Statistics Canada reported that Canada’s population reached 37.6 million people as of July, an annual growth rate of 1.4% — or about 531,000 people. This is the largest annual growth in Canada’s history and the highest of any G7 country, mostly driven by immigration: International migration accounts for more than 80% of the population growth in Canada.
In 2019 Canada has welcomed 300,000 immigrants, an increase from the 250,000 accepted each year during the previous 10 years. Canada's goal is to continue to increase immigration and approve 350,000 new residents per year by 2021.
Why Canada Needs Business Immigrants
Canada has an aging population and a declining birth rate. The Financial Post reports aging baby boomers and a decrease in birthrate are hurting Canada's economy:
- By 2040, 25% of the population will be at least 65 years old, up from 17% today, according to Conference Board of Canada projections.
- Canada hasn’t had a replacement rate fertility level — defined as 2.1 children per woman — since 1971. The fertility rate today is estimated at about 1.5 children.
- The number of centenarians in Canada has tripled since 2001 to more than 10,000 people due to increased life expectancy, and they all collect rather than pay for benefits.
Canada needs business immigrants to help grow the economy and maintain Canada's services and lifestyle. A Conference Board of Canada 2019 report Can’t Go it Alone. Immigration is Key to Canada’s Growth Strategy determined that without immigration, economic growth during the next two decades would drop to 1.1% by 2040 because "businesses can’t grow when they can’t hire workers."
To hire new workers is a challenge for employers and for businesses looking to invest in Canada, and essentially grow the economy.
- Pedro Antunes, chief economist at the Conference Board of Canada
Canada has many programs and services to encourage business immigration as a temporary foreign worker or as a permanent resident. Contact Ackah Law today at (403) 452-9515 Ext. 100 or 1-800-932-1190 or email us directly to discuss your eligibility to move to Canada.