Remittance Trends In Canada

Of the immigrants who entered Canada during 2000-2001

, 41 percent say they have sent money at least once in their first your years, according to Canadian statistics. The average amount sent was $2,500 within the first two years and $2,900 within 2-4 years.

This government data, the first to measure the activity of remittances in Canada, comes just as remittances are flourishing across the globe. For countries such as Lesotho, Haiti, and Jordan remittances comprise almost one-third of the gross domestic product. Other countries include Jamaica, the Philippines, and the Dominican Republic, according to the World Bank Figures.

This surge of money across the borders is as a result of people leaving their home countries in search of work. Global remittances worldwide, has soared to $369 billion last year - double the amount being spent on foreign aid to developing countries.

How Many People Send Remittances

According to Statscan, three factors determine the likelihood in which immigrants send money home to their countries:

1. Their income.

2. Family obligations in Canada and abroad.

3. Demographics. The poorer their home country, the better the chances are that they will send home money home.

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

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

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

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

by: Peter Frampton

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