- Oct 19, 2011
- 4
- Category........
- Visa Office......
- Vegreville, Alberta
- Job Offer........
- Pre-Assessed..
- App. Filed.......
- 28-03-2012
Hi guys,
Haven't check back for a long time ever since my wife become PR. Now I am back as I am helping my brother (who is Canadian) to sponsor his wife inland as well.
Brief background: He is Canadian, but has been away for 15 years, so technically non-resident holding valid Canadian passport. Has two kids (11 and 5); both are Canadian passport. Plan to move back this May with them and apply PR inland for his wife. He never filed any tax in the past with his foreign income since he does not want to be double taxed, but he has filed some tax since last year due to rental income with a property he bought in 2012. He will have about 350,000 in liquid asset in his TD bank account once he moved back from the sale of his China property. His current house is worth 850,000 and only has a 350,000 mortgage outanding. So his net worth is about 850,000 plus other investments holding. He bought a new home to be built for 650,000 which he will pay 300,000 down payment, so he will keep about 550,000 as cash flow in his bank.
Problem: Satisfying the income requirement? I read online that to sponsor a spouse, you do not need to really meet the LICO, is that true? With that much money in his Canadian bank account here, I am sure he does not need to apply for social assistance to support his family, and I am sure he is more than capable to provide financial support towards his family. He still runs his China business and gets paid out dividends and bonus annually. So he doesn't really need to work to earn an income. Right now, his plan is to spend some of that money to buy an investment property to collect rental income (spend about 250,000). Put 150,000-200,000 to buy some investments (dividends and capital gain). 100,000-150,000 in short term, which will be use for living. He is planning to also register a business here to run himself as self-employ, do some import trading business here. Will that be enough to satisfy the income requirement?
Second question: He needs to return to China often (perhaps once each year and for maybe a few months) to work on his business. I have read online that he does not need to be in Canada during the process of sponsorship, but he needs to be remain in Canada once his wife has been approved PR? That is true? Can he still fly out a few months for let say a max of 5 months each year and still fulfill his residency requirement? He will continue to financially support his family while away.
Last question: His children are Canadian, so he is only sponsoring his wife, so under the financial requirement, do we go by the LICO of 4 people or just 2 (sponsor and applicant)?
Thank you in advance.
I hope someone who has experience, know someone with experience, or anyone with some general information on this to shed some light.
-Walter
Haven't check back for a long time ever since my wife become PR. Now I am back as I am helping my brother (who is Canadian) to sponsor his wife inland as well.
Brief background: He is Canadian, but has been away for 15 years, so technically non-resident holding valid Canadian passport. Has two kids (11 and 5); both are Canadian passport. Plan to move back this May with them and apply PR inland for his wife. He never filed any tax in the past with his foreign income since he does not want to be double taxed, but he has filed some tax since last year due to rental income with a property he bought in 2012. He will have about 350,000 in liquid asset in his TD bank account once he moved back from the sale of his China property. His current house is worth 850,000 and only has a 350,000 mortgage outanding. So his net worth is about 850,000 plus other investments holding. He bought a new home to be built for 650,000 which he will pay 300,000 down payment, so he will keep about 550,000 as cash flow in his bank.
Problem: Satisfying the income requirement? I read online that to sponsor a spouse, you do not need to really meet the LICO, is that true? With that much money in his Canadian bank account here, I am sure he does not need to apply for social assistance to support his family, and I am sure he is more than capable to provide financial support towards his family. He still runs his China business and gets paid out dividends and bonus annually. So he doesn't really need to work to earn an income. Right now, his plan is to spend some of that money to buy an investment property to collect rental income (spend about 250,000). Put 150,000-200,000 to buy some investments (dividends and capital gain). 100,000-150,000 in short term, which will be use for living. He is planning to also register a business here to run himself as self-employ, do some import trading business here. Will that be enough to satisfy the income requirement?
Second question: He needs to return to China often (perhaps once each year and for maybe a few months) to work on his business. I have read online that he does not need to be in Canada during the process of sponsorship, but he needs to be remain in Canada once his wife has been approved PR? That is true? Can he still fly out a few months for let say a max of 5 months each year and still fulfill his residency requirement? He will continue to financially support his family while away.
Last question: His children are Canadian, so he is only sponsoring his wife, so under the financial requirement, do we go by the LICO of 4 people or just 2 (sponsor and applicant)?
Thank you in advance.
I hope someone who has experience, know someone with experience, or anyone with some general information on this to shed some light.
-Walter
