Work in Canada
Newcomer Entrepreneurs Fueling the Canadian Economy’s Growth
Canada’s vibrant economy is being increasingly driven by its newcomers, many of whom are finding remarkable success as business owners. In recent years, immigrant entrepreneurs have not only been growing in number but also significantly scaling their businesses.
Between 2019 and 2021, Canada saw an upward trend in the number of newcomer-owned businesses. This surge was especially evident among immigrants who had been in Canada for five to nine years. Their ability to start and grow businesses quickly highlights both their adaptability and determination.
Immigrants who have lived in Canada for over a decade are showing a strong tendency to own businesses that generate over $1 million in revenue. This success is particularly evident in provinces such as Ontario, British Columbia, and Quebec, where newcomer entrepreneurs are thriving. Interestingly, while the number of immigrant-owned businesses has been rising, there has been a decline in non-immigrant business ownership during the same period.
| Province/Territory | Business Growth Among Newcomers (2019-2021) |
| Ontario | Significant growth, highest number |
| British Columbia | Newer arrivals thriving |
| Nova Scotia, New Brunswick, Manitoba | Rapid growth, outpacing larger provinces |
While Ontario, British Columbia, and Quebec remain hotspots for immigrant-owned businesses, smaller provinces like Nova Scotia, New Brunswick, and Manitoba have witnessed faster growth rates. The ability of newcomers to establish successful businesses, even in less densely populated regions, speaks volumes about the opportunities available across the country.
Industries Leading the Way
- Retail and wholesale trade
- Accommodation and food services
- Real estate and leasing
- Construction, manufacturing, and transportation
- Professional, scientific, and technical services
In addition to these sectors, there has been a notable rise in industries such as healthcare, arts, and entertainment, which are being increasingly driven by immigrant entrepreneurs.
Excitingly, many newcomers have successfully scaled their businesses, with a sharp increase in those earning between $1 million and $2.5 million annually. Immigrant entrepreneurs, whether recent arrivals or those who have been in Canada for a decade or more, are more likely to own businesses generating significant revenues.
- A 38% increase in newcomer-owned businesses earning between $1-$2.5 million annually.
- A marked rise in the number of immigrant businesses earning over $250,000 annually.
Tips for Newcomers Looking to Start Businesses
If you’re a newcomer with aspirations to start your own business in Canada, here are some tips to help you succeed:
Networking is crucial in the Canadian business world. Building strong professional relationships can be a key differentiator.
Establish a credit history early and maintain organized financial records, including registration for GST/HST, if applicable.
Take advantage of resources designed specifically for newcomers. The Business Development Bank of Canada (BDC) offers products and services tailored to immigrant entrepreneurs.
Immigrant Entrepreneurs Fuel the Canadian Economy
The entrepreneurial drive of newcomers has become a powerful force in the Canadian economy, with more immigrants than ever before starting businesses and scaling them to significant levels of success. This trend not only showcases the resilience and talent of Canada’s immigrant population but also highlights the positive impact immigration has on the country’s economic growth. For new arrivals, the opportunities are vast, and the potential to contribute to Canada’s future is immense.
