Canada losing top talent as workers head to the U.S.
A recent TD Economics report highlights Canada's ongoing loss of skilled workers, entrepreneurs, and STEM graduates to the United States. Factors contributing to this trend include high tax rates, productivity challenges, and a lack of competitive business environments. To retain top talent, Canada must improve its economic competitiveness and create better conditions for business growth.
- ▪Canada is experiencing a 'silent brain drain' as skilled professionals leave for better opportunities in the U.S.
- ▪High marginal tax rates in Canada create competitiveness concerns for professionals and business owners.
- ▪Lower-tax U.S. states like Texas and Florida are attracting Canadian workers seeking higher growth opportunities.
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A new TD Economics report warns Canada is quietly losing highly skilled workers, entrepreneurs and STEM graduates to the United States through work visas, tech recruitment and stronger economic opportunities.BNN Bloomberg spoke with Francis Fong, managing director at TD Economics, about how Canada’s tax structure, productivity challenges and lack of business scale are contributing to the country’s ongoing talent retention problem.Key TakeawaysCanada is quietly losing highly skilled workers, entrepreneurs and STEM talent to the United States through stronger compensation and career opportunities. Productivity challenges are being worsened by weak business scale-up, lower venture capital availability and a lack of globally competitive firms.
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