Ontario Minister of Labour, Training and Skills Development Monte McNaughton answers questions at the daily briefing at Queen's Park in Toronto on April 8, 2020.Frank Gunn/The Canadian Press
Ontario is planning to accept 100 immigrants in the next two years under a program allowing foreign entrepreneurs to apply for immigration to the province after they invest a minimum of $200,000 in its economy.
Labour Minister Monte McNaughton says the government will focus on attracting international entrepreneurs to Ontario communities outside the Greater Toronto Area.
He says these entrepreneurs will be nominated for immigration under the province’s economic immigration program after they start a new business or purchase an existing one in Ontario.
Mr. McNaughton says the new initiative will cost the government $6-million, but it will be recovered through fees paid by immigrants who are coming to the province to start or buy businesses.
He says the province is expecting at a minimum $20-million in business investment generated through this immigration stream.
The previous Liberal government in Ontario had founded this stream in 2015 but only two immigrant investors have been nominated using it since then.
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