Parents sponsership

[sheenaj]

Hi
I am working for my own company and self employed. My payroll income and business profit taxable income is more than income cut off. Can I show my both incomes (my business profitable income n payroll income from my business) in total to show the cut off for parents sponsorship. As I have paid taxes on both the incomes. e.g Gross income is 160000
payroll was 42000 and business profitable taxes were on 22000
Taxes have been paid on both incomes. So WILL IT BE COUNTED AS 42000+ 22000 OR JUST 42000.

Please help.

 

[badar14]

Hi
I am working for my own company and self employed. My payroll income and business profit taxable income is more than income cut off. Can I show my both incomes (my business profitable income n payroll income from my business) in total to show the cut off for parents sponsorship. As I have paid taxes on both the incomes. e.g Gross income is 160000
payroll was 42000 and business profitable taxes were on 22000
Taxes have been paid on both incomes. So WILL IT BE COUNTED AS 42000+ 22000 OR JUST 42000.

Please help.

Hi

Your income is one which declared on T4 or on Notice of Assessment at Line 150. Whatever you declared as your own income. Business income will not count

Good Luck

 

[canuck78]

Unfortunately your choice to pay a lower tax rate by keeping most of your money in your business and only paying yourself as much as you needed to live has consequences.