Recently, the federal Liberal government of Canada announced its second budget during its term, which includes several new policies closely related to Canadian immigration or new immigrants. The following is an overview of these significant new policies:
1. Establishing Canada as a Global Innovation Hub
The focus of this budget is to build Canada into a leading global technology innovation center while significantly enhancing the skills of Canadians and attracting talented, skilled, and entrepreneurial individuals from around the world.
2. Significant Investment in Skills Training for Immigrants
The federal government of Canada will invest CAD 454 million over four years starting from the 2018-2019 academic year, followed by an annual investment of CAD 46.3 million, to help employed Canadian residents and Canadian immigrants receive education and enhance their skills for better job opportunities.
3. Amending Immigration Laws to Attract and Retain International Talent
Currently, the Canadian government will amend the Immigration and Refugee Protection Act. The aim is to attract talented foreigners and facilitate their immigration to Canada or their retention in Canada to create jobs or work.
On one hand, Canada will provide a strategy for international talent to obtain a Canadian visa within two weeks to attract international talent immigration; on the other hand, various policy supports will be provided to certain professionals who are about to immigrate to Canada, including enhanced credential recognition and professional certification.
Additionally, the Canadian government will establish 25 research projects commemorating Canada's 150th anniversary to attract top scholars and researchers from around the world to work in Canada.
4. Various Other Benefits
Housing Strategy: The federal government will allocate CAD 11.2 billion for a national housing strategy to fund affordable housing in various towns.
Tax Reform:
The most significant change in personal income tax is the federal government adjusting the tax rates for different income brackets in 2016.
For individuals with an annual income between CAD 45,281 and CAD 90,563 in 2016, the income tax rate has been reduced from 22% to 20.5%, which is certainly welcomed by the middle-income group.
Cancellation of Public Transit Fare Refunds: Starting this year, the 15% public transit fare refund will be canceled.
Education: Over the next two years, CAD 50 million will be allocated to develop programming courses for children.
Innovation: Over the next five years, CAD 9.5 billion will be allocated to support the "Super Innovation Platform" led by enterprises.
Anti-Gender Discrimination Violence: Nearly CAD 200 million will be provided for this national strategy over five years.
Transportation Infrastructure: CAD 867.3 million will be allocated for railway construction over three years.
In summary, the 2017 Canadian federal budget is the second budget since the federal Liberal Party took office. From the expenditure plans of the Liberal government in the budget, the focus of investment is primarily in technology innovation, welfare improvement, retaining international talent, and enhancing the living environment, with the aim of retaining all outstanding talents, entrepreneurs, and investment immigrants to make greater contributions to Canada's economic and social development.
The immigration experts at WorldWay Immigration point out: The economic development of Canada is expected to be stable, making it an excellent opportunity for Chinese entrepreneurs to invest in Canada. Immigration investment, as an important means of overseas investment, can integrate immigration status, children's overseas education, global asset allocation, and international lifestyle, and is therefore increasingly welcomed by the Chinese populace. For more details on investment immigration to Canada, please call: 400-138-2929