Ottawa’s immigration target cuts, CRA’s bare trusts exemption and a GFL-linked shooting: Business and investing stories for Nov. 3

Ottawa’s immigration target cuts, CRA’s bare trusts exemption and a GFL-linked shooting: Business and investing stories for Nov. 3Navjot Salaria sits in a park near her Brampton home on Oct. 30. Ms. Salaria came to Canada in 2021 to pursue a one-year diploma in digital marketing at York University and obtained a job at a bank, but she says cuts to the number of permanent residents in Canada means she will likely have to leave the country.

Federal immigration cuts mean temporary foreign residents have little chance to stay in Canada legally Temporary residents will face tougher odds of becoming permanent residents after the federal government cut immigration rates for the next three years, Vanmala Subramaniam reports. Last week, Ottawait plans to admit in 2025 to 395,000 from 500,000. The cuts will continue into 2026 and 2027, with 380,000 and 365,000 permanent resident spots available, respectively. There are more than three million temporary residents currently in Canada or 7.

for the 2024 tax year, Salmaan Farooqui reports. Ottawa had introduced new reporting rules around trusts in 2022 to ensure tax compliance, but exempted taxpayers from filing the paperwork for 2023 after accountants said the new rules were too wide-reaching and too complicated. The federal government has since been working on new exemptions for bare trusts and began proposing draft amendments in August.

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