Contribution of Immigrants to Canada’s Economy
Canada has long been a nation built by immigrants, and today, over one in five Canadians are foreign-born. While immigration is often discussed in the context of social and cultural diversity, it also plays a critical role in driving economic growth and supporting the country’s prosperity.
Immigrants to Canada have contributed to the economy in a number of ways, including through entrepreneurship, innovation, and skilled labour. In this article, we will explore the contributions that immigrants make to Canada’s economy and why these contributions are so important.
Immigrants to Canada are often entrepreneurial, and many have started successful businesses that create jobs and generate wealth. According to a report by the Conference Board of Canada, immigrant-owned businesses in Canada generated $1.4 billion in revenue in 2019 and employed over 600,000 people. This is a significant contribution to the economy and represents a higher rate of entrepreneurship than among Canadian-born individuals.
One reason for this is that immigrants often face barriers to employment in their chosen field, either due to a lack of recognition of foreign credentials or discrimination. As a result, many turn to entrepreneurship as a way to create their own opportunities. This can lead to the creation of new products and services, increased competition, and the development of new markets.
Immigrants are also responsible for a significant amount of innovation in Canada. According to a study by the Conference Board of Canada, immigrants accounted for 42% of Canada’s high-tech start-ups between 2006 and 2016, despite making up just 20% of the population. Immigrants are also overrepresented in science, technology, engineering, and mathematics (STEM) fields, which are critical to innovation and economic growth.
Immigrants bring a diversity of perspectives and experiences that can lead to new and innovative ideas. They also often have networks and connections that span the globe, allowing them to tap into international markets and bring new ideas and technologies to Canada.
Immigrants to Canada are also an important source of skilled labour. Many come to Canada with advanced degrees and specialized skills that are in demand in industries such as healthcare, technology, and finance. Immigrants have helped to fill critical labour shortages in these industries and have contributed to the growth and development of Canada’s economy.
In addition, immigrants have helped to offset Canada’s aging population and low birth rate by contributing to the workforce. This has helped to ensure that Canada has a growing and vibrant economy, even as the population ages.
Immigrants to Canada have made and continue to make significant contributions to the country’s economy. Their entrepreneurial spirit, innovation, and skilled labour are critical to driving economic growth and supporting Canada’s prosperity. It is important that Canada continues to welcome and support immigrants, so that they can continue to contribute to the economy and help build a brighter future for all Canadians.