Income proof for Self-employed

[san.metro.parents]

Friends,

I am sole owner of a coorporation (incorporated) and work as contractor with clients and get paid on weekly basis for my services...

As per requirnment, a sponsor (to parents PR) need to submit CRA assessment copy for last 3 years; since I am only owner of my coorporation; can I submit assessment copy for my coorporation? Reason - coorporation income is bit more compare to my own income (I withdraw 75% from coorporation income, as my salary).

Is there any possibility or that would be out of question?

any suggetsions would be great help.

regards.

 

[sunshinemrc]

Even in this case, correct me if I am wrong, but don't you still have to report your income from self employment to CRA when you submit personal tax returns?

 

[san.metro.parents]

First of all, thanks for your reply...

Yes, I do file personal taxes with CRA and have assessment copies.

I am planning to file my own assessment copies but if as an only onwer of my coorporation, I show more income in assessment copy of coorporation; that may be helpful in case it can also be accepted.

regards.

 

[sunshinemrc]

This is only my opinion...

I think you can include the company assessments as well with an explanation, which will not hinder your application, however I believe that CIC will only be looking to your personal CRA assessments to verify if you meet the income threshold.

The reason would most likely be, that CIC cannot make a true assessment of your personal income based on review of corporation assessment, for example although you are a sole owner, you may contract out work to others etc, I know you do not, but CIC cannot make that determination. In order to determine where business income is going and how its disbursed they would need to review audited financial statements of the corporation, and to be honest I do not think that CIC employees are qualified to do that, plus chances are as a small business owner you do not have your financial statements audited as it is quite costly.

 

[scylla]

I agree with the above. I think your personal CRA needs to meet LICO for three years in a row. As long as you meet that requirement - you have nothing to worry about.

 

[san.metro.parents]

This is only my opinion...

I think you can include the company assessments as well with an explanation, which will not hinder your application, however I believe that CIC will only be looking to your personal CRA assessments to verify if you meet the income threshold.

The reason would most likely be, that CIC cannot make a true assessment of your personal income based on review of corporation assessment, for example although you are a sole owner, you may contract out work to others etc, I know you do not, but CIC cannot make that determination. In order to determine where business income is going and how its disbursed they would need to review audited financial statements of the corporation, and to be honest I do not think that CIC employees are qualified to do that, plus chances are as a small business owner you do not have your financial statements audited as it is quite costly.

You are 100% correct to imagine the situation, like I don't do sub-contract but I can't prove in my application... so personal NOA is the only option...

Thank you for your reply, it was very helpful to clear my doubt...