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Financial capacity evaluation
You must demonstrate that you have had sufficient financial resources at your disposal over the past twelve months and that you will continue to have those resources available to you for the duration of the undertaking. The evaluation takes the following elements into account:
- Your income and that of your spouse, if he or she signs the sponsorship agreement with you
- The income required to meet the basic needs of your family unit
- The income required to meet the basic needs of the person you wish to sponsor and, if applicable, his or her family members, whether they accompany the sponsored person or not
- If you have already sponsored someone and your undertaking is still valid, the basic needs of the persons covered by the previous undertaking
The total gross annual income required for the sponsor represents the SUM of the income established in Table 1 and the income established in Table 2. These incomes are indexed each year.
Note: Amounts are in effect from January 1 to December 31, 2020.
Table 1
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Basic
income required of the sponsor to meet
his or her own family unit’s basic needs |
Total number of members
in your family unit |
Basic
annual income required |
1 |
$24,296 |
2 |
$32,796 |
3 |
$40,491 |
4 |
$46,569 |
5 |
$51,829 |
| The gross annual income is increased by $5,260
for each additional dependent. |
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Table 2
|
Additional
income required of the sponsor
to meet the basic needs
of
the sponsored person
and his or her family members |
Number of persons
18 years
of age or over |
Number
of persons
under 18 years of age |
Additional gross
annual income
required of the sponsor |
0 |
1 |
$8,409 |
| 0 |
2 |
$13,328 |
The gross annual income required is increased by
$4,444 for each additional person under 18 years of age.
|
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|
Number of persons
18 years of age or over |
Number of
persons
under 18 years of age |
Additional gross annual
income
required of the sponsor |
1 |
|
$17,770 |
1 |
1 |
$23,876 |
1 |
2 |
$26,960 |
The gross annual income required is increased by
$3,082 for each additional person under 18 years of age.
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Number of persons
18 years of age or over |
Number of
persons
under 18 years of age |
Additional gross annual
income
required of the sponsor |
2 |
|
$26,060 |
2 |
1 |
$29,192 |
2 |
2 |
$31,515 |
The gross annual income required is increased by
$2,313 for each additional person under 18 years of age
and by $8,285 for each additional person 18 years of age
or over.
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To determine whether you have sufficient financial resources to sponsor a person, calculate the required income using our electronic calculator.
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