article

Study reveals awfullness of Canadas IIP

[WHAT]

1. ] by Ian Young @SouthChinaMorningPost - Many Vancouverites, ethnically Chinese and non-so alike, understand on an instinctive level that selling permanent residency and passports is a Bad Idea. But I doubt many are aware of the precise awfulness of the Immigrant Investor Program (IIP) and the Quebec IIP that have brought tens of thousands of millionaire households to the city for the past 30 years.

[WHY]

1. ] 

[WHERE]

1. ] READ THE FULL ARTICLE
1. ] http://www.scmp.com/comment/blogs/article/1929324/study-reveals-awfulness-canadian-investor-immigration-income-tax

[WHEN]

1. ] 2016-03-22

[EXAMPLE]

1. ] Vancouverites, understand on an instinctive level that selling permanent residency and passports is a Bad Idea. But I doubt many are aware of the precise awfulness of the Immigrant Investor Program (IIP) and the Quebec IIP that have brought tens of thousands of millionaire households to the city for the past 30 years.
2. ] Yet other resultant economic activity is scant – in fact, investor migrants’ favourite “business” is real estate ownership.
3. ] Canada’s millionaire migrants earn less than refugees. 10 years after admission, the average annual income tax paid by millionaire migrants’ primary breadwinners was C$1,400. The true average is even lower - since one third did not file tax returns.
4. ] Compare that to the C$10,900 paid by skilled worker immigrants, or the C$7,500 paid by Canadians on average.
5. ] Why does this matter? Wasn’t the federal IIP shut down? Yes, but the QIIP continues to operate and has always been the biggest component of investor migration to Canada. In fact, with 1,750 applications accepted annually, and a hefty backlog, Quebec’s immigration department is on track to funnel about 1,400 new millionaire households to Vancouver per year; that’s down from the 2011 peak, but is about the same average level the city received under both the federal and Quebec schemes in the past decade.

[HOW-TO]

1. ] 

[REFERENCE]

1. ] SRC = r/canada comments
2. ] SRC = r/vancouver comments

 

Details

ID: 5016

NAME: SUMMARY-investor-immigration-program

DESCRIPTION: ] by Ian Young @SouthChinaPost - Young reviews the Canadian and Quebec investor immigration programs and reveals the dismal track record that "investor immigrants" have for contributing to Canada's economy.

AUTHOR: article.author/s

EDITOR: article.editor/s

PUBLISHER: article.publisher/s

STATUS: Write

PRIORITY: -5

OWNER ID: 75

photos

actions

Email Email-Owner SMS and