New immigrants’ incomes ‘improved considerably’ in recent years in Canada: report
January 15, 2024
New permanent residents’ incomes compared to the general population have “improved considerably” over four years in Canada, according to Parliamentary Budget Officer Yves Giroux.
The Office of the Parliamentary Budget Officer (PBO) released its independent report Friday on how the median income of new immigrants changed and some of the underlying factors behind it. The PBO provides independent economic and financial analysis to Parliament aimed at budget transparency and accountability.
“The closing of the income gap corresponds with an increase in the number of temporary residents and better Canadian experience … that these recent immigrants have gained, either in the workplace in the labour market or through studying in Canada,” said Giroux in a phone interview with CTVNews.ca on Friday. “So there seems to be a strong correlation there.”
The report comes as Canada has increased its immigration targets substantially to 500,000 people yearly for 2025 and 2026, which is expected to boost its labour supply and economy over the long term.