Canadian Immigration Boosts Economy

The Royal Bank of Canada (RBC) recently reported that Canadian immigration is crucial for the growth of the country’s economy.

Skilled foreign workers are especially needed to help fill jobs in Canada left vacant by millions of Canadian workers who are retiring, according to the RBC Economics report.

Record-breaking immigration to Canada has made the country one of the top relocation destinations in the world for expat workers and their families.

For example, 405,000 immigrants became Canadian permanent residents in 2021 and it is expected that over 431,000 people will immigrate to Canada in 2022. 

The country’s strategy for maintaining economic growth relies on keeping Canadian immigration at high levels, due to the large number of workers who are retiring from their jobs in Canada.

High levels of Canadian immigration are needed to keep Canada's economy growing.

While 30% of all the people living in Canada are 55 years of age or older, just 8% of the foreign-born population is in that retirement age group.

Furthermore, the RBC Economics report says that around two-thirds of the immigrants living in Canada “are in the prime working working ages between 25 and 54.”

As a result of high rates of Canadian immigration, the country has one of the youngest populations in the G7, in contrast to Japan which has a rapidly-aging population.

“Canada will need a younger and growing population to maintain growth” of its economy and, thus, high levels of Canadian immigration are recommended, according to the RBC Economics report.

Millions of Canadian workers are forecast to retire during this decade and so millions of skilled immigrants will be needed to replace them and to fill new jobs in Canada that will be created.

To summarize, the RBC Economics report declares that Canadian immigration is critical to the growth of the country’s economy over time, since younger immigrants who are working in Canada:

  • help to compensate for the millions of retiring Baby Boomers;
  • fill Canadian jobs in business sectors with skilled worker shortages;
  • boost the local economies of the largest Canadian cities; and
  • maintain the booming housing industry in Canada.

Canadian Immigration Minister Marco Mendicino recently remarked that immigrants working in Canada play a vital role in keeping the country going and that their contributions are appreciated. 

The Canadian immigration minister also said that, “Immigration is fundamentally about people coming together to build a stronger country, and that is an enduring value that I believe in, that I have faith in Canadians that they believe in, that we will see endure long after COVID-19 is behind us.”

In conclusion, there is a growing demand for skilled foreign workers to fill Canadian job openings in many sectors of the economy.

Immigrants are highly-valued in Canada, which offers them many opportunities and a good quality of life.

Canadian Visa Expert collaborates with three authorized immigration consultants who have over 10 years of experience guiding people through the process to apply for immigration to Canada.

Skilled foreign workers are needed for thousands of jobs in Canada.

You can receive an Eligibility Assessment from the immigration consultants to find out which Canadian visa program best matches your profile.

If you qualify, you can also receive guidance from the immigration consultants throughout the Canadian visa application procedure, to make sure your application and documents are submitted correctly and to answer any questions you might have. 

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DISCLAIMER: This guide is not and shall not be considered as professional or expert advice.

 

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