Population Aging Will Continue to Drive Demographic Change: Canada’s Demographics Outlook to 2040

This annual economic forecast presents Canada’s long-term demographics outlook.

Documents Highlights

• The aging baby boomers are rapidly approaching or already in their retirement years.
• By 2040, 22.7 per cent of the population will be 65 or older, up from 17.6 per cent in 2019.
• As the number of deaths rise and births fall, deaths will surpass births in 2034, starting a trend of negative natural increase that will become an increasing drag on population growth.
• Canada’s population growth will come entirely from immigration after 2033.
• Canada’s population will exceed 45 million by 2040.