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April 27, 2022
2022-0683

Canada's budget 2022 and the updated immigration imperative

Canada’s immigration system over the years has prided itself on predictability and transparency. Before the pandemic, immigration was seen as a critical driver of economic growth and an important tool to address demographic challenges of an aging population. This has not changed in the post-pandemic era, as labor shortages persist and the fast pace of baby boomers leaving the workforce will remain for at least another decade. In response to these issues, and as a critical part its post- pandemic economic recovery strategy, the Government of Canada will be investing billions of dollars over several years into its renewed immigration strategy. This includes funding its ambitious 2022-24 Immigration Levels Plan that will welcome an annual target of up to 451,000 new permanent residents by 2024.

A Tax Alert prepared by EY Law LLP, and attached below, provides additional details.

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Full text of Tax Alert

 

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