Posthaste: Canadians have never been so supportive of immigration, survey reveals
Good morning!
More Canadians believe immigration is good for the economy, and a record number say they support the country’s targets, according to a new poll from the Environics Institute for Survey Research.
Seven in 10 Canadians say they approve of immigration levels that allow more than 400,000 people into the country annually, the fall 2022 Focus Canada survey, conducted in partnership with the Century Initiative, said. That large show of support amounts to the highest in 45 years of research, Environics said.
The positive response is driven in part by a strong belief that immigration is a boon to the economy. Indeed, 85 per cent say welcoming newcomers is of economic benefit — an increase of five percentage points from last year and the highest level in 30 years. Even those who think immigration levels are too high say the influx of new citizens is actually good for the economy.
Meanwhile, almost six in 10 say the country should boost immigration further to increase the population. As it stands, Canada plans to welcome more than 1.3 million people over the next three years — the highest target in the G7. The government is using immigration to shore up the labour market as an aging population drives a flood of retirements, exacerbating worker shortages. It’s already served as an important tool, with immigration making up 84 per cent of total workforce growth in the 2010s, Statistics Canada data show.
Amid this greater acceptance of immigration, people are now more likely to reject previously held stereotypes, the survey said. While prejudices still exist, fewer people say immigration poses a threat to Canadian culture, or that the country allows too many newcomers from minority groups.
“A growing majority of Canadians are … rejecting the prejudiced attitude that their country accepts too many immigrants from racialized cultures,” the survey said.
There are also higher expectations that Canada should welcome refugees from war-torn countries, such as Ukraine or Afghanistan. Seventy-six per cent say the country should open its doors to more refugees fleeing war. The sentiment is a record for the survey, which first asked the question in 1993.
The research comes as the federal government prepares to update its Immigration Levels Plan, which outlines the number of foreigners the country will accept each year. The current plan calls for 431,645 new permanent residents in 2022, 447,055 in 2023 and 451,000 in 2024.
In recent days, Canadian Imperial Bank of Commerce chief executive Victor Dodig has come out in support of making improvements to the immigration system amid housing affordability issues, low wages and a tendency to undervalue foreigners’ skills.
“Being welcoming in this case doesn’t just mean accepting newcomers,” Dodig said in an opinion piece published in the Financial Post earlier this week. “It means ensuring that when immigrants arrive, they can thrive and participate fully in society and the economy. On this score, Canada has work to do.”
Navdeep Bains, the former innovation minister, and Elder Marques also recently advocated for improvements to the immigration system in a commentary published in the Financial Post on Oct. 18. They said immigration is critical to efforts to ease labour shortages and boost Canada’s overall growth and prosperity.
“Creating a more robust and better functioning immigration system is good for Canada’s economy, and is the right thing to do,” they said. “A bigger, richer and more skilled Canada awaits us, if we are willing to take the leap.”
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After enjoying decades of low borrowing costs, courtesy of the global savings glut, governments are now under pressure across the globe. The combination of elevated debt levels, rising interest rates and weak economic growth increases the odds of sovereign defaults, which, in turn, have potential to spill over to an already-weakened private sector via ties between government and banks. To mitigate those risks, investors would do well to be discerning, focusing on economies that have manageable public debt, good current account positions, healthy foreign currency reserves and a relatively weak sovereign-bank nexus, write David Rosenberg and Krishen Rangasamy of Rosenberg Research.
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Bank of Canada interest rate announcement, monetary policy report
Statistics Canada will publish 2021 Census data on immigration, ethnocultural and religious diversity and mobility and migration. Statistics Canada officials will then hold a news conference to present high-level national, provincial, and territorial findings for the sixth release from the 2021 Census
NDP Leader Jagmeet Singh will discuss high costs for families and how the government should be helping Canadians make ends meet
The standing committee on transport, infrastructure and communities meets about anticipated labour shortages in the Canadian transportation sector
The standing committee on finance meets regarding pre-budget consultations in advance of the 2023 budget
The standing committee on agriculture and agri-food meet about global food insecurity
The standing committee on human resources, skills and social development and the status of persons with disabilities meets regarding a technical briefing on Bill C-22, An Act to reduce poverty and to support the financial security of persons with disabilities by establishing the Canada disability benefit and making a consequential amendment to the Income Tax Act
The standing committee on access to information, privacy and ethics meets regarding the access to information and privacy system
Saskatchewan Premier Scott Moe is delivering a speech from the throne to kick off the fall sitting of the legislature
Natural Resources Minister Jonathan Wilkinson attends the International Atomic Energy Agency Ministerial Conference on nuclear power. Minister Wilkinson will participate in the opening session at 9:30 a.m., and the delivery of Canada’s national statement at 10:30 a.m.
Today’s data: U.S. advance economic indicators, new home sales
Earnings: Meta Platforms Inc., Boeing Co., LG Energy Solution Ltd., Canadian Pacific Railway Co., Ford Motor Co., The Kraft Heinz Company, Barclays PLC, Restaurant Brands International Inc., Deutsche Bank AG, Agnico Eagle Mines Ltd., West Fraser Timber Co. Ltd., TMX Group Ltd., Harley-Davidson Inc., Crescent Point Energy Corp., Aecon Group Inc.
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Housing, mortgage sectors brace for more pain as Bank of Canada tees up another big rate hike
The quiet quitters are getting quiet fired: The silent war playing out in offices
Consumers can now get charged for using credit cards in Canada. What does this mean?
Tech giants disappoint — and they’re dragging the index down with them
Spirit of compromise needed to reach Canada’s emissions goals, natural resources minister says
Heather Zordel resigns as chair of Ontario Securities Commission less than a year into the job
Chrystia Freeland defends Bank of Canada ahead of next interest rate hike
Europe’s energy crisis takes surprise turn as gas shortage transforms into glut
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Market volatility, along with fewer defined-benefit pension plans, have helped push retirement goals further into the future for many Canadians. But there are things you can do to help make the road to retirement by the age of 65 smoother. For younger people, that involves staying the course with a financial plan that considers risk tolerance and capacity. Find out more in the latest instalment of the Financial Post’s Money Milestones series.
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Today’s Posthaste was written by Victoria Wells (@vwells80), with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.
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