Income requirement

[pakistan]

Can any one briefly explain what is minimum necessary income means to sponsor?
is this your total taxable income or the Net income?

 

[graham]

there is no set amount for being a sponsor unless children are involved,but i think they expect you to be working to some extent so you can provide for your new spouse. they will likely ask for an option c print out,you can get this online if it is easier or ask your local tax office and they can assist you. good luck

 

[pakistan]

if you want to sponsor your parents, you need to prove an income level. that income is called minimum necessary income requirement to sponsor parents, not spouse. I am asking about that income that whether we should use 'gross income or net income?

 

[Leon]

Gross income.

 

[pakistan]

Thank you for your response let me further explain the terms

Gross income: total income which is given at your tax papers including your expenditures
Net income: Gross income minus your own total expenditure
We pay tax on net income, not on gross income

so Leon can you tell me now wht minimum necessary income refers to
is it net income or still gross income?

 

[Leon]

In your first post, you ask if it's the total taxable income or the Net income. In your last post, you define Net income as your taxable income. Which is it?

If you are running a business, say you get total 70,000 and you spent 20,000 on supplies, you make 50,000 and this is the money you pay tax off so that is what you would list as your income for sponsorship.

If you are an employee and you get 50,000 a year and you pay taxes off that, that is what you list.

The income needed for sponsorship can be found at http://www.cic.gc.ca/english/information/applications/guides/5196E10.asp table 4.