Posted on: 21-12-16 02:53:57
I am sponsoring my parent and I have to add my Husband as a co-signer.
He is a self employed. On this form I have to add his NET INCOME. Is that that income from line 150? or Net Business Income? or NET Income only?
I am getting paid salary and I have to add line 150 for my income( Growth Income) , I assume that for Self Emp should be Net Business Income . Please correct me if I am wrong.
I need to proof income for 2014 yr , can I add Universal Child Benefits to income? It is taxable.
Thank you
In your Proof of funds, that you show, is from your Notice Of Assessment, NOA.. and it is from the line 150, this is the line that provides you with the NET Income.
As for your Husband's income if he takes a Salary and files a Tax Return, then he will also have to provide the line 150 as proof of income. It will be his net income, from his NOA.
As regards Business income, if he decide to take a Dividend, instead of Salary, he will have to provide this figure from his GROSS (Not Growth) income. Please see the accountant to confirm that. YES it is NET Business income. (After clearing all of the expenses.)
They will ask you for the PAST THREE Years NOA. So, it will be for 2015, 2014, 2013. The next year you will be filing 2016.
Yes, you can add the Universal Child Care Benefit to it as it gets taxed. (May not be the next year?)
Hope this helps.
FH.
All of this is from the IMM 5768. I had problem with Adobe.
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Quote:
Originally posted by Irina13
I am sponsoring my parent and I have to add my Husband as a co-signer.
He is a self employed. On this form I have to add his NET INCOME. Is that that income from line 150? or Net Business Income? or NET Income only?
I am getting paid salary and I have to add line 150 for my income( Growth Income) , I assume that for Self Emp should be Net Business Income . Please correct me if I am wrong.
I need to proof income for 2014 yr , can I add Universal Child Benefits to income? It is taxable.
Thank you
Its always Net Income for employed and business net income for self employed and include Dividends as well. UCCB can be included for the above mentioned years as its taxable.
Remember you have to maintain your LICO each year irrespective of the year you filed initially. Have sponsored my mom and this is what i did too.
