Financial Requirements

Financial Requirements

It is necessary to prove your financial ability to support family members whom you are going to sponsor. The financial responsibility covers your family members who live with you and those who you plan to sponsor. Immigration, Refugees, and Citizenship Canada (IRCC) use the term Minimum Necessary Income (MNI) to assess the sponsor’s financial ability to support family members.

Understanding the concept of MNI (Minimum Necessary Income)

Minimum Necessary Income is an income threshold used by Immigration, Refugees, and Citizenship Canada (IRCC). It qualifies a permanent resident or a Canadian citizen to sponsor family members like a spouse, common-law partner, dependent children, parents, and grandparents. The Minimum Necessary Income Requirement also takes into account the family size of the family sponsorship applicants.
A family size unit refers to the members of the family in Canada, including the sponsors. Following members of the family in Canada will make a family unit:

• The sponsor(yourself)
• Spouse or common-law partner
• Dependent children of the spouse or common-law partner
• The previously sponsored person whom you are presently responsible
• Proposed family members (parents and grandparents) you are planning to sponsor
• Dependent children, spouse, common-law partners of parents and grandparents (even if they do not come to Canada)

Notice of Assessment for previous three years from Canada Revenue Agency is the proof of income to prove MNI requirements. The income requirement for the year 20020 is lower because of Corona Virus Pandemic, according to a recent announcement by Immigration, Refugees, and Citizenship Canada (IRCC)

Financial requirements for PGP sponsorship

One must exceed the MNI for three previous years to become eligible to sponsor parents and grandparents. The eligibility requirements ensure that elderly members or dependent children will receive proper care and support during their stay in Canada. The following charts explain different Low Income Cut-off figures for sponsors (Table-1) and Minimum Necessary Income (Table-2). One can arrive at the MNI figure by adding a 30 percent amount of the Low Income Cut Off figures (LICO).

Table-1
Low Income Cut-off figures (LICO)

Table 2
MNI Figures for three years

Meeting MNI norms

The computation of MIN considers the number of family members in a particular year, in the event of adding or losing a member. Some applicants may find it hard to meet the MNI requirements because of the lower income levels. Expert immigration consultants can help you by recommending a solution to include the income of a spouse or common-law partner to achieve the required figure of Minimum Necessary Income.

Submitting the confirmation of the common-law status is necessary if you are combining your partner’s income to calculate MNI. All other eligibility requirements will be mandatory for the co-signer, who will also be responsible for the financial responsibilities of the sponsored family members.

Canada attaches significant importance to the financial obligations of sponsors. Meeting all requirements of financial responsibilities is therefore crucial while sponsoring family members. Hiring a knowledgeable immigration consultancy service can facilitate the application process of family sponsorship.

Dev Immigration Services Inc provides expert consultation to help you sponsor your family members. We provide bespoke immigration solutions and guidance about various immigration options. Visit us today to know how to expedite the sponsorship process.