The government makes this announcement by November 1 of each year.
The target will increase into 2024 for a total of 451,000 new permanent residents.
Immigration Minister Sean Fraser said targets could go as high as 500,000 new permanent residents a year in the coming years.
Canada has been struggling with a growing immigration backlog, with the latest data showing IRCC had 2.6 million people waiting to have their applications processed.
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