Canada has always relied on migrants to help stimulate economic growth. Hence the growth of economy depends on the growth of population and increase of labour force.
“Immigration is becoming even more important to Canada’s economic success,” says Marc Desormeaux, senior Scotiabank economist. “Canada’s population is aging, and its birth rate was among the lowest in the G7 nations before the pandemic. Over time, these factors are expected to limit the pool of workers available to contribute to the economy. Welcoming newcomers helps to offset the economic challenges caused by an aging population and a low birth rate.”
Canada was the only country during the G7 summit that saw population growth before the pandemic because of its openness to global talent. In the wake of the pandemic, the government responded to Canada’s labour market needs by releasing a new plan in October 2020 to overcome the shortages Canada would face in 2020 & 2021. You can read more about this in this article.
To make up for the labour force loss Canada faced in the year 2020, a new plan was released to welcoming an increased number of immigrants to Canada. The new targets were set as follows- 401,000 new immigrants in 2021; 411,000 new immigrants in 2022; 421,000 new immigrants in 2023.
The senior economist Marc Desormeaux observes that in 2021, the immigration levels were up by 25% than at the same time last year. This is because of the ease in pandemic restrictions. On the other hand, those migrants who earlier held only temporary work and study permits are applying for permanent residence stimulating the population growth.
67.93% of Canada’s population has so far received the first dose of vaccine. Out of which 35.91% of the population is fully vaccinated. These statistics helps those migrating to Canada travel with confidence. Canada is currently accepting candidates who are vaccinated with:
Benefits of migrating to Canada:
Migrating to Canada benefits not only immigrants but the country also. New migrants (people who move to Canada from other countries) benefit Canada in the following ways:
Economic growth of Canada: Immigration is one of the key factors in the growth of Canada’s economy and contributes millions of dollars to the Gross Domestic Product (GDP).
Supports an aging population: new immigrants help offset the losses from an aging population in Canada. Most new immigrants will have diverse skillset, good educational qualifications and especially, they are young. This helps maintain the equilibrium of locally available workforce.
Contributions of skilled workers: skilled workers have significantly and uniquely contributed to Canada especially in the STEM (science, technology, engineering, and mathematics) fields. Because Canada’s immigration programs prioritize skilled workers and university-educated newcomers, it had resulted in strong job creation in high-wage sectors, especially in healthcare, scientific, technical (IT), and other professional.
Creating jobs and strengthening trade: migrants also contribute to innovation and job creation. Migrants have a high rate of entrepreneurship than their Canadian-born counterparts – as per statistics. Business entrepreneurship by migrants helps Canada improve its trade ties.
How Canadian businesses support newcomers:
While migrating to new country, immigrants are faced with challenges like language, adjusting to the weather, adapting to a new culture, etc. Migrating during a pandemic only adds to these concerns. To help immigrants feel at ease, the business community supports in the following ways:
Check out Owlspriority Immigration’s Canada Settlement Resources to learn more about ways to find a new job in Canada, making your initial days in Canada stress-free and confident, etc.