Updated: July 4th, 2024

The Economy of Canada

The Canadian economy is the ninth largest in the world, with a highly developed structure that is continuously growing and expanding. According to World Bank data, Canada’s gross domestic product (GDP) was estimated at $2.14 trillion in 2022.

The 3 largest industries measured by their contributions to the overall GDP are as follows:

  • Real Estate, Rental, and Leasing
  • Manufacturing
  • Mining and Quarrying
  • Oil and Gas Extraction

International trade, including exports and imports, plays an important role in the Canadian economy. Each makes about a third of the GDP. Canada’s biggest trading partners are the United States, the United Kingdom, and China.

Last but definitely not least is the fact that many well-known companies have headquarters in the Great White North. These companies include eCommerce giant Shopify and energy transportation and distribution company Enbridge, among some of its bigger players.

Additionally, Canada is home to major banks such as the Royal Bank of Canada. However, there is one issue that affects Canada’s economy; many Canadians are retiring at the same time. These two simultaneous factors create a reality with plenty of vacant positions across a wide range of industries. The latter mainly consists of the following fields:

  • Healthcare and Aged Care
  • STEM
  • Transportation
  • Construction
  • Teaching
  • Hospitality

As a result, the Canadian government became a fan of foreign workforce, and has been encouraging skilled professionals to obtain their Canadian work visas and assimilate in Canada.

The comprehensive list of in-demand occupations is available on the Canadian government’s official website. Be sure to check it before applying for a Canadian work visa.


What is the pool?
To be included in the pool you must qualify for one of the specific immigration programs listed under Express Entry. You must also score a minimum of 67 points on your immigration profile. Points are awarded for educational and professional qualifications, work experience, age, language ability, and more. The Canadian government selects the most suitable candidates from the pool and issues them with an official invitation (known as ITA) to become Canadian residents.
How many points do I need to get selected?
The Express Entry system uses what it called the Comprehensive Ranking System, a formula that takes into account your education, skills and experience, those of your husband/wife or partner, and whether you have a specific job offer. These factors go to build up your score out of a possible maximum of 1200. As mentioned, the higher the points you score, the greater the possibility to be selected from the pool.
How long does it take to move to Canada?
The idea of starting a new life in Canada is very exciting. But please be prepared that getting selected for an immigration program takes time. This is why the Express Entry program is extremely popular - the Canadian government aims to select candidates within 6 months. Time may significantly vary between immigration programs; the individual process of each program, government policies, the complexity of your case, and more, may affect the time it would take you to move to Canada.
Are there any goverment fees?
Like many other countries worldwide the Canadian government charges fees for the processing of immigration entries. Depending on the specific program you entered, the size and age of your family, and more – you may need a few hundred to several thousand Canadian dollars. Please note that all government fees are non-refundable. This is one of many reasons you should prepare well for your immigration process, gain as much knowledge as you can, and if possible, seek help from professionals in this field.

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