Financial question re sponsorship of parents
#1
Just Joined
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Joined: Nov 2007
Location: Annapolis Valley Nova Scotia
Posts: 23
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?
Thanks Bev
Thanks Bev
#2
Re: 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?
x
#3
Joined: May 2004
Posts: 8,984
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.
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.
#4
Just Joined
Joined: Mar 2008
Posts: 2
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.
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.