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Annual labour shortages in Canada result in a $38bn loss for businesses

The Canadian Federation of Independent Business (CFIB) reports that labour shortages cost Canadian businesses $38 billion in contracts and sales. This lack of workers significantly impacts small and medium-sized businesses, potentially worsening the situation due to challenging demographics and lack of government action. Despite record immigration, many employers still struggle to find workers, leading to increased immigration targets by Immigration, Refugees and Citizenship Canada (IRCC). Under the 2024-2026 Immigration Levels Plan, Canada plans to welcome 1.485 million new permanent residents over three years: 485,000 in 2024 and 500,000 each in 2025 and 2026.

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