Parent and grandparent sponsorship applications have financial requirements which need to be met by the sponsor.
In most applications, you would be required to show that you meet the income threshold for 1 year preceding the application date. For parents the requirement is to meet the income threshold for 3 years preceding the application date.
You may have your partner or spouse as the co-signer to meet the financial requirements. The idea is to show that you are able to support your parents once they get to Canada.
The income level required depends on the number people you have in your family. For instance, you have, a spouse and a child, and you would like to sponsor your parents. In order to calculate your income requirement you would add:
- Yourself as the sponsor
- Your spouse
- Your child
- Your mom as the applicant
- Your dad as the applicant
In this case, you will calculate the minimum income threshold for 5 people. If you are applying on January 15, 2016, then you may be required to meet the minimum necessary income requirement for 2013, 2014 and 2015. The amount varies from year to year. Therefore, you will calculate the income for 5 people for the years 2013, 2014, and 2015.
The process of calculating the financial threshold may get complicated, but it important that you calculate the right amount and prepare accordingly. We have a team of experienced professionals that can help you with your application process, and guide you in the right direction. You can contact us and our team of experienced professionals will be happy to assist you.