Your available income is the amount of money you have earned in the period of 12 months preceding the date of your application, excluding any allowance or benefit of the type described in 12.B below.
To calculate your available income, you will need a document called an “Option-C Printout.” It is the equivalent of the last notice of assessment you would have received in respect of the most recent taxation year and will serve as a basis for the calculation of your income. This printout is issued by the Canada Revenue Agency (CRA, formerly CCRA) and you can obtain it free of charge from CRA by calling 1 800 959-8281. Your spouse or common-law partner will also have to obtain an “Option-C Printout” if he or she is co-signing the undertaking.
If you are unable to obtain and produce an “Option-C Printout” or if your income reported in this document is less than your minimum necessary income, you will need to provide documentation establishing the amount of income you earned over the period of 12 months preceding the date of your application, such as pay stubs, if you are employed; a statement of business of activities, if you are self-employed; bank statements, if you have received interest income; statements or certificates, if you have other sources of income (investment, rental, pension, special benefits paid under the Employment Insurance Act, etc.). Your spouse or common-law partner will need to provide similar documentation if he or she is co-signing the undertaking and does not produce an “Option-C Printout.” or if the income reported on your spouse or common-law partner’s “Option-C Printout” combined with your available income is less than your minimum necessary income.
The office processing your application may ask you for additional information and documentation if it is not satisfied you have provided sufficient evidence to sustain your income calculation.