Family Class Sponsorship The Financial Testadmin2023-06-23T15:49:42-04:00
Family Class Sponsorship The Financial Test
The financial test is needed to prove that sponsors can support their relatives for the period of the undertaking. Sponsors in Quebec are subject to that province’s financial criteria.
Sponsors must show they have the minimum necessary income (LICO) to support the sponsored persons as well as their family members in Canada or those already sponsored.
Complete the Financial Evaluation form listing all income,
May include a spouse’s or common-law partner’s income to meet minimum necessary income,
Provide evidence of financial resources,
Provide evidence of social assistance payments received.
Evidence of Income is:
Notice of Assessment from the Canada Revenue Agency for the most recent year or the “Option C printout.”
– OR –
Other proof of income for the 12 months preceding the application if, for example, the sponsor cannot provide a Notice of Assessment/”Option C printout” or their income on the Notice of Assessment is insufficient.
Income for the Purpose of Sponsorship:
Is the amount shown as total income on line 150 of the Notice of Assessment. It does not include provincial or federal benefits and social assistance payments, Employment Insurance benefits or guaranteed income supplements.
Financial resources must originate from Canadian sources.
Combined incomes of the sponsor and the co-signer,
Include all undertakings signed or co-signed when considering family size for the purpose of LICO,
include previously sponsored relatives of the sponsor’s spouse in the calculation of the minimum necessary income (LICO) if your spouse is co-signing,
Ensure the co-signer has completed and signed the required sections of the sponsorship application, undertaking, agreement and financial evaluation.
Complete our form and one of our
Representatives will contact you. Click here
Subscribe To Our Newsletter
There is always a way
About Akrami & Associates Immigration Law Firm
Akrami and Associates is a Canadian Immigration firm specializing in helping people to immigrate to Canada. Collectively our team have worked on thousands of cases involving all Canadian immigration matters involving permanent residencies, temporary residencies, and business immigration.