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[Music] hello and welcome to insights with Thomas cwell on Thursday June the 6th 2024 Tom what economic factors are contributing to the recent immigration rates from Canada to the United States well it's an interesting problem a lot of people are the rate has up significantly I can't remember the number might be 70% versus pre-co people leaving from Canada into the United States some of it's flow through some of it people who've come to Canada to get into the United States but the the dangerous or the alarming part of it is we have a lot of Canadians moving south and there are economic reasons the inflation the cost of living in Canada is very very high relative to other parts of the world housing Etc income streams very very uh low relative to other parts of the world particularly the US uh taxes they get a chance to keep more of their money by moving to the United States and opportunity to raise money so what's happening we're losing the people we don't want to lose you're losing doctors because they make a lot more in the US even with the insurance rates they have down there uh you're losing entrepreneurs because with our regulatory regimes uh and and basically the the constraints we have in capital in Canada it's very hard for an entrepreneur to raise money here so if you want to build a business can's a good country to start a business it's not a good place to build a business so you're losing entrepreneurs you're losing scientists you're losing uh doctors U Toronto was the epicenter of artificial intelligence through the University of Toronto but we will not head any of the major uh artificial intelligence organizations they will be built in the United States so we're losing the people we want to because people don't see the possibilities in Canada that there are in the United States and part of that is policy whether it be right at the federal level uh whether it's a war on economic growth right down to the municipal level where there's a war on basically getting to work kind of thing so people are saying it's easier I can make more money I'm going to move to the United States and this is a trend we don't want because we're losing the people we need to build the country so let's move on to investing how does immigration affect investment patterns in Canada well actually because I think it's the other way around the investment patterns are affecting the immigration because if I can't raise money to start this new company whatever idea I have and I can't do it in Canada I'm going to do it in the United States where there's tons of money it's a lot easier to do it whereas the constraints in Canada and the government policies are against Business Development and economic growth so it is the investment scenario environment that is predicating a great deal of this loss of valuable people to the Canadian economy and to indeed to our future thank you so much for your insights Tom thanks Li and thank you all for watching bye for now