Immigrant entrepreneurship projected to rise to 42 percent in Canada by 2034
A report from the Business Development Bank of Canada indicates that immigrants are significantly more likely to start businesses than non-immigrants, shifting the national entrepreneurial landscape.
New analysis from the Business Development Bank of Canada (BDC) suggests that immigrant entrepreneurship is poised to reshape the Canadian economy. Data from 2023 shows that 2.9 percent of the immigrant population in Canada are entrepreneurs, compared to 2.0 percent among non-immigrants. This trend is expected to accelerate as Canada continues to rely on immigration to offset low domestic birth rates.
Regional data reveals that Ontario and British Columbia are at the forefront of this shift, with immigrants currently accounting for more than 40 percent of entrepreneurs in those regions. BDC projects that by 2034, half of all business owners in these provinces will be immigrants. While the share of immigrant entrepreneurs is growing nationwide, regions such as the Atlantic provinces are expected to see a more moderate increase due to current migration patterns.
The data also highlights a persistent gender gap in business ownership. Male immigrants currently hold the highest entrepreneurship rate in the country at 4.4 percent, while female representation in entrepreneurship remains lower across all demographic groups. BDC estimates indicate that the national share of immigrant entrepreneurs will rise from 34 percent in 2024 to 42 percent over the next decade.