Aging Population In Canada Essay

In particular Clemens argues the federal government must allow the provinces greater flexibility and autonomy in the design, regulation, financing, and provision of health care while retaining the principles of universality and portability.Labour Market Reforms Among the authors there is broad support for measures to improve the incentives for Canadians to work.“If the growth in immigration levels that we saw from 2015 to 2016 repeats itself in the coming year, it could surpass that most optimistic figure by 2017,” says Attorney David Cohen.

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The common solutions identified by the experts as well as some of the unique recommendations are summarized below: Health Care The contributors all agreed that the status quo in Canada's health care system is not sustainable.

Based on her extensive experience in fixing Saskatchewan's public finances, Professor Mac Kinnon offers a number of specific recommendations.

That number, argues the report, is not sufficient to sustain a strong economy and support an aging population.

The subsequent slowing in economic growth will impact revenue for governments, and consequently job creation and social services.

Increasing the Canadian population will ‘cushion the impact’ of economic consequences of overall population aging, the report states, adding that inviting more immigrants to enter the workforce will ‘boost Canada’s labour force and generate stronger long-term economic growth’.

Economic growth may be strengthened in the long term because inviting qualified, working-age individuals — rather than focusing on increasing the fertility rate — provides a faster and effective solution to a shrinking pool of workers.For example, if more men and women come to start careers and families in Canada, the country may benefit from their economic input and the input of their children for future generations.The report declares that although immigration may not entirely solve the challenges posed by Canada’s aging population, nevertheless new immigrants are essential in order to reduce the side effects.Across all scenarios, it is clear that immigration is an essential component, and that improving the fertility rate — 1.6 births per woman in 2015 — is not enough to maintain the economy.In the report’s most optimistic scenario, it is projected that Canada inviting up to 413,000 immigrants per year by 2030 will result in the strongest economic growth.Aging is thus a huge challenge to responsible public finances in Canada in the coming decades.To help Canadians understand the issues and the options for a reasoned response to these challenges, MLI is today releasing collected essays by five leading Canadian thinkers on how to solve Canada's looming demographic deficit: Professor Janice Mac Kinnon of University of Saskatchewan and former NDP Minister of Finance, Saskatchewan; William Watson of Mc Gill University and the Financial Post; Professor Bev Dahlby of University of Alberta; Professor Ronald Kneebone of University of Calgary; and MLI Director of Research Jason Clemens.‘Growing Canada’s population through immigration boosts economic growth and softens the economic burden of a rapidly aging population and low birth rates in Canada,’ concludes the report.The figure of 413,000 new immigrants per year by 2030 proposed in the report’s most optimistic scenario is well within the realm of possibility for Canada.As previously reported, in the period of July 2015 to July 2016, immigration levels to Canada reached their highest point since at least 1971, when records began.A total of 320,932 new immigrants arrived in Canada during that time, representing an increase of one-third over the same period in 2014—2015.