Let us study the implications of Budget 2024 on Canadian immigration, as it plays a significant role in the lives of those residing in Canada and newcomers. Canadian Finance Minister presented the federal Budget 2024 before the Parliament.
Typically, Canada reveals its Budget each year, outlining the spending habits of the fiscal year. It plays a crucial role in how people will tackle their life in Canada, whether they already reside or are newcomers.
Grasping the intricacies of the government’s spending strategy is critical to comprehending Canadian immigration policies. This knowledge encourages individuals to make informed decisions about their future in Canada.
The 2024 Budget showcased new spending worth $53 billion and emphasized improving housing affordability in Canada. Besides, it also focused on defense spending and enhancing the labor force for economic assistance.
This year, the budget didn’t really target Canadian immigration as a major component. However, the existing initiatives related to the former budgets have specific new spending and a few upgrades. As a result, newcomers in Canada might be able to search for affordable housing and obtain work in key industries.
The implications of Budget 2024 on Canadian immigration – Cost-effective housing
Finance Minister Freeland and Justin Trudeau discussed their plans to make peace with the present housing affordability challenge through some initiatives. Most initiatives target Gen Z and Millennials as they are the ones who suffer the most due to the housing crisis.
These discussions by both ministers consisted of the Renter’s Bill of Rights and a rise in funding for the current Apartment Construction Loan Program. This accounts for nearly $55 billion. The program motivates developers to establish more apartments and rental housing properties. These would include residences for students as well as long-term care amenities.
Minister Freeland even declared that first-time home purchasers will be able to access $60,000 from the RSVPs as of April 16. They will be able to use this money for their first home purchase, which is twice the maximum amount of $35,000. In addition, they will get five years to repay the amount.
Coordinating housing and immigration in Canada
This year’s Budget also reminds us of the multiple changes that IRCC has brought forth, taking into account the housing shortage at present.
For instance, the forthcoming Immigration Levels Plan 2025 to 2027 will also consist of temporary resident goals, including temporary workers and students. According to the Canadian government, there might be a reduction of nearly 60,000 temporary workers in the following three years. As a result, there will be a reduction in demand for Canada’s restricted housing supply.
Foreign Credential Recognition
Per the government’s Fall Economic Statement in 2023, it declared its plan to invest $50 million in the Foreign Credential Recognition program. This year’s Budget depicts that 50 percent of funding will go to residential construction. In addition, this will help skilled trade workers attain crucial credentials to gain work experience in the country or the province they seek to reside in. Moreover, the remaining 50 percent will go to the healthcare industry. According to the federal government, this might assist provinces or territories in fast-tracking the elimination of barriers to foreign credential recognition.
This specific investment is based on the $115 million investment within the budget of 2022.
How will the Budget 2024 influence Canadian immigration?
This year’s Budget states how immigration has affected the Canadian economy. Moreover, new immigrants narrowed the salary gap between them and non-immigrants in previous years.
In addition, over the most recent ten-year period, immigrants required six years to catch up with the median Canadian income. However, at the conclusion of those ten years, they had surpassed it by 10%.
Do you have any general queries or concerns regarding Canadian immigration? Let our expert guides at Make Home Canada help you get all the answers. We are just a call away; stay connected at 1-800-979-0509 or simply email your concerns to [email protected].
