A quarter of Canadians are expected to be over 65 in the next 20 years, per the Conference Board of Canada, meaning fewer pension contributors and more people drawing from their pension plans.
New workers will be essential to keeping pension plans and health care afloat — and most of this new workforce is expected to come from immigration.
Canada accepted 300,000 immigrants this year, with numbers expected to rise to 350,000 in 2021. As the baby boomer generation retires, more immigrants will be needed to fill gaps in the labour force, since Canada’s birth rates can’t keep up.
The country depends on immigrants to keep health care costs reasonable and GDP growth strong, and the numbers suggest that increasing immigration rates in the coming decades could have a positive impact on both.