Local politicians responded to concerns by a community-based coalition group frustrated by the cancelation of the Investor Class immigration program.
In an email, signed by Richmond Conserviatve MP Alice Wong, the elimination of the Immigrant Investor Program (IIP) was based on feedback the program was inefficient, and the government will focus on developing an investor program delivering meaningful benefits to the economy.
The email also points out the IIP was open to all nationalities and its closure is not targeting any specific community. An excerpt reads, "In 2012 alone, 33,800 individuals from China became permanent residents and Canada welcomed more than 271,000 Chinese visitors."
The coalition, however, argue that Chinese investors are being targeted and the panel discussed a possible class action lawsuit.
Chris Ho, an immigration lawyer and one of the group's panelists put it bluntly, "Unfortunately, we have a very arrogant minister in government. They're basically telling us 'sue us.'" Moreover, Ho noted, the move could cause a down-turn in the economy.
The NDP's immigration critic, Don Davies, agrees.
"You got a lot of people here, who quite rightfully, are pointing out that it's not only unfair but it's costly and perhaps they've suffered economic damage from a government abruptly cancelling a program they've been waiting years for.
"There is a doctrine of Crown Immunity and, of course, governments are sovereign, they can change laws," said Davies.
Noting that while in law, anything is possible and outcomes are difficult to predict, "the mere fact that you have a group of foreign nationals who are being compelled to take the dramatic step of considering suing the Canadian government - I think is damaging enough."
The coalition's concerns about economic ramifications have already begun, added Davies.
"One thing that business and investors seek, above all else, is they seek security and stability. So, when a government makes such an abrupt move, again no notice whatsoever, that sends a shockwave through the investor community that has, without question, a detrimental effect on Canada's reputation as a safe place and a secure place to invest."
