The Budget 2023 has been unveiled/released by the government of Canada. Every year, the Canadian government publishes a budget that outlines its planned expenditure for the upcoming fiscal year. This document has a significant impact on the lives of Canadians and newcomers, as it shapes various aspects of governance. The budget indicates the government’s priorities and provides insights into Canada’s economic and fiscal condition, both of which have a considerable bearing on its immigration policies.
To support the country’s Immigration Levels Plan and allow 500,000 new permanent residents by 2025, the government of Canada has invested $1.6 billion over six years, or $315 million annually, in the budget for the preceding fiscal year (Budget 2022). The newly unveiled budget, however, focuses more of an emphasis on healthcare costs, green energy efforts, and steps to address the cost-of-living problems that are particularly affecting Canadians.
Read this article to know about IRCC’s immigration plan 2023-25
The newly released budget includes policies that impact both Canadians and immigrants, such as the introduction of a national dental care plan for families earning less than $90,000 per annum and the establishment of a tax-free home savings account. Beginning this April 1, financial institutions can offer these accounts to first-time homebuyers, enabling them to save up to $40,000 by contributing a maximum of $8,000 per year, with tax-free contributions.
Although the budget’s focus is on other areas, Canada’s immigration programs are still set to benefit from the allocation of funds to support current programs and expedite application processing. The budget for 2023 also contains an additional $55 million for Canada’s immigration system, in addition to the $4.5 billion planned for the 2023-24 federal fiscal year by Immigration, Refugees and Citizenship Canada (IRCC).
As per the budget proposal, a sum of $10 million will be allocated over five years, commencing in 2023-24, along with $14.6 million in residual amortization for the implementation of biometric systems by IRCC and the Royal Canadian Mounted Police (RCMP). This initiative aims to accelerate the processing of citizenship applications.
The budget also suggests extending the Electronic Travel Authorization (ETA) Program’s eligibility to visitors from low-risk nations. The cost of the policy, according to the government, is $50.8 million over four years. The federal government anticipates that this would free up resources for screening high-risk tourists and make Canada a more alluring destination for those it regards to be trustworthy travellers. The programme is now only accessible in Brazil, but a list of nations that qualify will be made public in the upcoming weeks.
The budget provides more information on how Canada intends to assist Ukrainians who seek refuge in the country amidst the ongoing turmoil. On March 22, the government announced an extension of the Canada-Ukraine Authorization for Emergency Travel until July 15, 2023, and has pledged an additional $171.4 million over three years, commencing in 2022-23, to support this extension.
Individuals holding a CUAET permit may now travel to Canada until March 31, 2024. CUAET beneficiaries already present in Canada may renew or adjust their temporary status without incurring fees until the same deadline.
The budget proposes $123.2 million to encourage Francophone immigration to Canada, including support for Canadian employers to hire French-speaking foreign workers and increased support for these immigrants once they arrive in Canada, to further the government’s official mandate to expand the French language in communities outside of Quebec.
The Canadian government’s budgets often signify or facilitate upcoming legislative modifications. For instance, the 2022 budget endorsed the improvement of the Express Entry System by granting the Minister of Immigration broader discretion to utilize Ministerial Instructions to select candidates that align with Canada’s labour market requirements. These changes are expected to commence sometime in Q2 of this year, but a specific date has yet to be determined.
Although the Canadian economy is now steady, the Bank of Canada (BoC) has forecast a slowdown in economic growth for 2023 because of increased interest rates and inflation that is still over the target rate of 2%. The BoC anticipates inflation to reach 2.6% by the end of the year despite a decline that has lasted seven months in a row.
The BoC has emphasised that rising interest rates will have favourable long-term implications in addition to the most recent increase. This is because high interest rates will slow down inflation, which peaked at 8.1% in June last year.
Canada’s economy is one of the most secure among G7 nations. As stated by the Deputy Prime Minister and Minister of Finance Chrystia Freeland, the country has currently added 830,000 more jobs compared to pre-pandemic levels, accounting for a 126% job recovery rate. The minister anticipates that Canada will exhibit the highest economic expansion rate among G7 countries in 2023.
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