Income requirement for Tax Year 2021

[kamransagri]

Hi ,

Need to find out how and when the income requirements are set for the year , I will be applying for my parent sponsorship in 2024 , for that i need to maintain income requirement in the years 2021,2022,2023.

so if i need to maintain income for this year , how can i do it.

Thanks

 

[scylla]

Hi ,

Need to find out how and when the income requirements are set for the year , I will be applying for my parent sponsorship in 2024 , for that i need to maintain income requirement in the years 2021,2022,2023.

so if i need to maintain income for this year , how can i do it.

Thanks

The income requirements will be announced when IRCC publishes the details for the 2021 parent / grandparent sponsorship program. We do not know when that will be. You can use the income requirement from previous years to try to estimate what the 2021 requirement will be.

 

[Naheulbeuck]

And to be on the safe side, I'd use years prior to Covid to try and project the income requirements. 2020 got significantly reduced to account for Covid. 2021 could well be reduced as well but to be safe use 2018 and 2019 to project.

Also, just reminding for others, the parents sponsorship program is a lottery, so no guarantee to be able to apply in 2024.

 

[canuck78]

Hi ,

Need to find out how and when the income requirements are set for the year , I will be applying for my parent sponsorship in 2024 , for that i need to maintain income requirement in the years 2021,2022,2023.

so if i need to maintain income for this year , how can i do it.

Thanks

It is impossible to even guess what PGP will look like 3 years from now. Most people don't get to sponsor their parents after their first 3 years of qualifying income so you and your parents should have a plan B. Yes some people do get lucky but many are under the false understanding that parent sponsorship will be possible after 3 years. Would also add that the income amounts are incredibly low and it would be hard to support your parents on that income especially in more expensive regions of Canada or if your parents develop health issues. Canada has partial medicare system. You should try to earn significantly more to be able to actually support your parents if they are able to get PR in the future.