Monthly Archives: July 2011

Applying to Canada as an Investor, Entrepreneur or Self-Employed Person

It is possible to apply to Canada as an investor, entrepreneur or self-employed person. In other words, having money increases your chances of coming to Canada.

Immigration Canada describes this category as follows:

“The Immigrant Investor Program seeks experienced business people to invest C$800,000 into Canada’s economy and become permanent residents. Investors must:

  • show that they have business experience
  • have a minimum net worth of C$1,600,000 that was obtained legally and
  • make a C$800,000 investment.

Your investment is managed by Citizenship and Immigration Canada (CIC) and is guaranteed by the Canadian provinces that use it to create jobs and help their economies grow.

CIC will return your C$800,000 investment, without interest, about five years and two months after payment.”

It is essential that potential immigrants undertake very careful “due diligence” before investing in Canadian businesses in general and certain kinds of franchises  in particular. The franchise terms are often very onerous and franchisees sometimes find themselves working for less than minimum wage.

There have many complaints about franchises in general. As a result, most Canadian provinces have enacted legislation to protect potential franchisees. General information for Canada may be found at:

http://www.franchiseek.com/Canada/Legal_Updates_Canada.asp

Information about the Ontario Wishart Act may be found at:

http://www.e-laws.gov.on.ca/html/source/statutes/english/2000/elaws_src_s00003_e.htm

The Wishart Act in Ontario mandates a duty of fair dealing. S. 3 reads as follows:

“Fair dealing

3. (1)  Every franchise agreement imposes on each party a duty of fair dealing in its performance and enforcement.”

A Toronto law firm has compiled a database of legal cases dealing with the Ontario Wishart Act. You might find information about a franchise that you are considering here.

Once again, be very careful before investing in a Franchise. I have seen people’s wealth and health destroyed because of them.

John Richardson – Toronto, Canad

Disclaimer: The information in this post is accurate as of the date of publication and is not legal advice. Laws are subject to change. Make sure that you get up-to-date independent legal advice before making any investment decision.