Canada’s Economic Future: Immigration is Essential for Growth

Reports from the recent 2018 Immigration Summit in Ottawa, show that immigration is going to be essential for the future of the Canadian economy. But, where are the career opportunities for newcomers to Canada, or those those returning back home?

Federal Immigration Minister, Ahmed Hussen, said that immigration is the key to continuing to grow the Canadian economy, offsetting the challenges created by a significant retiring population. An immigration rate of 1 percent of the Canadian population by 2030, in line with the immigration plan proposed in the fall of 2017, would contribute a third of the projected average annual real GDP growth rate of 1.9 percent. It would also maintain a higher ratio of working Canadians to retirees, according to reports.

While not all newcomers to Canada fill these economic gaps, immigrants would fill 60 percent of the void, particularly in the S.T.E.M (science, technology, engineering and math) fields. Currently, immigrants represent about 50 percent of the workforce in skilled labour roles in Canada, which includes jobs like accounting and bookkeeping, indicative of continuing opportunities for newcomers. As we’ve previously reported, pursuing a career in these fields offers many benefits to new Canadians.

Hussen also indicated that immigrants make up a significant portion of the entrepreneur population, and are responsible for creating new businesses and jobs. Provincial entrepreneur programs and the Federal Startup Visa Program in Canada encourage those with entrepreneurial aspirations to immigrate. But immersion into the business world, as well as an understanding of Canadian taxation, is essential for success. Three important resources are available from Knowledge Bureau over the next several months:

1. Financial advisors can play an important role in helping point clients who are newcomers to Canada in the right direction, and at this year’s Distinguished Advisor Conference (DAC) in Quebec City, November 11-14, this will be a key theme. A riveting session by Shoshana Green, partner at Green & Speigel LLP with 20 years of experience in immigration law, will touch upon this important issue.
2. In addition, The Executive Business Builder Program offered by Knowledge Bureau can help these individuals expand their knowledge and education in order to build successful, competitive businesses in the economic climate in this country.
3. And on June 27, Knowledge Bureau’s Evelyn Jacks will be hosting a webinar with Dynamic Funds, offering another opportunity to learn about career prospects, and economic and tax implications for Canadian immigrants.

Stay tuned as more information is unveiled on the DAC agenda, and as further information about this live webinar event is made available.

Additional educational resources: Are you a newcomer looking to enter the tax preparation, accounting, or bookkeeping fields? Start with an entry-level educational opportunity by taking our Introduction to Personal Tax Preparation or Bookkeeping for Small Business certificate courses. Register before June 15 for tuition savings, or take a free trial. Start anytime and study online, and earn credits towards a more comprehensive diploma or designation.

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