Canada should focus more on producing millionaires rather than importing them

Countries globally are competing to attract wealthy immigrants from emerging nations like China and India by offering fast-tracked citizenship and tax incentives. However, Canada takes a different approach. In 2014, Stephen Harper’s Conservative government eliminated the federal Immigrant Investor Program, citing a lack of long-term positive impact on Canada. The Quebec Immigrant Investor Program, criticized for its lax residency requirements, was suspended in 2019 and relaunched in 2021 with stricter residency and French-language requirements. Meanwhile, Australia’s Labor government plans to end its “golden visa” program, which allowed over 100,000 wealthy immigrants, primarily from China, to earn residency through significant investments. Despite this, Australia outpaces Canada in millionaire residents. Instead of importing wealth, Canada focuses on creating homegrown millionaires, a strategy that could benefit the country in the long run. Critics argue that proposed capital-gains tax increases could deter wealth creation and prompt existing millionaires to leave.