Moving Mid year to Canada and Lico for half year

[nishantmr]

I am planning to move to canada this July. I do plan to sponsor my parents after i pay taxes for 3 years after meeting LICO.

My question is - If i am in Canada only for 6 months do i still need to meet LICO for whole of 2020? or will it considered only half?

e.g LICO of 2019 was ~68k, lets consider it being ~68k for 2020. If i move in July this year for being LICO eligible will i have to earn 68k or 68k/2?

thanks

 

[Copingwithlife]

I am planning to move to canada this July. I do plan to sponsor my parents after i pay taxes for 3 years after meeting LICO.

My question is - If i am in Canada only for 6 months do i still need to meet LICO for whole of 2020? or will it considered only half?

e.g LICO of 2019 was ~68k, lets consider it being ~68k for 2020. If i move in July this year for being LICO eligible will i have to earn 68k or 68k/2?

thanks

What ever your NOA is for the year

 

[canuck78]

I am planning to move to canada this July. I do plan to sponsor my parents after i pay taxes for 3 years after meeting LICO.

My question is - If i am in Canada only for 6 months do i still need to meet LICO for whole of 2020? or will it considered only half?

e.g LICO of 2019 was ~68k, lets consider it being ~68k for 2020. If i move in July this year for being LICO eligible will i have to earn 68k or 68k/2?

thanks

Would also add that sponsoring parents all at but especially after 3 years is never guaranteed. If you can’t meet LIC based on your income from July-December you’ll need to add another year. There are supposed to be some bigger changes done this year. Hopefully it will prioritize who gets to apply first.

 

[scylla]

I am planning to move to canada this July. I do plan to sponsor my parents after i pay taxes for 3 years after meeting LICO.

My question is - If i am in Canada only for 6 months do i still need to meet LICO for whole of 2020? or will it considered only half?

e.g LICO of 2019 was ~68k, lets consider it being ~68k for 2020. If i move in July this year for being LICO eligible will i have to earn 68k or 68k/2?

thanks

You will need to earn the full 68K.

 

[canuck_in_uk]

I am planning to move to canada this July. I do plan to sponsor my parents after i pay taxes for 3 years after meeting LICO.

My question is - If i am in Canada only for 6 months do i still need to meet LICO for whole of 2020? or will it considered only half?

e.g LICO of 2019 was ~68k, lets consider it being ~68k for 2020. If i move in July this year for being LICO eligible will i have to earn 68k or 68k/2?

thanks

As scylla said, you need to earn the full amount regardless of when you come to Canada. There is no prorating of LICO based on arriving partway through the year.