The importance of newcomers to the Canadian economy

Newcomers to Canada are still critical to fuel our country's economic growth, despite recent cuts to immigration targets. In this episode, we’re joined by Kingsley Chak, the Senior Vice President of Deposits and Investments at Scotiabank, and Anthony Bambokian, Senior Economic Analyst with Scotiabank. They’ll discuss Canada’s changing immigration targets and the potential economic impacts that may have, the hurdles new Canadians face, some of the services Scotiabank offers newcomers, and much more. 

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures 

 

Key moments this episode: 

2:14 - Anthony catches us up on Canada’s immigration numbers from pre-COVID to present 

7:13 – Why, despite changing targets, Canada will always be a nation of immigrants 

8:48 – What balance Canada needs to strike when it comes to new arrival targets 

10:24 – What are the main challenges newcomers face when they first arrive in Canada? 

11:30 – Some data around how long it takes newcomers to find their economic footing after arriving in Canada 

13:25 – Two more key hurdles many newcomers face in Canada 

14:42 – What challenges newcomers face when it comes to banking and finances 

19:02 – The numbers behind newcomers and entrepreneurship 

21:12 – How Kingsley's personal immigration story also relates to banking 

22:18 – Final takeaways from the conversation