Canada is currently experiencing historically low levels of unemployment. The most recent data from Statistics Canada indicates the current level of unemployment is at 5.2%, the lowest it has been since records began being kept in the 1970s. The reason for this is that Canada’s population is aging and the birth rate is too low to replace the nine million workers who will reach retirement age by 2030. Canada has one of the lowest birth rates in the world with an average of about 1.5 children per woman.
With fewer Canadian-born citizens, Canada relies on immigrants to work and contribute taxes in order to support an aging population. For example, according to the 2022 federal budget, healthcare spending is projected to rise significantly over the coming years to an estimated $56 billion in 2027. Immigration is vital to ensuring that Canada has a robust economy as well as strong social services and healthcare that everyone benefits from, including permanent residents.
