Economy
For those planning to work in Canada, we have good news. Canada resembles the U.S. in its market-oriented economic system and affluent living standards. The World Bank (2011) ranked Canada’s over US$1.7 trillion Gross Domestic Product (GDP) eleventh largest in the world. Canada was ranked fourth out of 142 countries on the Legatum Institute Economy Sub-Index (2013).
Canada rebounded from the global economic recession faster than most countries, primarily due to its conservative banking system, which is routinely ranked as the soundest in the world. The United States is Canada’s largest trading partner, receiving about three-fourths of Canadian exports each year. The country exported US$456 billion in goods and services in 2012 and imported US$467 billion. Canada currently ranks as the largest foreign supplier of energy to the U.S. The country’s petroleum sector is rapidly becoming an even larger economic driver with Alberta’s oil sands significantly boosting Canada’s proven oil reserves, which rank third in the world behind Saudi Arabia and Venezuela.
Although Canada’s economy is dominated by its energy sector, other Canadian industries are very competitive globally. The country’s aerospace and defense industry ranks fifth in the world and exporting of engineering services and video game development both rank third in the world in their respective industry sectors.
Canada’s GDP is forecast to grow about 2.2 percent in 2014. Unemployment should dip below 7 percent and the country’s inflation rate should remain about 2 percent.
Finding a Job
With a lower unemployment rate than the U.S. and more liberal immigration policies that actively seek specific skills that are needed in the country, Canadian employers are looking for foreign skilled workers to alleviate labor shortages across industries from coast to coast. Please see our Move to Canada section for details on how to secure a Work Permit to work in Canada.
Here is a list of jobs in Canada that are trending as the most in demand: financial manager, skilled tradesperson, college or vocational school teacher, dental hygienist or dentist, computer and information systems managers, university professor, human resources specialist or manager, pharmacist, registered nurse and retail manager.
Job Bank is the Government of Canada’s electronic listing of job opportunities across Canada. You can search by occupational title, availability and time of posting. It is the largest Web-based network of job postings available in Canada.
CanadaVisa.com also has a free job search service that allows you to search their database of Canadian government and private sector jobs. The database is continually updated.
Additionally, here are some other Canadian and international job websites that may be of interest: Monster Canada, Toronto Jobs, Dice, OverseasJobs, RecruitNet, Indeed and Jooble.
To get you started, here are a few more websites that may help you in your job search:
Starting a Business
Starting a new business in a new country is always a challenge, but Canada is particularly business friendly. The World Bank ranked Canada nineteenth out of 185 countries on its Ease of Doing Business Index (2014), but second on its Starting a Business Index. Canada also ranked sixteenth out of 142 countries on the Legatum Institute’s Entrepreneurship and Opportunity Sub-Index (2013).
You can get started exploring your options at the excellent Working in Canada website or get expert advice from Service Canada, both online services provided by the Canadian Government.
You can also get help from Canada Business Network, which has information from many sources, including federal, provincial and territorial governments. Canada Business also provides information and resources on the basics of business planning for starting a business, including guides and tools to help you develop a detailed business plan.
The Canada Revenue Agency provides registration requirements, guides and resources for registering a business and the Canada Business Network - Permits offers information on permits, licenses and regulations. The ins-and-outs of hiring procedures, pay and benefit information and labor standards are also available at Canada Business Network - Hiring.
The World Bank also offers this detailed report on doing business in the country and step-by-step information on the start-up process in Canada.
Finding available funding is always a challenge for a new business. You can find out if you are eligible to apply for grants and financing at Canada Business Network - Grants. Self-employed people who register for the Employment Insurance (EI) program through Service Canada will be able to access EI special benefits. The four types of special benefits are maternity, parental, sickness and compassionate care.