Immigration aligned with economic development
Canada announced its intent to terminate the federal Immigrant Investor Program (IIP) and federal Entrepreneur (EN) Program, eliminate a large and long-standing backlog of applications, and pave the way for new pilot programs that will actually meet the country’s labour market and economic needs.
The current IIP provides limited economic benefit to Canada. Research shows that immigrant investors pay less in taxes than other economic immigrants, are less likely to stay in Canada over the medium- to long-term and often lack the skills, including official language proficiency, to integrate as well as other immigrants from the same countries.
Eliminating the IIP and EN programs – and the associated backlog of applications – will allow the government to focus on attracting experienced business people and raising investment capital that is of maximum benefit to Canada’s economy.
While the IIP will be cancelled, there exist many pathways to permanent residence that help attract newcomers that Canada needs. Programs such as the Provincial Nominee Program, Federal Skilled Trades Program, and Canadian Experience Class have attracted over 61,000 Permanent residents in 2012.
The government will replace the IIP with a more focused, aligned and effective pilot project that will ensure immigrants who come to Canada deliver benefits to the economy and labour market.
The government remains committed to a fast and flexible immigration system by investing in economic immigration programs.
Posted: Jun 2, 2014