Monday, 23 June 2014

$24 Billion.

That's that amount of money Canada's seven million foreign born residents removed from the Canadian economy in 2012 as remittances according to a World Bank study.

I don't have a problem with remittances. I would probably do the same thing. It beats foreign aid as it goes directly to the people who need it instead of corrupt government coffers.

But, on a balance sheet this is a loss for Canada. It's been established that immigrants' contribution to the economy is negligible. They are also a tax burden according to a much cited, and relatively unchallenged, Fraser Institute study. With TFWs compounding the costs to Canadians by contributing to regional unemployment and wage suppression now we learn Canada's foreign born, both permanent and temporary, are removing some $20 billion dollars from the economy yearly.

Since none of this is beneficial to the average Canadian the immigration system is turning out to be a money hemorrhaging investment only the shadiest of financial advisers would recommend.


Anonymous said...

24B coming out. How much is coming in from new immigrants, Canadian workers abroad, and other "citizens of convenience" with families here?

PaxCanadiana said...

24B coming out. How much is coming in from new immigrants, Canadian workers abroad, and other "citizens of convenience" with families here?

You mean how much they bring to Canada?

Considering the total costs of the immigration system I doubt it makes much of an impact.

Anonymous said...

Immigration is destroying Canada. The only people benefiting from it are politicians ,banks and big business not the average Joe six-pack and the poor. Young people can not afford to buy a house health care under to much pressure more pollution what will it take to wake people up instead of them staring at their smart phones and other distractions it's all been planned. Why are people not speaking out more ? Think of your kids and the Canada I grew up makes this new Canada a horror movie coming true WTF

Lori Sanders said...

I don’t think immigrants contribution is negligible. There is worker shortages in several professions (engineer, doctors, nurses) in Canada. Unfortunately, the director of Conference board of Canada, Paul Darby calculates a shortfall of 3 million skilled workers by the year 2020. This will really be a great loss even if it is not connected with the economy. So highly promoting skilled worker immigration is a good practice to start from now.

Anonymous said...

Immigrants bring very little to Canada. The only jobs they create are for themselves and or new immigrants. What's the benefit? It's all real estate speculation anyways.

Stop Immigration said...

They do it, because they can leverage the CDN $, to the rupee, Philippine peso, Bangladesh taka, Syrian pound, etc. They end up making a 10 time return on their money, and then invest back into Canada and buy it up. Dealing with people from countries with a lower currencies puts Canadians at a huge disadvantage.