Canada's changing population, and why does it matter to our future

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Canada's changing population, and why does it matter to our future

Industrial change

with the growing senior population along with industrial change, this could all effect the economy of our country depending on what the work force look likes. Because we have an older population our industries won't look too good and will bring down the economic value.

due to the short comings in the younger population industries will have to find means of employment, this could mean accepting more immigrants that are younger or finding ways to still have the elder who are capable to work.

Age

lower numbers for the younger population

Having less and less young people can only mean that there will be less people to work in different parts of Canada's top priority industries, examples of these could be industries based on herbal, medicinal herbs, small forest produce, automobiles, auto components, pharmaceuticals, white goods, electronics and electrical products, industries based on robotics and more. As you can see there are a lot of high priority industries that need a younger population to function properly.

higher senior population

with a higher senior population comes a higher dependency load, which means that if the older population continues to grow the dependency ratio will start to lean more on to that side. This will mean less and less people to work to help with the economy.

how it all effects our future

industrial change

Let's get straight to the point, here are some effects on the industrial sector, or in other words how can a recession effect a large industry. As the deal's incomes and benefits decrease, the maker will scale back recruiting new workers or freeze employing completely. With an end goal to reduce expenses and improve the reality, the producer may quit purchasing new hardware, diminish innovative work, and stop new item rollouts (a factor in the development of income and piece of the overall industry). Uses for promoting and publicizing may likewise be decreased. These cost-cutting endeavours will affect different organizations, both of all shapes and sizes, which give the products and enterprises utilized by the huge producer.

change in the populations age

With Canada's ageing population here are some effects it could bring to are future other then the dependency load issue. crumbling financial parity, changes in examples of sparing and venture, deficiency in labour flexibly, absence of satisfactory government assistance framework, especially in creating economies, a potential decrease in profitability and monetary development

economy

If you take a look at the economy sector in which I have stated that our economy might be going down hill due to the over growth in senior population, here I'm going to talk about how it effects the future. Downturns bring about higher joblessness, lower wages and salaries, and lost open doors all the more for the most part. Instruction, private capital speculations, and monetary open door are for the most part liable to endure in the current plunge, and the impacts will be seemingly perpetual.

tax rates

As we know Canada's growing senior population will bring in the higher tax rates. The result of high tax rates are as follows: an expansion in the pay charge rate effectively affects financial movement in light of the fact that the rate change decreases the awards from or lessens the motivations for working, sparing, and contributing. ... Thus, this implies that administrations gather less in charge income than something else. Basically a higher tax rates means less people wanting to work, and then the government gets less money and etc.

Tax rates

With the change in population there will also come change in the tax rate to be able to support the growing senior population. Due to that mos of our taxes will go to help in making more senior centres or training more doctors and nurses to help the elderly. Not only that but our tax money will also go to help bring in more medical supply

Economy

what does a lower savings rate mean?

first what is a savings rate, a savings rate is the measurement of the amount of money, expressed as a percentage or ratio, that a person deducts from his or hers disposable income. Next what can it impact, the savings rate can impact economic conditions, social institutions, and individual or population characteristics. So with a decreasing savings rate means a lower economic value.

connections to the ageing population

the ageing population is going to slow down the economic growth because with a higher senior population there will be a lower work force, and also it will put a slow to the savings rates too.