The benefits of immigration to Canada are far-reaching and synergistic, both for the newcomers who make Canada their home as well as the country itself. The reasons Canada is expanding its immigration plans include:
Immigrants contribute to economic growth
Immigration is a key element of economic growth in Canada contributing billions of dollars to the gross domestic profit (GDP). When newcomers come to Canada, they stimulate the economy by spending money on goods, housing, and transportation.
Immigrants support an aging workforce
Immigration helps form the structure of the Canadian workforce from its size to age range to the skill sets available. According to data from Scotiabank’s Global Economics Provincial Pulse Report, many newcomers to Canada, specifically to central Canada, are younger than the Canadian population as a whole. This helps to offset losses from an aging Canadian-born population.
Immigrants provide skilled workers
Canadian immigration programs that prioritize highly skilled workers and university-educated newcomers have also resulted in strong job creation in high-wage sectors including professional, scientific, and technical services. In fact, “the number one limiter for growth for our business customers was a shortage of skilled labour,” says Dan Rees, Group Head, Canadian Banking for Scotiabank. Immigration helps to solve this problem as immigrants represent 50% of all degree-holders in science, technology, engineering and math (STEM fields).
Immigrants create jobs and strengthen trade
Immigrants are also large contributors to innovation and job creation with a higher rate of entrepreneurship than their Canadian-born counterparts. Immigrant-owned businesses can also improve trade ties to Canada.
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