Over the next three years, Canada will aim to welcome roughly 1.45 million immigrants; with 60% projected to be through economic class programs.
This wave of newcomers is projected to have multiple positive effects for the Canadian economy, and society—some of which can already be seen, as Desjardins’ new study on the impact of federal immigration targets reveals.
For instance, new immigrants are now more likely to be employed than their peers born in Canada. This is a recent phenomenon that comes down to the convergence of two major trends: A noted increase in the employment rate of new immigrants starting in 2016; and the gradual decline in employment rate of people born in Canada.
This effect draws on demographic make-ups of each group. New immigrants are disproportionately of core working age (25-54 years), and are often selected for human capital factors that make them ideal participants in Canada’s labour force. On the other end, Canadians have an aging population, with a consistent group of retirees exiting the workforce every year (a key reason for immigration to occur in the first place). In this light, the wider effects that immigration will have on the economy are pertinent.
Currently the median age of Canadians is 41 years, with retirees exiting the labour force every year.
It is expected that the influx of core aged immigrants will not just bring the societal benefits of raising Canada’s population up to self-sustaining levels (i.e.: a birthrate of at least two per household)—but also bring a host of economic advantages to the country.
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