CIBC\u0027s CEO told a Toronto audience \u0027the whole ecosystem has to work\u0027 to make a success of Ottawa\u0027s ambitious immigration targets. Read on.
Dodig has decided to use his influence as the head of one of the country’s most important companies to put a spotlight on a complex subject that he thinks some might be taking for granted. While the issues Dodig raised are routinely debated at think-tanks and on social media, policymakers could find it harder to ignore the persistent arguments of the head of Canada’s fifth-largest bank.
Immigration plays a key role in Canada’s labour supply, accounting for 84 per cent of the growth in the total labour force during the 2010s, according to . But the country’s decision to increase its immigration targets for the next three years at a time when housing prices have been on the rise has been criticized in some quarters.Article content
Prime Minister Justin Trudeau’s governments wants to bring in 465,000 permanent residents in 2023; 485,000 in 2024; and 500,000 in 2025 as it looks to tackle labour shortages. The numbers are higher than last year’s plan, which targeted 447,055 newcomers in 2023 and 451,000 in 2024. The federal government is also expected to introduce new tools this year to better help the immigration system target sectors such as health care and construction that have the highest need for labour.
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