Voyageur 149
Parent Sponsorships Hit Pause, and Brokerage Cyber Gaps Get a Warning.
News for residents of the “11th province”: Canadians abroad.
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Parent Sponsorships Put on Pause
Ottawa has closed the door on new parent and grandparent sponsorship applications until further notice. IRCC said on Wednesday that it will keep processing files that are already in the queue and plans to approve up to 15,000 people for permanent residence by way of the program in 2026.
The Parents and Grandparents Program has not opened a new interest-to-sponsor intake since 2020, and the existing inventory is still sitting at about 50,900 applications, according to CIC News.
IRCC is telling families to look at using the super visa instead. That visa allows parents and grandparents visit Canada for up to five years at a time, with multiple entries for up to 10 years, but it is still visitor status. Health insurance, host income and the promise to leave Canada all remain part of that program.
Read more: CIC News / Government of Canada
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Brokerage Cyber Gaps on Alert
Canada's securities regulators have taken a look under the hood at 73 registered investment firms, and the cybersecurity picture is reportedly uneven. The Canadian Securities Administrators said Wednesday that its review found gaps in how some dealers and advisers handle policies, staff training, risk checks, third-party service providers and incident response plans.
This is all normal plumbing, of course, but it is the kind of plumbing that gets attention when water starts coming through the ceiling and people start asking why it was never inspected properly. Canadians abroad often keep RRSPs, TFSAs, non-registered accounts or old workplace savings with Canadian firms while logging in from another country, and another time zone, so sometimes it might be difficult to keep track of who, on the ground, is staying current with their obligations to keep things tight.
The CSA said companies need to review the new guidance and improve their systems, but it might behoove anyone managing Canadian money from overseas to make sure that their Canadian partner is keeping up with their end of the compliance deal.
Read more: Canadian Securities Administrators / The Globe and Mail