EAP 2014 announced the government’s intent to terminate the federal Immigrant Investor Program (IIP) and Federal Entrepreneur (EN) Program, eliminate a large and longstanding backlog of applications, and pave the way for new pilot programs that will actually meet Canada’s labour market and economic needs.
The current IIP provides limited economic benefit to Canada. Research shows that immigrant investors pay less in taxes than other economic immigrants, are less likely to stay in Canada over the medium- to long-term and often lack the skills, including official language proficiency, to integrate as well as other immigrants from the same countries.
Eliminating the IIP and EN programs – and the associated backlog of applications – will allow the government to focus on attracting experienced business people and raising investment capital that is of maximum benefit to Canada’s economy.
The government will replace these programs with more focused and effective pilot programs that will ensure that immigrants who come to Canada deliver meaningful benefits to our economy. This will complement CIC’s Start-Up Visa, enabling Canada to remain competitive in the global economy. Details of the new pilots will be announced in the coming months.