Â鶹ӰÊÓ

Politics

    • Fewer immigrants could have economic impacts as Canadians age: RBC

    (Pexels/Pexabay) (Pexels/Pexabay)
    Share

    High levels of immigration are helping blunt the economic impact of Canada's aging population even though it's worsened challenges with housing affordability, a report by RBC says.

    Carrie Freestone, an economist with RBC, said Canada's retirees are still consuming goods and services, including health care, Canada Pension Plan and Old Age Security benefits, creating an imbalance between demand and what the economy can produce. As fewer people pay into public service programs and more people become recipients, Freestone added it widens the gap between government tax revenue and money needed to pay for services.

    "That's a problem," she said in an interview. "If we have fewer people working and producing goods and services and we have more people consuming, there's a mismatch between supply and demand."

    With Canada's recent scalebacks to its immigration policies, the country's population size is expected to be 2.5 per cent smaller in 2027, compared with the original estimates if the policy remained unchanged, the report said. The cap on non-permanent residents means 1.1 million fewer people in Canada by 2027.

    The report suggests the cap will result in 0.9 per cent reduction in Canada's working-age population and increase the dependency ratio — which measures the number of dependents per 100 working-age people.

    The federal government capped the intake of international students for 2024, reducing the numbers by 35 per cent from 2023 levels. It also announced that open work permits will only be available to the spouses of international students enrolled in master's and doctoral programs. The changes were prompted by strains on the economy including in the housing market.

    However, Freestone said many don't realize the economic impacts an aging population and low birthrates can have, such as labour shortages.

    Statistics Canada says 2022 marked the lowest level on record for Canada's fertility rate, at just 1.33 children per woman.

    As costs for health care, OAS and social programs go up, governments can see higher deficits, which in turn, can lead to higher taxes to offset the shortfall.

    Instead, Freestone said an easier way to tackle this issue is by bringing in working-age immigrants, even if it's at a slower pace.

    "Our population is still growing each year and the number of permanent residents is still growing each year," Freestone said.

    "That's a good thing."

    The U.S. is facing similar issues as the older population outpaces younger taxpayers, Freestone pointed out. But the two countries adopted different approaches — Canada ramped up immigration while the U.S. kept immigration levels low.

    As a result, Canada's age-related unfunded liability was $70,000 per person in 2018, while the U.S. was at $236,000 per capita in 2018, according to the C.D. Howe Institute, the report cited. An unfunded liability refers to the gap between a pension fund's assets and its estimated benefit obligations.

    "That's a pretty sizable differential," Freestone said. "In the U.S., this unfunded liability is about three times the size of the U.S. government debt held by the public — nearly three times the size of the economy."

    The issue of housing affordability is a supply-side problem that has been decades in the making, Freestone said. "It's not three years of bringing in a lot of immigrants that's spurred the problem."

    She said the solution to the housing crisis is to build more housing, including finding more construction and skilled labour workers.

    "It's important to make sure that immigration is targeted," Freestone said, adding that Canada can do a better job in skills matching.

    This report by The Canadian Press was first published May 30, 2024.

    IN DEPTH

    Opinion

    opinion

    opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster

    A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?

    opinion

    opinion Don Martin: How a beer break may have doomed the carbon tax hike

    When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.

    CTVNews.ca Top Stories

    A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.

    Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

    A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).

    Canada

    • A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.

    • The London Police Service (LPS) is currently investigating a suspicious death in the east end.

    • A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.

    • A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.

    • A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).

    • A Calgary family on a trip to Chinook Centre experienced the lows and highs last week, when a stuffie went missing.

    World

    Politics

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    • Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.

    • How to win the fight with kids over phone use

      The end of the day — when school, extracurricular activities and homework are (hopefully) finally done — is the window that many kids have for downtime. It can be a struggle to convince them not to go on their phones.

    • While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.

    Sports

    • Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.

    • Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.

    • Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

    Autos

    Local Spotlight

    Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

    Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

    An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

    They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    • A six-year-old girl who was reported missing in northern B.C. earlier this week remains unaccounted for, and "significant resources from across the province" have joined in the search, police said Saturday.

    • A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.

    • A heritage home in Vancouver suffered "extensive damage" in a fire that broke out late Saturday morning, according to firefighters.

    • A 23-year-old man has been arrested after one person was found dead at a home in Richmond Hill Saturday morning.

    • Toronto police say they have now identified a third person who they believe was involved in a shooting that left two men dead in North York earlier this week.

    • A man is fighting for his life in hospital a day after a vehicle smashed into several others in and around an intersection in Milton before flipping over.

    • Milla White from Cochrane literally drew her way into a meeting with former boxer and actor Mickey Rourke.

    • The water coming from your taps might be a bit murky Saturday, but Calgary remains on schedule to end all water restrictions on Sunday.

    • A Calgary family on a trip to Chinook Centre experienced the lows and highs last week, when a stuffie went missing.

    • A potential move to LeBreton Flats for the Ottawa Senators is still years away, but questions and concerns are already being raised about what to do with the Canadian Tire Centre.

    • The Taste of Wellington 2024 wraps up Saturday in Ottawa.

    • A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).

    • Montrealers can get used to taking a stroll on several car-free streets during the summer in the years to come thanks to a new commitment from the city.

    • Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

    • Unusual flippered feet are making their way into the Saint Lawrence River this weekend. Led by underwater explorer and filmmaker Nathalie Lasselin, volunteer divers are combing the riverbed near Beauharnois in Montérégie to remove hundreds of tires that have been polluting the aquatic environment for decades.

    • The Edmonton Police Service is looking for a person of interest in connection with a suspicious fire that destroyed a multi-unit building and damaged several townhomes earlier this week.

    • Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.

    • Two people have been charged after a daylight shooting in Red Deer earlier this week.

    • Halifax Regional Police warned the public of a series of high-value thefts targeting retail stores Friday.

    • Pictou County District RCMP is investigating a fatal crash that occurred in Thorburn, N.S., Saturday.

    • A proposal for additional parking to accommodate upgrades at the Irving Pulp & Paper Mill in Saint John, N.B., would add an estimated 500 parking spots at Wolastoq Park.

    • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    • A herd of dogs paid visit to patients and residents at Riverview Health Centre during an annual event that lifts spirits and wags tails.

    • While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.

    • Fire officials are investigating after a fire completely destroyed the community fridge in the Cathedral neighborhood.

    • The last two months after losing her daughter Bella have been extremely difficult for Kyla Thomson.

    • Regina police arrested three youths in connection to a bear mace incident at a Regina high school on Friday.

    • The Cambridge Professional Fire Fighters’ Association held their annual Muscular Dystrophy Boot Drive on Saturday.

    • Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.

    • Police said the pedestrian, a 52-year-old man, was taken to an out-of-region hospital with life-threatening injuries and the driver of the vehicle failed to remain at the scene.

    • The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.

    • Saskatchewan RCMP major crimes unit is investigating after a man’s body was found on Sweetgrass First Nation.

    • Motors were roaring, and tires were spinning as Saskatoon's biggest names in motocross gathered together for the 50-year anniversary of the club's founding on Saturday.

    • A motorcyclist has died following a serious collision that took place in London’s south end on Friday afternoon.

    • The London Police Service (LPS) is currently investigating a suspicious death in the east end.

    • The St. Thomas police is asking the public for help locating a missing man.

    • The Barrie Skateboard Association (BSA) hosted a unique competition at the City's Skate Park on Saturday to celebrate its 25th anniversary, which showcased the park's importance and the growth of skateboarding in the region.

    • A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.

    • One person is in hospital after an e-bike crash in Orillia on Thursday.

    • The Amherstburg Freedom Museum is celebrating a year of festivities in anticipation of its 50th anniversary in 2025.

    • The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.

    • A LaSalle high school is celebrating its emerald anniversary this weekend, with everyone who has ever walked its halls invited to return.

    • A man who was found dead behind a curling rink in Nanaimo, B.C., earlier this month was the victim of a homicide, police confirmed.

    • A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.

    • A six-year-old girl who was reported missing in northern B.C. earlier this week remains unaccounted for, and "significant resources from across the province" have joined in the search, police said Saturday.

    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.

    • Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.

    • The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.

    • A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.

    • Following an outbreak of COVID-19 on its continuing care floor and just ahead of the flu season, St. Joseph’s General Hospital in Elliot Lake has opted to re-introduce a universal masking policy until further notice.

    • A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.

    N.L.

    Stay Connected
    Follow Â鶹ӰÊÓ