This can really distort things, because it's a lot of foreign capital coming in without the productive industry and income taxes being present. Then later it becomes a social services burden.
Many of those kids do grow up to become awesome Canadians, so that's good though. But some of them choose to move back abroad after getting their citizenship and education, when it becomes time to work...
So yeah immigrants are great, but it has been abundantly clear that the rich persons buying citizenship are doing so just to have a passport of convenience and buy land as a safe investment and the gains for the rest of Canadian society from that are weak.
It was more of visa-for-a-loan program than anything else. Complete bullshit.
Citation?
I mean, presumably there's a citable study out there somewhere.
That immigrants in general pay in more taxes sounds plausible. That refugees are a greater net positive (taxes in minus benefits out) than investors, who are basically all wealthy enough to use minimal government services, seems like a stretch.
> According to CIC, investor immigrants reported average earnings of about $18,000 in their first year and just $28,000 after 15 years. After three years, only 47 per cent of such immigrants reported any income. The Canadian average is 67 per cent.
> Meanwhile, refugees (those who come to Canada under hardship) reported first-year average incomes of $20,000 and after 15 years those incomes rose to $30,000. Two-thirds of refugees reported income by their fifth year, on par with Canada’s average.
> After five years, only 39 per cent reported income, suggesting investor immigrants may leave the country (or declare non-residency) after the citizenship process is complete.
https://nationalpost.com/news/canada/refugees-reporting-high...
Foreign capital, when invested into a limited, rationed, speculative resource, that is also required for life - like say, housing, is a ----ing nightmare.
This has not stopped housing costs from going through-the-roof. People are buying houses to speculate, new residents (foreign rich, or migrating techies) are buying houses with staggering amounts of money - amounts that existing residents could never hope to save up.
[0] https://komonews.com/news/local/home-prices-dropping-in-the-...
[1] https://www.seattletimes.com/business/real-estate/seattle-ar...
Exporting housing services is a great business and a tremendous opportunity that is too rarely framed as such. https://slate.com/business/2013/05/exporting-housing-service...
"nine of 10 recent Chinese immigrants arrive in Metro Vancouver with enough money to immediately buy homes. But only half hold down jobs during their first five years in Canada, while four of 10 report they’re surviving on low incomes."
https://vancouversun.com/opinion/columnists/douglas-todd-how...
Ritzy Richmond neighbourhood where many are ‘poor’
http://www.vancouversun.com/business/Part+Ritzy+Richmond+nei...
I wonder how long it will be before the government decides to change their data format so immigrant employment numbers can no longer be associated with country of origin, under the guise of "privacy" or something like that.