On April 30, 2024, Immigration, Refugees and Citizenship Canada (IRCC) will increase fees for all permanent residence applications as part of a regular update to manage rising program costs and keep pace with inflation.
In 2020, IRCC announced that permanent residence fees would increase every two years to adjust for inflation. This policy was implemented after fees had remained unchanged since 2002. The upcoming 2024 fee hike is part of this regular update to ensure fees keep pace with the rising costs of delivering immigration programs and services.
The immigration fee increases in Canada are outpacing inflation. For example, the fees for business immigrants (investors) are rising from $16,874 CAD to $17,380 CAD, a 3.04% increase. In comparison, Canada's inflation rate over the past year was 2.9%. It's important to note that immigration fees have not increased since 2002, and the 2024 increase aims to account for inflation since then.
The rising immigration fees will have a financial impact on those seeking permanent residence in Canada. Applicants will need to budget for these higher costs when planning their move. The fee increases are part of a transparent, predictable process that allows applicants to prepare for these expenses in advance.
Despite the higher fees, Canada remains an attractive destination for immigrants due to its strong economy, high quality of life, and welcoming multicultural society.
As Prince Edward Island's population growth puts pressure on healthcare and housing, calls are mounting for the provincial government to ease immigration programs, allowing services to catch up with the increasing demand.
Born and raised in Punjab, India, Stan Bharti established himself in Canada as a businessman and entrepreneur, founding Forbes & Manhattan. He's known for his significant contributions to society and the greater good, including support for the Canadian Olympic 4×100 meter relay team.