Federal Budget 2017 can help close Ontario’s prosperity gap – Compete Prosper

March 23, 2017

The federal government recently tabled its 2017 Budget, with a focus on increasing inclusiveness and spurring innovation. The Budget also introduced new programs, structures, and strategies that will affect Ontario in the near future. We review how the Budget announcements will help the province close its $2,740 prosperity gap. The prosperity gap is made up of four components: age profile, utilization, intensity, and productivity, and we review the impact of the federal Budget on each of the four elements.

Age Profile: Bringing talent into Ontario

Age profile is the percentage of working age Ontarians (15-64). Although Ontario currently has a large proportion of working age individuals compared to our peers, the budget forecasts that our advantage will deteriorate as more baby boomers reach the age of retirement.

Immigration can help stem this tide. Bringing in skilled talent helps businesses make smart investments and scale up their operations. The federal government introduced targeted measures to bring in skilled workers. As part of its $8 million Global Skills Strategy, it set a two week goal for processing visas and work permits for those working for high-growth companies. This is in addition to the introduction of short-term work or study permits for stays of less than 30 days.

Read More: https://www.competeprosper.ca/blog/federal-budget-2017-can-help-ontario-close-its-prosperity-gap