LICO 2024 – Income Requirements for Immigration and Super Visa
In order to sponsor your parents or grandparents for a Super Visa or PR, you need to meet certain income requirements set by the Canadian government. Importantly, by showcasing that you have enough financial resources to support your loved ones during their stay, you can increase the chances of a successful sponsorship application.
In this article, lets discuss some of the Frequently Asked Questions (FAQs) to help you better understand the process of Super Visa Application.
What are the Super Visa Income Requirements?
To be eligible to sponsor your parents or grandparents for a Super Visa, you must meet a minimum income threshold. The income requirement is based on your family size, including the family members you are planning to sponsor. The government wants to ensure that you have enough financial resources to support your loved ones during their stay in Canada.
Refer to the low-income cut-off (LICO) table below to know that exact income requirements.
For inflation adjusted LICO for 2024 feel free to contact our office today!
How to Calculate Your Income?
To calculate your income, you will need to provide proof of your annual earnings. This can include your Notice of Assessment from the Canada Revenue Agency, pay stubs, and employment letters. The government looks at your total income before taxes to determine if you meet the minimum threshold.
What’s included in Qualifying Income – Salary Income, Business Income, Investment Income, EI Maternity Benefits.
What’s not included in Qualifying Income – Social Assistance Payments, EI Regular Benefits, Old Age Security, Guaranteed Income Replacement Payments.
What is the timeline of documents required for the Income Threshold?
When applying for a Super Visa, the Income threshold check relies on the current or previous year’s return. On the other hand, when applying for Permanent Residency, the Income threshold check is based on the previous three years’ returns.
What are additional Financial Requirements?
In addition to meeting the minimum income threshold, you may also be required to provide proof of financial resources to support your parents or grandparents during their stay in Canada. This can include bank statements, investment portfolios, or property deeds. The government wants to ensure that your loved ones will not become a burden on social services while they are in the country.
What Happens If You Do Not Meet the Income Requirements?
If you do not meet the income requirements to sponsor your parents or grandparents for a Super Visa, there is an option, you can consider co-signing with your spouse. Combining your income with that of your spouse to meet the minimum threshold.