Financial standards

You must demonstrate that you have, over the past twelve months and will continue to have at your disposal sufficient financial resources for the duration of the undertaking. The following elements are considered. The following elements are considered:

• your income as well as that of your spouse, if he or she co-signs the sponsorship agreement with you
• the income required to satisfy your own family unit’s basic needs
• the income required to satisfy the basic needs of the sponsored person and, if applicable, his or her family members, whether or not they accompany the sponsored person
• and, if you have already sponsored someone and your undertaking is still valid, the basic needs of the persons included in this previous undertaking.

The total gross annual income required for the sponsor (guarantor) represents the SUM of the income established in Table 1 and the income established in Table 2. This income is indexed each year.

Table 1

Basic income required of the sponsor to satisfy his or her own family unit’s basic needs Total number of members in your family unit Basic annual income required 1 C$21,646 2 C$29,221 3 C$36,077 4 C$41,492 5 C$46,179 The gross annual income is increased by C$4,687 for each additional dependent.

Table 2

Additional income required of the sponsor to satisfy 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 Gross annual income required of the sponsor   1 C$7,493   2 C$11,875 The gross annual income required is increased by C$3,960 for each additional person under 18 years of age.       Number of persons 18 years of age or over Number of persons under 18 years of age Gross annual income required of the sponsor 1 0 C$15,834 1 1 C$21,274 1 2 C$24,021 The gross annual income required is increased by C$2,745 for each additional person under 18 years of age.       Number of persons 18 years of age or over Number of persons under 18 years of age Gross annual income required of the sponsor 2 0 C$23,219 2 1 C$26,011 2 2 C$28,078 The gross annual income required is increased by C$2,061 for each additional person under 18 years of age and by C$7,382 for each additional person 18 years of age or over.

Note: Amounts in effect from January 1st until December 31, 2012.

If you must demonstrate that you have sufficient financial resources to sponsor a person, you can calculate the required income using an electronic calculator.