The IRCC has declared that sponsors, along with any co-signers, must possess adequate funds to support all individuals they will be financially responsible for, including themselves. This is determined by their "family size."
To demonstrate financial capability, sponsors need to meet income criteria for the three tax years preceding their application. For the 2024 intake, assessment will be based on income from tax years 2023, 2022, and 2021.
Income required for the 3 tax years before the date you apply (if you’re applying for the 2024 intake)
FAMILY SIZE |
2023 |
2022 |
2021 |
| 2 People | $44,530 | $43,082 | $32,898 |
| 3 People | $54,743 | $52,965 | $40,444 |
| 4 People | $66,466 | $64,306 | $49,106 |
| 5 People | $75,384 | $72,935 | $55,694 |
| 6 People | $85,020 | $82,259 | $62,814 |
| 7 People | $9,324 | $91,582 | $69,934 |
| For more than 7 people, for each additional person, add: | $7,120 | $9,324 | $7,120 |
To sponsor an applicant for immigration, both the sponsor and any co-signer must provide three notices of assessment, or equivalent documents, issued by the Minister of National Revenue. These assessments must cover the three tax years immediately preceding the application submission.
For the 2021 tax year, due to the financial impact of the COVID-19 pandemic, the income requirement was reduced to the minimum necessary income, instead of the minimum necessary income plus 30%. Additionally, sponsors and co-signers can include various benefits in their income calculation for the 2021 tax year, such as regular Employment Insurance benefits, Canada Emergency Response Benefits, and other temporary COVID-19-related benefits, provided they are not part of provincial or territorial social assistance programs.
It's essential to note that this adjustment applies specifically to the income requirement for the 2021 tax year and doesn't extend to the income requirements for the 2022 or 2023 tax years, which remain at the minimum necessary income plus 30%.