Bengaluru
The impact of global migration on Canada
In recent years, there has been a notable increase in migration to high-income countries, according to economists. Global North countries, including Canada, have seen a fast rise in their foreign-born population. Canada’s population growth rate of 2.7% in 2022 is the highest among the G7 countries and is among the top 20 countries in the world. Canada’s population increased by more than one million people, marking the first time in the country’s history that the population has increased by such a large number in just 12 months, and it is the highest annual population growth rate recorded since 1957. Most of this growth, 95.9%, can be attributed to international workers moving to Canada. Canada’s population could double in just 26 years if this trend continues.
#Immigration_to_Canada, #population_growth, #foreign_workers, #statistics
Immigrant entrepreneurs increased by 6.3% under the Start-Up Visa program in the first half of 2023
Canada’s Start-Up Visa (SUV) program has seen a 6.3% increase in new permanent residents arriving as entrepreneurs during the first half of this year compared to last year. Although the number of new permanent residents coming under the SUV slipped slightly in June, the trend is still upward. The government’s Immigration Levels Plan for 2023 to 2025 allows for a significant increase, with 3,500 newcomers in the federal business category in 2023, rising to 6,000 by 2025. The SUV program is expected to account for most of this allocation. British Columbia and Ontario have been the most popular destinations for immigrant entrepreneurs arriving under the SUV this year.
#SUV, #business_immigration, #start_up_visa, #Start_ups
Immigration Minister announced tax-free accounts to help Canadians achieve home ownership faster
On August 11, 2023, the Minister of Immigration, Refugees and Citizenship Canada (IRCC), Marc Miller, announced the tax-free First Home Savings Account for Canadians, aimed at helping first-time home buyers. The account allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment within 15 years. Contributions are tax-deductible, and withdrawals, including investment income, are non-taxable if used to purchase a first home. Since April 1, 2023, seven financial institutions have already started offering the account, with more to follow.
#IRCC, #Miller, #housing, #First_Home_Savings_Account
Expanding immigration without addressing systemic racism may discourage newcomers from immigrating to Canada
According to Themrise Khan, a professional researcher, Canada must confront racism in its society to keep attracting and retaining migrants, especially now that the government is looking to increase immigration targets. Although there is public support for immigration, Khan argues that newcomers frequently encounter discrimination and surveillance, which may discourage them from staying in Canada. To support her statement, she provides examples such as increased surveillance of certain immigrant groups, scrutiny of financial resources, and bias against migrant workers. Ultimately, Canada needs to address racism to reap the economic benefits of immigration.
#Immigration_to_Canada, #racism