Ignoring international talent costs Canada billionsCosts of underemploying immigrant professionals include $1.5 billion in lost tax revenueBy 06/06/2002|Canadian HR Reporter|Last Updated: 06/24/2002 Studies show that the non-recognition of immigrant credentials is costing Canadians more than $2 billion every year, notes World Education Services, the authorized credential evaluation service of the government of Ontario. The organization is challenging Canadian employers to fully recognize the value of foreign-trained skilled workers and professionals. "Failure to recognize foreign credentials costs all Canadians," says Timothy Owen, director of World Education Services. "Studies show underemployed immigrants are losing $5 billion in annual income. That lost income would generate $1.5 billion in income taxes alone, assuming a 30 per-cent tax rate. When you factor in income support and re-training costs due to lack of skills recognition, a serious skills shortage in several key knowledge-based industries, you can see we have a big problem. And this doesn't take lost productivity into account, adding hundreds of millions of dollars."World Education Services says the cost of providing income support to 5,000 foreign-trained workers would be $60 million, and retraining 10,000 people would cost taxpayers $10 million. This, at a time when the Canadian Federation of Independent Business estimates there are 265,000 vacant jobs among small and medium-sized enterprises in Canada, 186,000 of these having been vacant for four months or more, and nearly 40,000 highly skilled immigrants have been arriving in Ontario annually for years. To Read the Full Story, Subscribe or Sign In Remember Me Forgot Password If you are a current Subscriber, please click here to set-up or update your login information.