Following the latest draw of candidates from the Express Entry pool, Citizenship and Immigration Canada (CIC) has issued its 13th round of Invitations to Apply for permanent residence. A total of 1,581 invitations were issued to applicants with a score of 451 or higher, the lowest qualifying score to date.
Starting August 31, the Quebec Immigrant Investor Program (QIIP) will accept applications from qualified investors who want to settle down in the province by making passive investment through a recognized financial intermediary. In order to qualify, a candidate must have net assets of at least CAD$1,600,000.
Source: Immigration News Articles
Experts believe that while Canada’s immigration policy is one of its fundamental strengths, the growing reliance of Canadian businesses on temporary foreign workers may prove to be its undoing. Canada’s intake of foreign workers has almost doubled since 2006, and almost all of the net new immigration growth is driven by the increasing use of temporary foreign workers rather than permanent economic migrants.
Source: Global and Mail
Canada’s Minister of Employment and Social Development Pierre Poilievre has announced stiff new penalties for employers who violate Temporary Foreign Worker Program and International Mobility Program rules. Starting Dec. 1, employers found violating program conditions will be subject to fines ranging from $500 to $100,000 per violation, and up to $1 million in a one-year period. Employers will also be banned for up to 10 years from the programs.
Source: Staffing Industry
The Canadian Income Tax Act allows an unlimited exemption from income tax on capital gains resulting from the sale of a principal residence. However, non-residents of Canada are not exempt from this tax. However, a trust can own a residence, and Canadian resident trusts do have a principal residence exemption. The exemption applies even if the trust’s settlor or beneficiaries are not Canadian residents.
A survey of professional accountants in leadership positions by the Chartered Professional Accountants (CPA) of Canada reveals that optimism in Canada’s economic performance is gradually on the rise. According to the survey, 29 per cent of respondents were optimistic about the Canadian economy, up from 23 per cent the previous quarter. Respondents cited the fall in oil prices as the main challenge for the Canadian economy.
After an unexpected strong showing by the Canadian economy in May, Statistics Canada is to release figures for June this Friday. Economists are predicting a loss of 20,000 jobs and a slight increase in the unemployment rate to 6.9 per cent for the month of June. Such an announcement will likely be followed by calls for another interest rate cut by the Bank of Canada this month.
Source: Global and Mail
Canada Day was celebrated last week after controversial new rules came into effect under the country’s citizenship act. Bill C-24, the Strengthening Canadian Citizenship Act, has been met with strong public criticism, with the new law making Canadian citizenship harder to get and easier to lose. Two Ontario lawyers have launched a legal challenge to the act, arguing it’s unconstitutional, and a Change.org petition to repeal the changes has gained over 100,000 signatures.
Source: Global News
While Canada has an economy growing faster than any other G7 nation, complacency means Canada’s fortune is at risk of slipping away. Over the past few years, Canada has slipped down the rankings of U.N.’s Human Development Index (HDI), the HDI Gender Gap, the OECD’s Programme for International Student Assessment (PISA), the World Bank’s Ease of Doing Business Index, and the OECD index of R&D spending.
Changes to Canada’s Temporary Foreign Worker program have resulted in a massive drop in the number of Labour Market Impact Assessments (LMIAs) issued to foreign workers looking to come to Canada. Just 40,000 LMIAs were issued in 2014, compared to more than 200,000 in 2012. Around 11,200 LMIA applications were turned down in 2014.