The following was presented by Colin R. Singer as a key note speaker at the Conference Board Canada, Immigration Summit, Ottawa, April 5, 2016.
The federal government is losing out on the world's wealthiest investors despite Canada being an enviable destination for ultra high net worth business people. It lost its way when the previous federal government terminated the federal immigrant investor program and replaced it with a program that has failed to attract any significant interest. Canada must now reclaim its role as a dominant operator in the residence through-investment industry as it has the policy basis and the market demand to do so.
A leading study gives conclusive evidence that immigrants are far more likely to own businesses than their Canadian counterparts, a key component for economic growth. Released in March 2016 and entitled Immigration, Business Ownership and Employment in Canada, the study concludes that 'rates of private business ownership and unincorporated self-employment are higher among immigrants than among the Canadian-born population'. We know this officially for the first time because data based on immigrant business ownership has only recently become available with the introduction of the Canadian Employer-Employee Dynamics Database, which you can access here.
Why wouldn't Canada want to attract new residents and citizens who start their own businesses, create much-needed jobs and undertake substantive consumption expenditures in the local economy?
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The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer
