Hi All,
I have an inquiry about the below , are we going to add the 30 percent on the below table, or this is already included?
I was trying to call CIC to get more info on this, however their lines are very busy.
Any help will be appreciated, thank you!
Minimum Necessary Income requirement for sponsors of parents and grandparents
If you are sponsoring a parent or a grandparent, you must meet the minimum necessary income requirement for each of the three taxation years immediately preceding the date of your application. The minimum necessary income requirement is equal to the Low Income Cut-offs (LICOs) plus 30%, taking into account the number of family members for whom you are or will be financially responsible.
Federal Income Table for sponsors of parents and grandparents
The following table applies to residents of all provinces except Quebec. For each of the three consecutive taxation years preceding the date on which the application is submitted to us, the sponsor (and co-signer, if applicable) must meet the Minimum Necessary Income, which is based on the Low Income Cut-offs plus 30%.
Federal Income Table for Parents and Grandparents Sponsorship
(2017, 2016, 2015)
Size of Family Unit Minimum Income Minimum Income
2017 Minimum Income
2016 Minimum Income
2015
2 persons $39,813 $39,371 $38,618
3 persons $48,945 $48,404 $47,476
4 persons $59,426 $58,768 $57,642
5 persons $67,400 $66,654 $65,377
6 persons $76,015 $75,174 $73,733
7 persons $84,631 $83,695 $82,091
If more than 7 persons, for each additional person, add $8,616 $8,522 $8,358