Canada’s economy shrank by 0.3% in third quarter
in terms of news for immigrants integrating into Canada, September, household spending was flat and exports decreased, causing a drop in Canada’s economy. The gross domestic product declined by 0.3%, exports falling by 1.3% and imports by 0.2%. After the fifth consecutive quarterly decline, housing investment increased by 2% in the quarter. “The big picture is that the Canadian economy is struggling to
grow, yet managing to just keep its head above recession waters.” said Doug Porter, an economist with Bank of Montreal. Immigration may increase the size of Canada’s economy.
Refugees compared to skilled workers are more likely to file their taxes after their first year in Canada
With respect to processing news for Express Entry visa recipients to Canada, statistics from Canada’s recent study reveal skilled workers are less likely to file tax returns compared to refugees within their first year of landing in Canada. The study looked at tax filing trends with immigrants of working age (25-64) who landed from 1993 to 2019. Filing rates in the 90s improved and remained stable. Between 2017 and 2019, 90% of newcomers filed an income tax return within their first year of landing. Refugees have the highest filing rates. On the other hand, economic immigrants arriving through Express Entry are the least likely to file. The two groups have a filing rate comparison of 95% vs 77%.
Inadmissibility fees rising due to inflation
IRCC announced the news in their Gazette that by December 1st, application fees will be raised for foreign nationals applying to gain back status or return to Canada after being inadmissible. The fees are being changed due to inflation, aligning with the Service Fees Act. Fees will be adjusted every first of December, and have been adjusting since 2018.
25 000 jobs added, but unemployment rate rises
Regarding news relating to the prospect of immigrant work in Canada, In November, Canada added 25 000 new jobs, Statistics Canada reported. But the unemployment rate rose to 5.8%. Since April, despite the addition of jobs, the unemployment rate has inched up to 0.8%. Most jobs were wholesale, retail, trade, or finance, but manufacturing and construction saw the biggest increase.
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Sources available for further research
Bakx, K – “Canada commits $16M to new global climate damage fund” – CBC News – December 1, 2023
Mallees, N. – “Unemployment rate rises to 5.8% in November as job market continues to cave” – CTV News – December 1, 2023
Evans, P. – “Canada’s economy shrank by 0.3% in third quarter, StatsCan says” – CBC News – November 30, 2023
Hornstein, J. – “Changes to Canada’s inadmissibility fees starting December 1st, 2023” – CIC News – November 30, 2023
Robitaille, E. “Refugees more likely to file taxes than skilled workers after their first year in Canada” – CIC News – November
28, 2023
