In order for you to be eligible to qualify as a sponsor, you must be able to prove that you meet the financial requirements. This means that as the sponsor you must meet the minimum necessary income or the low-income cut off known as LICO, for the appropriate size of your family. You must meet these requirements in order for you to be able to provide for the essential needs that the person you are wanting to sponsor has.
There are actually! The financial requirements are exempt if:
The one way in which it is recommended to determine if your income is sufficient is to deduct the following from the total family income:
The income level is of course based on how many people there are within your family. The minimums are:
1 person (you as the sponsor) $22,229
2 people $27,674
3 people $34,022
4 people $41,307
5 people $46,850
6 people $52,838
7 people $58,827
***For any additional person above 7 and additional $5,989 on top of the $58,827 is required.
Don’t panic, there is a way around the financial requirements as a sponsor. One of the ways in which you can go around this obstacle would be for you to acquire a co-signer. This co-signer can be: your spouse, common-law partner or a conjugal partner. They can co-sign if:
It is important when you are wanting to sponsor someone that you make a certain amount of money in order for them to stay off of any government assistance but also so that their essential needs are met.
Essential needs are known as:
It will only be required that you provide the essential needs to the person you are sponsoring if they are unable to provide them for themselves on their own.
We are only a phone call away! We deal with a ton of immigration issues a week, and we are more than willing to help you solve yours. Please contact us and let us know how we can be of assistance to you.