Canada has seen steady growth in the immigrant population over the past decade. In fact, the number of people migrating to the country increased by nearly 50 percent, from around 199,170 in 2003 to 284,387 in 2020.
According to analysts, this is because the Great White North has plenty to offer. It is one of the largest countries in the world, second only to Russia. It is also deemed one of the happiest countries and is lauded for its outstanding healthcare and education.
If you’re planning to relocate to the country soon, below are four things you need to know to acquire Canada residency by investment, among other pathways:
1. Who is eligible for permanent residency in Canada?
Permanent residency candidates for Canada should be at least 18 years old during the application processing.
You can also determine whether you’re eligible by answering the Come Canada tool. This questionnaire will help you decide which immigration programs are most suited for you.
Aside from your age, this tool will also ask you questions about your:
- nationality
- language ability
- education
- family members
- work experience
- net worth or income
- information about any job offer
You will also be asked how long you plan to stay and what you intend to do in the country (e.g. start a business, work as a professional, etc.).
The Canadian government opened more than 90,000 slots for permanent residency applicants to accommodate essential workers as well. This includes temporary foreign medical staff who work in hospitals, long-term care homes, or the front lines.
They also welcome essential non-healthcare workers and international student graduates, along with bilingual or French-speaking candidates.
2. Does buying a house in Canada give you residency?
Unlike other second passport programs, buying a property in Canada does not automatically give you permanent residency rights. However, owning a Canadian property has its perks, particularly in terms of tax laws that make such real estate holdings a profitable investment.
Of course, you can still occupy the house, apartment, or villa you buy in Canada. However, you have to file your immigration papers if you decide to stay longer or become a permanent resident.
Also, non-residents who own rental properties in the country should file their annual tax returns with the Canada Revenue Agency (CRA).
Take note: If you’re in it for the investment, know that the government of Canada takes 50 percent from any real estate sale as a form of withholding tax. This applies to situations when a non-resident decides to sell his Canadian property.
However, you can set the property as your principal residence as a permanent resident. This way, you won’t be taxed on capital gains should you decide to sell it.
This applies to any residence as long as you “ordinarily inhabit” the place. In other words, seasonal dwellings such as mobile homes and cottages are covered, too.
3. How do you get residency in Canada?
There are several pathways you can choose from to acquire permanent residency in Canada, including:
Federal Skilled Worker Program
This allows you to move to the country as a skilled worker.
This pathway requires applicants to submit documents, such as their passports, language test results, and an educational credential assessment report or any proof of Canadian education. They may also be asked to submit their provincial nomination or written job offer from a Canadian employer if any.
Canadian Experience Class
This immigration program is launched to help foreign temporary workers gain Permanent Residence (PR) status in Canada.
Like most pathways to permanent residency, the Canadian Experience Class accepts candidates who pass the minimum requirements without being found inadmissible for certain reasons, such as medical or criminal inadmissibility. Those who successfully meet the criteria during the selection process can become permanent residents of the country.
Minimum requirements for this visa program include:
- At least 12 months of professional, technical, or skilled work experience within 36 months from the application date
- Initial intermediate or adequate intermediate proficiency in Canadian Language Benchmark of 5 or 7
Candidates must submit proof of these experience-based requirements to qualify.
Start-Up Visa Program
Aside from skilled workers, Canada also welcomes business owners and professionals through the Federal Business Immigration programs. These are designed for foreigners who want to use their business experience to relocate to Canada.
Initially, there were four of these programs. However, two have been closed permanently in the past year. Now, candidates can apply via the Self-Employed Persons Program (more on this later) or the Start-Up Visa Program.
As the name suggests, the Entrepreneur Start-Up Visa Program allows business owners to migrate to the country with the help of private sector organizations. These groups provide funding and guidance to applicants and help them operate a business in Canada.
All successful applicants will be given Canadian PR status. However, this program is unavailable for candidates interested in launching a business in Quebec, where different rules apply.
Self-Employed Persons Program
The Self-Employed Visa Program is created for candidates who can thrive as self-employed professionals in Canada.
This category covers those with intention, relevant experience, and ability to:
- Make significant contributions to the sporting or cultural life in Canada as international athletes or artisans
- Buy and manage a farm in the country
Provincial Nominee Program
The Canadian federal government is the only authority that can issue permanent resident visas. However, provincial nominee programs allow provinces and other territories to nominate specific foreign nationals for Canadian permanent residency.
Canadian territories can vouch for applicants according to their economic and labor market needs. This varies from one territory to another.
Almost all provinces in Canada have this type of program. All nominated candidates must live in the province or territory they applied to.
After being nominated by a province, you will be given a certificate that you can submit with your visa application to the federal government.
Every provincial nominee program offers different streams, all of which generally fall into the following categories:
- Skilled workers
- Semi-skilled workers
- Business or investors
- International student graduates
- Family or community connections
4. How long does it take to get permanent residency in Canada?
Permanent residency cards are usually processed within 45 days upon receipt of complete application documents by the Immigration, Refugees and Citizenship Canada (IRCC). This happens after the residency requirements have been fulfilled.
For PR card renewal, it generally takes about 104 days.
Of course, this can still vary, depending on the specific circumstances of the applicant. Some people had to wait several months to get their PR cards, so it’s best to set aside extra time during the processing of your permanent residency.
Study, Work, Invest, and Live in Canada
Canada is a prime destination for immigrants because of the attractive lifestyle and benefits of becoming a permanent resident. Use this article as a guide in your quest to study, work, and invest in Canada and live an extraordinary life in the Great White North.
