Re: Financial question re sponsorship of parents

I am also needing help regarding the financial requirements when sponsoring parents.

According to the guide, the processing manuals, and the CIC call centre, i have to meet the LICO based solely on my family size. However, I keep coming across information that says the LICO for sponsorship is based on family size and the size of the place you live. Can someone please clarify because the CIC call centre said "it is definitely not based on population size". This would make a huge difference because I live in a small area and do not meet the LICO for my family size according to the figures provided by CIC (which are based on populations of 500,000 or more).

Also, if I still do not meet the LICO, would it be possible for my parents (whom I'm sponsoring) to "hire" me, in order to make up the difference? They are visitors in Canada, are retired and own a home here in Canada. They were thinking of hiring me to care for their home.
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