Immigration Influx Presents Business Building Opportunities

Evelyn Jacks

By 2025, the federal government intends to increase the annual influx of immigrants to Canada to 500,000 people. With more people coming from afar, faster, there are great new opportunities to scale up your business and  help new immigrants with tax compliance and financial planning.  Further,  engaging with new migrants to build on their educational credentials, find good jobs and mentorship opportunities in the tax and financial services is a win-win, especially with new government job grants.  Start with conversations about filing for refundable tax benefits:

Newcomers to Canada need qualified tax preparation services that point them in the direction of important social supports like the Canada Child Benefit and the GST Credit.  These can be applied for right away (immigrants who are residents don’t have to wait to file their first tax return). It’s enough to be a resident for income tax purposes the month before and at the beginning of the month in which the Canada Revenue Agency makes a payment in the case of the GSTC.  For the CCB you must be a resident of Canada for tax purposes or any of the following:

• a Canadian citizen
• a permanent resident
• a protected person
• a temporary resident who has lived in Canada for the previous 18 months, and who has a valid permit in the 19th month other than one that states "does not confer status" or "does not confer temporary resident status"
• an individual who is registered, or entitled to be registered under the Indian Act

The federal government has proposed to provide $10 million over five years, starting in 2023-24 to speed up immigration processes, with $14.6 million for Immigration, Refugees and Citizenship Canada and the Royal Canadian Mounted Police to implement biometrics, all of which will help expedite the processing of citizenship applications.   According to the budget, this funding will help with  the processing of 5.2 million applications for permanent residence, temporary residence, and citizenship and to move key immigration services online, including the confirmation of permanent residence status and the introduction of online citizenship testing and ceremonies.

It’s important to note there are 16 new occupations that can accelerate permanent entry to Canada, according to the HR Reporter.  Be on the lookout for new immigrants in the following occupations in your community to introduce them to their income tax and benefits system here in Canada:

• payroll administrators
• dental assistants and dental laboratory assistants
• nurse aides, orderlies and patient service associates
• pharmacy technical assistants and pharmacy assistants
• elementary and secondary school teacher assistants
• sheriffs and bailiffs
• correctional service officers
• by-law enforcement and other regulatory officers
• estheticians, electrologists and related occupations
• residential and commercial installers and servicers
• pest controllers and fumigators
• other repairers and servicers
• transport truck drivers
• bus drivers, subway operators and other transit operators
• heavy equipment operators
• aircraft assemblers and aircraft assembly inspectors

Bottom Line:  Taking newcomers to Canada under your professional wing is the right thing to do and it’s good for your business, too.  Knowledge Bureau can help with tax, bookkeeping, accounting, and wealth management courses to shore up your skillsets or those of newcomers you’d like to hire to work in your firm.