IMM5481 Question 3 Net Personal Income

[elmatador]

Hi Guys,

Question 3 on IMM5481 asks for your net personal income for the last 12 months preceding the application. Generally "Net" is considered after taxes but Line 236 (Net Income) of CRA Tax is inclusive of taxes. So does it mean I can put the amount I earned before taxes?

Did most of you just put down the Net Income (236) as shown on the Option-C which is basically before taxes?

 

[elmatador]

Bump - anyone please?

 

[riley99]

Agreed, i wouldn't mind an opinion on this too. As well, it says the preceding 12 months. I filled this out, and then moved on to the rest of the application. 2 months later it's time to send in the finished application and then this data is now old! (not preceding 12 months from date of application).
As well, the way it's worded how do you calculate net income from a partial year. People who have overtime income etc. must have saved every pay stub and then add it all up? I know people will say i am over analyzing this - my response is that I'm simply following CIC instructions.. If they mean something else they should explain their intent!

 

[ama1978]

I calculated the net income (after taxes) for the 12 months preceding the application (left it blank until I was ready to send it in). The option C printout was for the previous year (2012) not the preceding 12 months so it would not be accurate to include that amount.

 

[Zarilenth]

I calculated the net income (after taxes) for the 12 months preceding the application (left it blank until I was ready to send it in). The option C printout was for the previous year (2012) not the preceding 12 months so it would not be accurate to include that amount.

Hey ama1978.. and word from CIC-M yet?? I'm crossing my fingers for you!

 

[ama1978]

Hey ama1978.. and word from CIC-M yet?? I'm crossing my fingers for you!

GRRRRRRRR...no. I am obsessively checking my email and also processing times. LOL!

 

[nada3]

Hi Guys,

Question 3 on IMM5481 asks for your net personal income for the last 12 months preceding the application. Generally "Net" is considered after taxes but Line 236 (Net Income) of CRA Tax is inclusive of taxes. So does it mean I can put the amount I earned before taxes?

Did most of you just put down the Net Income (236) as shown on the Option-C which is basically before taxes?

I put down the amount after taxes.

 

[elmatador]

They need to provide better guides. CRA defines net income as before taxes. If you refer to your option C or tax file Net Income is always before taxes if using CRA instructions. I know this is strange. Most letter of employments gives you the salary information before taxes too. For someone to sit there and calculate their net income after taxes is crazy....especially for self employed business owners.

 

[ama1978]

They need to provide better guides. CRA defines net income as before taxes. If you refer to your option C or tax file Net Income is always before taxes if using CRA instructions. I know this is strange. Most letter of employments gives you the salary information before taxes too. For someone to sit there and calculate their net income after taxes is crazy....especially for self employed business owners.

I just pulled out my pay stubs from the past 12 months and inputted the net amount into an excel spreadsheet and used the formula to calculate everything for me.

 

[elmatador]

I followed CRA definition that net income is before taxes