The financial capacity evaluation is very crucial in Canada and an individual willing to migrate to Canada ought to show enough evidences of the presence of sufficient funds to support for self and family, if applicable, for a span of at least twelve months and more during the course of undertaking.
What are the pivotal points about financial capacity evaluation?
In order to judge the candidates about its financial strength that is extremely necessary to survive and settle in Canada in the future, the concept of financial capacity evaluation has come into existence. The basic elements that are taken into consideration while calculating the total available funds of a candidate through this system are discussed below:
- The income of the candidate along with the spouse if he or she has co-signed the sponsorship agreement with the candidate.
- The threshold income for supporting the family’s primary needs is also vital here.
- The minimum income that is necessary to support the sponsored person along with his or her family members irrespective of whether they will be escorting the sponsored person or not.
- In case of any sponsorship history with any other person and if the previous undertaking of the sponsorship remains valid, then the income required to fund the fundamental requirements of that particular person is also considered while calculating the financial capacity evaluation.
The figure-wise break-up of funds or income required for satisfying a candidate’s own needs along with the basic needs of the family members are given hereunder:
- For a single member family, the income limit must be C$23,113.
- After this, the subsequent income limits for families having two, three, four and five members are C$31,200, C$38,521,C$44,303 and C$49,307 respectively.
Apart from this basic income level, there is an extra income requirement as well. These are specified as:
- C$8,000 and C$12,680 respectively for one or two family persons below 18years of age.
# The gross annual income required is increased by C$4,228 for each additional person under 18 years of age.
- For the minimum gross annual income of the sponsor ranging from C$ 16,906, C$ 22,714 and C$25,648, the number of family members under the age of 18 years that can be supported is 1 and 2 respectively along with one grown-up member in each case as well.
# The gross annual income required is increased by C$2,932 for each additional person under 18 years of age.
- For two adult family members, the minimum accepted level of gross annual income of a sponsor that can support another one and two family members below the age of 18 years are C$ 24,791, C$ 27,772 and C$29,981 respectively.
# The gross annual income required is increased by C$2,201 for each additional person under 18 years of age and by C$7,882 for each additional person 18 years of age or over.
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