HELP,HELP .Can I sponsor my parent using RRSP to meet the min income??

[fungiseme]

I want to sponsor my parent to come to Canada. The only thing I didn't qualify for the requirement is my income.

Can I take out some RRSP each year to meet the standard requirement??

Thank you for your help.

 

[scylla]

I want to sponsor my parent to come to Canada. The only thing I didn't qualify for the requirement is my income.

Can I take out some RRSP each year to meet the standard requirement??

Thank you for your help.

Yes - I think technically you could do this since the withdrawal will trigger a T4RSP.

Keep in mind that this will increase your overall income which may trigger an increase in your overall tax rate. Early withdrawals can also negatively impact things like old age security, gst refunds, etc.

EDIT: I assume you know that you'll have to pay a penalty when you withdraw from your RSP which will be charged by your bank / financial institution.

 

[fungiseme]

Thank you for your help scylla .I know I'll need to pay penalty for it, but is worth it for my parent to come to Canada.

 

[Jim_1987]

were you able to qualify using RRSP Income?