Restricting immigration has proven costly to the U.S. economy, according to a new report.
On June 22, 2020, American President Donald Trump signed an Executive Order to limit the number of employment-based visas the U.S. would issue for the rest of 2020. This includes new employment-based visas under the H-1B, H-2B, J, and L categories. The purpose of this Executive Order, according to the Trump administration, is to protect American workers during the coronavirus pandemic.
In a new study, the Brookings Institution, which is a leading U.S. research institute, estimates this Executive Order has cost the U.S. economy $100 billion. Brookings estimates the order has resulted in 200,000 fewer foreign workers and their dependents being able to enter the U.S. this year.
When comparing the valuations of Fortune 500 companies before and after the announcement, Brookings found a $100 billion decline in the market valuation of the companies following the Executive Order.
One thing to keep in mind, however, is that market valuations of Fortune 500 companies have been volatile throughout the COVID-19 pandemic. Moreover, the fall in market valuations does not necessarily mean that $100 billion was “lost”, since the market valuation of the Fortune 500 will likely recover following the pandemic.
Nonetheless, the study underscores the importance of immigration to the U.S. economy. Similarly, immigration is of significant importance to Canada’s economy, which is why Canada continues to target over 340,000 new permanent residents per year.
Canada’s open immigration system and economic and social similarities has resulted in more U.S. residents immigrating to Canada in recent years.
How U.S. residents and citizens can immigrate to Canada.
Immigration candidates are assessed on their age, education, English skills, work experience, family ties in Canada, and other criteria such as whether they have worked and/or studied in Canada, and whether they have pre-arranged employment. You do not need a job offer however to succeed under Canada’s immigration system.
A step-by-step guide on how to immigrate to Canada if you live in the U.S. Fill out a free immigration assessment form for assistance: https://www.canadavisa…
Express Entry is Canada’s main application management system for skilled workers.
Every two weeks, Immigration, Refugees and Citizenship Canada (IRCC) holds Express Entry draws.
After you submit your permanent residence application, IRCC aims to process your application and confer permanent residence status on you within six months or less.
After Express Entry, the second best way to immigrate from the U.S. as a skilled worker is through the Provincial Nominee Program (PNP).
Almost all of Canada’s provinces and territories operate the PNP to nominate immigrants who can meet their local labour market needs. You can apply directly to a province or territory’s PNP. If you obtain a nomination certificate, you can go ahead and submit a permanent residence application to IRCC.
If you are eligible for Express Entry, your best option is to submit an Express Entry profile. In addition to being considered by IRCC, provinces and territories can review your profile and issue you with an invitation to apply to their PNP. You can then use the nomination certificate you obtained to get an extra 600 points under Express Entry which essentially guarantees you will be successful through Express Entry.
Canada uses the LMIA to determine how foreign workers may impact the Canadian labour market. Some jobs that require an LMIA mandate that Canadian employers submit an LMIA application to the Canadian government. If the government agrees the hiring of the foreign worker will not hurt Canadian workers, your LMIA application will be approved.
Most foreign workers do not need do not require an LMIA. For instance, U.S. citizens may be eligible to work in Canada without needing an LMIA if their job in Canada falls under the provisions of the United States-Canada-Mexico-Agreement (USMCA). This agreement is called “CUSMA” in Canada and used to go by “NAFTA”.
Another popular option since 2017 for U.S. residents and citizens alike is Canada’s Global Talent Stream. The GTS gives priority processing to tech talent who wish to enter Canada. Although an LMIA is required, it typically takes the Canadian government about one month to review applications.
Kareem is the Managing Editor of CIC News and Director of Policy & Digital Strategy at CanadaVisa.
Kareem has been active in the field of immigration since 2010 working for the federal government, non-profits, and the private sector.
He has authored over 250 immigration publications, given over 50 presentations, and organized over 15 events featuring federal and provincial immigration ministers and leaders from other sectors.
His research has been referenced by stakeholders such as Canada’s immigration minister, Statistics Canada, and the OECD.
He has been invited to share his immigration insights with the likes of the Canadian Parliament and Senate, foreign government delegations, the American Immigration Lawyers Association, non-profits, the Globe and Mail, National Post, Toronto Star, Global News, Forbes, Washington Post, New York Times, CTV, CBC, Maclean’s, OECD, McKinsey & Company, and Boston Consulting Group.
He is a graduate of the University of Toronto and Durham University.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.