Remittance Trends in Canada

    Recently, new government data showed that about 4 in 10 Canadians return home to wire money to family and / or friends. Most of these funds go to the Philippines and Haiti.

    Of the immigrants who entered Canada during the period 2000-2001, 41 percent say they have sent money at least once in their early years, according to Statistics Canada. The average amount sent was $ 2,500 in the first two years and $ 2,900 within 2-4 years.

    These government data, the first to measure the activity of remittances in Canada, arrives just when remittances are booming worldwide. For countries such as Lesotho, Haiti, Jordan, and remittances account for nearly one third of gross domestic product. Other countries include Jamaica, the Philippines and the Dominican Republic, according to World Bank figures.

    This wave of money across borders is the result of people leaving their homelands in search of work. Remittances in the global world, has risen to $ 369 billion last year - double the amount spent in foreign aid to developing countries.

    How many people send remittances

    According to StatsCan, three factors that determine the likelihood that migrants send money to their countries:

    1. Income.
    2. Family obligations in Canada and abroad.
    3. Demography. The poorer the country of origin, the more likely they are sent money home.

    For example, in the last 2-4 years, 60% of immigrants from Haiti and the Philippines, remittances sent home. About half of the newcomers from Jamaica, Romania, Nigeria, Guyana and Ukraine sent money. However, less than 10% of immigrants from industrialized countries - France, South Korea and the UK sent money home.

    More than half of immigrants from Southeast Asia and the Caribbean and Guyana sent remittances home two to four years after his arrival, while 40% of sub-Saharan Africa and Eastern Europe did.

    Immigrants from East Asia sent, on average, $ 3,900 sent back home within 2-4 years of their arrival, while immigrants from the Caribbean and Guyana sent the $ 1,600.

    It is assumed that immigrants from countries suffering economic tend to send more money to their home countries while immigrants of the family class and refugees, tend not to.

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Remittance Trends in Canada

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