The U.K.-based Centre for Economics and Business Research released its annual World Economic League Table in late December, which places Canada as the world’s 10th-largest economy based on its GDP of CAD$2.251 trillion in 2019. According to the press release announcing the report, population growth brought on by immigration is a major contribution to Canada’s economic strength:
Countries that are successful in attracting skilled migrants tend to grow faster. And reflecting this, Canada and Australia, which are two of the most successful countries at attracting inward migration, are predicted to rise in the rankings, Canada to 8th and Australia to 13th by 2034.
With Canada experiencing a 40-year record low unemployment, an aging workforce and a declining birthrate, recruiting skilled and low-skilled immigrants is vital to Canada's economic growth. According to a global staffing company Randstad Canada,
Fewer workers mean fewer goods and services can be produced, so economic output shrinks. Currently, Canada's economy is growing at a modest rate of 1.5% annually. Without immigration to prop up population growth, it's unlikely that Canada would be able to maintain this level of growth.
The Canadian government announced in October 2018 that it wants 1,000,000 new permanent immigrants in the next 3 years and is increasing immigration opportunities and programs. Economic immigrants are people who move to Canada for career opportunities and want to live and work in Canada to improve their living standards. Canada has put into place programs to increase economic immigration in order to improve Canada's economy due to the aging workforce. Economic immigrants are admitted to Canada based on their education, skills and work experience.
The Canadian government announced in October 2015 that Canada wants entrepreneurs and new immigration goals and programs provide immigration opportunities for skilled and educated foreigners who want to move to Canada. Canada's business and economic immigration programs require planning and applicants must be able to prove eligibility guideline qualifications for each program.
Canada Economic Immigration Programs
- Canada’s Start-Up Visa targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that are innovative, can create jobs for Canadians and can compete on a global scale.
- Express Entry manages applications for three economic immigration programs:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
- Canadian Experience Class
- The Self-Employed Persons Program allows people to immigrate to Canada permanently as a self-employed person.
- The Global Talent Stream fast-tracks visa for skilled immigrants.
- Ontario launched an ad campaign targeting Silicon Valley in 2017.
- MaRS is a public-private partnership between Canadian tech companies and the Ontario government to create a physical space where made-in-Canada tech ventures can thrive and to attract highly-skilled immigrants.
- Canada is developing programs for tech entrepreneurs on the Toronto-Waterloo Corridor and in Vancouver.
- In July 2018 Quebec introduced new economic immigration rules including:
- A new entrepreneur stream for entrepreneurs receiving support from a business accelerator, incubator or university entrepreneurship centre.
- An increase of investor net worth and investment requirements.
- Introduction of startup and security deposits for entrepreneur and self-employed worker programs.
- The Federal Owner Operator LMIA pathway can lead to permanent residence in Canada.