Compared to the U.S. and many other countries, Canada has done well and we should be proud. But it’s one thing to gloat, and another to exploit our relative lead. If Canada really is in a better position than it has been in decades, how can we make sure we take advantage of that going forward?
For starters, we should use our current high standing to attract the best and brightest workers from around the world, say experts. According to Liam Clifford, managing director of London immigration consultancy Globalvisas.com, it shouldn’t be that hard. “Canada is held up as such a fantastic destination here in the U.K. because it’s the strongest economy of the G8, and it’s often voted to have the highest standard of living of any country,” he says. “Our offices in India, South Africa and the U.K. all find Canada to be the most sought-after destination.” Visa inquiries for Canada, in fact, have already jumped 65 per cent from last year.
That could be because, as Jim Milway, managing director of the Institute for Competitiveness and Prosperity, points out, the U.S. is turning away talent like never before. Companies that get U.S. stimulus funds now face restrictions on hiring foreign-born workers—even M.B.A.s. “This is a big opportunity for Canadian schools and banks to get down there and recruit,” he says.
Canada could also attract new industry with a little-known fact: we’ll soon offer a more attractive tax climate for businesses than America does. The U.S. already has one of the highest tax rates on new business investment in the world, and many expect its corporate tax rate, currently at 35 per cent, to rise further. Yet Canada’s combined federal and provincial corporate tax rate will fall to 25 per cent over the next two to three years. That’s already prompting companies to shift their headquarters here, pumping additional revenue into government coffers. In June, Tim Hortons Inc. moved its corporate headquarters back from Delaware to Oakville, Ont., to save on taxes. “Americans just seem intent on shooting themselves in the foot, and we shouldn’t stand in their way,” says Milway.
It’s true that Canada still has its problems: our productivity, for instance, still lags the U.S.’s by a long shot. But when you look at the overall picture: employment rates, wages, standard of living, debt levels, financial stability, Canada has never been in a stronger position. It’s a stunning about-face from just a few years ago.
When Howard chased the bright lights to Hollywood, it was a foregone conclusion Canada couldn’t hold a candle to America’s better pay and job prospects. “The great Canadian brain drain was a point of some minor shame for me, because the government paid for my education and I immediately went south and paid American taxes for 15 years,” he says. Now the roles are reversed. “I got the best experience in the world in L.A. for 15 years. Now I’m able to bring it back and apply it to Canadian industry.”
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