Finance Minister Chrystia Freeland has presented Canada’s federal Budget 2024. This annual budget outlines the upcoming fiscal year’s spending, affecting all Canadians, including newcomers. Key points include a $53 billion new expenditure focusing on improving housing affordability, defense spending, and productivity enhancement in the labor force.
Canada’s federal budget seeks to address some of the most pressing issues confronting both newcomers and long-term residents. The federal budget’s current ‘hot topics’ include affordable housing and solutions to the housing crisis, as well as addressing Canada’s cost of living. Because Canada is such a diverse country with numerous newcomers, there is a lot to unpack from the budget announcement.
Foreign Credential Recognition
Canada intends to invest $50 million in 2024 and 2025 to enhance the Foreign Credential Recognition Program in Canada. This program provides newcomers with training, work placements, wage subsidies, and mentoring.
At least $25 million of this amount will go toward streamlining foreign credential recognition in the construction industry, allowing skilled foreign workers to build more homes. The remaining funds will be directed to the healthcare sector. Given the high demand for workers and the large number of job openings, the budget’s focus on these two sectors is not surprising.
Newcomers working in these sectors can expect changes that will make it easier to come to Canada and begin working in a professional setting with recognized foreign credentials.
If you want to know more details about “How will Budget 2024 impact Canadian immigration” you can contact one of our immigration specialists at Gunness & Associates.
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