Canada has one of the highest migration rates in the world that is 6.375 per 1000 in the population in the year 2020. It has opened its doors to migrants. The future prospects of immigration seem very bright as Canada aims to accept a large number of immigrants in the next three years. Canada could welcome up to 390,000 new immigrants per year by 2022 according to the immigration plan released by the federal government. The Owner operator route, Provincial Nominee Program for Entrepreneurs and Investors is a popular pathway for experienced business owners who do not qualify under the express entry pathway . On an average, 25% jobs created over a period of 11 years were by immigrant owned firms.
How Immigrants Are Making a Difference as Entrepreneurs/Investors In Canada
Canada has always been very liberal in its immigration history. It was at its peak in the 20th century and it still is among those countries that accept most immigrants per capita. It has welcomed refugees and immigrants with open arms. The Canadian government also ensures them of having equal opportunities and exposure. Canada’s economy largely depends upon immigration that brings in skilled labour and boosts the economy as well as trade.
Net Migration Rate in Canada
Canada has one of the highest migration rates in the world that is 6.375 per 1000 in the population in the year 2020. It has opened its doors to migrants. The immigration was hampered to some extent due to the world-wide pandemic – COVID-19, however Canada’s policies and its stand on immigration has only changed for the better. The Canadian passport and citizenship is a dream for many because of the healthy and supportive social and cultural structure of Canada along with its promising economic foundation.
Future of Immigration in Canada
The future prospects of immigration seem very bright as Canada aims to accept a large number of immigrants in the next three years. Canada could welcome up to 390,000 new immigrants per year by 2022 according to the immigration plan released by the federal government. According to Aljazeera, Canada plans to welcome 1.2 million new immigrants over the next three years to boost its economy and fill gaps in the labour market. This is good news to all those people who were planning to have a second passport and a permanent residence in a country other than they were born in. The Canadian government will give permanent residence to :
- 401,000 immigrants in 2021
- 411,000 in 2022
- 421,000 in 2023
Immigrants and Their Contributions in Canada
Migrants have always promoted and impacted the Canadian economy in a positive way by playing a significant role in almost every sphere but especially in investing and entrepreneurship. They increase production and positively impact the local industries in Canada. Some of the contributions made by Canadian immigrants include the following:
- They facilitate growth by providing a highly skilled and qualified work force.
- They bring in investment.
- They play an important role in technological innovations.
- They set up startups that create job opportunities.
- They promote cultural diversity.
Basically immigrants bring in value to Canada and its society by using their resources and intelligence for employment generation and economic growth.
Positive Impact of Immigrants
According to a new study , businesses and firms in Canada that are owned by immigrant entrepreneurs create more jobs than the firms owned by native Canadians. This shows that most of the immigrants are more business oriented and play an important role in boosting the Canadian economy. The study also highlights the positive economic effects of immigration and how that positive impact grows with future generations. On an average, 25% jobs created over a period of 11 years were by immigrant owned firms. This is a huge number of employment opportunities solely created by immigrant entrepreneurs and investors.
This proves the fact that immigrants are playing a significant role in building the Canadian economy. They not only bring investments but also bring in new cultures and more diversity into the country. The number of firms owned by immigrants that are almost new startups is huge as compared to companies that have been in the market for a while. Entrepreneurs are playing an important part and promoting economic growth. The new immigration laws will lead to more number of immigrants in the Canadian economy who may be willing to shift towards entrepreneurial ventures that may further push the economy in a positive and constructive direction
A Statistics Canada research paper concludes that ‘rates of private business ownership and unincorporated self-employment are higher among immigrants than among the Canadian-born population’ which basically means that immigrants are more likely to start and own a business and shift towards self-employment than the Canadian nationals.
Canada counts on immigration for its economic development and especially after the world-wide economic slow down that the pandemic has caused has further increased the need for immigration and investment. As the statistics suggest that immigrant entrepreneurs and investors create more employment and a stronger economy than Canadian nationals – migrants have a huge impact on what Canada is, has been and will be in future. From providing skilled workforce to facilitating more diversity in cultural beliefs and society, immigrants support Canada by supporting its growth in every sphere.