The Chief Executive Officer of OMERS, a leading pension fund in Canada, has recently recommended that Canada should increase its existing levels of Canadian immigrants more than three times in the next few years. John Ruffolo, CEO of OMERS Ventures, says that modernization and talent acquirement can solve the current growth dilemma in Canada. Ruffolo is quite the influential Canadian citizen, seeing as he also serves as vice-chair of the Council of Canadian Innovators.
According to an article in Canada’s most widely-read newspaper on Saturdays and weekdays, the Globe and Mail, John Ruffolo stated that Canada needs a vigorous national access-to-talent strategy. He suggested that Canada should increase immigration. By 2025, 30% of the Canadian population will be older than 60 and in order to reduce this imbalance, Canada would need to increase the number of Canadian immigrants for each of the next five years to one million people. Ruffolo’s article was published in the newspaper’s Business section on Thursday, August 18.
Ruffolo stated that if Canada focus this intake on skilled Canadian immigrants between the ages of 20 and 39, it would change our overall quantity of that band from 25% to 32% of the entire population. Without this type of strategy, Canada could possibly face glaring choices, such as greater national debt tax increases, or scaled-back social programs.
Ruffolo added that he realises the plan might seem quite bold to some people, although many will most likely understand since the idea of scaling up the Canadian economy through immigration is an old idea. From the years 1901 to 1911, Canada’s population increased from 5.4 million to roughly 7.2 million. Canadian immigrants were to be thanked for that entire increase in the population. It was a total of 33% increase. By comparison, a goal of one million people per year, for the next five years is comparatively modest – 41 million people will represent a population increase of just 14%.
According to Ruffolo, the initiative needs to be carefully phased in, make use of our internationally recognized due diligence and thorough screening processes in order to align with our labour needs. We have to move from a submissive intake system to an intake system where we actively recruit a greater amount of people who will be able to succeed and help increase our capacity for innovation and productivity. This will include new science grads, investors with capital and skilled tradespeople.
Canadian Minister of Immigration, John McCallum, recently went on the record regarding his personal desire to increase the number of Canadian immigrants entering Canada each year. It is expected that the Canadian government will reveal a new immigration plan in September 2016, in which more real proposals and objectives will be thoroughly outlined.