Canada must find the balancing of integrating immigrants, using the full potential of its current workforce, and accommodating population growth, a new report says.<\/p>\n
Such a balance is key to Canada\u2019s sustainable economic and social development in the face of evolving demographic changes, according to the TD Bank report.<\/p>\n
Last year, Canada\u2019s government attempted to address labour market shortages through a multitude of policy implementations.<\/p>\n
However, the resultant increase in the number of skilled foreign workers<\/a> is so unprecedented<\/a> that it is accompanied by looming concerns about potential dislocations in other segments of the economy, such as housing affordability, healthcare availability, infrastructural expansion, and social support platforms.<\/p>\n \u201cGreater thought and estimation needs to occur on what\u2019s a true absorption rate for population growth,\u201d said report authors Beata Caranci, James Orlando, and Rishi Sondhi.<\/p>\n \u201cPolicy cannot be singularly focused on the perceived demands of employers, and even educational institutions.\u201d<\/p>\n Read More<\/b><\/p>\n Canada Doubles Resettlement Spaces for Human Rights Defenders<\/a> In combination with several factors, Canada\u2019s population saw a 1.2 million boom in the last 12 months, which provided support to the labour market and fueled economic growth prospects for the country.<\/p>\n This growth acceleration is predicted to persist through at least 2023, due to an influx of non-permanent residents (NPRs) in the form of work permit, study permit, and refugee status holders.<\/p>\n For one, last year IRCC removed the limit on the number of low-wage positions a company can fill using Temporary Foreign Workers<\/a> (TFWs) in seasonal industries.<\/p>\n Moreover, the limit on allowable TFWs was upped to 20% of the workforce for firms, and firms in industries with large job vacancies could push that limit even further to 30%.<\/p>\n Due to a combination of the two measures, there was an observable jump in the number of TFW positions approved in 2022.<\/p>\n Canada also accepts a significant number of international students per year, many of whom become part of the workforce after graduation.<\/p>\n In furthering the intake of this demographic, a Canadian federal advisory panel recommended doubling the number of international students from roughly 240k in 2011 to 450k in 2022. However, Canadian educational institutions have exceeded even these numbers<\/a>, with 807k study permits being issued last year.<\/p>\n The last NPR category \u2013 asylum seekers \u2013 is usually dependent on world events, and thus fluctuates. Russia\u2019s invasion of Ukraine displaced millions, of which over 1.1 million applications have been submitted under the Canadian-Ukraine Authorization for Emergency Travel (CUAET). Out of these, over 800k have been granted approval till now.<\/p>\n Watch Video:<\/b><\/p>\n
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\nThunder Bay Business Leaders Happy as Rural and Northern Immigration Pilot Extended<\/a>
\nCanada Governments to Encourage Immigration to Smaller Communities<\/a><\/p>\n
\nCanada\u2019s Population Surge<\/h3>\n
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