News • November 13, 2024 • 2 Min
Recently, it was announced in the news that Canada plans to cut immigration by 20%.Canada has unveiled a significant overhaul of its immigration policy, announcing plans to reduce permanent residency targets from 485,000 in 2024 to 365,000 by 2027. The new 2025-2027 Immigration Levels Plan marks a substantial departure from the country's previous approach to immigration, driven by mounting concerns over housing availability and cost of living pressures.
Immigration Minister Marc Miller emphasized the need for "sustainable integration" as the driving force behind this policy shift. The decision comes amid growing public sentiment that immigration levels have outpaced the country's infrastructure and service capacity.
As part of this recalibration, the Start-up Visa (SUV) program will see its annual quota reduced to 1,000-2,000 applications, returning to levels similar to 2020-2022. However, the program is being strategically refocused rather than diminished, with priority processing given to ventures backed by venture capital firms, angel investors, and business incubators within Canada's Tech Network.
For entrepreneurs outside these priority categories, processing times may extend over several years, though the April 2024 quota implementation has already helped reduce application volumes. The three-year open work permit remains an interim solution for those awaiting permanent residency approval.
This policy shift represents a fundamental change in Canada's immigration approach, moving away from volume-based targets toward a more measured strategy that prioritizes economic impact and sustainable integration. The changes reflect Canada's attempt to balance its reputation as an immigrant-friendly nation with growing domestic challenges in housing and infrastructure.
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Savory & Partners Newsroom
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