Income Calculation for Parents Sponsorship

[GurpreetDhadda]

Does the net income counted for a calender year includes the RRSP contribution for that year or not.

For example: Net Income for an year $65000 ----- Is this counted
RRSP Contribution $13000
Taxable Income $52000 ----- Or this one

 

[scylla]

You should be using your Gross Income (pre-tax) from your tax return - not Net Income.

An RRSP contribution is not income since that contribution may have been made from existing cash reserves in a bank account.

 

[soonihope]

income on line 150 of your notice of assessment. this is your income figure which CIC use for LICO calculations.

 

[GurpreetDhadda]

income on line 150 of your notice of assessment. this is your income figure which CIC use for LICO calculations.

Thanks soonihope...

Another question about eligibility for LICO... If we are applying in 2016, should we meet the income requirements for 2013,2014,2015 or 2012,2013,2014.

 

[screech339]

Thanks soonihope...

Another question about eligibility for LICO... If we are applying in 2016, should we meet the income requirements for 2013,2014,2015 or 2012,2013,2014.

2012, 2013 and 2014 for 2016 PGP application.

 

[Rob_TO]

Unless you're from Quebec, since they didn't seem to adopt the 3-years income rule so still can just use 1 year of income (2014 income to sponsor in 2016).

 

[Regina]

It depends when you apply. If you apply before you get your Notice of Assesment for the previous year (let's say in Jan to May 2016) then NOC for 2014 will do. If you apply in June and already got your NOC 2015 then 2015 will be required.

 

[Rob_TO]

It depends when you apply. If you apply before you get your Notice of Assesment for the previous year (let's say in Jan to May 2016) then NOC for 2014 will do. If you apply in June and already got your NOC 2015 then 2015 will be required.

You can only apply while program is open, which is just a day or two in January. You can't apply in any other month.

 

[screech339]

It depends when you apply. If you apply before you get your Notice of Assesment for the previous year (let's say in Jan to May 2016) then NOC for 2014 will do. If you apply in June and already got your NOC 2015 then 2015 will be required.

You do realize that not only the PGP open for a couple of days in Jan 2016, 2015 tax assessments are not done and won't issue 2015 NOA until long after 2016 PGP closes

 

[scylla]

You can only apply while program is open, which is just a day or two in January. You can't apply in any other month.

Agreed. The application cap was reached in a day and a half this year.

 

[GurpreetDhadda]

Thanks everyone. That's means we cannot use pay stubs as proof of salary and send them NOA or option C printout later.

Any guesses of current backlog for Parents sponsorship.

 

[screech339]

Thanks everyone. That's means we cannot use pay stubs as proof of salary and send them NOA or option C printout later.

Any guesses of current backlog for Parents sponsorship.

That is correct. You cannot use paystubs as proof of income. Only NOA or Option C printouts.

Some people are thinking around at least 4 years before the parents can get PR.

 

[GurpreetDhadda]

Thanks screech39... I have to wait until January 2017 to apply then... Hopefully by then the processing time is reduced...

That is correct. You cannot use paystubs as proof of income. Only NOA or Option C printouts.

Some people are thinking around at least 4 years before the parents can get PR.

 

[scylla]

Thanks screech39... I have to wait until January 2017 to apply then... Hopefully by then the processing time is reduced...

Reasonably the lowest it will most likely drop is down to 3 years. However I believe CIC is projecting that it's going to be several years before this 3 year target will be reached.