April 27, 2022
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.
Full text of Tax Alert