If you’re planning to sponsor your spouse or common-law partner, having a fixed based yearly income is not needed as a sponsor. But, it is important that you, as a sponsor, must have a decent income and is not taking benefits from any provincial government or is in any way dealing in proceedings related to bankruptcy. If you plan to sponsor other members of the family, you are required to have the financial capability to support those who you’re planning to sponsor. You must supply to the office of Canada Immigration with all the vital documents.
Financial Requirements of Sponsors
As mentioned above, if the spouse, common-law partner or dependent children below 19 years of age are being sponsored, the sponsor doesn’t have to meet the requirements of LICO or low income cut off. Nonetheless, the sponsor must not be a recipient of government help except for disability reasons.
For sponsoring parents, grandparents, and dependents of parents or grandparents, the sponsor’s income for every year for three years must meet the low income cut off or LICO plus additional 30% must be submitted. The sum of LICO is reassessed each year and for the various types of application for sponsorship, the income of the sponsor must meet LICO requirements for the past 12 months before the date of application is submitted.
The total sum of LICO that the sponsor must possess is dependent on the number of individuals in his/her own family, the number of relatives who will be sponsored and the number of individuals included in the past sponsorship actions where the sponsor has signed or cosigned and are still in effect.
For reference, there is a low-income cut-off chart included in the application for sponsorship. In assessing if the sponsor has passed the needed requirements, the Notice Appraisal given by the Canada Income Office for the three years must be checked if he or she passes the said requirement.
Aside from the LICO chart, the sponsorship application also has the financial assessment form, which shows a breakdown of what can be considered as income. Examples of considered income are wages, pension wage, lease, self-employment income, uncommon work protection advantages like parental, maternity and sickness benefits, business income, investment income, and maturity security supplement sums.