Why is Immigration good for Canada?
Are you planning to immigrate to Canada? Great News! But, have you ever analyzed, Why is Immigration good for Canada? Let's understand why Canada welcomes more people and why it will keep doing so in the coming years.
Immigration to Canada
Immigration to Canada has increased since the anti-immigration scandals and policies in the United States. Many immigrants are now choosing Canada as a place to start a new life. These have put the country on the world stage as an alternative place to live their dreams. Canada has always been a country that welcomes immigrants. But the United States' recent approach to immigration has led more immigrants to turn to Canada as an alternative.
Why Immigration is good for Canadian Economy?
Read on as we explain why immigrants are beneficial to Canada's economy.
1. Boost the Canadian Economy
The number of people working and paying taxes in every country is often the strength of its economy. Immigrants fill gaps in the labour force, pay taxes, and spend money on goods, housing, and transportation. The money helps in funding the country's public services.
Canada needs qualified people to fill in various vacancies across its different provinces. Professionals or investors, whoever comes will be boosting the Canadian economy in one way or the other.
2. Meet Labour Market Needs
Canada’s labour force has continued to grow every year due to immigrants. If it weren’t for immigrants, employers would have trouble finding enough qualified workers to fill available jobs. This is because Canadians are living longer and having fewer children. More people are also retiring, and there are fewer students in schools. These have limited the Canadian-born potential workers.
Moreover, there has been an acute shortage of staff in a number of fields. So, the immigrants coming to Canada will help reduce this gap.
3. Improve Health and Social services
Many immigrants in Canada are young and economically active. They contribute more than they receive in benefits over their lifetime. According to reports, more than 335,000 immigrants work in health-related occupations. 20% of people as sports coaches in Canada are immigrants. One-third of people working in scientific research and development services are non-Canadians.
Further, immigrant doctors, nurses, other staff, etc. can contribute in improving the stressed healthcare system in the country. However, this is possible after attaining the necessary qualification and experience.
4. Sustain Canada's Education System
International students contribute more than $21 billion to the Canadian economy every year. These include student spending and tuition. This is more than Canada’s exports of auto parts and lumber. International education is also an important pillar of Canada’s long-term competitiveness. More than 20% of all students enrolled in maths, computer, and information sciences programs are non-Canadians.
Also, 15% of students enrolled in architecture, engineering, and related programs are international students. These expose Canadians to new cultures and ideas. It also stimulates innovation and develops cross-cultural competencies in the country.
And, a number of these students stay on work permits or become Permanent Residents and then citizens. So, gradually they become a crucial part of the country's growth.
5. Improve Trade Ties
Many immigrants in Canada are entrepreneurial. They create jobs for Canadians and non-Canadians in all sectors of the country. These include construction, health care, retail trades, professional services, and many more. Immigrants have a desire to import goods from their home countries. They also export more because of their networks in their home countries. These broaden the variety of imports to export Canada, improving trade ties.
Why Immigration is important for Canada?
Talking specifically, immigration is essential for the progress of a developed country like Canada. Here are the reasons to justify it.
1. Support Ageing Population
The Canadian government uses the income tax paid by people working in Canada to support retired Canadians. Immigrants working in Canada have helped keep the economy growing and maintain its commitments to retired workers. Without immigrants, younger Canadians would pay more income tax per person. According to reports, 80% of working immigrants are under 45 years. This means they will have plenty of working years. These will also sustain the ageing Canadians
2. Adjust to Canadian Society
The earnings of immigrants often match those of an average Canadian after a few years. These give them a sense of belonging. Some economic immigrants also catch up much more quickly within their first year. These make them more active in Canadian society, and many of them are members of social organizations.
3. Real Estate Investment in Canada
The great thing about investing in real estate in Canada is that it has no shortage of options. You can buy the property and manage it yourself. You can also take a hands-off approach and invest in a fund. Ultimately, you will find a method that fits your budget and schedule. Let’s look at the common ways to invest in real estate to know which ones might be best for you.
Buy a House
When you buy a home as new immigrant, you are putting your money in a long-term investment called equity. As your home increases in value, your equity increases. Also, you get a tax exemption for capital gain if you live there for most of the year.
Buy Commercial Properties
Investing in commercial property means buying and renting out space where people will work. Commercial property includes malls, shopping centres, industrial complexes, grocery stores, and offices. But it requires a large upfront investment.
Rent out Residential Properties
Becoming a landlord is not a bad idea as more Canadians are renting for long periods. As a property investor, you could rent out single-family homes, condos, apartments, duplexes, or even townhouses. These produce extra cash flow, and you could also benefit from the long-term appreciation of your property.
Real estate investment could be a smart choice as an immigrant in Canada. You can also diversify your investments and create a solid stream of income till your retirement.
You may also like to explore Best Place in Canada for Indian Immigrants
Immigration in Canada
To conclude, we can say that immigrants contribute immensely to the Canadian economy. Not only do immigrants to Canada fill in the labour shortage gaps, but play a vital role in the country's progress.