Friday, February 21, 2020

How Many Canadians Are Living in Canada - No One Knows

A proper count of how many Canadians living abroad/domestically is apprently UNKNOWN.  StatsCan simplydoes not have this count of people leaving for extended periods of time.  This respected economist's best estimate (Benjamin Tal, CIBC) is 3.5 million Canadians are living abroad - approaching 10% of the population?!?!?!

Apparently the data out there does not differentiate between tourism and returning citizens.  StatsCan does not talk to customs, so the information is not properly and appropriately shared.  (As mentioned, StatsCan has to rely on tax returns that have been filed to determine where a Canadian has been living - and that data is about two to three years old by the time they use it).

Mr. Tal's point being, as highlighted by a Canadian airlift out of Lebanon in 2006 of 15,000 "Canadians" of dual citizenship of an estimated 50,000 "Canadians" of dual citizenship living in Lebanon (the consulate knows?), should this many "Canadians" SUDDENLY come back due to a geopolitical event or shock (eg. coronavirus, attacks by a neighbouring country), what impact would that have on housing markets?  Even on a daily life basis - what about healthcare, pensions and other services?  None of it funded by "Canadians" living overseas for extended periods of time. Is it fair?

https://www.bnnbloomberg.ca/bloomberg-markets/bloomberg-markets-for-friday-february-21-2020~1899447



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