Key Canadian Immigrant Concerns Addressed In Federal Budget

CIC News
Updated: Sep, 27, 2023
  • Published: April 22, 2015

Two long-standing concerns among newcomers to Canada were addressed in the government of Canada’s annual budget, details of which were announced this week. The budget addresses how immigrants might do better once they settle in Canada, as well as how they can better help their families back home.

Pilot loan program made permanent

A pilot program launched three years ago to help internationally-trained individuals get their skills up to Canadian standards by providing small loans will become permanent, it was announced. Earlier this month, a panel appointed by the Canadian government to examine the success of Canadian immigration settlement cited the issue of foreign credential recognition as one of the most persistent and prominent barriers to the economic success of skilled immigrants to Canada.

The Foreign Credential Recognition (FCR) Loans Pilot Project has made it easier for individuals trained internationally to complete the credential recognition process and find jobs that best suit their skills and experience. This initiative aimed to address the underemployment of internationally-trained skilled immigrants to Canada, as a number of immigrants may not have the financial means to take the exams or courses required by Canadian regulations and lack credit history to get bank loans to cover the costs.

The government said that in the first two years, nearly 1,500 loans, worth a total of CAD $9 million, were approved. Less than one per cent of loanees defaulted on repaying the sum. The initiative has been made permanent, with an additional $35 million set aside for future loans over the next five years.

Because accreditation is typically overseen by provincial organisations, funding for this loans program is provided to nine community-based organizations in selected communities across Canada, including:

Loans can be used for anything from covering tuition for training to the price for licensing exams to child care costs, if it means a person can go back to school to upgrade his or her skills to match Canadian standards.

Remittance services to be improved

The Canadian government has set aside $6 million over five years to improve remittance services for people who want to send money abroad. The budget provides funding to establish a website to help people compare the fees that are charged by different service providers, among other initiatives.

Once new immigrants arrive in Canada, they send more than $24 billion a year back to their home countries, according to World Bank estimates from 2012. At this moment, no Canadian agency tracks this data, though the government has said that this will change in the near future.

However, the costs of sending remittances can vary widely, depending on the financial institutions and countries involved. Banks and remittance agencies make money on both the flat-rate fees and exchange-rate premiums they charge. Canada signed an international pledge to help reduce these costs at the 2011 G20 meeting, and numbers have come down since.

"Remittances represent an important source of income for families in the development world and can help pay for essential needs such as nutrition, education and health care," stated the budget.

The budget and Canadian immigration

“While it remains to be seen how these projects will work out in reality, newcomers to Canada — including skilled immigrants who arrived recently as well as those who may arrive over the next few years — can take heart that they may experience a softer landing once they enter the labour market. The government of Canada has finally recognised that underemployment of skilled professionals means that the economy does not benefit from their expertise and experience,” says Attorney David Cohen.

“With regard to helping immigrants send money with a greater degree of security, this budget goes some way towards giving immigrants the tools they need in order to make informed decisions. Hopefully, it will allow them and their families to make those decisions with more peace of mind.”

To find out if you are eligible for any of over 60 Canadian immigration programs, please fill out a free online assessment today.

©2015 CICnews All Rights Reserved

Share this article
Share your voice
Did you find this article helpful?
Thank you for your feedback.
Subscribe to our newsletter
Did you find this article helpful?
Please provide a response
Thank you for your helpful feedback
Please contact us if you would like to share additional feedback, have a question, or would like Canadian immigration assistance.
  • Do you need Canadian immigration assistance? Contact the Contact Cohen Immigration Law firm by completing our form
  • Send us your feedback or your non-legal assistance questions by emailing us at
Related articles
Newcomer access to credit in Canada improves over time, according to new study
newcomer credit article september 2023
Mortgage 101 for New Canadians: Financing Your First Home (Part 2)
Saving for your down payment is a significant step towards homeownership.
Mortgage 101 for New Canadians: Understanding Mortgage Basics (Part 1)
Fixed rate mortgages offer a consistent interest rate throughout the term, while variable rate mortgages have rates that fluctuate based on the prime rate of your lender.
Join the Live Webinar: Renting vs. Buying in Canada: What Newcomers Need to Know
Owning a home can provide stability and be a great investment in the long run.
Top Stories
Parental education and income have positive effect on educational attainment of childhood immigrants
Newcomer access to credit in Canada improves over time, according to new study
IRCC to introduce new automated tools for faster PGWP and work permit extension processing
Join our free newsletter. Get Canada's top immigration stories delivered to your inbox.
More in Work
IRCC to introduce new automated tools for faster PGWP and work permit extension processing
A woman looks into a camera with two professional looking people behind her. IRCC is set to introduce new automated tools to assist with PGWP and WP processing.
How to immigrate to Canada as a transport worker
Happy truck driver looking through side window while driving his truck
Top 10 questions about Canada’s work permit process
Toronto skyline
Canada ranked the most attractive destination for immigrant entrepreneurs in 2023
Link copied to clipboard