Why is immigration so important to Canada’s economy?
Canada’s retirement rate has gone up, and by 2030 all 9.2 million of Canada’s most prominent worker cohort—the baby boomers—will be of retirement age. This reality, combined with a low fertility rate, is creating economic and fiscal pressure. As such, to maintain its high living standards, Canada needs solutions to replenish those exiting the workforce. The solutions must entail identifying how to maintain a healthy sized labor force to stimulate economic activity, as well as the tax revenues to fund vital social expenditures such as rising health care costs and exploring how the labor force can become more productive. LABOUR GAPS PRESENT IN CANADA’S LABOUR MARKET While many jobs can be filled by Canadians, gaps will continue to exist in the labor market. Therefore, Canada expects immigrants to help to fulfil labor market needs which, in turn, stimulates economic growth. Immigration also helps to meet specific regional labor market needs, especially through Provincial Nomin